Dangerous Liaisons: Appendix A

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SEC Revolving Door Rankings

The following are facts and figures from the 1,949 post-employment disclosure statements filed by 419 Securities and Exchange Commission (SEC) alumni between 2001 and 2010.[1] All data can be found in the Project On Government Oversight’s “SEC Revolving Door Database.”[2]

SEC Alumni Who Filed the Most Disclosure Statements

Former SEC employees must notify the agency whenever they plan to represent a client or employer on a particular matter in the first two years after they leave.[3]

Some SEC alumni rarely interacted with the agency after they left, judging by the number of statements they filed. Other alumni dealt with the agency on a regular basis to represent parties on regulatory and enforcement matters.[4]

Table 1: Most Active SEC Alumni Ranked by
Number of Disclosure Statements Filed, 2001-2010

Name	Former Division/Office	Former Title	New Employer	Disclosure Statements Filed
William R. Baker III	Enforcement	Associate Director	Latham & Watkins LLP	46
Kenneth L. Miller	Enforcement	Assistant Chief Litigation Counsel	Bank of America	32
Brian J. Lane	Corporation Finance	Director	Gibson, Dunn & Crutcher LLP	31
Thomas D. Shpetner	Enforcement	Branch Chief	Lehman Brothers	31
Thomas A. Zaccaro	Pacific Regional Office	Regional Trial Counsel	Akin, Gump, Strauss, Hauer & Feld LLP	26
Nicolas Morgan	Enforcement	Senior Trial Counsel	DLA Piper	25
Charles S. Neal	Enforcement	Senior Counsel	Wachovia	20
Walter G. Ricciardi	Enforcement	Deputy Director	Paul, Weiss, Rifkind, Wharton & Garrison LLP	20
William E. Donnelly	Trading and Markets	Attorney Fellow	LeClair Ryan	18
David M. Lynn	Corporation Finance	Special Counsel; Chief Counsel	Wilmer Cutler Pickering Hale and Dorr LLP; Morrison & Foerster LLP	18
Christian J. Mixter	Enforcement	Chief Litigation Counsel	Morgan, Lewis & Bockius LLP	18
Melanie F. Dolan	Corporation Finance	Associate Chief Accountant	KPMG LLP	17
Daniel A. Goldfried	Enforcement	Senior Counsel	Merrill Lynch	17
Richard C. Sauer	Enforcement	Assistant Director	Vinson & Elkins LLP	17
Erich T. Schwartz	Enforcement	Assistant Director	Skadden, Arps, Slate, Meagher & Flom LLP	17
Stephen J. Crimmins	Enforcement	Deputy Chief Litigation Counsel	Holland & Knight LLP; Pepper Hamilton LLP	16
Christine Davine	Corporation Finance	Associate Chief Accountant	Deloitte LLP	15
Alison M. Fuller	Investment Management	Assistant Chief Counsel	Stradley Ronon	15
Paul V. Gerlach	Enforcement	Associate Director	Sidley Austin LLP	15
Brian A. Ochs	Enforcement	Assistant Director	K&L Gates LLP	15
Russell G. Ryan	Enforcement	Assistant Director	King & Spalding LLP	15
Eric M. Schmidt	Northeast Regional Office	Assistant Regional Director	Salomon Smith Barney Inc.	15
Joaquin M. Sena	Enforcement	Assistant Chief Litigation Counsel	Bank of America	15

SEC Alumni Who Filed First Disclosure Statement Within One Week of Leaving

Many SEC alumni can represent clients before the agency immediately after leaving, as long as they comply with all relevant federal ethics rules. More than 20 alumni contacted the agency within one week of leaving, according to records obtained by POGO.[5]

Table 2: SEC Alumni With Shortest Time Between
Departure and Filing of First Disclosure Statement, 2001-2010

Name	Former Division/Office	Former Title	New Employer	Days Between Departure and Filing First Disclosure Statement
Matthew A. Beller	Los Angeles Regional Office	Examiner	CPS Partners, LLC	2
Larry P. Ellsworth	Enforcement	Assistant Chief Litigation Counsel	Jenner & Block	2
John R. Fahy	Enforcement	Attorney	Fiserv Investor Services, Inc.; Tradestar Investments, Inc.	3
John C. Ivascu	Enforcement	Staff Attorney	Vinson & Elkins LLP	3
David M. Levine	Enforcement	Senior Advisor	Deutsche Bank AG	3
Richard C. Sauer	Enforcement	Assistant Director	Vinson & Elkins LLP	3
Andrew M. Lawrence	Enforcement	Staff Attorney	Skadden, Arps, Slate, Meagher & Flom LLP	4
Derek M. Meisner	Enforcement	Branch Chief	K&L Gates LLP	4
Erich T. Schwatz	Enforcement	Assistant Director	Skadden, Arps, Slate, Meagher & Flom LLP	4
Christopher T. Stidvent	Enforcement	Staff Attorney	Dell Inc.	4
Douglas J. Davison	Office of Chairman Arthur Levitt	Counsel	Wilmer Cutler Pickering Hale and Dorr LLP	5
Daniel A. Goldfried	Enforcement	Senior Counsel	Merrill Lynch	5
Charles S. Neal	Enforcement	Senior Counsel	Wachovia	5
Steven E. Richards	Enforcement	Assistant Chief Accountant	FTI Consulting, Inc.	5
Lindi L. Beaudreault	Enforcement	Senior Counsel	LeClair Ryan	6
Alan Reifenberg	Enforcement	Branch Chief	Credit Suisse	6
Patrick K. Craine	Enforcement	Staff Attorney	Munsch Hardt Kopf & Harr, P.C.	7
Christopher M. Cutler	Enforcement	Senior Counsel	Sutherland Asbill & Brennan LLP	7
Mary E. Gardner	Enforcement	Senior Counsel	McDermott Will & Emery LLP	7
Kelly A. McCormick	Enforcement	Senior Counsel	Crowell & Moring LLP	7
Sandeep Savla	Enforcement	Senior Counsel	Wiggin & Dana, LLP	7

