The "Cozy Ties" Rep. Issa Covered Up Between The Financial Crisis Inquiry Commission And Big Banks
This week, a House Oversight subcommittee indefinitely suspended a scheduled hearing entitled "What Went Wrong At The Financial Crisis Inquiry Commission?" The commission's final report, which blamed the "captains of finance" for causing the financial crisis, was roundly criticized by Republicans. Prior reporting had indicated that Rep. Darrell Issa's (R-CA) Oversight Committee investigation centered on the "cozy ties ... between key Democratic commission members and trial lawyers suing banks on behalf of state employee and union pension funds." In choosing to target the GOP's political enemies, the Issa investigation appeared to be covering up parallel relationships between the financial industry and Republican commission members and commission staff. Indeed, a report from the committee's Democratic staff, the preparation of which may have triggered the hearing's cancelation, found that Republican FCIC Vice Chair Bill Thomas' FCIC staff was providing confidential information to Thomas' law firm, which represents major banks.
Issa Investigation Of The FCIC Reportedly Targeted Only Democratic Conflicts Of Interest
House Oversight Subcommittee Postponed Hearing Into "What Went Wrong At The Financial Crisis Inquiry Commission." From a report from the Democratic staff of the Oversight Committee:
As the culmination of a year-long investigation, Chairmen Issa and [Patrick] McHenry scheduled a hearing on these matters for July 13, 2011. Despite previous reports, Chairman Issa did not invite Vice Chairman Thomas to testify. For this reason, on July 1, 2011, Ranking Members [Elijah] Cummings and [Mike] Quigley requested that Committee staff conduct a bipartisan staff interview of Vice Chairman Thomas, as they had done with Chairman [Phil] Angelides. Chairman Issa declined to grant this request. Instead, he notified the Committee that the hearing had been postponed indefinitely. [Democratic Oversight Staff Report, An Examination of Attacks Against the Financial Crisis Inquiry Commission, 7/13/11]
IBD: "Primary Focus" Of Inquiry Is "Cozy Ties" Between "Key Democratic Commission Members And Trial Lawyers Suing Banks On Behalf Of State Employee And Union Pension Funds." From Investor's Business Daily:
The primary focus of the House Oversight probe, led by Chairman Darrell Issa, R-Calif., is the cozy ties and potential conflicts of interest between key Democratic commission members and trial lawyers suing banks on behalf of state employee and union pension funds, according to investigators and letters from Issa to [FCIC chairman Phil] Angelides. [Investor's Business Daily, 4/8/11]
Democratic Staff Report: Issa Allegations "Focused Almost Exclusively On Democratic Commissioners and Staff." From a report from the Democratic staff of the Oversight Committee:
Ranking Member Issa made a number of allegations focused almost exclusively on Democratic Commissioners and staff. He asserted that "potential financial mismanagement" caused the Commission to "run out of money"; that "commissioners and staff of the FCIC may have conflicts of interest"; that some senior staff had "extensive ties" to "partisan Democrat politics"; and that the decision to delay the Commission's final report by a month and a half was caused by "continued management problems." [Democratic Oversight Staff Report, An Examination of Attacks Against the Financial Crisis Inquiry Commission, 7/13/11]
Democratic Commissioners Supported FCIC Report Blaming Financial Services Industry For Financial Crisis. From the FCIC's final report:
We conclude this financial crisis was avoidable. The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire. The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand, and manage evolving risks within a system essential to the well-being of the American public. Theirs was a big miss, not a stumble. While the business cycle cannot be repealed, a crisis of this magnitude need not have occurred. To paraphrase Shakespeare, the fault lies not in the stars, but in us.
Despite the expressed view of many on Wall Street and in Washington that the crisis could not have been foreseen or avoided, there were warning signs. The tragedy was that they were ignored or discounted. There was an explosion in risky subprime lending and securitization, an unsustainable rise in housing prices, widespread reports of egregious and predatory lending practices, dramatic increases in household mortgage debt, and exponential growth in financial firms' trading activities, unregulated derivatives, and short-term "repo" lending markets, among many other red flags. Yet there was pervasive permissiveness; little meaningful action was taken to quell the threats in a timely manner.
