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

Tyler Durden's picture

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Sqworl's picture

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

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?

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

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.

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.

tip e. canoe's picture

"what is the rationale?"

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

Careless Whisper's picture

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

 

Anonymous's picture

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

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.

Anonymous's picture

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

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.

 

lsbumblebee's picture

He has all the qualifications necessary for this fascist government.

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.

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.

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.

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.

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...

Anonymous's picture

I completely agree.

lizzy36's picture

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

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.

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.

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.

Miyagi_san's picture
He wanted repeal term limits for the prez...I'm thinking of Chavez and it could work
Anonymous's picture

AMATEUR HOUR AT IT'S FINEST IN THIS ADMIN!

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

Miyagi_san's picture

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

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.

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.

chumbawamba's picture

Yeah, but the dude gives really good head!

I am Chumbawamba.

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.

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?

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.

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.

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!!

 

 

 

 

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.

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.

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.

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

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.

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

Anonymous's picture

He's epic failguy.

Justsome newfag

perpetual-runner-up's picture

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

 

OMFG!!!!!!!!!

I AM ON MARS!!!

HEHEHE's picture

I thought the SEC was already a GS subsidiary?

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.

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.

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.

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.

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.