In another episode of “As the Revolving Door Turns”, Richard Fisher, the colorful ex-President of the Dallas Fed, announced on Monday he is joining megabank Barclays as a senior advisor for regulatory issues, markets, monetary policy and global trade. Multiple sources have noted that Barclays seems like a curious choice for Fisher, who developed a reputation as a strong advocate for small and regional banks that continue to struggle long after the financial crisis.
Keep in mind that Barclays purchased the North American operations of Lehman Brothers just days after the firm’s collapse in Sept. 2008, and was a key part of the financial crisis that led to the three-plus-year-long Great Recession. The purchase of Lehman greatly expanded Barclays U.S. investment banking operations in the United States and turned former CEO Bob Diamond into a major Wall Street banker. Barclays then suffered through a series of fines and sanctions relating to its trading practices, resulting in increased regulatory scrutiny as well as resignation of many senior execs, including Diamond.