CCOs = Rats?
Kirkpatrick & Lockhart partner Rick Marshall isnít one to mince words.
"I think the SEC wants the CCO to be a rat," said Marshall, speaking at the ICAA/IA Week conference. If the CCO is supposed to serve the interests of the SEC, said Marshall, it creates an environment "where no one will talk to him, no one wants to be in the same room with him." Marshall pointed to the recent questions about the CCOís resources as an example of the SECís asking the CCO to serve two masters.
"What do you do with a rat? You kill it." said Marshall. "People hate their CCOs."
What did his co-panelist, OCIE general counsel John Walsh, have to say in response?
"I donít think we are looking for a rat," said Walsh, adding: "I think that there has got to be a better way to say that."