CBS MarketWatch reports that former New York City mayor Rudolph Giuliani has confirmed that he does not want to be considered for the vacant chair of US regulator the Securities & Exchange Commission (SEC). That leaves the field clear, but for who ?
Giuliani was the featured speaker last week at the annual conference of the Securities Industry Association. He said: 'I need time out of government....It's not something I'm interested in.' Giuliani's decision is not unexpected. It is felt that he not unreasonably wants to capitalise on his current high profile and spend more time on his business interests. A return to government can wait until he is more financially secure - remember he is not too long out of an expensive divorce.
The former New York mayor's decision leaves the field clear and there are several other names that are being touted for the top SEC role. Front runners are now thought to include Charles Schwab, chairman and co-chief executive of the retail brokerage which bears his name and Gary Lynch, CSFB's general counsel. Lynch was SEC enforcement boss from 1985-1989.
Other names in the frame include Richard Breeden, who has done the job before under President Bush's father and Frank Keating, the current governor of Oklahoma who is finishing his second term in office and is precluded from serving another. George W does favour getting former governors to come on board and undertake difficult roles.