Editor’s note: Well, it’s official. Goldman Sachs alum have now penetrated every level of regulation, politics, supervision, and enforcement. Enforcement?! That’s laughable! Some argue that due to Goldman’s sheer size, it is almost impossible for GS alum not to populate every inch of government – in a time when Too Big to Fail has become a household name, don’t you think that should be only slightly disconcerting? Hey, maybe I’m just being silly. Suuuuuure. – JDA
The SEC’s newest member is a 29 year old with a resume that includes Deloitte and – wait for it – Goldman Sachs. Yes, kids, the cat is permanently away and your “new normal” includes putting the criminals in charge of the prison.
The U.S. Securities and Exchange Commission named Adam Storch, a 29-year-old from Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division’s first chief operating officer.
Storch, who joined the SEC Oct. 13, was named to the newly created post of managing executive in the enforcement unit, charged with making the division more efficient, the SEC said today in a statement. At New York-based Goldman Sachs, he had worked since 2004 in a unit at that reviewed contracts and transactions for signs of fraud.
“Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division,” SEC enforcement chief Robert Khuzami said in the statement. “He will help to make us more efficient and nimble and permit us to put more of our investigators on the front lines.”
What do you mean “permit us,” Mr Khuzami? Did Storch bring a permission slip from Goldman Sachs when he came over to the SEC? Dear Mr SEC, my child Adam Storch is allowed to regulate, when appropriate, and can also attend the field trip on 10/24/09. Sincerely, Mr Blankfein.
letty aka granny gripes on October 21, 2009 at 7:21 pm
Just a SEC !
FIRST GO research the l933 Securities ACT! and educate yourselves. One of the most sweeping and most critical reforms ever in the Securities Industry which for many years were the most effective and valuable.
GUESS WHO helped make the security reforms, the same benefactors who used legal but immoral means to enjoy obscene gains, those who painted the tape etc. and caused the 1929 market crash wrote the new regulations and laws.
The benefactors familiar with those loop holes helped to write the new regulations and securities laws and reforms to protect the small investor and frankly it was the brilliant thing to do.
SO BEFORE we throw the baby out with the bathwater, possibly this is the right way to close the unfair practices loop holes.
today with so many changes in technology, scripts, and new market investment products that have evolved over the years, the l933 act and subsequent regulations became obsolete.
I do believe that ONLY the “benefactors” of the loop holes, can help close the loop holes.
FACT: if their market activities is NOT in any securities laws or regulations, their “gains” were and are NOT corruption or criminal.
CRIMINAL was the lack of upgrading and updating the regulations and laws to meet the changes in market investment products and activities.
SO LETS be fair here. BLAME THE REGULATORY agencies and agents. NOT Goldman Sachs.
SO perhaps, in this case, it is plausable that the minds who know how the legal, but not moral “game” is conducted can become the effective regulators.
WE CANNOT create DEMONS without all of the facts and without being honest.
A NEW DEMON everyday is OBAMA’s play book, like Hitler’s.
I WOULD HOPE WE ARE ALL ABOVE the fabrication, distortion, exaggeration, madness OBAMA’s blame game.
To be credible, we have to be 100% BE HONEST in all things. Stick to the hard core facts. Accept the ruthless truth! And stop creating false demons.
letty aka granny gripes on October 21, 2009 at 8:46 pm
WHAT I AM TRYING TO POINT OUT IS THAT for the past 15 years the Congress, the SEC, NASD, NYSE, worthless Greenspan, etc. had plenty of time to update and upgrade the regulations and laws to meet the changes in the INDUSTRY.
yelling GOLDMAN Sachs is like the 8 years of yelling Halliburton.
I dislike everyone of the “Goldman Sachs” got super rich slicks too. HOWEVER, there is zero documented evidence that they did violate securities laws, regulations, exchange regulations, restrictions, etc. However, they knew How to get the cheese out of the mousetraps and benefit from it. No different than Bill Gates or Steve Jobs et al who used the shoulders of everyone else in their industry to rise to the top or how Tiger Woods developed the right swing (skills) to rise to the top, etc.
IF THEY HAD done anything corrupt, criminal, and or illegal while working at Goldman Sachs then we could call for OFF WITH THEIR HEADS.
