Monday, March 28, 2005

Ex-Prosecutors Landing As Chief Compliance Officers

An article in Corporate Counsel (available at Law.Com here) discusses how some of the leading insurance companies that are being investigated by Eliot Spitzer and the SEC have hired former prosecutors to lead their compliance efforts.  Even higher up the ladder, Marsh & McLennan promoted a former supervisor of Spitzer in the New York Attorney General's office, Michael Cherkasky, to CEO after Spitzer indicted there would not be a settlement so long as Jeffrey Greenberg -- son of former AIG CEO Maurice Greenberg -- remained in a management position.  There's nothing really new about former prosecutors "switching sides" and taking on a defense role, although the number who have moved into corporate positions rather than law firms may well be higher than it has been in the past.  The ability to get a telephone call returned promptly, a meeting arranged, and the credibility to make a commitment to a prosecutor's office that will be carried through may well be the most important things former prosecutors have to sell in the legal market. (ph)

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