The prime example is the Federal Reserve's pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards. The Federal Reserve was the one entity empowered to do so and it did not. The record of our examination is replete with evidence of other failures: Financial institutions made, bought, and sold mortgage securities they never examined, did not care to examine, or knew to be defective; firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night, secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk. What else could one expect on a highway where there were neither speed limits nor neatly painted lines? [FCIC, The Financial Crisis Inquiry Report, January 2011]
Republican Commissioners And FCIC Staffers Have "Cozy Ties" To Big Banks
Vice Chair Bill Thomas's Office Provided Confidential FCIC Information To His Law Firm, Which Represents Major Banks
Bill Thomas Was Vice Chairman Of The FCIC. [FCIC, The Financial Crisis Inquiry Report, January 2011]
Thomas' Congressional Campaigns Received $54,000 From The American Bankers Association's Political Action Committee. According to Center for Responsive Politics, the American Bankers Association PAC's donations were Thomas' sixth largest single source of donations at $54,000. [OpenSecrets.org, accessed 7/11/11]
Thomas Is Senior Advisor In Government Relations Section Of Law And Lobbying Firm Buchanan Ingersoll & Rooney. From Thomas' bio on Buchanan Ingersoll's website: "As senior advisor in Buchanan Ingersoll & Rooney's Federal Government Relations Section, Bill Thomas helps clients anticipate and proactively generate changes in the federal legislative arena." [BuchananIngersoll.com, accessed 7/11/11]
Oversight Democrats' Report: Thomas Staffer Provided Confidential FCIC Information To An Employee Of His Law Firm. From a report from the Democratic staff of the Oversight Committee:
Internal Commission documents raise questions about the extent to which Vice Chairman
Thomas and his Commission staff were providing information to, and receiving information from, a CEO of a political consulting firm who is also employed by the Vice Chairman's law firm. [...]
[Alex] Brill is also an Economic Policy Advisor at the law firm of Buchanan, Ingersoll, and Rooney in Washington, DC, where Vice Chairman Thomas is a Senior Advisor, and where Mr. Brill "provides clients with economic and legislative insight" into "financial markets and policies affecting capital investment." Mr. Brill is also a Research Fellow at AEI and previously served as "senior advisor to former chairman of the House Ways and Means Committee Bill Thomas."
Although some Commissioners utilized non-Commission staff for scheduling, appointments, and other administrative functions, Mr. Brill received confidential information about the Commission's work and provided substantive input based on that information.
According to the internal Commission documents, Mr. Brill was provided:
- copies of outlines of internal drafts of Commission staff memos;
- information about internal conversations among Commissioners and staff about deliberations regarding potential witnesses for upcoming hearings;
- a media advisory that had not yet been made public;
- information about the Commission's plans to investigate foreign banks (including the identities of target banks); and
- information about how the Commission staff would treat specific corporations under investigation (such as Citigroup).
[Democratic Oversight staff report, An Examination of Attacks Against the Financial Crisis Inquiry Commission, 7/13/11]
Buchanan Bragged About Representing "More Than 75 Percent Of The Largest Commercial Banks And Financial Institutions In The Country." From a cached version of Buchanan Ingersoll & Rooney's Financial Services webpage:
The Financial Services Group's clients include federal- and state-chartered bank and thrift institutions, commercial finance companies, municipal authorities, equipment lessors and lessees, and borrowers. As well, the scope and quality of our work reflect a high level of familiarity with the problems and products associated with these segments of the finance industry.
