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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Former SEC Director Norm Champ Chronicles Time with the SEC
Norm Champ is a partner with Kirkland & Ellis. He joined the law firm in 2016 from the SEC, where he had been Director of the Division of Investment Management. Prior to heading Investment Management, Mr. Champ served as Deputy Director of OCIE (Office of Compliance, Inspections and Examinations) and Associate Regional Director for Examinations in the SEC’s New York Office, [See fuller bio on NormChamp.com]
And Mr. Champ is the author of Going Public: My Adventures Inside the SEC and How to Prevent the Next Devastating Crisis – a chronicle of his 5 years at the SEC and how they shed light on the regulatory process and government policy-making.
Upon joining the SEC in 2010, Mr. Champ observed that the agency “wasn’t a typically dysfunctional bureaucracy” that had broken parts in need of fixing. Instead, “there were parts of it that had never been built.” He explains by elaborating on the Ponzi schemes perpetrated by Bernie Madoff and Allen Stanford. How, for example, could both schemes have lasted as long as they did without being detected by SEC examiners? Mr. Camp attributes that, in part, to the Commission’s failure to cultivate examiner expertise and encourage follow-through. The SEC was a divided operation, where examiners worked separate and apart from enforcement, and where the culture rewarded passivity and fostered petty disfunction.
Gerald Russello, a former SEC supervisor and currently a Sidley Austin law partner, provides a book review in the WSJournal.