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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
It Takes a Lot to Walk Away
[Photo: Walter Shaub, from video on CNN]
by Howard Haykin
Compliance, legal and ethics officers are all-too familiar with the drill. We confront senior management or ‘rain makers’ on a questionable product, strategy or deal, and are told to ‘live with it’ and to find a way to make it work (compliance-wise). When the matter is both serious and illicit, the officer faces a career-changing decision – either protect the company at the risk of facing personal regulatory sanctions, or take a stand and say ‘No’, understanding that you've protected your integrity at the risk of losing your job.
That was the case with Walter Shaub, Director of the Office of Government Ethics, who resigned on Thursday after clashing repeatedly with Donald Trump and his administration. Mr. Shaub offered no explanation with his resignation, which is effective July 19. He will now join the nonpartisan Campaign Legal Center as a senior director for ethics. [It's nice to have a fall-back plan.]
The OGE, an independent executive branch agency that helps officials avoid conflicts of interest, took on more prominence in the Trump administration as a possible check on self-enrichment by government officials. The agency lacks disciplinary power in the executive branch, and can only recommend actions for the White House to take.
Having called upon Trump to sell his businesses and for the White House to punish Kellyanne Conway in February after she made an apparent pitch for Ivanka Trump’s clothing line, among other things – all without effect – Mr. Shaub resigned while saying that it was "clear that there isn't more I could accomplish."