I realise the SEC’s task is a gargantuan one, especially considering the severely constrained resources (thank you, Congress!), but there’s just no excuse for things like this.
The SEC’s Division of Risk, Strategy, and Financial Innovation – the group created in 2009 to supposedly “enhance our capabilities and help identify developing risks and trends in the financial markets” – does not have anyone running the Office of Data & Data Analytics.
How the hell is the Division supposed to do its job if there’s no one analysing data?!?!?
Photo: Stone Street Advisors
I’d say to be fair, this website hasn’t been updated since 6/15/2010, but that actually makes this situation WORSE. How dysfunctional does an organisation have to be that organisation actions are not properly communicated via press releases and modifications to the organisation’s website? This is not freaking rocket science!
If you think this is bad, get read, because it gets even worse: The head of the Division, Henry T. C. Hu left this month to go back to academia. According to an article from 1/20/2011 in the WSJ, his temporary replacement is the Division’s former Deputy Director, Jonathan Sobokin. The SEC issued a press release on 11/18/2010 that Hu would be leaving the organisation, yet the “News” page of the Division’s website has no mention of Sobokin taking the reins. As a matter of fact, that is the most recent press release that appears on the page!
It’s one thing to suck at organizational communications, its another thing to take at least two months to find a replacement for a very important position, especially when given what appears to be advance notice. And it is another thing entirely to take well over a year to staff the Office tasked with performing the data analysis the Division needs in order to be effective!
The only good thing I can say here is that at least they brought Rick Bookstaber into the fold. I’ve met Rick and he’s a very, very smart man, and while I don’t always agree with him, I’m quite glad he’s at the SEC. Whether or not he has any authority or sway within the SEC is a whole different story upon which I can do little more than speculate…