SEC Taps Goldman Executive for Enforcement Role

WSJ( Americas Paper of Record ) ^ | OCTOBER 16, 2009 | By SARAH N. LYNCH

[Leisler]

WASHINGTON -- The Securities and Exchange Commission tapped Goldman Sachs Group Inc. executive Adam Storch on Friday to serve as the agency's first-ever chief operating officer of the enforcement division.

The new hire represents the latest personnel change at the SEC in its effort to improve its operations following its failure to detect Bernard Madoff's massive Ponzi scheme.

Enforcement Division Director Robert Khuzami created Mr. Storch's position of managing executive as part of the major re-structuring effort he announced earlier this year. Mr. Storch will oversee division operations that include budget, information technology and administrative services. He will also supervise the workflow associated with the collection and distribution of fair funds to harmed investors.

"Adam's skill in technology systems, workflow process, and project management will greatly benefit the division, including in the critical areas of the distribution of Fair Funds to harmed investors and the processing and analysis of complaints, tips, and referrals," said Mr. Khuzami. "He will help to make us more efficient and nimble and permit us to put more of our investigators on the front lines to detect and stop fraud."

Mr. Khuzami, a former federal prosecutor, was hired to help invigorate the enforcement division after the Madoff scandal.

Since then, he has worked toward.....

[Leisler]

We are in the best of hands.

Hat tip, businessinsider.com

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. He then went to NYU's Stern School of Business. This lead to a job at Goldman, where he worked for the last five years.
As we noted earlier, this will surely lead to people complaining that A VAMPIRE SQUID IS RUNNING THE SEC.
Interestingly, Storch seems to be a big fan of Bill Clinton. At Stern, he created a website asking people to vote for Bill Clinton in the 2008 election. "Don't stand for the 22nd Ammendment!" the website implores.

[dfwgator]

Fox, meet henhouse.

[boomop1]

A crook assigned to guard the hen house.

[nickcarraway]

What a shock!

[stephenjohnbanker]

Usual suspects ping!

[originalbuckeye]

Well, isn't our financial system just a closed little Geithner Boy's Club? Who will stop these people from ruining our country?

[Leisler]

More like "Our Dolt" is in place. He'll have everyone looking into Madoff, et al, for the next five years, and meanwhile we( GS ) will be free to......

Storch said. "I look forward to working with the talented and dedicated staff( ? ) of the SEC."

Goldman Sacs. The "Our Thing" of finance.

[G Larry]

What?
Gotti’s kids not available?

[UCFRoadWarrior]

I am sure the Economic Anti-Americans, Globalists, Free Traders, and ChiCom Supporters on here will welcome this move.....this guy is their type

All we need is someone from the Welfare-Recipient Goldman Sachs to head any part of the SEC....yeah, right

Its like the meth-addict welfare queen with eight kids (from 7 different fathers) getting to run the Welfare office.

Someday this Economic Anti-Americanism will end....just not sure if it will be peacefully, or, with a lot of bloodshed

[Iron Munro]

Business as usual in the Obama-nation

[Landru]

"Usual suspects ping!"

And the beat goes on.
~sigh~

OK friends, let's imagine for a moment the Liberal-Socialists lose both houses [read: their majorities] and in 2010 win the WH.
Got it, that's the setup.

Q: How many of these lice will an incoming Republican administration retain??

No *prize*, just inquiring minds. TIA

[LomanBill]

>>Q: How many of these lice will an incoming
>>Republican administration retain??

Only the lesser ones in larval form?

[Landru]

"Only the lesser ones in larval form?"

LOL

Should've added the caveat: NO trick answers. Try again. LOL

[mkjessup]

OK friends, let's imagine for a moment the Liberal-Socialists lose both houses [read: their majorities] and in 2012 win the WH.
Got it, that's the setup.
Q: How many of these lice will an incoming Republican administration retain??
No *prize*, just inquiring minds. TIA

It all depends on whether or not there is widespread 'Rat-ACORN election fraud next year, that is the first order of business. Assuming there is NO fraud, the GOP could run an all-RINO slate of candidates and do fairly well, if this 0bamunist regime keeps screwing the pooch as they seem to be doing.

But if we were to elect a TRUE conservative Republican ticket with the likes of Duncan Hunter, Jim DeMint, Sarah Palin, just to name a few worthy candidates, I think we would see this socialistic internal jihad on America come to a screeching damn halt.

[stephenjohnbanker]

“But if we were to elect a TRUE conservative Republican ticket with the likes of Duncan Hunter, Jim DeMint, Sarah Palin, just to name a few worthy candidates, I think we would see this socialistic internal jihad on America come to a screeching damn halt. “

So do I.

[Liz]

The late economist John Kenneth Galbraith blamed Goldman Sachs policies for causing the Great Depression of '29. In his book, The Great Crash, 1929, Galbraith, a key figure in JFK's admin, an entire chapter titled “In Goldman, Sachs, We Trust,” details the “large-scale corporate thimblerigging” that Goldman and other Wall Streeters practiced in the 1920s.

=============================================

GOOD FOR GOLDMAN, BAD FOR AMERICA (G/S the major toll collector on govt's red-ink railroad)
BY TERRY KEENAN, anchor of Cashin' In, Fox News Sat 11:30 AM.

EXCERPT G/S morphed into a commercial bank to take advantage of gov't handouts, yet Goldman is really a hedge fund on steroids, with trading accounting for 69% of gross revenue in the first quarter........ a big chunk of its trading involves US govt debt -- federal, state and local......

G/S has a huge vested interest in the US digging a deeper and deeper hole.........trading govt IOUs is big business.....one of the few growth markets on Wall Street. IPO's, M&A's, etc, have yet to recover but the US will borrow a record $3.25 trillion in the current fiscal year -- four times as much as in 2008.

With its biggest competitors out of business, G/S is a major toll collector on Washington's red-ink railroad.......a "debt tsunami" that will lift Goldman's fortunes. G/S plays on the bankrupting of America -- the more we borrow, the more they make........

.........but the American public should know this side of the G/S profit miracle. .......Through savvy trading and management, G/S set aside $11.4B this year to compensate its employees on a playing field cleared of its top competitors and soon after Uncle Sam bailedout G/S with $10B TARP -- and millions more through AIG, all paid for by taxpayers.

G/S benefits nicely from the govt borrowing binge that was triggered in part by the banking crisis that started in Wall Street's own backyard.

http://www.nypost.com/seven/07192009/business/good_for_goldman__bad_for_america_180130.htm

===============================================

Goldman is more than surviving the current financial storm. Recently it gave out billions in bonuses. G/S cultivates clout in Washington. And now they have Rahm---their very own WH toadie---pushing their agenda.

THINGS WE DO NOT KNOW ABOUT RAHM EMANUEL Did Rahm reveal all of his ties to financial institutions involved in Obama's trillion dollar federal bailout of financials?

Goldman Sachs Will Be Sitting Pretty With Emanuel in the Obama White House
By Timothy P. Carney, Examiner Columnist, Nov 21, 2008

EXCERPT Today, in these tumultuous times of bailouts and meltdowns when the investment banking leviathan needs Washington more than ever before, Goldman Sachs can leverage its most valuable asset yet White House chief of staff Rahm Emanuel.

Traditionally a Democratic booster, and one of Barack Obama’s top sources of funds in this past election, Goldman has always had particularly strong allies in government.

Rahm Emanuel is one such ally. An interesting early chapter in the Goldman-Emanuel relationship took place in the setting of Bill Clinton’s 1992 campaign for the White House. Clinton hired Emanuel as his chief fundraiser.At the same time, however, Emanuel was on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to “introduce us to people,” in the words of one Goldman partner at the time. This is certainly a noteworthy relationship, but it’s one that has almost entirely escaped scrutiny. (snip)

In his four terms in Congress, Emanuel raised $74,750 from Goldman, making the firm his number four source of funds. Goldman has helped Emanuel. How has Emanuel helped Goldman? The most obvious answer, as mentioned in this column two weeks ago, is in Emanuel’s lead role in shepherding the “$700 billion” bailout—first proposed by former a Goldman CEO, Bush Treasury Secretary Henry Paulson—through the skeptical House.

Of course, back in the Clinton days, Goldman benefited from NAFTA and the bailout of the Mexican currency, with Emanuel pushing NAFTA through Congress, and Rubin hammering out the peso bailout.

Did Goldman improperly funnel money to the Clinton campaign by subsidizing Emanuel’s salary in 1992? Did Goldman’s help to Clinton spur the Democratic president to push NAFTA and the Mexican bailout?

The answers to these questions are opaque, and with Emanuel burrowed deep within the Obama White House, the continued relationship between Goldman Sachs and Obama’s right hand man won’t be easy to follow.

Watch which regulations of Wall Street Obama fights for. Watch where the bailout money goes.

SOURCE http://www.washingtonexaminer.com/opinion/columns/TimothyCarney/ Goldman_Sach_Will_Be_Sitting_Pretty_With_Emanuel_in_the_Obama_White_House_112108.html

[Paul Ross]

Yet another fox to guard the henhouse.

[stephenjohnbanker]

How fortunate it was for Goldman Sachs that their big competitor, Lehman Bros. was allowed to fail.

[Landru]

"The answers to these questions are opaque, and with Emanuel burrowed deep within the Obama White House, the continued relationship between Goldman Sachs and Obama’s right hand man won’t be easy to follow."

If one relied on their eyes, maybe.
But this Pollack's nose isn't fooled so easily. ;^)

Thanks, Angel :^)