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Fed's Lubke to Goldman
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Theo Lubke was head of the Financial Infrastructure Department in the Banking Supervision Group, and was a key member working for reforms in the derivatives market. He oversaw efforts at the Fed to have Wall Street centrally clear trades in credit default swaps, which helps control the risk of a firm's failure. Lubke will join Goldman Sachs as a managing director in the securities division, and will help Goldman implement the facets of regulatory reform legislation. Prior to his 15 years at the New York Fed, Lubke worked on the staff of the National Economic Council under President Clinton, and worked as an investment-banking analyst at Lehman Brothers.
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
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