Our Financial Services Group assists national, super-regional and regional banking and investment banking clients, including more than 75 percent of the largest commercial banks and financial institutions in the country. We also handle secured syndicated transactions, securitizations, asset-based and business credit loans, cross-border matters and portfolio sales. [BuchananIngersoll.com, accessed 7/11/11 via Google cache]
Buchanan: We Are "A Leader Legal Services Provider" For Banking Industry, Where "Few Other Firms Can Match Our Depth." From a cached version of Buchanan Ingersoll & Rooney's Financial Crisis Team webpage:
In the area of banking and financial services companies, Buchanan is a leading legal services provider. Our Financial Services Group has assisted national, super-regional and regional banking and investment banking clients, including more than 75 percent of the largest commercial banks and financial institutions in the country. Few other firms can match our depth in the banking and financial services industry. [BuchananIngersoll.com, accessed 7/11/11 via Google cache]
Thomas' Buchanan Bio Discusses His Work With The FCIC. From Thomas' bio at Buchanan Ingersoll:
In July 2009, Bill was appointed as vice chairman of the Financial Crisis Inquiry Commission, a 10-member bipartisan commission established to investigate the causes of the financial crisis. The commission is consistently holding hearings on the role of financial institutions and federal regulators relating to the financial crisis. The commission was established as part of the Fraud Enforcement and Recovery Act that passed last year and is required to issue a final report by December 15, 2010. The commission hopes to provide the president and Congress a repository of information that can be used to help fix future financial problems and prevent another financial crisis from happening again. [BuchananIngersoll.com, accessed 7/11/11]
Buchanan Touts Thomas As Member Of Firm's "Financial Crisis Team." From a cached version of Buchanan Ingersoll & Rooney's Financial Crisis Team webpage:
Our Financial Crisis Team members include a former chair and a former chief tax counsel of the Committee on Ways and Means of the United States House of Representatives; a former staff director of the United States House Committee on the Budget; a former chief of staff and general counsel to the House Committee on Financial Services; and former chiefs of staff to both Republican and Democratic members of the House and Senate. [BuchananIngersoll.com, accessed 7/11/11 via Google cache]
Buchanan Works On Regulatory Matters For Banking Clients. From a cached version of Buchanan Ingersoll & Rooney's Financial Services website:
Involvement in regulatory activities in the public company realm, meanwhile, includes annual and periodic filings with the Securities and Exchange Commission, state securities commissions and banking regulators at the state and federal levels. The group works closely with other Buchanan practice areas to obtain the necessary level of support in the execution of regulatory matters. [BuchananIngersoll.com, 7/11/11 via Google cache]
Douglas Holtz-Eakin Was A Commissioner Of The FCIC. [FCIC, The Financial Crisis Inquiry Report, January 2011]
Holtz-Eakin Is President Of The American Action Forum. [AmericanActionForum.org, accessed 7/11/11]
Longtime Bank Executive Robert K. Steel Is An AAF Board Member. [AmericanActionForum.org, accessed 7/11/11]
- Steel Spent Decades Working For Goldman Sachs And Wachovia And Is On Wells Fargo's Board. From Steel's Aspen Institute bio:
Prior to his 2010 appointment as Deputy Mayor [of New York City], Steel was the President and CEO of Wachovia. From 2006 to 2008, Steel was the Under Secretary for Domestic Finance at the U.S. Department of the Treasury. Prior to entering government service, Steel spent nearly 30 years at Goldman Sachs, ultimately rising to become co-head of the U.S. Equities Division and Vice Chairman of the firm. [AspenInstitute.org, accessed 7/11/11]
- Steel Led Wachovia When, On The Brink Of Collapse During The Financial Crisis, It Was Sold To Wells Fargo. According to the BBC:
Wells Fargo has announced it is set to buy Wachovia for $15.1bn (£8.5bn).
This scuppered an earlier US government-backed rescue deal in which Citigroup would buy Wachovia's banking arm for $2.2bn. [...]
Wachovia's financial difficulties stemmed from its 2006 purchase of mortgage lender Golden West for $25bn at the height of the then US housing boom, according to analysts.
