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The Editors

Sheila Bair Goes Corporate

Sheila Bair, former chairman of the Federal Deposit Insurance Corp., has been an outspoken critic of the revolving door that delivers financial regulators to well-paid jobs in finance. This week, she revolved through it herself to a job on the board of Banco Santander SA, one of Europe’s biggest banks.

Bair’s failure to abide by her own principles has caused a flutter of protest and amusement. The complaints are fair, but they miss the point, just as Bair did: The revolving door is a problem, but the solution can’t be to lock it shut.