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S.E.C.'s Revolving Door Hurts Its Effectiveness
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The Project on Government Oversight, a nonprofit group, (POGO), put out its report in Feb 2013 on the performance of the S.E.C. in enforcement actions. The report is critical of the revolving door whereby the same lawyers who worked at large banks and financial corporations later join the enforcement agency for short periods, only to rejoin the financial companies after their work at the S.E.C. This weakens the enforcement at the S.E.C. Robert Khuzami worked at Deutsche Bank during the period when some of the problems resulting in charges against Deutsche Bank being filed happened. He was the chief of enforcement at the S.E. C. during a critical period following the 2008 financial crisis, and supported action that let companies "neither admit or deny" in legal settlements. This practice reduced the deterrent effect of enforcement actions to protect the public.
Robert Khuzami and the S.E.C.'s "neither admit nor deny" practice in legal settlements
02/10/2009
The problems Judge Rakoff finds with such settlements and the S.E.C.'s continuation of this practice. The lack of deterrance for illegal activity or activity that harms the public interest if it is legal, under this arrangement.
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Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
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Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
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New Leader Named for Enforcement Unit at S.E.C.
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S.E.C.'s failure in fraud prevention and supervisory role for financial institutions.
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The Project on Government Oversight Report in 2013 and weak enforcement at the S.E.C.
05/04/2009
The revolving door of lawyers for major financial companies working at the S.E.C. has weakend enforcement at the agency, according to this government oversight report.
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SEC's Top Cop Oversaw Deutsche CDOs
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SEC Tries to Rebuild Its Reputation
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SEC-Citi Pact Rejected by Judge Rakoff
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S.E.C. Tension As It Examined Mortgage Cases
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Close links and revolving door between large banks and regulators in Europe and the U.S.
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Mark Branson, heads the division in charge of supervising banks at the Swiss financial regulatory authority, FINMA. He headed the Japan operations of UBS at the time when UBS traders in Japan were engaging in manipulation of the LIBOR rate. This has raised questions in the Swiss parliament about the integrity of the Swiss regulator.
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A Conflict in Geithner's New Job- Not Exactly
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Doubts Greet Plan for Euro Zone Bank Regulator
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New York Fed Chairman's Ties to Goldman Raise Questions
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In Turnabout Former Regulators Assail Wall St. Watchdogs
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U.S. financial regulator S.E.C. chief Mary Jo White
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At the S.E.C., a Question of Home-Court Edge
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S.E.C. and the inquiry into the destruction of records
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Judge in Citigroup Mortgage Settlement Criticizes S.E.C.'s Enforcement
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The U.S. S.E.C.'s lack of enforcement of the Sarbanes-Oxley legislation
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Clawbacks Without Claws in a Sarbanes-Oxley Tool
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Citi Ruling Could Chill SEC, Street Legal Pacts
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S.E.C.'s Citigroup deal
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Grouped Articles
Wall Street Journal 07/15/2014
Judge Unloads on Deal SEC Struck With Citi
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Judge in Citigroup Mortgage Settlement Criticizes S.E.C.'s Enforcement
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SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
Citi Ruling Could Chill SEC, Street Legal Pacts
Wall Street Journal 11/29/2011
Wall Street Journal 11/29/2011
The Project on Government Oversight Report in 2013 and the revolving door at the S.E.C. in the U.S.
04/24/2010
Robert Khuzami was enforcement chief at the U.S. Securities and Exchange Commission in the critical period following the 2008 financial crisis. He was also a lawyer at Deutsche Bank during the period when the problems at Deutsche Bank happened which resulted in legal settlements. The revolving door has affected the way the S.E.C. carried out its enforcement responsibilities.
Linked Articles
S.E.C.'s Revolving Door Hurts Its Effectiveness
New York Times 02/11/2013
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
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