Tag: jay clayton
US Attorney Tasked To Probe Clinton In Epstein Case Has 'No Prosectorial Experience'

US Attorney Tasked To Probe Clinton In Epstein Case Has 'No Prosectorial Experience'

Jay Clayton, Attorney General Pam Bondi's most recent appointment to investigate Democrats involved with late convicted sex offender Jeffrey Epstein after President Donald Trump's sudden reversal, has been chosen for what The New Republic's Michael Tomasky says is a "political task that has nothing whatever to do with justice."

Clayton, a corporate lawyer who is "mostly a high finance guy," Tomasky notes, chaired the Security and Exchange Commission during Trump's first term.

"One thing that impressed me, and that was at odds with the standard Trumpian flouting of rules of any kind governing the behavior of appointees and their families, is that his wife, a Goldman Sachs official, resigned her position when he took the job," Tomasky notes.

"What? People in the Trump solar system acting ethically of their own volition? Hard to imagine how Trump tolerated that," he adds.

However, Clayton has "no prosecutorial experience at all" Tomasky writes.

When Trump named Clayton to run the Southern District of New York earlier this year, Sen. Minority Leader Chuck Schumer (D-NY) blocked his nomination, but Trump appointed him on an interim basis for 120 days. After that the federal court for the district decides whether his appointment should go forward, and Manhattan's federal judges gave him the green light.

Clayton has been quiet in that position, Tomasky writes, saying "critics noted that when Bondi fired Maurene Comey, the daughter of James Comey who had overseen the prosecutions of Epstein and Ghislaine Maxwell, Clayton said nary a word."

"The Aaron Sorkin-movie version of Clayton would have told Bondi to stuff it Saturday and resigned—I do not hold this public trust to go on politically motivated fishing expeditions. But that’s not real life, especially in Trumpworld," Tomasky writes.

It would be "brave" if Clayton comes back and says there's no evidentiary basis to indict his targets—former Democratic President Bill Clinton, Democratic presidential adviser Larry Summers, and Democratic donor Reid Hoffman, but if he does bring indictments, Tomasky says, there are only two plausible reasons.

"One might that there’s actually evidence sufficient to an indictment. In which case, let justice be done. But in Donald Trump’s, and Pam Bondi’s, America, we would be quite justified in suspecting a second explanation: That Clayton did what he was ordered by the White House to do," he writes.

"The Trump era is a time of learning what people are made of. I’m guessing that in six months’ time, we’ll know a lot more about Jay Clayton than we know today," he adds.

Reprinted with permission from Alternet

Trump To Nominate Wall Street Lawyer Clayton To Lead SEC

Trump To Nominate Wall Street Lawyer Clayton To Lead SEC

(Reuters) – President-elect Donald Trump said on Wednesday he intends to nominate Walter “Jay” Clayton, an attorney who advises clients on major Wall Street deals, to lead the U.S. Securities and Exchange Commission.

“Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time,” Trump in a statement.

“We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers.”

Clayton is a partner in the New York office of law firm Sullivan & Cromwell who specializes in advising clients on public and private mergers and acquisitions and capital-raising efforts. He also helps companies navigate regulatory and enforcement actions, including a number of cases that involved mortgage securities.

Clayton has worked for high-profile clients, including the initial public offerings of Alibaba Group Holding Company and Oaktree Capital Group.

During the height of the 2008 financial crisis, Clayton also worked on major deals involving big banks, including Barclays Capital’s acquisition of Lehman Brothers’ assets, the sale of Bear Stearns to JP Morgan Chase, and the U.S. Treasury Department’s capital investment in Goldman Sachs, according to his law firm’s website.

By selecting an attorney who is deeply steeped in capital-raising deals, Trump is likely signaling that the SEC will be looking to scale back regulations that some critics see as burdensome and may be hindering corporate growth.

Many Republicans in recent years have criticized the SEC for focusing too much on enforcement, and not enough on its other missions, which include writing rules that help promote capital formation.

“In light of Jay’s vast experience in capital formation, his appointment as SEC Chair is a strong positive signal the economy is a top priority of President-elect Trump and his team, and that the SEC will work together with Main Street to meet the country’s economic goals of full employment and healthy growth,” said Jonathan Macey, a professor at the Yale Law School.

IMAGE: A general exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

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