01 June 2015

Not The Onion

Andrew “Buddy” Donohue has been appointed Chief of Staff for the Security and Exchange Commission (SEC).

Before his appointment, Mr. Donohue was a lawyer for Goldman Sachs:
The Securities and Exchange Commission confirmed Thursday that it hired a managing director of Wall Street titan Goldman Sachs Inc. to serve as chief of staff, prompting critics to decry a revolving door that links the corridors of finance and power.

Chairman Mary Jo White has hired Andrew “Buddy” Donohue, the SEC said in a news release, tapping the influential Wall Streeter to become chief of staff of the agency in charge of protecting investors. He’ll serve as a senior adviser to White on policy, management, and regulatory issues.

Most recently, Donohue worked as a managing director and associate general counsel at Goldman Sachs. Previously, he led the SEC's Investment Management Division between May 2006 and November 2010, spanning two administrations and the worst financial crisis since the Great Depression.

“I am thrilled that Buddy will be returning to the SEC to provide his extensive knowledge and expertise to the agency,” said SEC chief White said in a statement. “Buddy is a seasoned professional whose previous SEC and private sector experience will be invaluable in advancing all aspects of the agency’s mission.”

White said Donohue’s background will be “especially useful” as the commission advances new rules for risk management and weighs a uniform fiduciary standard for the investment community.
Yeah, sure.

It is, "Especially Useful,"  for the, "Managing director and associate general counsel at Goldman Sachs," to work on rules for risk management and a fiduciary standard for brokers.

FWIW, holding brokers to a fiduciary standard, which requires them to act in the best interest of their client, is something that the financial industry has been fighting tooth and nail, and the man from Goldman Sachs is Chief of Staff for the organization which is drawing up the regulations for this.

Reform, my flabby white ass.


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