The Great Tech Cashout 

So, this is the game on Capitol Hill:
  1. Push laws that increase government control of a sector of the economy, thus making that sector more dependent on lobbyists and consultants with connections to government and understanding of policy.
  2. Go to work as a lobbyist or consultant for the businesses you’ve been hitting with new regulations or new subsidies.
  3. Buy a nicer house.

In health-care we’re seeing it already, as I explain in my column today, and as we’ve begun charting at The Great Health-Care Cashout page. With hedge funds, Chuck Schumer’s staff is leading the regulatory gold rush. Wall Street regulation currently on Capitol Hill will make more jobs for Democratic staffers, too, as Clifford Asness and Aaron Brown wrote recently in the Wall Street Journal.

And today, Washington Post tech blogger Cecilia Kang points out the tech-lobbyist factory that is the office of former House Telecom Chairman Ed Markey (emphasis and bracketed comments added by me):

Colin Crowell, who has been Markey’s wingman for years and has gone off to advise FCC Chairman Julius Genachowski. He’s about to leave for the private sector.

But did you know of the following Markey office alumni?

  • Larry Irving, vice president of global government affairs for Hewlett-Packard, who also served as assistant secretary of commerce.
  • Gerry Salemme, partner of Eagle River venture capital firm and head of government relations for Clearwire [see my column on his conflicts of interest on the Obama transition team here]
  • Larry Sidman, former president of the Association of Public Television Stations.
  • Gerry Waldron, partner at Covington & Burling.
  • Michael Balmoris, spokesman for AT&T
  • Sara Morris, congressional liaison for the National Telecommunications and Information Administration

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Timothy P. Carney

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