Wachovia's chief executive, Robert Steel, said: "Today's announcement creates one of the strongest financial firms in the world." [BBC, 10/3/08]
Citigroup Executive Wendy Grubbs Is An AAF Board Member. AAF identifies Grubb as "Managing Director, Global Government Affairs, Citi." [AmericanActionForum.org, accessed 7/11/11]
Gary J. Cohen Was General Counsel To The FCIC. [FCIC final report, January 2011]
Cohen Is A Partner At the Law Firm Sidley Austin, Which Highlighted His Return From The FCIC. From a Sidley press release:
Sidley Austin LLP has announced that Gary J. Cohen has returned to the firm as a partner in the firm's corporate practice after a year-long appointment as General Counsel to the Financial Crisis Inquiry Commission in Washington, D.C. Mr. Cohen served with the bipartisan Commission that was created by the Fraud Enforcement and Recovery Act of 2009 to examine the causes of the financial crisis that has gripped the country, and to report its findings to the Congress, the President and the American people. The 633 page Report was issued on January 27, 2011. [Sidley.com, 2/17/11]
Sidley Defends Banks In Class Action Lawsuits. From Sidley's "Financial Services/Consumer Class" web page:
Sidley's Financial Services/Consumer Class Actions practice team is dedicated to defending the banking/financial services and insurance industries against the expanding array of class actions that challenge the industry's products, methodologies and procedures. We have served as lead counsel in over 80 insurance and banking/financial services class actions in over 40 jurisdictions across the United States. [Sidley.com, accessed 7/11/11]
Sidley Represents Financial Institutions Before Regulatory Boards. From Sidley's "Financial Institutions Regulatory" web page:
Sidley's Financial Institutions Regulatory practice group offers counseling, transaction and litigation services to a wide variety of domestic and international financial services providers, including depository and non-depository financial institutions and their holding companies. As part of the firm's national and international practice, our lawyers advise clients in virtually all areas of compliance with laws affecting financial institutions, their holding companies and affiliates. ... We represent financial services clients before the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and state bank regulatory agencies and the Financial Services Authority in the UK. [Sidley.com, accessed 7/11/11]
Sidley Lobbies For Financial Institutions. According to the Center for Responsive Politics, MasterCard, Inc., the Consumer Bankers Association and Trans Union Corp. retained Sidley Austin in 2010. The firm billed MasterCard, Inc. $1,140,000 in lobbying fees for the year. [OpenSecrets.org, accessed 7/11/11]
Bradley Bondi Was Assistant Director And Deputy General Counsel At FCIC. [Political Economy Research Institute, University of Massachusetts, accessed 7/11/11]
- Bondi Left FCIC Before It Issued Its Final Report. From an August 2010 Huffington Post report: "Two senior staffers have quietly left the Financial Crisis Inquiry Commission, a panel working under a tight deadline that has been dogged by rumors of discord among key personnel.... Bradley J. Bondi, counsel to the Securities and Exchange Commission who joined the financial crisis investigation as an assistant director and deputy general counsel, left Aug. 6." [Huffington Post, 8/23/10]
Bondi Subsequently Became A Partner At Cadwalader, Wickersham & Taft LLP, Which Highlighted His Term At FCIC. From a December 1, 2010, Cadwalader press release:
Cadwalader, Wickersham & Taft LLP, a leading counselor to global financial institutions and corporations, today announced the addition of Bradley J. Bondi to its impressive roster of top securities, litigation, and regulatory attorneys. Mr. Bondi joins the Firm as Partner in the Washington, D.C. office.
Mr. Bondi comes to the Firm from the Securities and Exchange Commission ("SEC"), from which he was recently detailed as Deputy General Counsel to the Financial Crisis Inquiry Commission ("FCIC"), a bipartisan commission established by Congress to investigate the causes of the financial crisis. While at the FCIC, Mr. Bondi led a team of lawyers, investigators, and accountants examining the causes of the crisis relating to credit rating agencies, securitization, structured financial products, housing policies, and financial institutions. [Cadwalader press release, 12/1/10]
Bondi Represents Financial Institutions At Cadwalader. Bondi's Cadwalader bio states:
Bradley J. Bondi is a partner in the Business Fraud and Complex Litigation practice and Securities Litigation practice, residing in the Washington, D.C. and New York offices. He focuses on securities, corporate, and financial laws (civil and criminal). He represents companies, financial institutions, and individuals at trial and on appeal in a wide range of complex civil and criminal matters, including Securities and Exchange Commission ("SEC") enforcement actions, securities and financial litigation, commercial litigation, regulatory proceedings, and international disputes. In addition, he represents clients in grand jury investigations, congressional inquiries, and internal investigations. In a counseling role, he advises boards of directors and senior management of public companies and financial institutions on matters of corporate governance, securities and financial regulation, insider trading law, regulatory compliance under the Dodd-Frank Act, and crisis management.
