What Is The Rationale Behind The SEC's Hiring A 29 Year Old Goldmanite As Its COO?

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Fri, 10/16/2009 - 10:00 | 100749 Sqworl
Sqworl's picture

On orders from Lord Lloyd...don't be so hard on this greenie, he has HFT experience!

Fri, 10/16/2009 - 10:07 | 100754 LoneStarHog
LoneStarHog's picture

Hummmm...In the commentary it is Mr. Storch and by the end it is Master Scotch.

I realize it is Friday, but could Tyler be hitting the latter a tad bit early?

Fri, 10/16/2009 - 10:11 | 100757 Sancho Ponzi
Sancho Ponzi's picture

WTF? 

Here's what Mr. Storch thinks of that rag known as the Constitution and the amendments added:

http://www.businessinsider.com/check-out-sec-coo-adam-storchs-website-2009-10

Fri, 10/16/2009 - 17:08 | 101303 Booger Smoot
Booger Smoot's picture

From the looks of his website he doesn't look as tech savvy as the press release makes him to be.

Fri, 10/16/2009 - 10:11 | 100758 jm
jm's picture

Most effective way to mitigate dark pool and HFT restrictions.  Essentially GS is becoming a monopolist in these areas.  This mole cements the grip on market share.   

Please just dissolve the SEC and let the buyer beware.

Fri, 10/16/2009 - 10:17 | 100761 tip e. canoe
tip e. canoe's picture

"what is the rationale?"

because they can get away with it.  no other rationale needed.

Fri, 10/16/2009 - 10:19 | 100762 Careless Whisper
Careless Whisper's picture

Mary Shapiro sez he has all the qualifications: young, dumb, and very hung.

 

Fri, 10/16/2009 - 14:19 | 101054 Cognitive Dissonance
Cognitive Dissonance's picture

Is this a low budget porn movie?

Fri, 10/16/2009 - 14:31 | 101069 Anonymous
Anonymous's picture

No, it's a $1billion budget porn movie

Fri, 10/16/2009 - 10:20 | 100765 digalert
digalert's picture

I'd recommend Turbo Tax Timmy but he's already got a cush job. Dazzle them with brilliance and baffle them with bullshit, which brings out the core problem, nobody is being called on their BS.

Fri, 10/16/2009 - 21:17 | 101545 Anonymous
Anonymous's picture

Besides, Timmy is hung like a mouse, so Mary punted him like a football.

Fri, 10/16/2009 - 10:24 | 100769 deadhead
deadhead's picture

President Obama...

the situation has now moved to the dark comedy side of the ledger.

This doesn't even come close to passing the giggle test. Remove Mary Schapiro immediately.  Thank you.

 

Fri, 10/16/2009 - 10:26 | 100771 lsbumblebee
lsbumblebee's picture

He has all the qualifications necessary for this fascist government.

Fri, 10/16/2009 - 10:28 | 100773 SWRichmond
SWRichmond's picture

Yet according to the SEC's Robert Khuzami, Storch is just the (very young and inexperienced) man for the job:

As is His Majesty Obama.  I think I am beginning to see a pattern here.

Fri, 10/16/2009 - 10:29 | 100775 Anonymous
Anonymous's picture

guys sorry but it seems like everyone has forgotten the key role played in tarp and bailouts by a former young anonymous employee back at GS... NEEL KASHKARI!!!!!!!!!! things continue to spiral down. I am not American. But my god this starts to be really hard to stomach.

Fri, 10/16/2009 - 15:51 | 101180 Anonymous
Anonymous's picture

Thanks.

I thought I was the only person in the world who knew about this under-the-radar New World Order drone.

It's my spleen that aches.

Fri, 10/16/2009 - 10:36 | 100780 uno
uno's picture

This is the reason he took a 'low paying' government job.

http://bloomberg.com/apps/news?pid=20601087&sid=abo3Zo0ifzJg

 

Oct. 14 (Bloomberg) -- Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.

The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.

As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies.

Fri, 10/16/2009 - 10:37 | 100781 Anonymous
Anonymous's picture

I'll take the other side TD.

That's exactly where you want a 29-yo. Probably a razor sharp dude, and just getting into 30s, so not at a point where they are just comfortable and can do nothing for the rest of the term.

However, the Goldman connection completely shatters his reputation because we all know that once you get inside GS door, they give you a corruption injection and you're done...

Fri, 10/16/2009 - 11:28 | 100839 Anonymous
Anonymous's picture

I completely agree.

Fri, 10/16/2009 - 12:02 | 100869 lizzy36
lizzy36's picture

If dude is so razor sharp, why is he leaving just before GS is set to pay out record bonuses?

Fri, 10/16/2009 - 13:03 | 100966 Careless Whisper
Careless Whisper's picture

Because he's not leaving Goldman, he's just taking a leave of absence. With all that SEC experience Goldman will pay him a multi-million dollar signing bonus.

