These guys just can’t help themselves. The money is just too big.
Bob Ryan, after spending 26 years at Freddie Mac, left that disaster to join the Obama administration as a senior advisor in the Department of Housing and Urban Development. While there, he helped craft the $25 billion mortgage settlement with the big banks.
Though this might sound like a lot, and it is, the settlement is a pittance compared to the potential exposure the banks might have had to deal with, if the lenders had been held fully accountable for the robo-signing scandal and other foreclosure related abuses.
And, never forget that for the most part the lenders who have foreclosed on the most homes balanced their books worse than the people being foreclosed on. The big difference, being of course, that the lenders are “too big to fail.” That family down the street is not.
So it shouldn’t surprise us that a guy who sued Wells Fargo is now leaving government to go work for Wells Fargo. This is the new normal. Hustle in government and out of government. This is the path to riches in Cronimerica.