In addition to private litigation, he defends clients in enforcement actions and investigations initiated by various federal and state agencies and departments, including the SEC, Department of Justice, United States Attorneys, Federal Deposit Insurance Commission ("FDIC"), Office of the Controller of the Currency ("OCC"), Financial Industry Regulatory Authority ("FINRA"), Federal Reserve, Office of Foreign Assets Control ("OFAC"), and the Federal Trade Commission ("FTC"). Such matters may involve allegations related to securities, banking, and accounting fraud; insider trading; antitrust violations; whistleblowers; adequacy of disclosures; broker-dealer and investment adviser compliance; fiduciary duties; mortgages and lending; complex financial products; securitization; deceptive trade practices; and alleged violations of the Foreign Corrupt Practices Act ("FCPA") and other anti-bribery laws, anti-money laundering laws, export control laws, and national security laws. [Cadwalader.com, accessed 7/11/11]
Cadwalader Has "A Leading Banking Practice." From Cadwalader's "Regulation" web page:
We have expertise in virtually all of the financial-law related statutory and regulatory requirements, including regulations governing broker-dealers, securities and futures exchanges, banks, investment advisers and funds. We believe that no other firm can match the depth and range of our expertise, or the diversity of the clients whom we represent and the issues that we face.
We have a leading banking practice representing many U.S. and foreign depository institutions. We provide advice on issues of bank powers, mergers and acquisitions, charters and licenses, supervisory issues, insolvency concerns, affiliate issues, capital markets, and other regulatory matters. We have appeared in the last few years in front of every major bank regulator on behalf of our financial institution clients. [Cadwalader.com, accessed 7/11/11]
Cadwalader Has A Derivatives Practice That Represents "U.S. And International Commercial And Investment Banks." From Cadwalader's "Derivatives" page:
Cadwalader's early roots in the derivatives markets, representing issuers, dealers and end-users, provides our practitioners with an extraordinary understanding of the fundamental building blocks that form the basis of complex derivatives transactions. Our clients include U.S. and international commercial and investment banks, financial products companies, investment advisers, money managers, hedge funds, electronic trading platforms, financial guaranty insurers, government sponsored enterprises, commercial credit companies, issuers, investors, end-users and trustees. [Cadwalader.com, accessed 7/11/11]
Cadwalader Represents "Some Of The World's Largest And Best-Known Hedge Funds." From Cadwalader's "Alternative Investments" web page:
We represent some of the world's largest and best-known hedge funds and asset management firms, financial institutions, private equity firms, insurance companies, mid-size funds, and emerging managers with the potential for significant growth.
Cadwalader assists these clients in developing novel products, using its extensive experience in structuring and forming hedge funds, hybrid funds, funds of funds, private equity funds, and custom investment vehicles tailored to clients' specific needs. Many of these fund products are domiciled in offshore or other foreign jurisdictions, and may have their securities listed on international exchanges. [Cadwalader.com, accessed 7/11/11]
Dixie Noonan Was Senior Counsel To The FCIC Between Stints At O'Melveny & Myers Law Firm. From Noonan's O'Melveny bio:
Dixie rejoined O'Melveny in 2010 after serving as Senior Counsel to the Financial Crisis Inquiry Commission, the bipartisan commission established by Congress to investigate the causes of the financial crisis of 2008. [OMM.com, accessed 7/11/11]
Noonan Has Represented Financial Institutions. From Noonan's O'Melveny bio:
Dixie Noonan is counsel in O'Melveny's Washington, DC office* and a member of the Financial Services and White Collar Defense and Corporate Investigations practice groups.
