Sunday, November 8, 2009
No doubt in response to criticisms that the SEC lacks expertise, the agency announced three senior appointments in the fields of risk management, structured finance and corporate transactions to its newly created Division of Risk, Strategy, and Financial Innovation, headed by University of Texas Law professor Henry Hu. The Division was created in September to enhance the agency's capabilities and help identify developing risks and trends in the financial markets.
The Division's new senior officials are:
Richard Bookstaber has been appointed a Senior Policy Advisor to the Director. Dr. Bookstaber served as the managing director in charge of firm-wide risk management at Salomon Brothers, director of risk management at Moore Capital Management, and Morgan Stanley's first market risk manager.
Adam Glass has been appointed a Counsel to the Director. Mr. Glass comes to the SEC from Linklaters LLP, where he founded its Structured Finance and Derivatives Practice. During his tenure at Linklaters, he represented banks, investment banks, monoline insurance companies, and hedge funds.
Bruce Kraus has been appointed a Counsel to the Director. Mr. Kraus comes to the SEC from Willkie Farr & Gallagher LLP, where he practiced corporate and securities law for more than 20 years. His practice included mergers and acquisitions transactions and other corporate finance work.
The Division of Risk, Strategy, and Financial Innovation combines the Office of Economic Analysis, the Office of Risk Assessment, and other functions to provide the Commission with sophisticated analysis that integrates economic, financial, and legal disciplines. The Division's responsibilities cover three broad areas: risk and economic analysis; strategic research; and financial innovation.