Heath Tarbert accepts a position with Citadel Securities only 27 days after he resigned from his position as chairman of the Commodity Futures Trading Commission (CFTC).
Tarbert will join Citadel, which is owned by billionaire Ken Griffin, as their new chief legal officer after spending 18 months with the CFTC.
Tarbert will replace Steve Luparello, former chief legal council for Citadel and ex-director of the Securities and Exchange Commission (SEC) trading and markets division.
Citadel also has Greg Berman on their employee roster, who is a the former head of research at the SEC.
Tarbert’s new position has raised some eyebrows in the financial world, and calls into question the alleged “revolving door” between public market regulation and private investment brokerages. Dennis Keller, president of the Better Markets advocacy group, told Financial Times that Tarbert’s departure was “the latest regrettable example of a senior government official selling out his public service to big finance”.
Keller also noted that Congress should ban such a swift move from the public sector to the private sector, especially after working in financial regulation.
Tarbert made statements to the press following the announcement, calling Citadel Securities a “leading advocate for open and transparent markets”.
This move will see Tarbert return to the private sector, where he previously worked for law firm Allen and Overy as the head of their bank regulatory division.
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