President Obama is about to do it again – appoint one of those revolving door Wall Street lawyers to head a critical top post at one of Wall Street’s key regulators. This time it’s the Chair of the Commodity Futures Trading Commission.She acts like this is unusual. And, of course, it has little to do with Obama. From my readings and observations over many years, I'd say that this is practice as usual especially in any government agencies that oversee corporate operations.
You have people on the Food and Drug Commission that come from major food and drug corporations, likewise you find people previously from major polluting industries on the Environmental Protection Agency, etc. However, this practice doesn't merely occur in regulatory agencies, the financial/corporate ruling class inserts their representatives, or people they can trust, to serve their interests in all important areas of society.
Focusing on the issue as an Obama policy is extremely myopic, and thus avoids looking at the broader power dynamics of a class structured society.