- The Washington Times - Wednesday, April 28, 2010

ANALYSIS/OPINION:

The Obama administration continues to display an appalling level of chutzpah (“Obama implores Wall Street,” Page 1, Friday). Remember President Obama’s campaign-trail rants against Republican candidate John McCain and his frequent attempts to link Sen. McCain with President George W. Bush, Vice President Dick Cheney and corporate America? He characterized the supposed ties as not only inappropriate, but bordering on illegal.

Well, now we have an administration that considers the revolving door between itself and corporate America a rite of passage. This is absolute hypocrisy and arrogance that can best be described as the highest degree of public disgrace America has yet to witness by a president.

The list of people who have made the transition from the corporate boardroom - particularly from Goldman Sachs - to the federal administration on Mr. Obama’s watch is astoundingly long. (The revolving door recently swung the other way when Obama adviser Gregory Craig moved to Goldman Sachs, probably to make sure the pathway continued to move in both directions.)

At the same time, the Securities and Exchange Commission has brought civil charges against Goldman Sachs, claiming it defrauded investors in deals involving subprime mortgages just as the bottom was falling out of the housing market. Democratic Sen. Christopher J. Dodd of Connecticut jumped on the attack bandwagon, saying he wasn’t surprised that they took advantage of investors who aren’t “experts.” How ironic that the senator should go after Goldman Sachs when he and other Democrats, including Rep. Barney Frank of Massachusetts, were in the middle of the push for subprime mortgages through Fannie Mae and Freddie Mac.

This all reeks of corruption. The revolving door is not going to fix the problem any more than Mr. Dodd’s laments about evildoers like Goldman Sachs will. These individuals all seem to have joined the same corporate-government cabal that wants the same thing: power, control and personal wealth.

ROB WEINHOLD

Dale City, Va.

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