Where some pass in, and others pass out"
Well, there is no beer included here but a new revolving door has opened letting an FDIC deal maker into Goldman Sachs's inner sanctum. More of the same old, same old.
Former F.D.I.C Deal Maker Joins Goldman Sachs
by Eric Dash - DealBook New York Times
Joseph Jiampietro, one of the government’s top deal makers during the financial crisis, has joined Goldman Sachs as a senior investment banker covering the financial services industry.
Mr. Jiampietro was previously a senior adviser to Sheila C. Bair, the chairwoman of the Federal Deposit Insurance Corporation, during the throes of the financial crisis, where he helped coordinate more than 100 government-assisted bank deals.
He was also one of the chief architects of the F.D.I.C.’s policies on private equity involvement in the banking industry and was Ms. Bair’s main liaison to hedge funds and the broader Wall Street community. He left the F.D.I.C. in August, after serving for just over a year.
At Goldman, Mr. Jiampietro will serve as a managing director in the financial institutions group, where he will advise a range of small and large banking clients. A Goldman spokeswoman confirmed that Mr. Jiampietro started last month, although Goldman did little to trumpet his hiring.
Goldman has long prided itself on a culture that values the firm over individual players, but in the wake of the financial crisis, it has been particularly sensitive to criticism that its longstanding ties with senior government officials have given it an edge.