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January 4, 2013

Schadenfreude Alert: SEC Enforcement Chief Khuzami Issues Wounded Reply to Simon Johnson

My, my, SEC head of enforcement Robert Khuzami has revealed himself to be both remarkably thin skinned and not very good at making a case for himself.

Former IMF chief economist and MIT professor Simon Johnson took a comparatively mild swipe at Khuzami last week in a post at the New York Times’ Economix blog. Johnson was arguing that the SEC needed a tough head of enforcement and put former SIGTARP chief Neil Barofsky up for the job. Johnson ‘fessed up that that was a bit of a downgrade, since he had earlier pumped for having Barofsky head the agency.

Here is Johnson’s discussion of Khuzami:

The departing director of the division of enforcement at the S.E.C. is Robert Khuzami, a former general counsel for the Americas at Deutsche Bank, a job he held from 2004 through early 2009. Although Mr. Khuzami was once a distinguished prosecutor, his appointment to the S.E.C. turned out to be a mistake because Deutsche Bank was so deeply involved in the securitization morass that led to the financial crisis of 2008.”

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Read full Naked Capitalism article here 

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