By BRYAN RAHIJA
This week's documents: Five post-employment statements from our SEC Revolving Door Database.
Originating agency: Securities and Exchange Commission (SEC).
Happy FOIA Friday!
This month brought news that former Securities and Exchange Commission (SEC) General Counsel David Becker has revolved his way back into the private sector, where he'll be rejoining his old firm, Cleary Gottlieb, as a partner.
Becker noted in a public comment that the firm "is fortunate to have an extremely talented group of lawyers, many with strong experience in government service."
He's right about one thing: Becker's not the only person who left the SEC to join Cleary Gottlieb. Our new SEC Revolving Door Database features five post-employment statements by two former SEC employees indicating that they left the Commission for the firm (click on the employee's name to access each statement):
|Full Name||Former Division/Office||Former Title||New Employer||Date of Resignation||Date of Statement|
|Beller, Alan||Corporation Finance||Director||Cleary Gottlieb Steen & Hamilton LLP||02/24/06||06/27/07|
|Prezioso, Giovanni||General Counsel||General Counsel||Cleary Gottlieb Steen & Hamilton LLP||02/22/06||05/03/07|
|Prezioso, Giovanni||General Counsel||General Counsel||Cleary Gottlieb Steen & Hamilton LLP||02/22/06||11/12/07|
|Prezioso, Giovanni||General Counsel||General Counsel||Cleary Gottlieb Steen & Hamilton LLP||02/22/06||08/20/07|
|Prezioso, Giovanni||General Counsel||General Counsel||Cleary Gottlieb Steen & Hamilton LLP||02/22/06||09/24/07|
SEC rules require its former employees to file post-government employment statements if they plan to represent a client before the Commission within two years of leaving the SEC.
While these five statements don't necessarily point to any unethical behavior or wrongdoing, when placed in the larger context of our database, they show that the revolving door between the SEC and the industry it oversees (and those that represent it) is alive and well. As POGO Investigator Michael Smallberg noted in a recent statement, "The revolving door to high-paying jobs representing Wall Street can undermine the integrity of the SEC. It's not a stretch for the public to wonder whether the promise of future employment affects how SEC regulators treat certain firms."
Bryan Rahija edits POGO's blog.