Posted on 10/16/2009 10:06:27 AM PDT by NormsRevenge
WASHINGTON – A Goldman Sachs executive has been named the first chief operating officer of the Securities and Exchange Commission's enforcement division.
The market watchdog says Adam Storch, vice president in Goldman Sachs' Business Intelligence Group, is assuming the new position of managing executive of the SEC division.
(Excerpt) Read more at news.yahoo.com ...
Wow, they put the wolf in charge of watching the hen house.
I’m Shocked! /s
Sooo, the fox gets to guard the hen house?
SEC
http://www.sec.gov/news/press/2009/2009-220.htm
Adam Storch Named Managing Executive of SEC’s Enforcement Division
FOR IMMEDIATE RELEASE
2009-220
Washington, D.C., Oct. 16, 2009 — The Securities and Exchange Commission today announced that Adam Storch has been named to the newly-created position of Managing Executive of the SEC’s Division of Enforcement.
In his role, Mr. Storch will act as the Enforcement Division’s first-ever chief operating officer. He will report to Robert Khuzami, the Director of the Division, who created the position as part of a restructuring he announced earlier this year.
Mr. Storch will be responsible for project management and workflow for various infrastructure and operational aspects of the Division, including budget, information technology, and administrative services. In addition, he will oversee the workflow and process associated with the collection and distribution of Fair Funds to harmed investors. Along with Lorin Reisner, the Deputy Director of the Division of Enforcement, Mr. Storch will supervise the Office of Market Intelligence, improving the collection, analysis, risk-weighing, triage, referral, and monitoring of the hundreds of thousands of tips, complaints and referrals that the agency receives each year.
Mr. Storch joins the SEC from Goldman Sachs & Co., where he was Vice President in the Business Intelligence Group.
“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 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. Storch said, “I am honored to join the SEC at this crucial time. I look forward to working with the talented and dedicated staff of the SEC.”
Before joining Goldman Sachs, Mr. Storch was a Senior Consultant focusing on enterprise risk services at Deloitte & Touche, LLP. Mr. Storch is a Certified Public Accountant in New York State, a Certified Internal Auditor, and a Certified Fraud Examiner. He received his MBA from New York University’s Leonard N. Stern School of Business, and his B.S. in Business Administration summa cum laude from the SUNY Buffalo School of Management.
The restructuring seeks to reduce bureaucracy and expedite the enforcement process by eliminating unnecessary process, streamlining procedures, and rebalancing the Division’s investigative staff by reducing management levels and reassigning those experienced personnel to full-time investigative work. In addition, the newly-structured Division will include specialized units that will enable staff in those units to develop expertise in priority areas and utilize that expertise to help detect earlier and more often the patterns, links, trends, and motives connected to fraud and wrongdoing.
One second apart, I bet a lot of people will think the exact same thing when they read that also.
We may as well just dissolve the government and the Constitution and turn over the entire country to these guys. It seems like they run almost everything anyway.
COO?
‘coup’ is more like what we are witnessing..
a confluence of corporate bankers and condescending politicos.. marching lock-step at the vanguard of the Third Way movement.
sigh
Has he ever paid taxes?
I hope so.
He’s only 29.. wow.
He’s in over his head, like Geithner.
L.M.A.O!
The fox guarding the hen house—yup, my thoughts exactly. But apart from that—he’s 29—please!! So he can always feign ignorance due to his youth and lack of experience.
Corruption at it’s finest. The government in this country is revolting.
soon the people will be revolting...
Fox, meet hen house.
That is like sending a hungry dog to the store for a pound of hamburger.
Humm, Enforcement... it takes one to know one.
So leave if it is beneath you.
More of the leftist methods from Mr. "Conservative" here.
Firstly, is this yours to tell me whether to join or to leave?
Secondly, any remnants of logic are absent in your post: I stated what I believe to be a fact; you are tell me what I am supposed to do. Silly.
Thirdly and finally, why do you not follow your own prescriptions: you are probably in disagreement with Obama administration, and yest presumably have not left the U.S.
