Patent and Trademark Office to find out whether examiners favour the patent applications filed by certain companies over others. This clearly suggests that the personal interests of patent examiners affect their official decisions.
What's the Point of Revolving Doors?
The study raises serious questions about the ability of the government to act as an arbiter of intellectual property rights. In fact, if the findings of the study are to be believed, it may be said quite strongly that government regulators are actively working to undermine the public interest. Printable version Dec 16, 2: Prashanth Perumal October 16, Is Australia badly governed as a result?
Have we installed Italianate revolving doors in our cabinet offices, minus a sharper dress sense and bunga-bunga parties to compensate?
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- What's the Point of Revolving Doors? | Mental Floss.
First, what is new is also old. From federation to the end of World War I, Australia had 11 prime ministerships, led by seven different men. Those were heady times. But much was achieved: Those prime ministers led no fewer than five different party blocs. By , the outline of the modern party system — Labor versus a Liberal-Country party coalition — was becoming entrenched by compulsory, preferential voting.
If that entrenchment is unravelling, it is not altogether a bad thing. The two-party system provided stability, but stability for its own sake is no great shake. Second, long tenures in power can reflect material contentment unconnected to achievement. The economic cornucopia of the Menzies and Howard eras were shared throughout the West and Asia.
Future historians will decide for themselves, but the s shall not be written off. These will be signal achievements. Let us be optimistic. Why should a regular turnover of leaders be all downside, no upside? Prime ministers, as the very name implies, ought be "first among equals". They are not directly elected dictators. Personalities count, but leaders matter less to voting intention than perceptions of parties as a whole — their ideology, competence, record.
In , at the time of the launch of the euro, the Greek government was looking to reduce its overall debt burden in order to meet strict public finance rules for eurozone membership. The deal was not technically illegal at the time, but Eurostat banned them in At the time, Mario Draghi, now head of the European Central Bank, was managing director of the international division of Goldman Sachs.
And now Goldman Sachs is involved in a bribery scandal.
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The court has heard allegations that a Goldman Sachs senior banker at the time gave iPods to staff at the LIA and even paid for prostitutes and private jets. Goldman disputes the case and argues that the LIA was a victim of the financial crash and not any wrongdoing on its part. When taken together, these three examples risk depicting a financial corporation with apparently flawed ethics. The Barroso appointment is only the most recent of a long line of personnel moving seamlessly from the bank to public institutions, or vice versa.
Rent-seeking through revolving doors - The Hindu
Mario Monti was a European commissioner from to , with responsibility for the internal market and then competition matters. Subsequently, Monti was asked by then Commission President Barroso to draft a report on the future of the European single market. At the same time, he was serving on the board of international advisers to Goldman Sachs. He was then catapulted into power as unelected prime minister of Italy in November , after the ECB effectively toppled the Berlusconi government, in order to implement austerity and reforms as demanded by the EU institutions.
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Mario Draghi, now head of the European Central Bank, was previously managing director of the international division of Goldman Sachs from and in charge of the department which, shortly before his arrival, helped Greece to disguise the true extent of its debt see above. Meanwhile, Draghi maintains his membership as his predecessor ECB presidents have done of the Group of Thirty , a murky grouping which brings together central bank leaders with those from the major private banks, including several individuals with prior links to Goldman Sachs, such as current Bank of England governor Mark Carney who spent 13 years in its London, Tokyo, New York and Toronto offices.
In , The Independent published this infographic to demonstrate the revolving door links between Goldman Sachs and key figures in the eurozone, such as Petros Christodoulou , who worked for Goldman Sachs, as well as for the Greek National Bank and who had a leading role in the Greek team negotiating with the Troika. The current commissioner responsible for EU research and innovation Carlos Moedas previously served in the Portuguese government as the secretary of state to the prime minister, responsible for overseeing the implementation of the Troika's structural reform programme.
Earlier in his career, he worked for - you guessed it - Goldman Sachs' mergers and acquisitions division. People who know the system and how to work it are priceless when it comes to influencing policy, whether it is in the US or in the EU. The question is if the EU institutions will stand for this or if, finally, with Barroso, they will be forced to put their foot down.
- Rent-seeking through revolving doors - The Hindu.
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Goldman Sachs has been associated with too many scandals, has been too closely associated with the origins of the financial crisis, and is too active as an EU lobbyist, for it to be appropriate for Barroso to take on such roles. He should immediately re-consider, especially in the light of the groundswell of political and public criticism which greeted the announcement.
Furthermore, the Commission should overhaul the current revolving doors rules to prevent such moves by other ex-commissioners in the future.
Men Beyond Revolving Doors
There should be an extended cooling-off period for ex-commissioners from 18 months to three years, with the rules for Commission presidents like Barroso extended to five years. EU launched a petition to Commission President Juncker demanding penalties for Barroso and tougher rules to prevent such a thing happening in the future. The presiding judge said: Their relationship did not go beyond the normal cordial and mutually beneficial relationship that grows up between a bank and a client. As EU negotiators try to reach agreement on the single-use plastics proposal this week, industry lobbies continue their push to avoid robust obligations.
Excessive corporate influence over policy-making remains a serious threat to the public interest across Europe and at the EU level, warns a new report by our partner organisation ALTER-EU. Corporate Europe Observatory shows how the past ten years of financial lobbying have left us vulnerable to future crises and costly bailouts. Despite their responsibility for the crash, the financial sector has successfully avoided major reform in the decade since - and has shaped new legislation with big loopholes and conditions similar to those that created the crash in the first place.
Ten years since the crisis - here is our wrap up of the financial lobby's role in causing the crisis and how they have since continued to fight back against people's demands for effective rules on financial markets. Skip to main content. August 16th Revolving doors. As just a few examples: Barroso in a corporation with flawed ethics?