What makes a 29 year old qualified to run the SEC enforcement division’s operations? Look towards Goldman Sachs for an answer. Bloomberg reported, Adam Storch was appointed to be the enforcement division’s first chief operating officer.
Hmm, let us give this some thought:
Before and during the credit crisis, regulators were considered asleep at the wheel. Now that yet another ex-Goldman employee is in charge of a very crucial position at a government agency, can we have a sense that enforcement of rules would be any better than before? Age and sufficient hands-on financial markets experience aside, how confident can the public be that Mr. Storch would be unequivocally objective if he was to enforce those rules upon his ex-employers?
And, in case you are still not angry about Banks and Financial Institutions, read this rather interesting Blog from Mike Shedlock and you might on the way...
From Mish’s Global Economic Trend Analysis: Where The Hell Is The Outrage?