Bloomberg-
A former Bank of America Corp. executive whose work on mortgage bonds is the subject of regulator and Justice Department lawsuits was hired by U.S.- backed Fannie Mae months after the claims began to surface.
Adam Glassner was named a defendant in a September 2011 complaint filed by the Federal Housing Finance Agency, which regulates Fannie Mae (FNMA), over losses incurred by the firm. He joined Fannie Mae in January 2012 and worked there until this year. Last week, he also was referenced as “BOA-Securities Managing Director” in a Justice Department lawsuit against Bank of America, according to a person with knowledge of his career.
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“There aren’t that many people out there with expertise that don’t have a potentially tainted background,” said Isaac Gradman.
So we should just recruit directly from the ranks of organized crime because they know how it’s done. Why even bother with a revolving door?