No one should be surprised by this, particularly since Wells Fargo is the favored financial vehicle for America’s top crony capitalist – Warren “I’m just like you because I drink cherry coke and eat hamburgers” Buffett. The person in question in the latest payoff revolving door move is Bob Ryan who is currently a senior advisor to Shaun Donovan, the secretary for Housing and Urban Development. From the Wall Street Journal:
Mr. Ryan is currently a senior advisor to Shaun Donovan, the secretary for Housing and Urban Development. He joined HUD in 2009 as the first ever chief risk officer at the Federal Housing Administration and served briefly last year as the agency’s acting FHA commissioner. He previously spent 26 years at Freddie Mac.
Mr. Donovan called Mr. Ryan “a key source of advice and reason for the last three years at HUD,” in a statement. “We will miss his expertise, wisdom, and candor,” he said.
Mr. Ryan played a key role shepherding the $25 billion mortgage-foreclosure settlement between five of the nation’s largest lenders, including Wells Fargo, and 49 state attorneys general and federal regulators this past March.
Mr. Ryan will become a senior vice president within the capital markets group at Wells Fargo Home Mortgage, where he will coordinate strategy with industry trade groups and consult with policy makers on a range of housing-finance issues.
Did you notice he was complimented on his great job at the FHA? You know the same entity that went bankrupt under his watch! The revolving door in the sky keeps on turning, as we see yet more proof that the more you screw up in America, the more you are rewarded.
Full article here.