At O'Melveny, Dixie has represented a broad range of financial institutions, corporations and individuals in corporate investigations and litigation matters. [OMM.com, accessed 7/11/11]
O'Melveny Defends Financial Services Firms From Investigations From Government Regulators and Criminal Prosecutors. From O'Melveny's "Securities Enforcement" web page:
O'Melveny is skilled and experienced in defending financial services firms, public and private companies, accounting firms, and individuals who are facing multiple and often overlapping investigations from the Securities and Exchange Commission (SEC), self-regulatory organizations (including FINRA and its predecessors, NASD and NYSE), state securities regulators, and federal and state criminal prosecutors. Our clients prize O'Melveny's ability to efficiently and effectively deploy the right team of lawyers to address those complex proceedings. [OMM.com, accessed 7/11/11]
O'Melveny Defends Financial Services Firms In Litigation, Including Class Action Lawsuits. From O'Melveny's "Securities Litigation" web page:
O'Melveny is a securities and regulatory defense bar leader, providing our clients with experienced, creative representation in all aspects of securities litigation. We regularly defend securities class actions, derivative lawsuits, regulatory and other enforcement actions by the SEC, FINRA, NYSE, and state attorneys' general, and criminal securities proceedings brought by the Department of Justice. [OMM.com, accessed 7/11/11]
Noonan's Firm Touts The "Expertise" She Gained Working For The FCIC. From Noonan's O'Melveny bio:
While at the Commission, Dixie led investigations of government entities and financial institutions, including the Federal Reserve and American International Group, and was responsible for interviewing key witnesses and preparing Commissioners for frequent public hearings. Dixie gained substantive expertise on derivatives, structured financial products, securitization, supervision of financial institutions and government regulation of mortgage lending. [OMM.com, accessed 7/11/11]
Kim Leslie Shafer Was A Senior Research Consultant For The FCIC. From Shafer's LinkedIn page:
Senior Research Consultant
Financial Crisis Inquiry Commission
Government Agency; Research industry
February 2010 - January 2011 (1 year)
[Linkedin.com, accessed 7/11/11]
Shafer Was Previously A Senior Managing Director At Bear Stearns. From Shafer's LinkedIn page:
Senior Managing Director
Public Company; 10,001+ employees; BSC; Financial Services industry
April 1997 - June 2008 (11 years 3 months)
Banker in securitized products, particularly CLOs
[LinkedIn.com, accessed 7/11/11]
Carl McCarden Was A Financial Investigator At FCIC. [Political Economy Research Institute, University of Massachusetts, accessed 7/11/11]
McCarden Previously Worked For Credit Suisse, Bear Stearns, and Citigroup. From the "Who's Who At the Financial Crisis Inquiry Commission" report from the University of Massachusetts' Political Economy Research Institute:
McCarden has experience in investment banking at both Credit Suisse and Bear Stearns and has been a senior advisor on a series of large equity offerings, complex financings, and mergers and acquisitions. He previously worked as an equities trader for Citigroup and Knight Securities. [Political Economy Research Institute, University of Massachusetts, accessed 7/11/11]
Julie A. Marcacci Was An Investigative Attorney On The FCIC. [MorganLewis.com, accessed 7/11/11]
Marcacci Works For Financial Services Clients At The Law Firm Of Morgan, Lewis & Bockius. From Marcacci's Morgan Lewis bio:
Julie A. Marcacci is an associate in Morgan Lewis's Investment Management and Securities Industry Practice. Ms. Marcacci's practice focuses on the regulation of broker-dealers and the securities markets.
