¶ … Door Politics
Politics is a lucrative business, as the federal government is constantly handling billions of dollars, and making big decisions that have implications for dozens of industries across the country. It is no wonder, then, that politicians find their expertise and connections in Washington to be an asset when considering a post-political career. This phenomenon is called revolving door politics, and it has negative connotations for the fairness of the American lobbying system, and to what extent the U.S. government is willing to provide oversight to the contracts and laws it passes. (Taibbi, 2012)
The revolving door is a problem because it impedes on the so-called iron triangle, which is the separation of spheres of influence between citizens, corporations, and government. When corporations and government work together too closely, it leads to corruption, inefficiency, and loss of competitiveness, which is bad for a free market society.
This example was best shown recently in the Deep Horizon Drilling Disaster in the Gulf of Mexico in 2010. The Mineral Management Services, in charge of the oversight of this drilling platform, did not do all that it was required to do to oversee the operation. (Tempest, 2010) Also, the revolving door was seen to be a big problem inside of the Mineral Management Services, because many of its top officials had formerly worked for the oil companies that it was supposed to be overseeing. The problem within MMS was so bad, that after this disaster, the Obama Administration split the service apart, and gave duties to the Bureau of Ocean Energy Management, and the Bureau of Safety and Environmental Enforcement. The MMS was the nation's most profitable agency, after the IRS, and this fact may explain why Congress was so keen on ignoring the growing problems of the revolving door inside of the Mineral Management Service.
Another example of the revolving door is former New Jersey Governor John Corzine. (Foley, 2011) After losing his reelection bid, Corzine joined up with a lobbying firm, and proceeded to use his gubernatorial instincts to try to change policy. He had worked for Goldman Sachs, becoming the CEO in the 1990s before he joined politics. Now, he joined MF Capital, a boutique investment firm that Corzine started with the intention of regaining his former Financial Boss glory. Unfortunately for him, MF Capital went bankrupt in 2011. Corzine remains one of the leading Revolving Door Politicians in the financial sector.
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