One more time around.

• Author: Peters, Charles
• Position: Tilting at windmills - Promontory Financial Group L.L.C. - Brief article

The second revolving-door story to make the front page of the Times concerns the Promontory Financial Group and its founder, Eugene A. Ludwig, the former head of the Office of the Comptroller of the Currency. The OCC has long been known as one of the more indulgent of the bank regulators-and I can assure you that the competition for that distinction has often been keen.

"Nearly two-thirds of [Promontory's] roughly 170 senior executives worked at agencies that oversee the finance industry," report the articles' authors, Ben Protess and Jessica Silver-Greenberg. A recent addition to the 170 is Mary Schapiro, the former chairman of the Securities and Exchange Commission. One new hire who did not add to the total is Julie Williams, the former chief counsel of the OCC, because she was replaced by Amy Friend, who is leaving Promontory to take--what else?--Williams's still-warm seat as chief counsel of the OCC.

The most amazing thing about Promontory is that it makes money on giving advice not only to financial firms like Morgan...