Top Recruiters of SEC Alumni

Some large firms have emerged as top recruiters of SEC alumni, and many of their hires appear before the agency on behalf of the firms or their clients.

Table 3a: Top Recruiters of SEC Alumni Ranked by
Number of Alumni Who Filed Disclosure Statements, 2001-2010

Some of these statements were filed by alumni who served in the most senior positions at the agency, including a former commissioner, three former enforcement directors, four former corporation finance directors, a former trading and markets director, [9] and two former general counsels. [10]

Yearly breakdown of disclosure statements

There were 341 disclosure statements filed in 2001, the most filed in any year between 2001 and 2010. These 341 statements were filed by 91 SEC alumni. In 2006, there were more alumni who filed statements (96), but they filed fewer statements (255) compared to 2001.[11]

Table 5: Yearly Breakdown of Disclosure Statements Filed by SEC Alumni, 2001–2010

Year	SEC Alumni [12]	Disclosure Statements Filed
2001	91	341
2002	61	193
2003	52	185
2004	59	205
2005	77	235
2006	96	255
2007	76	196
2008	55	108
2009	36	101
2010	34	130

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Endnotes

 [1] Project On Government Oversight, web page containing SEC post-employment disclosure statements filed from 2001 to 2010.

 [2] Project On Government Oversight, “SEC Revolving Door Database.”

 [3] “Practice by former members and employees of the Commission,” 17 C.F.R. § 200.735-8(b).  (Downloaded November 26, 2012)

 [4] Some SEC alumni identified multiple issues within a single disclosure statement. For instance, David Kornblau, a former SEC chief litigation counsel, filed one statement in which he disclosed his plans to represent Merrill Lynch in connection with 17 separate enforcement matters pending before the agency. The statement does not indicate how many times Kornblau ended up contacting the agency to discuss these matters. Letter from David L. Kornblau, First Vice President and General Counsel, Global Regulatory Affairs, Merrill Lynch, to Nancy Morris, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), January 11, 2006.

 [5] Letter from David M. Levine, Director, Legal Department, Deutsche Bank AG, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding statement by a former employee pursuant to Rule 8(b) of the Commission’s conduct regulation, December 3, 2001. Letter from Matthew A. Beller, GPS Partners LLC, to Nancy M. Morris, Secretary, Securities and Exchange Commission, regarding statement of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), March 3, 2008. Letter from Larry P. Ellsworth, Jenner & Block, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), August 2, 2005. Letter from John R. Fahy, General Counsel and Senior Vice-President, Fiserv Investor Services, Inc., Tradestar Investments, Inc., to Jonathan G. Katz, Secretary, Securities and Exchange Commission, regarding notice of possible appearance before the Commission pursuant to 17 C.F.R. 200.735-8(b)(1) and (2), September 13, 2004. Letter from John C. Ivascu, Associate, Vinson & Elkins, L.L.P., to Nancy Morris, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), January 5, 2006.  Letter from Richard C. Sauer, Vinson & Elkins, L.L.P., to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), June 12, 2003. Letter from Andrew M. Lawrence, Skadden, Arps, Slate, Meagher & Flom LLP, to Jonathan G. Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), March 2, 2004. Letter from Derek M. Meisner, Kirkpatrick & Lockhart LLP, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), July 27, 2004.  Letter from Erich T. Schwartz, Skadden, Arps, Slate, Meagher & Flom LLP, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), April 17, 2001. Letter from Christopher T. Stidvent, Dell, to Nancy M. Morris, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), September 5, 2006. Letter from Douglas J. Davison, Wilmer, Cutler & Pickering, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), April 4, 2001.  Letter from Daniel A. Goldfried, Merrill Lynch, to Nancy Morris, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), March 7, 2007. Letter from Charles S. Neal, Vice President, Assistant General Counsel, Wachovia Corporation, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), February 4, 2004.  Letter from Steven E. Richards, Managing Director, FTI Consulting, Inc., to Florence Harmon, Acting Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), July 16, 2008. ;Letter from Lindi L. Beaudreault, LeClair Ryan, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), May 1, 2003.  Letter from Alan Reifenberg, Credit Suisse Securities (USA) LLC, to Nancy M. Morris, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), June 15, 2006. Letter from Patrick K. Craine, Munsch Hardt Kopf & Harr, PC, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), June 30, 2005.  Letter from Christopher M. Cutler, Sutherland Asbill & Brennan LLP, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding statement by a former employee pursuant to Rule 8(b) of the Commission’s conduct regulation, June 26, 2003.  Letter from Mary E. Gardner, McDermott Will & Emery, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), June 25, 2004.  Letter from Kelly A. McCormick, Crowell & Moring, LLP, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), August 15, 2003.  Letter from Sandeep Savla, Wiggin and Dana, to Jonathan Katz, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), January 30, 2004.

