Block on Trump's Asylum Ban Upheld by Supreme Court
One high-profile N.Y. lawyer is changing teams -- and he is likely to find the new clubhouse a bit cushier than the old one.
David Markowitz, a key player on New York Attorney General Andrew Cuomo's team is headed to Goldman Sachs where he will become associate GC and a senior member of the litigation and regulatory proceedings group.
Goldman Sachs is the most profitable securities firm in Wall Street history, but that doesn't mean they won't need to draw heavily on Markowitz's experience with the AG's office as well as the SEC. As Bloomberg reports, Markowitz's last position at the SEC was assistant regional director, handling, among others, insider-trading cases.
Although Goldman settled fraud charges in July with the SEC (for a cool $550 million), there are others still pending. Reportedly, an investigation is underway regarding Goldman bankers allegedly leaking information about health-care transactions to help several investors.
Most of Cuomo's office is considering their next moves as Cuomo himself moves to the governor's mansion next year, as The Wall Street Journal reports.
Some in the former AG's office will go on to become members of the new administration. But others, like Markowitz, will no doubt take the opportunity to jump to private practice.
As noted by FierceFinance, the revolving door from governmental and regulatory positions to private is understandable given the pay disparity. But it is always a cause for concern. The leap by David Markowitz is just the most high profile of what will most likely be many more, as the New Year begins.