However, UNTIL someone documents exactly which regulations, securities laws or exchange regulations etc. they broke while at Goldman Sachs, we have to back off and wonder why we didn’t pound the table for the past 15 years to demand tighter and or more regulations, updated laws, more controls and trading restrictions on all of WALL STREET!
Folks no matter how much we despise them, we have to call a strike a strike. Geinther is a criminal because he is a TAX CHEAT, a proven public liar, we speculate that he probably rubbed knees under the table to rise above his pay grade. Rubbing elbows is a fact of life, even in very small friendship circles. Frankly all of them are probably above their pay grade.
Obvious we deserve someone like Dr. Sung Won Sohn, who is brilliant, has always been right, HOWEVER the last place he wants to be is TREAS SEC or anywhere in government. Like the last place in the world someone like Jack Welch would want to be is anywhere in government.
Corzine and Rubin are personally sleaze and used merchandise, disgraced. Still rich beyond our imagination.
ASK, if your woke up and found yourself POTUS Tomorrow, who would you hire (that was willing to accept the flunky job) from where, to run the different departments.
Bottom line, You would NEVER hire a foot DR to do Open heart surgery.
So folks, as long as we are on the right side of the issues, we really need to fight from honest strength and stop creating demons to make our points. That is what OBAMA DOES Best, first, foremost and always.
just thinking out loud, because some days I see us all, myself included, beating a dead horse and making zero gains or having zero influence. It feels as if they have their hearing aids turned off or they have had so much botox pumped into their heads that there is zero room for reality to penetrate their fried brains.
Even the conservatives keep doing the same stupid things over and over again expecting different results. Just spinning the wheels on the bus. The freedom loving middle class normal legal citizens of the USA simply want productive ACTION that gets results. They are frustrated beyond description.
77Jack on October 22, 2009 at 5:44 am
I’m sorry but I don’t see it. Yes in a perfect world were a person has morals and goes to the government and cuts their ties to their old company could work, but do you really believe that’s the case here? With so many from GS going in and out of the government it seems to me that they would just set up rules that would profit GS. Then after their stint in the gov. they could go back to GS and reap the rewards.
I honestly believe the person best suited to enforce the SEC reg is someone NOT affiliated in any way with any financial institutions and who is also NOT an economist. Someone with a lot of intelligence and smarts in a wide array of subjects. Someone who can see the bigger picture. These so called “experts” in their field are usually so focused on what they study that they can’t see the forest for the trees, in most cases.
There’s a story I heard don’t remember exactly how it goes…
A truck is driving down the road and tries to drive through a tunnel but it’s just a little too tall and wedges itself in there so good that it can’t go forward or back.
Well all these engineers come out to try to solve this problem. They come up with a lot of ideas involving machinery, explosives, digging the truck out and tearing the truck apart but they can’t agree on the best idea.
Then a little girl walks up and says “why don’t you just let the air out of the tires”
I probably didn’t do the story justice. I think I heard it in a movie. Anyway, the gist of it is you don’t need to be an expert to solve a problem if you use common sense and look at the bigger picture.
Hanz Stolz on October 22, 2009 at 4:35 pm
According to your logic anybody who switched any company will still be loyal to the first firm. Or is it just Goldman, where people are converted into zombies to serve them forever after leaving company? Or put it this way: you are recruiting for government and you have two resumes: one from the ex-GS employee and one from ex-AIG employee. Which one would you pick? Obviously GS employees better in finances then the AIG.
77Jack on October 23, 2009 at 4:17 pm
Very true. At the same time though how long have people from GS gone to and from the government? How many from other firms? The point that was being made was that a lot of people seem to be intertwined in GS and the Gov…more so than other firms. So yes I’m pointing specifically at GS but it’s for a reason. They seem to be the prominent players in this problem that we have.
Also why is GS doing better than AIG? Is it because GS is run better or is it because the cards are stacked against AIG? On the other hand can you not be a great employee in a crappy company? Does GS’s success mean that everyone who works there is the tops?
Is it not possible that people could be indoctrinated in some way at a company? It doesn’t have to be very sinister really they could just want money and this is the easiest way to get it. They don’t have to worship the god that is GS they could just be exploiting a system to make big money.
