Veteran Wall Street enforcers are landing new roles in virtual currencies
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Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#2I mean it's hot and a growing field with exchanges skimming off money 24*7 in billions, so no wonder the ex-govt talent would be willing to work.
Crypto Exchanges and companies are making some real money, so the goal now is to make it more legitimate and prepare to lobby the regulators and government.
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#3I remember reading in a Michael Lewis book (Big Short maybe?) that Wall Street hires from the SEC and Rating Agencies in-order to know the in's and out's better as well as get better treatment.
Hence the implication in the book that those who stay behind at the SEC and Rating Agencies are not wanted by the banks.
Seems like they're copying from those who came before them.
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#4Makes sense.
I've stated this a few times, but one of Microsoft's biggest misteps in the 90's, and there weren't that many, was its absolute lack of any political lobbying.
There are alot of very politically connected people who pointed out that if Microsoft had of "played the game" that the chances of their anti trust trial actually happening would have been alot less.
Google and Facebook learned this lesson well and now spend on lobbying at a rate that would make wall street blush and is on par with the heaviest lobbyist out there. it wouldn't be too much of a stretch to say that the new tech elite are the real Washington insiders.
Just look at what Uber and AirBnb spend on lobbing.
Given this, it makes sense that if you were in a new industry with the rules being created all around you, you'd want to control the narrative as much as possible.
I'd argue that Silicon Valley now dominates even wall street in terms of buying political influence in the US nowadays.
To bring an example back to my Canadian roots, The Toronto Maple Leafs hired the man who wrote the NHL's Collective Bargining Agreement with the players to better have an advantage when writing player contracts.
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#5What a strange website experience.
The original headline, both on the article and HN, was "Crypto’s Hottest Hires Aren’t Millennials. They’re Banking Cops".
I have no idea what the term "Banking Cops" means. I press `CMD-F` to find "cop" on the page. The first result is the instance in the headline.
I press enter to find the next occurrence of "cop", the one in the story that will surely explain the title, and I'm immediately shown an all-black website with the headlines of the day:
https://i.imgur.com/ttNHeDM.jpg
This is seemingly an entirely different website from the article I was just reading. The URL has changed from the HN-linked story URL to instead now read `https://www.bloomberg.com/crypto`.
I still have no idea what a Banking Cop is, or why they are interested in Crypto.
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#6Makes sense. I've stated this a few times, but one of Microsoft's biggest misteps in the 90's, and there weren't that many, was its absolute lack of any political lobbying. There are alot of very politically connected people who pointed out that if Microsoft had of "played the game" that the chances of their anti trust trial actually happening would have been alot less. Google and Facebook learned this lesson well an…
> I'd argue that Silicon Valley now dominates even wall street in terms of buying political influence in the US nowadays.
This opinion doesn't seem to be shared around here. See this thread from yesterday:
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#7Makes sense. I've stated this a few times, but one of Microsoft's biggest misteps in the 90's, and there weren't that many, was its absolute lack of any political lobbying. There are alot of very politically connected people who pointed out that if Microsoft had of "played the game" that the chances of their anti trust trial actually happening would have been alot less. Google and Facebook learned this lesson well an…
Silicon Valley's political influence might be a large splash but finance is the pond itself.
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#8[deleted]
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#9This is what fuels the revolving door. Regulations create a class of workers with previous experience in the regulatory and political system, that fetch an access premium.
Another example of this is members of Congress who become lobbyists seeing an average increase of 1,500% in their salary upon the career change.
Re: Veteran Wall Street enforcers are landing new roles in virtual currencies
#10Makes sense. I've stated this a few times, but one of Microsoft's biggest misteps in the 90's, and there weren't that many, was its absolute lack of any political lobbying. There are alot of very politically connected people who pointed out that if Microsoft had of "played the game" that the chances of their anti trust trial actually happening would have been alot less. Google and Facebook learned this lesson well an…
> I'd argue that Silicon Valley now dominates even wall street in terms of buying political influence in the US nowadays
Six months ago, yes. Since then a combination of conservatives feeling discriminated against on social media, Peter Thiel being Peter Thiel and Facebook and Twitter bombing their Congressional hearings regarding Russia have changed the mood. Money only buys so much political goodwill.