Trading Now

Trading Now

Tuesday, August 4, 2009

Why Nothing Has Changed in Washington or the Banking Industry

*this is the biggest problem. Investment bankers become public servants become private money sucking gangsters, again.

Former Representative Ken Bentsen Joins Securities Trade Group
Aug. 4 (Bloomberg) -- Former Representative Ken Bentsen of Texas has joined the Securities Industry and Financial Markets Association as its chief Washington lobbyist.

Bentsen, 50, the nephew of former Texas Senator and Treasury Secretary Lloyd Bentsen, served in the U.S. House from 1995 to 2003, giving up his seat in an unsuccessful campaign for the Democratic nomination for U.S. Senate in 2002.

A former investment banker, Ken Bentsen served on the House Financial Services Committee and its predecessor, the Banking, Finance and Urban Affairs panel. He had been president of the Equipment Leading and Finance Association since 2006. He will be executive vice president and head of SIFMA’s Washington office.

With Democrats controlling both houses of Congress and the White House, lobbying organizations have looked to hire members of the majority party.

Bentsen “will help drive our efforts to play a proactive, constructive role in the ongoing regulatory reform debate,” said Timothy Ryan, president of Washington-based SIFMA. The trade group’s members include New York-based Goldman Sachs Group Inc., San Francisco-based Wells Fargo & Co. and Zurich-based UBS AG.

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