Adam Storch: SEC Hires 29-Year-Old Ex-Goldman Sachs Exec For Key Role

UPDATE 10/21: There have been a few financial insiders who've raised an eyebrow over Storch's hire. Zero Hedge pointed to a big flaw in Storch's background "...at least the SEC could have hired someone with actual market/broker experience. Based on his record, Mr. Storch is not even a licensed (Series 7/63) broker."

The Atlantic points to some real concerns about his level of experience: "I'm not sure what's scarier, that this guy worked at an investment bank that many believe has questionable ethics and too cozy a Washington connection, or that he's just 29. His 'great deal of background' must be those seven long years since college ended."

ORIGINAL POST:

For those who've lamented the various links between Goldman Sachs and the financial regulatory system, this certainly isn't good news.

Bloomberg reports that the Securities Exchange Commission has named Adam Storch, a former Goldman exec, as its enforcement division's first chief operating officer. Storch is actually just 29 years old and previously worked in Goldman's business intelligence unit.

Here's Bloomberg:

"The COO, who started Oct. 13, has "a great deal of background" in technology and managing processes and the pace of work, Robert Khuzami, head of enforcement, said yesterday in Washington. Storch, who worked since 2004 in a unit at Goldman Sachs that reviewed contracts and transactions for signs of fraud, will be charged with making the unit more efficient. Storch, reached by telephone at the SEC, declined to comment."

According to what appears to be his LinkedIn profile, Storch spent his undergraduate years at the State University Of New York At Buffalo, and earned an MBA from New York University's Stern School Of Business. Other experience -- besides Goldman -- includes working as a Senior Analyst at Deloitte and Touche.

The Business Insider grabbed a picture of Storch, who they write, "seems to be a big fan of Bill Clinton. At Stern, he created a website asking people to vote for Bill Clinton in the 2008 election. 'Don't stand for the 22nd Amendment!' the website implores." (Check out their screen shot of Storch's site here.)

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Comments

[pachel]

Yes!!

Is it the time for the new generation to take charge and become involved in decisions that affect OUR FUTURE not the old white heads OUR future.

He is a bright young agressive energetic person. We need a change from all the corruption thats been corroding the pipes. HAIL CEASAR!!!!­!!!!!!!!!!­!!!!!!!

[trintod]

We need less sensationalism and more reporting about the problems real people face on a day by day basis. There's a lot of angry & scared people who have lost jobs, house, and sanity.

good articles; http://ow.ly/dmzm

Need more change from Obama

[mbaty]

Hiring a young, intelligent, up and coming businessman to your work force: $500,000 a year. Hiring your young and pliable apprentice to pretend to regulate your immoral business dealings: priceless.

It's about time we all became lobbyists and "economists." If you can't beat em, join em! Besides it looks like a job with infinite wage growth possibilities. You can't even run the company into the ground far enough to have your bonus taken away!
I'm in! Consider me an economist. "The fundamentals of the economy are sound!" I declare. Gimmebonus!

[vandegrasse]

These people would hire a fetus if it could follow orders from GS!

[Tunde15]

He is apparently well connected. It follows then that he must be the best and the brightest.­..especial­ly coming from goldman sachs. Mr. President, what the hell are we doing?????????

[veracity]

Oh No!! Not only have we just found MORE evidence of Barack Obama's CLUELESS COMPLICITY (if not abject CORRUPTION) in the financial looting of America's financial markets by (Bush-1 & Bush-2 style) putting the LOBBYISTS IN CHARGE of REGULATING the very financials who need regulating.....

but we've found Sam Stein's evil twin, too!
http://www.businessinsider.com/found-photo-of-adam-storch-29-year-old-goldman-guy-who-is-now-coo-of-the-sec-2009-10

(and, sigh, yet MORE evidence, that when it comes to getting in bed with GoldamnSacsh, there is/was NO difference between Barry Obama and Bill or Hillary Clinton)

[Terypat]

I love the way these announcements come out. The SEC hires 29 y/o GS golden boy. The SEC did not hire him. A person who works at the SEC hired him. I would like to know who exactly hired him? What position does that person hold at the SEC? How many people were interviewed for this position? Why are his qualifications better than others? But no, all we get is the job is filled. End of story. It must be nice.

The last job I interviewed for was for 30 hours per week at $10.00 per hour. I had to provide three references, be tested for drugs, have a background check along with a credit check.

I'm just wondering if the criteria is the same when GS sends their golden boys/girls to work for the SEC or any other arm of government. Somehow I think not. It's called American Exceptionalism and it's ruining the country.

[Hieroglyph83]

Hmm smells like Plutonomy.

[veracity]

(sigh) Yep.
Unfortunately, in his "Capitalism, A Love Story" movie, Michael Moore did not HAMMER home the point, that at the very time Citi-bank was circulating that
"What We Have Hear is a PLUTONOMY that LOOTS the PEONS" letter, distributed by senior executives... whadda ya know, FORMER Clinton "DEMOCRATIC" Treasury Secretary (and former GoldmanSachs co-chairman) ROBERT RUBIN was one of Citi's TOP executives, I think Rubin even was Chairman of Citi, too, for a spell.
http://en.wikipedia.org/wiki/Robert_Rubin

Clear confirmation that the TOP TIER "financial" "DEMOCRATS" SHARE the SAME
"LOOT, PILLAGE, and PLUNDER the peons' mentality of the radical Right-Wing Republicans

(as if ANY were needed: it was Rubin, and his "Democratic" proteges Lawrence Summers & Timmy Geithner, who helped uber-Right-Wing Republicans Phil Gramm, Jim Leach, Thomas Bliley, Dick Armey, Enron-Ken Lay, et al, PUSH President Clinton to SIGN the Republican DEREGULATION atrocities, the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act of 1999 & 2000, respectively.
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

[AnimalLover6]

This is just obscene.

[rosiebond007]

It smells of something here ....
Must ask Tim to identify !!

[duxguts]

He must be a very talented young man. After all, why else would they hire him?

[rosiebond007]

Unlikely to go after any GS personnell

[berrycooda]

If all these people who are getting these positions in Washington
were related, it would be called NEPOTISM...

Seems like a chain made of links. Wonder if it will keep tightening
around our necks...What is that song..."We are the Champions".
need to change it to "WE ARE THE PEONS"
Stupid one's at that...

[research]

The Best Government,

Money can buy.

[Rule Of Law]

Obama's top contributors include many educational institutions with highly regarded economics departments, as well as a number of (apparently) successful banks, all of which employ well educated, intelligent, accomplished people in the areas of finance, economics, etc.

With so many qualified people to choose from, the question then is--why the top heavy representation of GS in this administration and so light on folks from others?

[msjimmied]

Show me what you got Storch, get to the bottom of this.

http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle