After wresting billions from Wall Street, the departing New York regulator is steering clear of the big law firms that cater to the banking industry. But whether he remains in private practice or shoots for public office, it's a good bet we'll all be hearing from him again.
Jill Backer, assistant dean for career and professional development at Pace Law School, writes: Section 342 will likely have a large impact on recruiting and diversity practices within the financial industry, and will also impact the legal industry as a vendor of the financial industry.
In the elite world of multibillion-dollar Wall Street banks, the U.S. Department of Labor rarely looms large. That changed this week. The agency will play a key role in determining whether five megabanks that pleaded guilty to criminal charges can effectively participate in the $7 trillion pension fund market.