I guess you can't be irritated and think at the same time. Continue your anti-Wall Street hunt: you'll be comfortable, as it requires no thinking of intellectual honesty.
How cozy
The problem is that Wall Street operates under rules that rig the game for them to plunder America’s and the world’s wealth without every having to worry about losing a dime. This is not capitalism but cronyism and this appointment is further evidence of that.
The definition of fascism. Is this even legal?
Legalities? who is worried about legalities these days? Geesh. ;-)
—
Bonuses Put Goldman in Public Relations Bind
http://www.freerepublic.com/focus/f-news/2364145/posts
I sewar to God, you can’t make this stuff up ;-)
swear, that are ;-)
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
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
This one caught my eye, family share approaches 100K
The US national debt clock, pictured in New York in July, 2009, shows the federal deficit topping $1 trillion for the first time. Global ratings agency Fitch has warned top economies -- including the US, Britain, France, Germany and Spain -- that they could endanger their creditworthiness if they do not bring down public debt. (AFP/File/Timothy A. Clary)
Goldman Sachs was in charge of due diligence prior to REFCO stock going public. Just after the stock went public it was discovered that REFCO’s CEO, COO and a couple of bean-counters had been hidng $400 million in debt for a good long time.
Goldman-Sachs auditors never saw the discrepancy, it was a new comptroller burning the midnight oil getting into his new job at precisely the right time during the quarter that discovered that two and two wasn’t adding up at REFCO.
The CEO was finally sentenced to 16 years. It was a real shame because REFCO stock plummeted after the story broke and the firm had to close causing a lot of people to lose their jobs. A lot of good and honest people I might add, that were working very hard to change REFCO’s colored-past image.
I’m not convinced Goldman could punch it’s way out of a paper bag.
God I hope so. Tea parties x 100 or....
And this should end anyones doubt about the level of corruption in our government.
Let’s hope an industry insider will be smart enough to request trading records from the clearing house of the next Bernie Madoff.
That simple and obvious check would have stopped the Madoff scam in its tracks.
Government Sachs.
The above article also includes a link to the text of a letter Harry Markopolis sent the SEC in 2005.
What’s all these hate I am reading against Goldman Sachs ?
Yes, they did ask the government for rescue money, but I believe that they were one of the very first people to pay it back.
They aren’t government owned or in debt anymore.
Do I detect a tinge of envy here in FR because Goldman made a ton of money and were one of a handful of profitable companies during the downturn ?
Do I detect resentment because their employees are going to receive outrageous bonuses while the rest suffer or lose their jobs ?
What’s gotten to us ? I thought conservatives are supposed to celebrate success and encourage more people to strive to attain it ?
He’s only 29.. wow.
UN F**KING BELIVEABLE!
At least that is what I've been told.....
Always liked them..never had a problem.
My point and the point of the article you linked is that the SEC was incompetent.
Appointing an industry insider may give the agency some street smarts which it sorely lacks.
Bull Crap!!!!!!!!
Goldman Sachs have taken so much taxpayer money through back door deals like AIG that is makes me sick. And that is just the beginning of it. It sure makes it easy when you have what amounts to a private door to the fed and the treasury, and congress. Granted that you can throw a bunch of the other big investment banks into the same pile of greedy dirty dealers.
We should have let them all fail. If we had then things would have been so much better than what is coming. Lending would have been returned to the small banks who make money the legitimate way, and don’t scarf ridiculous profit of from the consumer. Oil would probably be $30.00 a barrow right now. Bailing all these people out has destroyed the dollar and therefore a lifetime of savings. The investment banks are storing oil just to drive up oil, and then sell it at the higher prices. They and some of the big banks are selling all those crap mortgages to the taxpayer through the fed. We will eat them. I could go on and on. But the gist of it is that the USA, and the world is in a sad place right now because of the greed in the big banks. And the fact is that they made this MESS. They Did it! It is there fault! They committed ramped fraud, and they should all be locked up!
Soooo...they really ARE rubbing our noses in it....
If Al Capone were alive 0 would put him in charge of the IRS.
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