I’m not saying any of this is true by the way. It’s just a thought.
Jack – I will have to check my archives – but I believe that GS was one of the members that started AIG so that they would have an international company to get around certain laws – AND GS is at the bottom of something else that I am STILL working on.
77Jack on October 24, 2009 at 4:40 am
Diamond – I don’t doubt it. That’s why I believe any regulatory/enforcement person should not be attached to any financial organization. Even that step though won’t guarantee anything but it may help. Sometimes being outside of a problem helps you see things people inside the problem can’t.
And no this wouldn’t be a blanket fix to be applied to every company or facet of our Government at all times. It would be an attempt at a fix for a particular problem.
At any rate at this point nothing surprises me anymore. If it turned out that lizard people from the planet Zylok have infiltrated the upper echelons of our society and wanted to use us as a food supply…well that would actually be easier to swallow than knowing that its our own brothers and sisters screwing us all over just so they can get more money and power.
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Just a SEC !
FIRST GO research the l933 Securities ACT! and educate yourselves. One of the most sweeping and most critical reforms ever in the Securities Industry which for many years were the most effective and valuable.
GUESS WHO helped make the security reforms, the same benefactors who used legal but immoral means to enjoy obscene gains, those
who painted the tape etc. and caused the 1929 market crash wrote the new regulations and laws.
The benefactors familiar with those loop holes helped to write the new regulations and securities laws and reforms to protect the small investor and frankly it was the brilliant thing to do.
SO BEFORE we throw the baby out with the bathwater, possibly this is the right way to close the unfair practices loop holes.
today with so many changes in technology, scripts, and new market investment products that have evolved over the years, the l933 act and subsequent regulations became obsolete.
I do believe that ONLY the “benefactors” of the loop holes, can help close the loop holes.
FACT: if their market activities is NOT in any securities laws or regulations, their “gains” were and are NOT corruption or criminal.
CRIMINAL was the lack of upgrading and updating the regulations and laws to meet the changes in market investment products and activities.
SO LETS be fair here. BLAME THE REGULATORY agencies and agents. NOT Goldman Sachs.
SO perhaps, in this case, it is plausable that the minds who know how the legal, but not moral “game” is conducted can become the effective regulators.
WE CANNOT create DEMONS without all of the facts and without being honest.
A NEW DEMON everyday is OBAMA’s play book, like Hitler’s.
I WOULD HOPE WE ARE ALL ABOVE the fabrication, distortion, exaggeration, madness OBAMA’s blame game.
To be credible, we have to be 100% BE HONEST in all things. Stick to the hard core facts.
Accept the ruthless truth! And stop creating false demons.
WHAT I AM TRYING TO POINT OUT IS THAT
for the past 15 years the Congress, the SEC, NASD, NYSE, worthless Greenspan, etc. had plenty of time to update and upgrade the regulations and laws to meet the changes in the INDUSTRY.
yelling GOLDMAN Sachs is like the 8 years of yelling Halliburton.
I dislike everyone of the “Goldman Sachs” got super rich slicks too. HOWEVER, there is zero documented evidence that they did violate securities laws, regulations, exchange regulations, restrictions, etc. However, they knew How to get the cheese out of the mousetraps and benefit from it. No different than Bill Gates or Steve Jobs et al who used the shoulders of everyone else in their industry to rise to the top or how Tiger Woods developed the right swing (skills) to rise to the top, etc.
IF THEY HAD done anything corrupt, criminal, and or illegal while working at Goldman Sachs then we could call for OFF WITH THEIR HEADS.
However, UNTIL someone documents exactly which regulations, securities laws or exchange regulations etc. they broke while at Goldman Sachs, we have to back off and wonder why we didn’t pound the table for the past 15 years to demand tighter and or more regulations, updated laws, more controls and trading restrictions on all of WALL STREET!
Folks no matter how much we despise them, we have to call a strike a strike. Geinther is a criminal because he is a TAX CHEAT, a proven public liar, we speculate that he probably rubbed knees under the table to rise above his pay grade. Rubbing elbows is a fact of life, even in very small friendship circles. Frankly all of them are probably above their pay grade.