 [6] Some of the firms that hired SEC alumni have gone through mergers or acquisitions. Other firms are different subsidiaries of the same corporate parent. Wherever possible, POGO tried to record the latest name of the firm (e.g., the law firm of “Wilmer, Cutler & Pickering” is recorded under its current, post-merger name, “Wilmer Cutler Pickering Hale & Dorr”), or the name of the corporate parent (e.g., “Deutsche Bank Securities” is recorded under the name of its corporate parent, “Deutsche Bank AG”).

 [7] Securities and Exchange Commission, In Brief: FY 2013 Congressional Justification, February 2012, p. 12.  (Downloaded December 2, 2012)

Many SEC employees work at the agency’s headquarters in Washington, DC. Others are located at one of the SEC’s 11 regional offices. Securities and Exchange Commission, “Securities and Exchange Commission Organization Chart.” f (Downloaded January 4, 2013)

POGO’s database lists only the functional division or office in which SEC alumni used to work, regardless of where they were located. For instance, one alumnus might have worked for the Enforcement Division in the agency’s Washington, DC, headquarters, while another might have worked for the Enforcement Division in the agency’s New York office. Both alumni would simply be listed under the Enforcement Division in POGO’s database.

In some disclosure statements, alumni said where they used to work, but did not identify a functional division or office. For instance, Kit Addleman only disclosed that she was a regional director of the SEC’s Atlanta office. As a regional director, she apparently oversaw multiple functions, according to a bio posted on the website of the law firm where she currently works. In POGO’s database, her former division/office is marked simply as “Regional Office.” Letter from Kit Addleman, Haynes and Boone, LLP, to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, regarding notice of representation pursuant to Rule 8(b), 17 C.F.R. 200.735-8(b), December 23, 2010.  Haynes and Boone, LLP, “Kit Addleman.”  (All downloaded January 4, 2013)

In Table 4, the category of “Regional Offices” covers Addleman and other SEC alumni who worked outside of the agency’s headquarters but did not identify whether they reported to a single functional division or office.

If an alumnus worked in several different divisions or offices during her time at the agency, POGO recorded the division or office where she was most recently employed.

 [8] POGO’s database includes disclosure statements filed by 419 unique alumni from 2001 to 2010. However, there are 421 alumni listed in Table 4. The reason for the discrepancy is that two alumni—Jon Kroeper and Erik R. Sirri—worked in different divisions/offices during two separate stints at the SEC.

 [9] There were disclosure statements filed by two alumni—Paul S. Maco and Erik R. Sirri—who used to be directors in the SEC’s Trading and Markets Division. But Maco was the director of a smaller office within the division; he was not in charge of the division as a whole. Securities and Exchange Commission, “Paul Maco, First Director of the Office of Municipal Securities, Returns to Private Practice After Six and One-Half Years of Service,” September 27, 2000.  Securities and Exchange Commission, “Office of Municipal Securities,” July 31, 2012.  (All downloaded January 17, 2013)

 [10] Project On Government Oversight, web page containing SEC post-employment disclosure statements filed by former commissioners.  Project On Government Oversight, web page containing SEC post-employment disclosure statements filed by former enforcement directors.  Project On Government Oversight, web page containing SEC post-employment disclosure statements filed by former corporation finance directors.  Project On Government Oversight, web page containing SEC post-employment disclosure statements filed by former trading and market directors.  Project On Government Oversight, web page containing SEC post-employment disclosure statements filed by former general counsels.

 [11] Project On Government Oversight, web page containing SEC post-employment disclosure statements filed in 2001.  Project On Government Oversight, web page containing SEC post-employment disclosure statements filed in 2006.

 [12] POGO’s database includes disclosure statements filed by 419 unique alumni from 2001 to 2010. Some of these alumni filed statements across multiple years. For instance, an employee who left the SEC in 2006 might have filed statements in 2006, 2007, and 2008. This alumnus would have only been counted once in the total figure of 419, but he would be represented across multiple years in Table 5. This explains why the total number of former employees listed in Table 5 is greater than 419.