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SEC Hires Goldman Exec to Be COO of Enforcement

To be filed under WTH: the news that a Goldman Sachs executive - Adam Storch, vice president in Goldman Sachs' Business Intelligence Group - has been named the first COO of SEC enforcement.

To be filed under WTH: the news that a Goldman Sachs executive - Adam Storch, vice president in Goldman Sachs' Business Intelligence Group - has been named the first COO of SEC enforcement.

Does Goldman not have enough former executives in high government positions? There's Mark Patterson, chief of staff at the Treasury Department, who is a former Goldman Sachs lobbyist. Gary Gensler, chairman of the Commodity Futures Trading Commission, was formerly Goldman's co-head of finance. Larry Summers, a very influential member of President Obama's cabinet, has done work for Goldman. There are many other examples; one list can be found at a website called Little Sis.

One way to look at this would be to think, Goldman hires the smartest people, so why shouldn't the government hire those same smart people to help it better regulate the markets? But another way to look at this is, regulatory agencies and the SEC in particular are supposed to be impartial and fair policemen of the industries they oversee. How does the government dare to hire so many people with close ties to one large firm that arguably has benefited more than any other from both the SEC's lax oversight and from Washington's numerous financial bailouts? It is mind-bogglingly inappropriate.

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