Failed Financial Regulators Go to Work at Bingham McCutchen

[The Straight Story]

Failed Financial Regulators Go to Work at Bingham McCutchen


Legal powerhouse Bingham McCutchen is loading up on former federal regulators who failed to catch many of the highest profile Wall Street disasters in recent years. After hiring former chairman Christopher Cox and enforcement official Herbert Janick III of the Securities and Exchange Commission—which was roundly criticized by Congress for not discovering the Madoff and other Ponzi schemes sooner, Bingham McCutchen has brought aboard Susan Merrill, former head of enforcement at the Financial Industry Regulatory Authority (FINRA), which oversees the stock market.

Under Merrill’s watch, FINRA, too, was noted for being asleep on the Madoff scheme, as well as spending more time going after smaller investment firms while “ignoring the larger broker-dealers whose excessive risk-taking helped to fuel the financial meltdown, and for liquidating its $647 million portfolio in auction-rate securities without informing the investing public,” according to the Project on Government Oversight.

http://www.allgov.com/Controversies/ViewNews/Failed_Financial_Regulators_Go_to_Work_at_Bingham_McCutchen_100414

[Turbineguy]

1. Must be part of a clever strategy

to self destruct.

[DCKit]

2. They only failed to regulate, they did not fail in helping Wall St. steal trillions of $$$.

It's about perspective - either you won (Wall St.) or you lost (U.S.).