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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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August 20, 2007 11:39 AM ET
When Roel Campos, one of two Democrats on the Securities and Exchange Commission, leaves the agency next month, the name likely to be top of the replacement list will be former SEC attorney Luis Aguilar, sources close to the nomination process told Financial Week. Mr. Aguilar is the choice of Sen. Robert Menendez (D-N.J.), who wants another Hispanic to succeed Mr. Campos. His first job was as an SEC staff attorney in the Atlanta regional office, and he most recently served as general counsel at Invesco. He now practices securities law at McKenna Long & Aldridge in Atlanta. Mr. Aguilar has been named one of the 100 most influential Hispanics in the United States by Hispanic Business Magazine. While his credentials are impressive, some feel Mr. Aguilar may be too pro-Wall Street to fill Mr. Campos’ shoes. In an interview with a law magazine, Mr. Aguilar said that Sarbanes-Oxley was “hastily done” and has imposed “some additional burdensome cost” on corporations. “I’m not sure the cost-benefit analysis has balanced out.” Similar statements have come from conservative commissioner Paul Atkins, but also from several Democrats on small business committees in the House and Senate. Mr. Aguilar also has appeared on several SEC roundtables, but his comments have generally been limited to helping firms comply with various document retention and advertising rules. Another SEC vacancy is looking likely as well. Commissioner Annette Nazareth, whose term officially expired in June but who can serve for at least another year and a half, is rumored to retire before 2008. Candidates are already jockeying to get on the short list as her replacement. One name floated by several sources as a possible replacement is James Cox, a securities law professor at Duke University. A former staffer for the Senate Banking Committee, which confirms SEC commissioners, said that Mr. Cox “would be a fabulous choice,” noting that he has been considered for posts before at the SEC. Several other candidates have been mentioned, but it’s unclear whether they are serious candidates or not. Mr. Cox said he has not been formally tapped as a candidate, but praised public service. He is no relation to SEC chief Christopher Cox. Several issues, including proxy access and international accounting standards, may impact who is chosen during the nomination process. Former Democratic commissioner Harvey Goldschmid said there likely won’t be just one issue that serves as a litmus test, but that the committee will focus on getting somebody with expertise and broad experience into the post. In a statement after Mr. Campos announced his departure plan, Sen. Chris Dodd (D-Conn.), who chairs the banking committee, said he is “committed to finding a successor who meets the highest standards of ability, experience, and judgment.” Calls to the banking committee, Mr. Dodd and Mr. Menendez were not returned. The nomination process is often a lengthy one, and could drag on for a few months, some experts said. Previous SEC nominations have stalled because of political infighting, including when Mr. Campos was first nominated. If the process does drag on for months, it could scuttle the SEC’s plans for retooling shareholder access to company board nominations. Mr. Campos is one of three votes in favor of that proposal, which would certainly die without a pro-shareholder Democrat at the SEC. Ms. Nazareth also voted for that proposal. SEC chairman Cox, a Republican who voted for that proposal, said he wants to get some kind of proxy access reform on the books by late fall. “All momentum could stop” on the SEC’s proxy access proposals if the positions are not filled quickly, said Grace Hinchman, senior vice president of public affairs at Financial Executives International. Shareholder advocates are concerned about proxy access and want to get a viable candidate approved as soon as possible.
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