Sunday, 28 December 2014
Last updated 5 hours ago
Aug 8 2007 | 9:35am ET
On the same day as a Senate report blasting him was released, Securities and Exchange Commission Inspector General Walter Stachnik quietly retired.The report, which chronicled the SEC’s failures in an insider-trading probe of hedge fund Pequot Capital and its then-chairman, Morgan Stanley CEO John Mack, found that Stachnik’s office had “failed in its mission” to look into claims by Gary Aguirre, an SEC lawyer, that Mack was getting favorable treatment. Aguirre was later fired, in part, he claims, for speaking up about what he saw as that favorable treatment.
The SEC said Stachnik, the agency’s first and only inspector general who took the job in 1989, had planned his retirement in advance of the report. But it has not officially announced his departure, nor named an interim inspector general to take his place.
“The SEC’s Office of Inspector General failed to conduct a serious, credible investigation of Aguirre’s claims,” the report said, adding that within the regulator the inspector general is “not well respected” and is seen as “a tool of management, used for retaliatory investigations against disfavored staff.”
“The SEC needs to take immediate action to restore the independence, competence and confidence” in the inspector general, the Senate report said.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.