Reader question: Please explain “revolving door”, as in this news headline: Another Banking Regulator Goes through the Golden Revolving Door. My comments: The revolving door is an American idiom, a business term describing how government officials often quit their job to join a private company, usually as a top executive and getting paid a lot of money thanks to his government connections. In our example, the word “golden” suggests the said banking regulator is joining a private bank for a large paycheck, “golden revolving door” as in “golden parachute”. You may say the revolving door is a political term also because it works the other way round as well, as a retired business executive of a private company is often hired by the government for his business experience and expertise, i.e. his business connections. Sounds fishy? You bet, but let me explain. First, the revolving door. You’ve walk through a revolving door, haven’t you? At any entrance to a large building you will see the revolving door, a door that goes round and round as people go through, in and out. In contrast to the traditional door, you go through the revolving door more or less effortlessly. You don’t have to push the door open, for instance and you don’t have to slam the door shut behind you once you’re inside. As a business term, or political term or political business term, the revolving door points exactly to how easily some government officials move into business and vice versa, making lots of money and political gain in the process. Picture a government official walking in the revolving door and then come back out wearing a business suit representing a private company, his role completely changed. That’s how easy it seems – without effort and hence without merit. |