When Eric Holder first joined law firm Covington & Burling in 2001, he was coming from a stint as deputy attorney general under Bill Clinton. So it’s no wonder that when Holder went to the Obama administration as attorney general, the folks at Covington kept his seat warm.
And indeed, for many, Holder’s seamless slide from theoretically prosecuting big banks to defending big banks from prosecution is a common-sense phenomenon only the hopelessly naïve would bother to decry. He’s a lawyer, what do you expect? was the substance of many a comment –of what comment there was, because, again, this latest glimpse of the porous tissue between regulator and regulated went down as no news at all for most of the press.