timosman
07-16-2015, 10:16 AM
How the co-author of one of America’s biggest banking regulations cashed in
http://www.theblaze.com/blog/2015/06/25/the-co-author-of-one-of-americas-biggest-banking-regulations-is-the-latest-to-cash-in-by-joining-the-banking-industry/
Friend was just one of many who crafted the convoluted bill, left government, and now command large fees from firms trying to make sense of it
Amy Friend was a chief aide to Senator Chris Dodd in crafting the Dodd-Frank financial reform bill and served as the chief counsel to the Senate Banking Committee. After the bill passed and became law, she left Capitol Hill and became a managing director at Promontory Financial Group, which describes itself as “a premier global financial services consulting firm.” This Washington-based consulting firm is headed up by many people like Friend — people who were once responsible for erecting or interpreting arcane financial regulations in public service and then joined the group, where they can charge high fees to help firms interpret and comply with these befuddling regulations. The firm is a “major power broker in Washington,” says the New York Times, “helping Wall Street navigate an onslaught of new rules and regulatory scrutiny” (many of those rules having been written, of course, by those now working at Promontory). Banks complain about Promontory’s high fees, which can run $1,500 an hour. Eugene Ludwig, the former comptroller of the currency under Bill Clinton, reportedly makes $30 million a year running Promontory. He lives in one of the most expensive houses in Washington, a 13,000-square-foot home on a three-acre estate.
When Ludwig announced that Amy Friend was joining his firm, he boasted about the fact that Friend had played a key role in shaping the Dodd-Frank bill and that at Promontory she would help clients with the “regulatory implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which at 2,300 pages, is one of the most complex and wide-ranging overhauls of the financial regulatory framework in decades.”
http://www.theblaze.com/blog/2015/06/25/the-co-author-of-one-of-americas-biggest-banking-regulations-is-the-latest-to-cash-in-by-joining-the-banking-industry/
Friend was just one of many who crafted the convoluted bill, left government, and now command large fees from firms trying to make sense of it
Amy Friend was a chief aide to Senator Chris Dodd in crafting the Dodd-Frank financial reform bill and served as the chief counsel to the Senate Banking Committee. After the bill passed and became law, she left Capitol Hill and became a managing director at Promontory Financial Group, which describes itself as “a premier global financial services consulting firm.” This Washington-based consulting firm is headed up by many people like Friend — people who were once responsible for erecting or interpreting arcane financial regulations in public service and then joined the group, where they can charge high fees to help firms interpret and comply with these befuddling regulations. The firm is a “major power broker in Washington,” says the New York Times, “helping Wall Street navigate an onslaught of new rules and regulatory scrutiny” (many of those rules having been written, of course, by those now working at Promontory). Banks complain about Promontory’s high fees, which can run $1,500 an hour. Eugene Ludwig, the former comptroller of the currency under Bill Clinton, reportedly makes $30 million a year running Promontory. He lives in one of the most expensive houses in Washington, a 13,000-square-foot home on a three-acre estate.
When Ludwig announced that Amy Friend was joining his firm, he boasted about the fact that Friend had played a key role in shaping the Dodd-Frank bill and that at Promontory she would help clients with the “regulatory implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which at 2,300 pages, is one of the most complex and wide-ranging overhauls of the financial regulatory framework in decades.”