Not much surprise in the news of former FCC chieftain Mikey Powell going to work for Providence Equity Partners, which specializes in venture/vulture capitalism involving global media interests. Powell, as a “Senior Advisor,” will no doubt assist in the management of Providence’s ~$9 billion portfolio. His pinstriped suits should fit in very well there.
This development further demonstrates the bipartisan nature of greed, and also that the revolving door between public/private power remains well-greased. This has been the case at the Federal Communications Commission for a long while. Powell’s predecessor as chairman, William Kennard (D), left the agency to become a telecom stockjobber for The Carlyle Group. Kennard’s predecessor, Reed Hundt (D), has a veritable franchise of the same going on. The chairman before Hundt, Alfred Sikes (R), headed straight to the Hearst empire upon leaving office. Dennis Patrick (R), who preceded Sikes, went to Time Warner (where he ran a corporate division created especially for him) and then founded a tech company during the 1990’s boom which later sold for $125 million.
And that only takes us back some 20 years. Richard Wiley, who was FCC chairman during the 1970s, deserves honorable mention as he is now considered one of the most powerful communications lobbyists working D.C. today, with a veritable army at his command.
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