For once the interests of the 1 percent and the 99 percent are aligned around stopping a default on the corporate debt which would both decimate corporate profits and throw millions of ordinary Americans out of work.
Despite what you've heard, the spirit of bipartisanship in Washington is not dead. Simply look past the vitriol, bombast and gridlock, then listen for the ka-ching of the nearest cash register, made flesh by friendly lobbyists and special interests.
The private sector isn't bad, nor is the SEC, or at least they don't have to be. Common sense reforms that strike at the heart of deleterious incentives are the only ways to cure the financial regulatory system of its toothless regulations and laughable oversight mechanisms.
The appointment comes as no surprise because the agency typically draws regulators from the ranks of the regulated. But it does illustrate a significant problem: by relying so heavily on people with industry connections, the SEC can tangle itself in conflicts of interest.
During former Citigroup executive Jack Lew's recent confirmation as Treasury Secretary, some people were troubled to learn that the big bank had promised him special financial awards if he left to take a job in the government. But a review by POGO shows that Lew's deal with Citi was no anomaly.
Members of Congress, congressional staff members, and other federal officials are increasingly using their tenures as paid public servants to qualify themselves to be lobbyists for corporations, including dirty energy firms.