In Goldman Sachs Again We Trust

Here we go again. The SEC releases information about a recent promotion for yet another former Goldman Sachs executive who will have enforcement duties involving – yes, you guessed it, Goldman Sachs.

For those who’ve lamented the various links between Goldman Sachs and the financial regulatory system and the Federal government, this certainly isn’t the best of news.

Bloomberg reports that the Securities Exchange Commission has named Adam Storch, a former Goldman exec, as its enforcement division’s first chief operating officer. Storch is all of 29 years old and previously worked in Goldman’s business intelligence unit. I’m sure that he is a very smart guy but I do wonder about his level of experience and his ties to Goldman.

Here’s Bloomberg’s take on the matter:

“The COO, who started Oct. 13, has “a great deal of background” in technology and managing processes and the pace of work, Robert Khuzami, head of enforcement, said yesterday in Washington. Storch, who worked since 2004 in a unit at Goldman Sachs that reviewed contracts and transactions for signs of fraud, will be charged with making the unit more efficient. Storch, reached by telephone at the SEC, declined to comment.”

According to what appears to be his LinkedIn profile, Storch spent his undergraduate years at the State University Of New York At Buffalo, and earned an MBA from New York University’s Stern School Of Business. Other experience — besides Goldman — includes working as a Senior Analyst at Deloitte and Touche.

I guess it is truly more of In Goldman Sachs We Trust. Some even say that Goldman is the power behind the imperial presidency that has only expanded under first George W. Bush and now Barack Obama.

Read more at: Huffington Post