Neil Wolin took home $4.5 million from Hartford before moving to the Treasury Dept…. Didn’t Obama say something about closing the revolving doors between big business and government ?
Well, Neil is a very well qualified guy right… sure, he even helped write the bill that deregulated the banking industry that led to this mess!
The part I find over-the-top outrageous:
A number of life insurers, including Hartford Financial Services Group Inc., Genworth Financial Inc. and Lincoln National Corp., struck deals last fall to buy regulated savings and loans so they could call themselves banks and qualify for government funds.
The Washington Times summing up the Wolin appt:
Treasury has confirmed that insurers are among the institutions that are being considered for TARP funds and, thus, the government control that comes with the cash. It hardly seems like a coincidence that Mr. Wolin is about to join Treasury as the Hartford, his old firm, is expected to be among the first to join the soup line.
This is a bailout too far. The life-insurance industry is not facing a systemic collapse. TARP should not become a bottomless piggy bank used to provide unsuccessful businesses with less expensive alternatives to capital markets. As for the politics of the matter, the idea that President Obama and the Democrats would bring new, cleaner politics to Washington can be put to rest. Revolving doors between industry and the administration and fat-cat political contributors getting bailed out at taxpayer expense sound like business as usual. This certainly isn’t change we can believe in.