Economy

 
 

WASHINGTON -- The Securities and Exchange Commission tapped Goldman Sachs Group Inc. GS -0.78% executive Adam Storch on Friday to serve as the agency's first-ever chief operating officer of the enforcement division.

The new hire represents the latest personnel change at the SEC in its effort to improve its operations following its failure to detect Bernard Madoff's massive Ponzi scheme.

 
 

It’s been 50 years now since the federal government launched its “War on Poverty.” But the numbers just released by the Census Bureau suggest we’re in a losing battle.

The poverty rate now stands at 14.5 percent. That’s a drop from the previous rate of 15 percent. But don’t celebrate too quickly. The new rate is almost exactly the poverty rate we had in 1967, only three years after President Lyndon Johnson announced his war.

 
 

Most members of Congress make $174,000 a year, but Rep. Jim Moran says that’s not enough.

“I think the American people should know the members of Congress are underpaid,” Moran, D-Va., told CQ Roll Call. “I understand that it’s widely felt they underperform, but the fact is that this is the board of directors for the largest economic entity in the world.”

 
 

Probably most people would agree that the people paid by the U.S. government to regulate Wall Street have had their difficulties. Most people would probably also agree on two reasons those difficulties seem only to be growing: an ever-more complex financial system that regulators must have explained to them by the financiers who create it, and the ever-more common practice among regulators of leaving their government jobs for much higher paying jobs at the very banks they were once meant to regulate.

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