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November 29, 2012

Why Robert Khuzami Would be a Terrible Choice to Head the SEC

“Given that the Obama Administration appears to think that missing-in-action Attorney General Eric Holder has been doing a fine job, it probably isn’t surprising to see the SEC’s head of enforcement, Robert Khuzami, included on a short list of names rumored to be under consideration to head of the agency.

But if the object is to prove that regulators can’t regulate and it’s too hard to enforce securities laws, then Khuzami’s your man.

I am old enough to remember when the SEC was feared on Wall Street, and it was due to the effectiveness of its enforcement head, Stanley Sporkin. The SEC’s lousy reputation is the direct outcome of its terrible record on enforcement. Promoting Khuzami to lead the SEC would cement this institutional failure.”

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