Portland observer. (Portland, Or.) 1970-current, June 15, 2011, Page 6, Image 6

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

    Page 6
$ïnrtla«i» (Dbserüer
June 15, 2011
Opinion articles do not necessarily represent the views o f the
Portland Observer. We welcome reader essays, photos and
story ideas. Submit to news@portlandobserver.com.
New Prices
Effective
May 1,2010
Martin
Cleaning
Service
»
&
Carpet & Upholstery
Cleaning
Residential &
Commercial Services
<jO\
B.
S'—
Minimum Service CHG.
« -S '
OUSç
$45.00
A small distance/travel charge
may be applied
/
C A R PE T CLEAN IN G
2 Cleaning Areas or
more $30.00 Each Area
Pre-Spray Traffic Areas
(
(includes: I sm all H allw ay)
1 Cleaning Area (only)
$40.00
Includes Pre-Spray Traffic Area
(Hallway Extra)
Stairs (12-16 stairs - With
O ther Services)-. $25.00
C s ) 11
Area/Oriental Rugs.
$25.00Minimum
Area/Oriental Rugs (Wooly.
(Requiring Extensive Pre-Spraying)
U PH O LSTE R Y
CLEANING
Sofa: $69.00
Loveseat: $49.00
Sectional: $109-$139
Chair or Recliner:
$25 - $49
Throw Pillows (With
Other Services)-. $5.00
ADDITIONAL
SER V IC ES
• Area & Oriental Rug
Cleaning
• Auto/Boat/RV Cleaning
• Deodorizing & Pet
Odor Treatment
S v
• Spot & Stain
Removal Service
• Scotchguard Protection
• Minor Water Damage
Services
SEE CURRENT FLYER
FOR ADDITIONAL
PRICES & SERVICES
Call for Appointment
(503) 281-3949
I
I
...F or
T
$40.00Minimum
Heavily Soiled Area:
Additional $10.00 each area
ETHICS
RULES
Revolving Door Shows Coziness with Wall Street
Strengthen and
simplify the
ethics rules
by
M ichael S mallberg
If you're looking for
evidence of the revolving
door that spins between the federal
government and Wall Street, look
no further than Daniel Gallagher,
President Barack Obama's recently
announced nominee for Securities
and Exchange Commission commis-
sioner.
Gallagher certainly appears quali­
fied for the job. He previously worked
at the SEC as a counsel to then-
Chairman Christopher Cox, and later
played a key role in organizing the
SEC's response to the financial cri­
sis. Yet Obama's nomination of
Gallagher to help lead the agency
during a critical time in its history is
also the latest exam ple of the
agency’s coziness to the industry it
oversees.
Gallagher is currently a partner at
WilmerHale. The pricey law firm's
high-profile clients have included
Goldman Sachs, JPMorgan Chase,
Citigroup, and other Wall Street gi­
ants regulated by the SEC. If the tor, just released a new report and
matter to the enforcement division
Senate confirms him, this would be database showing that hundreds of
because, "If you've known some­
G a lla g h e r's seco n d spin former SEC employees have recently body or even if they didn't really
through the revolving door — taken jobs representing clients be­ know them but you know they
he previously left WilmerHale fore the SEC.
worked here... Well, they should
to join the SEC in January 2006,
All told, the project's database hopefully be doing the right thing."
only to return to the firm in shows that 219 former SEC employ­
A few months after the report
2010.
ees filed 789 statements between 2006 was issued, the Inspector General
And he would be the latest and 2010 announcing their intent to told Sen. Charles Grassley (R-Iowa)
on an e v er-ex p an d in g list o f appear before the SEC or communi­
that his office had opened another
WilmerHale alumni at the SEC, in­ cate with its staff on behalf of private
investigation into allegations that
cluding the current general counsel, clients. One former employee had to
the SEC may have failed to take
deputy general counsel, associate file 20 statements during this time
appropriate action in a matter in­
general counsel, corporation finance period in order to disclose all his
volving a law firm that has recruited
division director, enforcement divi­ clients and the issues on which he
numerous former SEC employees.
sion chief counsel, and deputy secre­ expected to appear before the SEC.
Congress and the SEC must
tary.
Another former employee filed his strengthen and simplify the ethics
O f course, the revolving door first statement just two days after
rules for the agency's former em ­
spins in both directions. Many leaving the agency.
ployees, including making all post­
former SEC employees leave the
Last year, the SEC Inspector Gen­ employment statements publicly
agency to join WilmerHale and other eral issued a report on the agency's
available online, and extend the same
legal, accounting, and consulting botched investigation o f Allied
post-em ploym ent regulations to
firms that represent clients in the Capital, which was represented by
other financial watchdog agencies.
securities industry. Several recent none other than WilmerHale. Two
Now that the SEC has been given
reports by the SEC Inspector Gen­ of the WilmerHale attorneys who
even greater authority to protect
eral have raised troubling questions represented Allied were former se­
investors and markets from the next
about whether the promise of future nior officials in the SEC's enforce­
financial crisis, it's more important
em ploym ent representing W all ment division.
than ever for the public to see whose
Street causes some SEC officials to
The Inspector General found that interests the agency is truly repre­
treat potential employers and their a current associate director in the senting.
clients with a lighter touch.
SEC's compliance office who knew
Michael Smallberg is an inves­
The Project On Government Over- one of the WilmerHale attorneys
tigator fo r the Project On Govern­
sight where I work as an investiga­ said he declined to refer the Allied
ment Oversight.