Look out! There’s a new sheriff in town. He’s 29 years old, worked for Goldman Sachs, and has a Masters degree . . . in Business.
Adam Storch COO of the SEC (i.e., Securities and Exchange Commission)
The Business Insider has posted an image and qualifications of Adam Storch, 29-Year-Old Goldman Guy Who Is Now COO Of The SEC.
Storch graduated from SUNY Buffalo. During college he did a stint as a summer intern at Neuberger Berman and worked at Deloitte & Touche for two years after graduating. Storch then went to NYU’s Stern School of Business. This lead to a job at Goldman, where he worked for the last five years.
. . .
Lol! This is who Goldman Sachs the Obama Administration put in charge of all SEC Enforcement.
There! Feel safer now?
We can all sleep much better knowing this guy is standing between our savings and any rampant corruption out there.
To do a man’s work . . .
No, what you need is a professional psychopath, a highly trained and expert negotiator, who will tuck his Hermes tie into his shirt and slap the offending CEOs silly before emptying their firms’ bank accounts. Someone who can run roughshod over the rights and expectations of self-interested plutocrats in the name of Life, Liberty, and the Pursuit of Happiness, or at least a balanced budget. Someone who can make assembled onlookers squeal in horror as he tramples precedent, custom, and noblesse oblige into the mud alongside all the other tired, self-righteous pablum capitalists and free marketeers have been reciting like Holy Writ for nigh on thirty years. (Source)
Given the abysmal failure of the SEC in Bernie Madoff’s theft of billions earlier in 2009 one might have hoped for someone with a little more experience to be promoted to the job of SEC’s Chief Enforcer–unless, of course, actual enforcement of the law is not the point. Remember the Madoff case? Here’s the gist of it:
The Securities and Exchange Commission’s New York watchdog, under fire for failing to uncover Bernard Madoff’s alleged $50 billion Ponzi scheme – despite a dead-on tip by a whistleblower. Brad Friedman, a lawyer for Madoff’s victims, called the SEC’s failure to find the fraud “stunning.” “They had every red flag in the world,” Friedman said. “Even with a map and a flashlight, they couldn’t find it.”
Meaghan Cheung was the SEC’s branch chief of the New York enforcement division during that unit’s probe of Madoff’s brokerage business. The 37-year-old has been singled out by whistleblower Harry Markopolos as the woman who failed to detect the scam despite his lengthy warnings. It was Cheung who signed off on a 2006 SEC investigation that effectively gave Madoff the all clear.
The SEC’s failed to catch Madoff even after investigating his Manhattan broker-dealer firm at least eight times over 16 years–despite “whistle blower” warnings that Harry Markopolos wrote and sent to the SEC.
Cheung and other SEC staffers had met Markopolos in New York in November 2005, after years of him suggesting to the agency that Madoff was an arch-crook. Soon after, in January 2006, the New York branch of the SEC opened an enforcement case on Madoff based on Markopolos’ claims. The document authorizing that probe is signed by three SEC staffers: Cheung, attorney Simona Suh, and Assistant Director Doria Bachenheimer. But after interviewing Madoff – as well as reviewing documents, the SEC probe “found no evidence of fraud,” according to a case closing recommendation signed off by those three staffers.
Philip Michael, a lawyer for Markopolos, said the failure by Cheung and the other probers to find Madoff’s fraud suggests that “she just didn’t understand what was going on” even after Markopolos gave her a road map.
As to why the SEC didn’t discover the fraud, Cheung said. “We still don’t know exactly what happened. We don’t know when it started.” She said, “I was shocked” to learn last month that Madoff had been charged with – and confessed to – operating a massive Ponzi scheme at his Manhattan firm that swindled thousands of investors. But when asked if she would have done anything differently in her Madoff probe – which ended with “no evidence of fraud” – she demurred. “I can’t answer that,” said Cheung, who left the SEC in September. “There’s nothing I can say about what we did in this investigation other than to say we worked as hard as we could,” she said.
What couldn’t be done by a 37 year old with 10 years of experience is now going to be done by a 29 year old former Goldman Sachs staffer without any experience at all? Follow the money–who benefits from putting inexperienced people in charge of SEC enforcement?
Speed up the shearing of the sheep.
- Madoff Investors Sue SEC for Incompetence (dailyfinance.com)
- SEC Names Goldman’s Storch as Enforcement Unit Operations Chief …
- Adam Storch: SEC Hires 29-Year-Old Ex-Goldman Sachs Exec For Key Role
- Goldman Exec Named COO of SEC Enforcement – CBS News
- SEC unit hires ex-Goldman Sachs worker as chief operating officer …
- Meet the SEC’s New Enforcement Unit Chief
- “Government Sachs” – Where The Hell Is the Outrage???