Obama Urged To End Golden Parachutes, Slow Wall Street Revolving Door

Just as the Obama administration nominated two academics for positions at the Securities and Exchange Commission, sidelining a bid by a lawyer working for a famous white collar defense firm, comes a bill whose goal is to slow the revolving door between Wall Street and federal government. Golden parachutes are a “breach of a fiduciary duty” The Financial Services Conflict of Interest Act, introduced by Sen. Tammy Baldwin (D-WI) and Rep. Elijah Cummings (D-MD), would make it criminally illegal under the bribery section of the U.S. Code for government officials to accept ““government service golden parachutes” from corporations and Wall…