Tuesday, December 21, 2010

The Revolving Government-Private Sector Door Continues to Work Well for John Dugan

The law firm of Covington & Burling has just announced that John Dugan will be joining the firm as a partner in January.

Dugan is the former Comptroller of the Currency. He completed his term on August 14, 2010. Before serving as Comptroller, Dugan worked for 12 years as a lobbyist representing the banking industry.

Dugan also acted as chairman of the Joint Forum on the Basel Committee on Banking Supervision from 2007 through December 2009.

Covington excitedly reports in a Press Release:

John headed the agency that supervises over 1,500 national banks and federal branches of foreign banks, which together hold nearly two-thirds of the assets of the U.S. commercial banking system. He also served on the Board of Directors of the Federal Deposit Insurance Corporation. During his five-year term, he led the Office of the Comptroller of the Currency (OCC) through the financial crisis and ensuing recession that resulted in extraordinary regulatory and supervisory actions for national banks of all sizes, including government assistance provided under the Troubled Asset Relief Program (TARP); resolutions of large, mid-size, and community banks; and the successful implementation of regulatory “stress tests.”
On its web site Covington tells us:
On January 20, 2009, President Obama was inaugurated, and we said farewell to a number of our lawyers who answered his call to service. Among them was our partner Eric Holder, who became the Attorney General of the United States.

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