Outgoing Securities and Exchange Commission (SEC) Enforcement Director Robert Khuzami is likely to be replaced by his assistant George Canellos, according to a breaking report from FOX Business Network (FBN) Senior Correspondent Charlie Gasparino. Gasparino went on to report that Khuzami is looking to “go to a New York based law firm” after his departure from the SEC instead of a Wall Street focused firm because he’s “very worried” about the “conflict of interest taint” that comes with working for a Wall Street firm.
Video and excerpts below:
On whether Robert Khuzami will work at a New York Law Firm:
“What we understand - there is an interesting bidding war, a lot of firms are interested in hiring Bob Khuzami for obvious reasons, now what we know is this – he’s likely to go to a New York based law firm, maybe with a Washington office, maybe stays in Washington, but it’s likely to be a New York based law firm as opposed to going back to a Wall Street firm… we’re hearing this from people close to Khuzami he’s very worried about this sort of taint, the conflict of interest taint, working for a Wall Street firm.”
On who will replace Robert Khuzami as SEC Enforcement Director:
“Who is he going to be replaced by at the SEC – the name we keep hearing is a guy name George Canellos, he’s his assistant. Now what’s interesting about this - at the SEC I remember…they usually had a lot of home grown talent particularly go to the enforcement division, like Steve Cutler became Enforcement Director after Bill McLucas, and Dave Walker, they all came through the ranks of the enforcement division. This is different. What you have now is Canellos who used to work for Mary Jo White at the U.S. Attorney’s office. It is like the U.S. Attorney’s office from Manhattan is taken over the enforcement division at the SEC. It’s an interesting dynamic.”