Headaches at the SEC’s Think Tank
The Securities and Exchange Commission (SEC) stopped at nothing in a bid to strategically win over University of Texas law professor Henry Hu to act as the head the first new division created at the agency in almost 40 years. However, the lengths the SEC sought fit to go to are now being questioned. Hu was offered a questionably generous salary as well as benefits in exchange for managing the new Division of Risk, Strategy and Financial Innovation. With an impressive resume and achievements to boot, Hu appeared to be the ideal candidate to lead the “think tank” division that SEC Chairman Mary Schapiro donned responsible for anticipating market problems. However, after on 16 months on the job, Hu has departed, leaving the agency in a less-than-ideal position. The reasons for this, however, remain as vague as they are intriguing.
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