Saturday, June 12, 2010

Paulson Hires Protection

Billionaire hedge fund operator John Paulson has added two former SEC bigs to his board of directors.

NyPo reports:
In what appears to be a move to protect his firm from getting further ensnared in the Securities and Exchange Commission's legal spat with Goldman Sachs, hedge fund titan John Paulson has enlisted two high-profile former SEC officials to act as consultants to him and his firm, The Post has learned.

In a letter to investors yesterday, Paulson announced he has added former SEC Chairman Harvey Pitt and former SEC Commissioner Roel Campos as "independent directors" to the firm's board of directors, sources tell The Post.

Pitt was chairman of the regulatory agency from 2001 to 2003, and Campos served as a commissioner from 2002 to 2007.
Sadly this where the country is headed. For your own protection, if you have the bucks, you hire those surrounding the pockets of power.

The only way to end this nonsense is to eliminate the pockets of power. Outside of being a smooth operation that grows these private sector beasts, the SEC has done absolutely zero since its inception, other than create barriers of entry for those who want to compete against the insider elite that have captured the SEC.

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