Goldman lawyer becomes SEC chief of staff (Fox back in the hen house)

quote:

---

Donohue worked as a managing director and associate general counsel at Goldman Sachs. Previously, he led the SEC's Investment Management Division between May 2006 and November 2010, spanning two administrations and the worst financial crisis since the Great Depression.

---

quote:

---

“The revolving door and the pernicious outsized influence Wall Street has over elected officials, policy makers, and regulators are seriously eroding the trust and confidence of the American people in its own government and democracy itself,” said Dennis Kelleher, president of the advocacy group Better Markets. “This hire will only feed that cynicism. After all, this simply is not the only well-qualified person from among 320 million Americans for such an important high government position.”

---

quote:

---

Adding insult to injury, he said, Donohue worked at the SEC at a time when the regulator had a soft touch before the 2008 financial crisis that nearly brought down the global financial system. Several insider accounts of the early days of the financial crisis were critical of then-SEC Chief Christopher Cox, for whom Donohue worked.

---