Another government worker has jumped ship to the private sector.This time, it’s a senior FDIC official and his new home is Goldman Sachs.
Joseph Jiampietro was one of the government’s “top deal makers during the financial crisis,” according to TheStreet.
At Goldman Sachs, Jiampietro will slot into the investment bank, as a managing director in the financial institutions group.
At the FDIC, he was a senior adviser to its chairwoman, Sheila Bair, from March 2009 to August last year.
“He helped coordinate more than 100 government-assisted bank deals,” was “one of the chief architects of the F.D.I.C.’s policies on private equity,” and was the “main liaison to hedge funds and the broader Wall Street community,” in his time at the agency Dealbook reports.
Even though the bank confirmed Jiampietro had joined the firm, Goldman kept his hiring very quiet.
The bank has always been a target for negative criticism of Wall Street’s infiltration of the senior ranks of goverment, and vice versa. Apart from well known postings (Larry Summers, Robert Rubin, Hank Paulson and Gary Gensler are all former high-ranking Goldman Sachsers), more recently the securities firm hired Theo Lubke in December. Lubke had been in charge of the New York Fed’s effort to reform the private derivatives market.
But Jiampietro’s move into banking from regulation is not so nefarious; in fact, like Lubke, he was a banker for many years before spending a relatively short time in the public sector.
A quick bio:
He was an investment banker in the financial institutions groups at JPMorgan and UBS, and prior to that was an M&A lawyer at Simpson Thatcher & Bartlett, and legal counsel to the Senate Banking Committee.
Jiampietro earned a B.A. in government, magna cum laude, from Dartmouth and a J.D. from Columbia Law School.
He’s also a democratic donor.