The SEC just announced that it would split the post of enforcement chief between two lawyers, both alumni of the US Attorney's Office at the SDNY.  I've never heard of such an arrangement outside of the Roman Empire; why do it?

Conflict of interest.  One of the enforcement directors worked closely with Mary Jo White at her New York firm; the other one can handle Debevoise cases until they age out of the problem.  Which means that this does not need to be a permanent arrangment, and perhaps fittingly, the conflict enforcement chief plans on leaving reasonably soon.

But it is also a statement about how such problems come up more the closer you get to the top of an agency.  Mary Jo White is hardly the first appointee to bring her favorite person at her law firm along for the ride.  But special assistants and assistant deputies are easy to wall off; it used to be that there was only one enforcement director.

Administrative Law, Securities, White Collar Crime | Bookmark

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