Bail them out, regulate them, then work for them

Timothy P. Carney
Washington Examiner
Jan. 20, 2011

In the summer of 2008, Senate banking committee chief counsel Amy Friend helped bail out Bank of America and the rest of the mortgage industry. A couple months later, Friend helped craft the Great Wall Street Bailout. After that, she helped her boss, Sen. Chris Dodd, D-Conn., pass a sweeping financial regulation bill.

On Tuesday, Friend started her new job on K Street as managing director at Promontory Financial Group, the self-described "premier global financial services consulting firm," to work with clients on "the regulatory implementation of the Dodd-Frank," according to the firm's press release.

It's an unseemly storyline, but not a rare one in Washington: Bail them out. Regulate them. Then go to work for them.

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