What Is The Rationale Behind The SEC's Hiring A 29 Year Old Goldmanite As Its COO?
While one may or may not have feelings about Goldman's tentacled capture of various regulatory agencies, the most recent news out of the SEC that it would be hiring a 29 year old former Goldman Vice President Adam Storch as its COO, questions the rationale behind this move. First, and not being ageist here, but a 29 year old to run what is arguably the most critical post at the SEC - that in charge of operations? Keeping up to date with market developments, the one area where the SEC has been an utter disaster (along with all other areas actually), is a core responsibility: at least the SEC could have hired someone with actual market/broker experience. Based on his record, Mr. Storch is not even a licensed (Series 7/63) broker: would it not be logical to hire someone who has at least had some market experience? Yet according to the SEC's Robert Khuzami, Storch is just the (very young and inexperienced) man for the job:
The COO, who started Oct. 13, has “a great deal of
background” in technology and managing processes and the pace
of work, Robert Khuzami, head of enforcement, said yesterday in
Washington. Storch, who worked since 2004 in a unit at Goldman
Sachs that reviewed contracts and transactions for signs of
fraud, will be charged with making the unit more efficient.
Storch, reached by telephone at the SEC, declined to comment.
We shall be following young master Storch's exploits closely. As for the timing of an ex-Goldman retention 5 days ahead of a critical hearing on dark pools, we can only surmise this is a total and completel conicidence.