Why the SEC Needs an Outsider as Its Next Chairman

Susan Beck's Summary Judgment

, The Litigation Daily


As the White House ponders who should be the next chairman of the Securities and Exchange Commission, speculation has mainly focused on people with close ties to Wall Street and the financial industry.

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What's being said

  • GSB

    Dear Ms. Beck: In your article you fail to mention that Rob Khuzami has spent most of his carrer in the public sector as a prosecutor. Khuzami served for 12 years as a federal prosecutor in the United States Attorney's Office in the Southern District of New York. Khuzami became Chief of that office's Securities and Commodities Fraud Task Force, probably the most experienced and effective white-collar prosecuting unit in the entire Department of Justice. In that role, he led a group of 40 lawyers who prosecuted a wide range of securities fraud and white-collar criminals. As but one example, that unit prosecuted "Operation Uptick," where 120 defendants, including members of each of New York City's five organized crime families, hedge fund managers, accountants, lawyers and a New York City Police Detective were arrested on a single day. As a federal prosecutor, Mr. Khuzami also prosecuted the then-largest terrorist conspiracy in the history of the United States, which was responsible for the 1993 bombing of the World Trade Center, the 1990 murder of Rabbi Meir Kahane in a midtown Manhattan hotel, and the subsequent "Landmarks" plot involving the planned simultaneous bombing of the United Nations, the FBI Headquarters and the Lincoln and Holland Tunnels. For that prosecution, Khuzami and his colleagues were awarded the Attorney General's Award for Exceptional Service, the highest award given by the Department of Justice for "extraordinary courage and voluntary risk of life in performing an act resulting in direct benefits to the Department of Justice or the nation." Mr. Khuzami does not, as you say in your article, have a "pedegree problem" -- his bona fides as an agressive and distinguished prosecutor are beyond reproach.

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