Wednesday, April 14, 2010
Bingham McCutcheon Conference Table (photo-Prismatique Designs)
Legal powerhouse Bingham McCutchen is loading up on former federal regulators who failed to catch many of the highest profile Wall Street disasters in recent years. After hiring former chairman Christopher Cox and enforcement official Herbert Janick III of the Securities and Exchange Commission—which was roundly criticized by Congress for not discovering the Madoff and other Ponzi schemes sooner, Bingham McCutchen has brought aboard Susan Merrill, former head of enforcement at the Financial Industry Regulatory Authority (FINRA), which oversees the stock market.
Under Merrill’s watch, FINRA, too, was noted for being asleep on the Madoff scheme, as well as spending more time going after smaller investment firms while “ignoring the larger broker-dealers whose excessive risk-taking helped to fuel the financial meltdown, and for liquidating its $647 million portfolio in auction-rate securities without informing the investing public,” according to the Project on Government Oversight.
-Noel Brinkerhoff
Departing FINRA Executive to Join Other Former Enforcement Officials at Bingham McCutchen (by Michael Smallberg, Project on Government Oversight)
Ex-FINRA Enforcement Chief Joins Bingham McCutchen (by Brian Baxter, Am Law Daily)
Christopher Cox (AllGov)
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