Let The SEC Exodus Begin

Not such a bad thing.

WSJ: A senior Securities and Exchange Commission official is leaving the agency, in what is likely to be one of many departures at the SEC.

John White, director of the corporation-finance division, which oversees corporate disclosures and shareholder issues, is returning to New York law firm Cravath, Swaine & Moore LLP. He will advise corporate boards on governance issues.

SEC Chairman Christopher Cox has said he plans to leave after the end of the Bush administration, and a new chairman could be named soon. One candidate is Harvey Goldschmid, a Columbia University law professor and former SEC commissioner. Other names being discussed in Washington include Damon Silvers, a top lawyer at the AFL-CIO, and several corporate lawyers and shareholder activists. Messrs. Goldschmid and Silvers declined to comment.

SEC staff, unlike the chairman, aren’t political appointees and don’t have to leave with a change in the administration.

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