Jay Clayton, President Trump’s pick to head up the Securities and Exchange Commission (SEC), has cleared the Senate Banking Committee, and now heads to the Senate floor for a final vote.
Of particular interest are Mr.Clayton’s comments on FCPA, which he opined in 2011 caused ‘lasting harm’ to US Companies, and his client list while a star lawyer at Sullivan & Cromwell.
As CNN noted, “Clayton’s list of clients at the elite law firm Sullivan & Cromwell reads like a who’s who list of companies accused of the shady practices the SEC nominee wants to stop.
He’s represented Volkswagen, (VLKAF) which pled guilty to criminal charges over cheating on emissions tests; Valean, (VRX) a drug maker accused of being the “Enron” of the pharma world for fraud; and Deutsche Bank, which has been charged in a $10 billion Russian money-laundering scheme.
Clayton’s also advised Goldman Sachs on its controversial government bailout and Bear Stearns on its fire sale to JPMorgan (JPM).”
Other controversies have come to light, including a Reuters report on possible conflicts of interest, that states “he communicated with more than a half dozen of President Donald Trump’s transition representatives, including one whose company has a multi-million-dollar contract with the SEC, according to documents seen by Reuters.”
We await the Senate vote with interest.