Obvious we deserve someone like Dr. Sung Won Sohn, who is brilliant, has always been right, HOWEVER the last place he wants to be is TREAS SEC or anywhere in government. Like the last place in the world someone like Jack Welch would want to be is anywhere in government.
Corzine and Rubin are personally sleaze and used merchandise, disgraced. Still rich beyond our imagination.
ASK, if your woke up and found yourself POTUS Tomorrow, who would you hire (that was willing to accept the flunky job) from where, to run the different departments.
Bottom line, You would NEVER hire a foot DR to do Open heart surgery.
So folks, as long as we are on the right side of the issues, we really need to fight from honest strength and stop creating demons to make our points. That is what OBAMA DOES Best, first, foremost and always.
just thinking out loud,
because some days I see us all, myself included, beating a dead horse and making zero gains or having zero influence.
It feels as if they have their hearing aids turned off or they have had so much botox pumped into their heads that there is zero room for reality to penetrate their fried brains.
Even the conservatives keep doing the same stupid things over and over again expecting different results. Just spinning the wheels on the bus. The freedom loving middle class normal legal citizens of the USA simply want productive ACTION that gets results. They are frustrated beyond description.
I’m sorry but I don’t see it. Yes in a perfect world were a person has morals and goes to the government and cuts their ties to their old company could work, but do you really believe that’s the case here? With so many from GS going in and out of the government it seems to me that they would just set up rules that would profit GS. Then after their stint in the gov. they could go back to GS and reap the rewards.
I honestly believe the person best suited to enforce the SEC reg is someone NOT affiliated in any way with any financial institutions and who is also NOT an economist. Someone with a lot of intelligence and smarts in a wide array of subjects. Someone who can see the bigger picture. These so called “experts” in their field are usually so focused on what they study that they can’t see the forest for the trees, in most cases.
There’s a story I heard don’t remember exactly how it goes…
A truck is driving down the road and tries to drive through a tunnel but it’s just a little too tall and wedges itself in there so good that it can’t go forward or back.
Well all these engineers come out to try to solve this problem. They come up with a lot of ideas involving machinery, explosives, digging the truck out and tearing the truck apart but they can’t agree on the best idea.
Then a little girl walks up and says “why don’t you just let the air out of the tires”
I probably didn’t do the story justice. I think I heard it in a movie. Anyway, the gist of it is you don’t need to be an expert to solve a problem if you use common sense and look at the bigger picture.
According to your logic anybody who switched any company will still be loyal to the first firm. Or is it just Goldman, where people are converted into zombies to serve them forever after leaving company?
Or put it this way: you are recruiting for government and you have two resumes: one from the ex-GS employee and one from ex-AIG employee. Which one would you pick? Obviously GS employees better in finances then the AIG.
Very true. At the same time though how long have people from GS gone to and from the government? How many from other firms? The point that was being made was that a lot of people seem to be intertwined in GS and the Gov…more so than other firms. So yes I’m pointing specifically at GS but it’s for a reason. They seem to be the prominent players in this problem that we have.
Also why is GS doing better than AIG? Is it because GS is run better or is it because the cards are stacked against AIG? On the other hand can you not be a great employee in a crappy company? Does GS’s success mean that everyone who works there is the tops?
Is it not possible that people could be indoctrinated in some way at a company? It doesn’t have to be very sinister really they could just want money and this is the easiest way to get it. They don’t have to worship the god that is GS they could just be exploiting a system to make big money.
I’m not saying any of this is true by the way. It’s just a thought.
Jack – I will have to check my archives – but I believe that GS was one of the members that started AIG so that they would have an international company to get around certain laws – AND GS is at the bottom of something else that I am STILL working on.
Diamond – I don’t doubt it. That’s why I believe any regulatory/enforcement person should not be attached to any financial organization. Even that step though won’t guarantee anything but it may help. Sometimes being outside of a problem helps you see things people inside the problem can’t.
And no this wouldn’t be a blanket fix to be applied to every company or facet of our Government at all times. It would be an attempt at a fix for a particular problem.
At any rate at this point nothing surprises me anymore. If it turned out that lizard people from the planet Zylok have infiltrated the upper echelons of our society and wanted to use us as a food supply…well that would actually be easier to swallow than knowing that its our own brothers and sisters screwing us all over just so they can get more money and power.