Prior to joining Morgan Lewis, Ms. Marcacci was an investigative attorney for the Financial Crisis Inquiry Commission. Ms. Marcacci began her career as a financial services associate for a Washington, D.C. law firm, where she advised financial services companies on regulatory and transactional matters. [MorganLewis.com, accessed 7/11/11]
Morgan Lewis Represents "Some Of The Work's Leading Financial Institutions." From Morgan Lewis' "Finance" web page:
Morgan Lewis represents some of the world's leading financial institutions, as well as corporate clients of the firm, in connection with financings ranging from conventional bank financings to highly structured financial transactions—syndicated and unsyndicated, secured and unsecured. [MorganLewis.com, 7/11/11]
Morgan Lewis Represents "Leading Investment Banking And Brokerage Firms, Investment Advisers And Mutual Fund Organizations." From Morgan Lewis' "Securities Industry" page:
Morgan Lewis's Securities Industry Practice, one of the largest and most sophisticated in the nation, spans virtually every area of federal and state securities law. Our practice combines the skills and knowledge of more than 100 lawyers in our domestic offices alone, over 30 of whom joined us after distinguished careers at the SEC, many from senior positions. This practice includes a team of regulatory lawyers and litigators who represent leading investment banking and brokerage firms, investment advisers and mutual fund organizations. Our lawyers offer a diverse mix of sophisticated "Wall Street savvy" and veteran regulatory know-how, and our practice has grown steadily to become one of the most substantial in the United States.
Our brokerage clients include many of the nation's best-known, full-service, discount, regional, and online broker-dealers. In the investment management area, we advise clients with assets under management that well exceed $1 trillion. In broker-dealer and securities markets matters, our lawyers have substantial experience in market structure, trading, and other regulatory issues, including the regulation of national securities exchanges, ECNs and alternative trading systems, and compliance issues, including those relating to fixed-income securities.
Our lawyers regularly appear before the SEC and all major self-regulatory organizations, particularly the NYSE and NASD, and our litigators are experienced in all types of problems associated with dispute resolution in securities law matters. We represent clients in stockholder and investor suits, securities-related class actions, SEC and self-regulatory organization investigations and enforcement actions, private proceedings, broker-dealer claims, and actions involving allegations of fraud, tender offers and proxy contests. An area of special emphasis is derivatives litigation, where our lawyers were involved in several high-profile cases. [MorganLewis.com, 7/11/11]
Thomas L. Krebs Served As An Assistant Director And Deputy General Counsel At FCIC. [FCIC press release, 11/17/09, via Los Angeles Times Money & Company blog]
Krebs Was An Attorney At The Law Firm Haskell Slaughter Young & Rediker. [TAGLaw press release, accessed 7/11/11]
Haskell Lawyers "Have Represented Banks, Thrifts and Holding Companies Large And Small." From Haskell's "Banking & Financial Institutions" page:
Today's economic climate presents banks and other financial institutions with special challenges, as well as significant opportunities. Our lawyers have represented holding companies, banks and thrifts in Alabama, Georgia, Florida and elsewhere in the Southeast, and we have many years of experience, spanning several economic cycles, in representing financial institutions before state regulatory authorities, the FDIC, the OCC, the Federal Reserve and the OTS. In particular, our Atlanta office facilitates our representation of clients before the various federal regulatory agencies that have major regional offices there.
At Haskell Slaughter, our lawyers have represented banks, thrifts and holding companies large and small. [HSY.com, accessed 7/11/11]
Jobe D. Danganan Was Senior Investigative Counsel at FCIC. [LinkedIn.com, accessed 4/12/11]
Danganan Was Previously An Associate At Boies, Schiller & Flexner LLP. [LinkedIn.com, accessed 4/12/11]
Boies "Currently Represents Goldman Sachs In Securities Matters." [BSFLLP.com, accessed 7/11/11]
Boies Represents Clients Being Investigated By The Securities and Exchange Commission. From the Boies website:
The Firm capably guides clients through extensive state and federal criminal and civil investigations conducted by the Department of Justice, the Securities and Exchange Commission, the Federal Trade Commission, and other federal and state government regulatory agencies. [BSFLLP.com, accessed 7/11/11]