Fri, 10/16/2009 - 17:16 | 101311 sgt_doom
sgt_doom's picture

Naaah...that's where you'd want a certified fraud examiner with some serious forensic economics and forensic accounting experience, not the doods that perpetrated the fraud.

Fri, 10/16/2009 - 17:16 | 101312 sgt_doom
sgt_doom's picture

Naaah...that's where you'd want a certified fraud examiner with some serious forensic economics and forensic accounting experience, not the doods that perpetrated the fraud.

Fri, 10/16/2009 - 10:43 | 100789 Miyagi_san
Miyagi_san's picture
He wanted repeal term limits for the prez...I'm thinking of Chavez and it could work
Fri, 10/16/2009 - 10:43 | 100790 Anonymous
Anonymous's picture

AMATEUR HOUR AT IT'S FINEST IN THIS ADMIN!

Fri, 10/16/2009 - 10:44 | 100791 Cerulean
Cerulean's picture

Well, Sarkozy'son (all of 23 year's old) is nominated for some big post in Paris.

As they say

"Aux âmes bien nées, la valeur n'attend point le nombre des années." Corneille

Fri, 10/16/2009 - 10:48 | 100796 Miyagi_san
Miyagi_san's picture

Didnt finish college but has a lifetime job...and a hot mom

Fri, 10/16/2009 - 10:47 | 100793 Anonymous
Anonymous's picture

I don't know of anyone of my associates who believed in the "Change I Can Believe In" ads. The proletariat believes the administration is different because of social policies, yet always fails to see where the money decisions are being made at Treasury (& post haste-Fed appointees). Treasury policy hasn't changed; yet, it will be very fascinating to see where things go after 2010 (Tax cuts expire). I really think that O's strategy has been to play defense, and if he can get through the 2010 mid-term elections with his party largely running things, he can crank things up for two years before the next election. Some may say healthcare is offense; however, I think he really knows how difficult it is, and a total fumble at the goalline if they don't get what they want.

Fri, 10/16/2009 - 11:39 | 100848 SWRichmond
SWRichmond's picture

Health Care Reform was meant to be a stealth tax increase, as a sop to the bond vigilantees.  It is getting too much scrutiny now, so it will be a Medicare cost cut instead in the near term, the tax increase part will come later.  If there is a later.

Fri, 10/16/2009 - 10:47 | 100794 chumbawamba
chumbawamba's picture

Yeah, but the dude gives really good head!

I am Chumbawamba.

Fri, 10/16/2009 - 10:48 | 100795 Anonymous
Anonymous's picture

bloomberg titled storch as head of enforcement, lloyd, paulson etc are all now home free. but i would'nt want to be in dimon, pandit, lewis, mack's shoes (or are they ex GS).

sadly i am buying more GS as it looks like they will be last man standing.

its interesting to see that tho it appeared russia lost the cold war their oligarchic system has now tamed the US. i expect the irony will be lost in the US.

am going to re- read The Gulag Archipelago, might as well get to know how the system works.

Fri, 10/16/2009 - 10:56 | 100801 E pluribus unum
E pluribus unum's picture

They aren't even trying to hide their disdain for the American public. What better way to say "Fuck you" than to try and advance this appointment?

Fri, 10/16/2009 - 10:59 | 100804 Cheeky Bastard
Cheeky Bastard's picture

rationale ?

Tyler dude, rationality is sooooooo 20th century ....

But yeah, basically they did it for shits and giggles, and to see how much can the sheeple handle before people start launching RPG grenades into the offices in down town Manhattan.

Fri, 10/16/2009 - 11:03 | 100807 Anonymous
Anonymous's picture

He reviewed contracts and transactions for signs of fraud the way an attorney reviews contracts and transactions for exploitable loopholes. His job is to "bend the curve" upwards on CDO securitization.

Fri, 10/16/2009 - 11:04 | 100809 blackebitda
blackebitda's picture

i would assume the 29 year old knows how to use facebook, myspace, aol, etc. computer savvy to operate in a knowledge based economy. plus why not burn through a young guy to blaze the trail. 

 

Dear Adam, go get em!!

 

 

 

 

Fri, 10/16/2009 - 11:08 | 100815 Sancho Ponzi
Sancho Ponzi's picture

Storch was an intern at Neuberger Berman LLC of Chicago (hahaha).

Evidently, the CEO of NB during that time was Jeffrey B Lane who later worked for Lehman, was CEO of Bear Stearns, and is a board member at JP Morgan and Willis Group Holdings. Muckety, muckety muck.

Fri, 10/16/2009 - 12:05 | 100874 Anonymous
Anonymous's picture

I'll bet a nickel that it's a max two degrees of separation from this kid and Obama, or more likely his parents and Obama.

