New POGO Report Highlights Revolving Door Bonuses
by Phil Cannella Our friend Michael Smallberg with the Project on Government Oversight (POGO) is back again with another damning report of the Revolving Door between Washington regulators and Wall Street Financial Firms. It seems that not only is the Revolving Door still spinning, but that private firms are also offering their executives big bonuses for taking high-ranking government jobs, bonuses that would not be available to them if they took jobs at competing private sector firms. You may remember Mr. Smallberg from his appearance Read More +
More Revolving Door Horror Stories
In yesterday’s post, we talked about a new report by the Project on Government Oversight that reveals the true extent of the revolving door from Wall Street to the SEC and vice-versa. Well as I’ve dug further into the report, I’ve picked out some interesting anecdotes to share with you that really demonstrate how bad this problem is, and how it has influenced the outcomes of many investigations into the criminal activities of Wall Street. Mary Schapiro’s Money Market Investigation gets Derailed The POGO report Read More +
Phil Cannella Exposes the Revolving Door
Phil Cannella has made it his life’s work to investigate flaws within the systems that impact the lives of the everyday consumer. You’ve probably heard me talk about the revolving door before. That’s when employees of the Securities and Exchange Commission (SEC) leave their jobs to take new ones in the private sector financial industry. It seems fine until you realize that the SEC is supposed to be regulating that very industry, and yet its employees routinely drop out and take up (usually higher-paying) jobs Read More +
The Crash Proof Retirement Show® Outrage of the Week
Today we have a preview of this weekend’s “Outrage of the Week” segment that will air during our Saturday show (11 AM to 1 PM on 1210 WPHT). If you’d like to hear the segment read on the air, tune in on Saturday, when you’ll hear the Outrage of the Week, as well as some great commentary from Phil Cannella, Joann Small and Bob Bumbera on The Crash Proof Retirement Show® Revolving Door Revelations Last week we talked about a report released by the Project Read More +
A Transcript of Phil Cannella’s Interview with Michael Smallberg of POGO (Part 4)
Today I will be posting the final portion of my interview with Michael Smallberg of the Project on Government Oversight. For those who haven’t been following along, Mr. Smallberg and I discussed the Revolving Door problem at the SEC, and how it has affected the agency’s ability to regulate effectively. Phil Cannella: That’s great, I want to congratulate you, you’re saving money with the federal government and the Pentagon, in keeping with your mission. What would be your mission statement? Michael Smallberg: Generally we Read More +
A Transcript of Phil Cannella’s Interview with Michael Smallberg of POGO (Part 3)
Today I’ve posted part 3 of the transcript of my interview with Michael Smallberg of the Project on Government Oversight (POGO). POGO has released two reports over the past year or so regarding the Revolving Door problem at the SEC, where former SEC staffers take jobs in the private sector financial industry and use the knowledge they gained working at the SEC to help their new employers navigate around securities regulations. Michael Smallberg: Its absolutely unfair that you have that kind of senior official Read More +
A Transcript of Phil Cannella’s Interview with Michael Smallberg of POGO (Part 2)
Exactly one week ago, The Project on Government Oversight (POGO) released its second report on the Revolving Door at the Securities and Exchange Commission. POGO found that former SEC employees had testified on behalf of the financial industry hundreds of times leading up to (and after) the financial crisis of 2008. I felt the release of this report was the perfect time to revisit the groundbreaking interview I conducted with Michael Smallberg, an investigator with POGO, during which we discussed the Revolving Door and its Read More +
A Transcript of Phil Cannella’s Interview with Michael Smallberg of POGO
If you read my blog post yesterday, you’ll remember that I spoke to Michael Smallberg of the Project on Government Oversight (POGO) early in 2012 about the revolving door between the SEC and the private sector financial industry. I wanted to give you a transcript of that interview in case you weren’t able to listen to it, or would rather read it in text form. I’ll be posting the transcript in sections over the next few days to make it easier to read and digest. Read More +
Phil Cannella Interviews Michael Smallberg of POGO
With the release of a new report on Monday by the Project on Government Oversight (POGO), it only makes sense to revisit Phil Cannella’s interview with Michael Smallberg of POGO. Mr. Smallberg is an investigator at the organization, which seeks to advocate for stricter regulations preventing the Revolving Door Between the SEC and the private sector financial industry. The second of two POGO reports was released this week and outlines specific instances where the revolving door may have influenced the outcome of SEC matters. When Read More +
Phil Cannella Speaks on the New SEC Chair
Phil Cannella I’ve been saying for years how the SEC needs effective leadership to do the job that we as taxpayers pay them to do. You may remember my groundbreaking interview with former SEC Inspector General H. David Kotz, in which he said that the SEC had management problems that made it difficult for them to regulate effectively. Of course, when he made that statement, he was referring to then SEC Chairman Mary Schapiro, who stepped down as of December 14th, 2012. Since then, the Read More +
