Bored SEC Employees Going On Rumspringa At Citadel

It won’t last forever, but it will be more interesting than working for Jay Clayton, and Chicago’s a better town than D.C.
By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons

All the milkshakes you can drink! By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons

There’s not much going on at the Securities and Exchange Commission these days, a quiet period that is likely to last until at least January 20, 2021. Indeed, if you do not work in the regulator’s low-hangingfruit division or in its figuring out what cryptocurrencies are unit (or both!)—or on its IT team—you’re probably not doing very much at all. This is fine if you’re simply biding your time for a federal pension and really like playing cell-phone games. But not everyone is so selflessly dedicated to public service. Some people like to keep busy. Some people would like to make a lot more money. Some people like living dangerously. If two or more of these things describe you (especially the latter, and especially if you don’t mind getting yelled at or having daggers fly at you from your boss’ eyes), and you’re not this guy, you might want to consider a career at Citadel Investment Group.

Well, not a career, exactly. More like an internship or gap year or quarter or month or week that ends with you getting fired. But an exciting opportunity all the same. Risk is what you make of it, bureaucrats, and since everyone has to work for Ken Griffin at some point, what better time than this fallow period in financial regulatory enforcement to take a look at the other side?

Ryan VanGrack, who was an adviser to former SEC Chair Mary Jo White and the agency’s enforcement chiefs, joined Griffin’s hedge fund in January, according to Zia Ahmed, a Citadel spokesman. Other responsibilities VanGrack held at the SEC included leading its financial technology working group, an effort to foster better collaboration between the regulator and the industry….

VanGrack will work with the former head of the SEC’s Chicago office, David Glockner, who started in December as the hedge fund’s chief compliance officer.

Citadel Securities, Griffin’s market-making firm, has also been hiring from the SEC. Last April, Stephen Luparello became the firm’s general counsel after leading the SEC division that regulates stock trading and exchanges. Gregg Berman, who ran data and analytics in the SEC’s trading and markets unit, joined Citadel Securities in September 2016, as director of research.

Citadel’s Ken Griffin Adds to Hires From a Preferred Locale: the SEC [Big Law Business]