This news may be close to a month old. For all his moral outrage against the failed monetary policies of the West and at the behaviour of banks, Mervyn King ended up as an advisor to the Citigroup and, more importantly, was embarrassed enough about it to ask his ’employer’ to keep it quiet. That is very sad. We should not be surprised that trust in people and in institutions is at an all-time low in the world.
It appears that José Manuel Barroso is not so fortunate as Mr. King has been. His hiring by Goldman Sachs has evoked furious protest.The French President called it morally unacceptable. Mr. Juncker was disappointed that he chose Goldman Sachs of all institutions.
In contrast, none of the last four governors of the Reserve Bank of India have gone to work for the private sector on retirement – C. Rangarajan, Bimal Jalan, Y.V. Reddy and Subbarao. Nor have the Deputy Governors, as far as I can tell.
The revolving door (it is a two-way street, actually) between power elites and moneyed elites is confirmation that they are as indifferent as they ever have been, to the real plight of the marginalised and left-behind. No wonder the world is sorely divided. What is the point in blaming a particular Presidential candidate for being divisive?
These are more egregious examples of divisive behaviour.