Monday, July 05, 2010
Harvey Pitt
Looking for an advantage in dealing with federal regulatory agencies, hedge funds are hiring former top officials with the Securities and Exchange Commission (SEC). Ex-SEC chairman Harvey Pitt and former commissioner Roel Campos now work for hedge fund manager John Paulson, who handles a portfolio worth $35 billion. Pitt also is advising Israel Englander’s $7.8 billion Millennium Management hedge fund, as are former SEC commissioners Aulana Peters and Joseph Grundfest. Another former SEC chairman, Arthur Levitt, is doing consulting work for private equity firms and hedge funds.
Last month, Getco LLC., a firm specializing in high-frequency trading, hired Elizabeth King, a former SEC official who oversaw high-frequency trading.
Sen. Ted Kaufman (D-Delaware) likened this revolving door trend to having “the police officers negotiating for a security job for someone who they're trying to track down for stealing.”
-Noel Brinkerhoff, David Wallechinsky
Former Regulators Find Steady Work with Hedge Funds (by Svea Herbst-Bayliss and Emily Chasan, Reuters)
High-Frequency Trader Getco Hires Key SEC Staffer (by Jonathan Spicer and Rachelle Younglai, Reuters)
The Economy is Great…If You’re a Hedge Fund Manager (by Noel Brinkerhoff, AllGov)
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