Fri, 10/16/2009 - 11:12 | 100822 Anonymous
Anonymous's picture

From businessinsider.com's comment:

John, this position may not be as important as you may think. This position is within the Enforcement group; granted, the largest group within the SEC, but it is not an agency-wide position. Storch will apparently be a direct report to Khuzami, who heads the Enforcement group (and who is a former public prosecutor, not an industry transplant), and he will be one of ten or so direct reports to Khuzami.

A position starting with a C- sounds important, but it's a bit of a misnomer; this isn't at the same level as other C-suite positions within private firms. The reality is that, below the Commissioner level, the Directors and Associate Directors hold the real power in the SEC, and I don't think he qualifies as even an Associate Director, despite the important-sounding position. I'm not sure this is the story you're looking for.

Fri, 10/16/2009 - 14:47 | 101089 AN0NYM0US
AN0NYM0US's picture

check your facts on Khuzami - he's totally an industry transplant

also note that Ms Shapiro made great fanfare about this COO position when she announced its creation back in June

 

http://www.reuters.com/article/politicsNews/idUSTRE5514J320090602

http://www.forbes.com/feeds/afx/2009/06/02/afx6493963.html

Fri, 10/16/2009 - 11:14 | 100824 I am a Man I am...
I am a Man I am Forty's picture

Boy, it is good to see they took Harry M's testimony seriously about hiring seasoned professionals with gray hair or no hair.

Just Goldman letting the world know once again who is in charge.

This country makes me sick to my stomach.

Fri, 10/16/2009 - 14:19 | 101053 Anonymous
Anonymous's picture

As a public official, it would be nice to know how well connected his extended family may be. To be hired as a VP at Goldman 2 1/2 years out of college as an accountant for the firm that reviews Goldman's books deserves a deeper look, right?

http://www.implu.com/search/storch

Fri, 10/16/2009 - 11:29 | 100840 Anonymous
Anonymous's picture

He's epic failguy.

Justsome newfag

Fri, 10/16/2009 - 11:32 | 100841 perpetual-runner-up
perpetual-runner-up's picture

THEY HAD TO LIST HIS INTERNSHIP AS PART OF HIS QUALIFICATIONS!!!

 

OMFG!!!!!!!!!

I AM ON MARS!!!

Fri, 10/16/2009 - 11:42 | 100851 HEHEHE
HEHEHE's picture

I thought the SEC was already a GS subsidiary?

Fri, 10/16/2009 - 11:46 | 100859 Anonymous
Anonymous's picture

Tyler, I cross-posted this at BusinessInsider, but this is probably not the story you're looking for. Storch was hired to a position that, despite the important-sounding title, is not the equivalent of a C-suite position in a corporation. He will be working under Khuzami, within the Enforcement group, and the position is basically for review of contracts, not directing enforcement actions. The real power at the SEC is with the Commissioners and the Directors; and not only is his position not as a Commissioner or a Director, I seriously doubt that he is even the equivalent of an Associate Director; I think it's an Assistant Director equivalent position at best, and there are any number of people at that level within the SEC.

Again, I don't think this is the story you're looking for.

Fri, 10/16/2009 - 12:12 | 100882 Anonymous
Anonymous's picture

Why do people make the comment that Obama's administration has all the inexperienced people?

Under the Bush admin...
Do you remember how FEMA was ran by a guy who sold horses for a living (to the obvious help of New Orleans?)

Do you remember how the justice department was run by a 30 year old girl that graduated from Pat Robertson's law school?

And what about old Bush himself? Can't say he ever succeeded at anything before he was president.

Fri, 10/16/2009 - 15:47 | 101176 Anonymous
Anonymous's picture

The comedy lies in the fact that our electorate was whipped up into foaming at the mouth, Bush hating frenzy by our media, and sent out to elect of full blown radical socialist to supposedly make things 'good again' in a capitalist democracy.

Obama has total disdain for about 80% of the country of which he was elected leader. The human folly here in the U.S. in 2009 is epic.

That's why after only 9 months, a huge percentage of Obama voters have that 'Oh, crap, what have I done?' expression every time the guy opens his mouth, and why a statistically very significant number of the obama voters openly say they wish they has their vote back.

Fri, 10/16/2009 - 16:29 | 101248 Anonymous
Anonymous's picture

The comedy lies in the fact that the electorate keeps electing inexperienced leaders. If that leader is a Dem, the Repubs moan and complain about how inexperienced the guy is, all the dumb mistakes he makes (like appointing inexperienced insiders), etc. They mock him for it. If that leader is a Repub, the Dems moan and complain about how inexperienced the guy is, all the dumb mistakes he makes (like appointing other inexperienced insiders), etc. They mock him for it. Then they turn around, elect some inexperienced bozo from their own party, act like that's going to make things better and keep their mouths shut when it doesn't.

That's the comedy. Or the tragedy.

Fri, 10/16/2009 - 12:13 | 100883 Anonymous
Anonymous's picture

Perp runner, Mars is in this universe and I think we worm holed to the Benjamin Button dimension and 29 is the new 59. HEHE, the ring of truth is in the satire.

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