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SEC's New Director of Investment Management Division

September 2, 2011

Eileen Rominger, the new chief at the SEC's Investment Management Division, has a notable distinction.  Having just left Goldman Sachs, her haunt for 11 years, Ms. Rominger is one of the wealthiest people to ever join the Agency.

Ms. Rominger reported $58 million in income from New York-based Goldman Sachs in a financial disclosure form covering 2010 and 2011, and reported making between $2 million to $13 million in investment income since the start of 2010.  At 56, Mr. Rominger retired as global chief investment officer at Goldman Sachs Asset Management in December - having been with the firm for 11 years. 

She was appointed to the by SEC Chairman Mary Schapiro in January, replacing Andrew J. “Buddy” Donohue.  In her role, Mr. Rominger will handle new oversight of hedge funds required by the Dodd-Frank Act. 

Millionaire Officials.   While Ms. Rominger is unique, she's not the first regulator to report to the SEC with an oversized bank account.  There was former Treasury Secretary Henry Paulson, who amassed more than $500 million in a career that peaked with his job as CEO of Goldman Sachs.  Treasury Department official Mary Miller - assistant secretary for financial markets - had $15mn in stock options when she left the T.Rowe Price Group after a 26-year career.

And then there's SEC Chairman Mary Schapiro, who received a $9 million final distribution from FINRA, which included vested retirement benefits.  A predecessor at the SEC, William Donaldson, owned assets worth between $44 million and $129 million, including stocks in more than 50 companies, at the time he got the job.    [Bloomberg, 9/1/11]