President Obama has selected Timothy Massad to succeed Gary Gensler as chairman of the Commodities Futures Trading Commission (CFTC). Skeptics seem justifiably concerned about Massad’s ability and/or willingness to be tough with Wall Street banks. As a Treasury Department Official, Massad oversaw the bailout of Wall Street’s biggest banks. Prior to joining the Treasury Department, Massad was a partner at a New York law firm with strong ties to Wall Street.
Massad is now charged with holding wrongdoers on Wall Street accountable at a time when banks seem overrun with dishonest, unethical and scandalous behavior. This job has become even more challenging as a result of budget concerns and massive fiscal deficits. Hopefully, Mr. Massad will see the benefits associated with the CFTC working with whistleblowers to better focus scarce resources at serious wrongdoing.
McEldrew Young Purtell Merritt attorneys have represented clients in some of the nation’s largest qui tam cases for over a decade. For a free confidential consultation, please call Eric L. Young, Esquire at (800) 590-4116 or complete the online form here. To learn more, read about our CFTC practice.