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29-Year-Old SEC Honcho Came From Goldman
New COO Adam Storch did 'business intelligence' at connected Wall Street bank
By Harry Kimball
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Posted Oct 16, 09 2:08 PM CDT
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(Newser)
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The first person named to the new chief operating officer position in the SEC’s enforcement division is a 29-year-old whiz kid who previously worked at uber-connected Goldman Sachs, Bloomberg reports. "Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division," his new boss says. To say finance bloggers are concerned is an understatement.
- "All of Madoff's former employees must have already busy," snarks Daniel Indiviglio of the Atlantic. But the real concern is that "detecting fraud is all about having seen a lot of different things so you know what to look for. So I'd be a little more concerned about someone at this level being in his 20s than having worked on Wall Street."
- Storch has been applauded for his "great deal of background," the Huffington Post notes. But where he got that background "certainly isn't good news" for critics of "the various links between Goldman Sachs and the financial regulatory system."
- John Carney of the Business Insider found an entirely different reason to be wary: Storch's advocacy of letting Bill Clinton run for president—in 2008.