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SEC To Lose Berger, Glassman

by Glen Shapiro, LawAndTax-News.com, New York

23 May 2006

The US Securities and Exchange Commission announced last Thursday that Paul R. Berger, Associate Director of Enforcement, will be leaving the Commission to become a partner in the law firm Debevoise & Plimpton LLP.

Linda Chatman Thomsen, the Director of the Division of Enforcement, observed that:

"For fourteen years, Paul Berger has brought 200% to the job of protecting investors. He is an intrepid investigator who has used his keen intellect, abundant creativity and sheer hard work to tackle the full array of securities law violations. He has been a great mentor, a great leader, a great colleague, and a great friend. We celebrate his service and wish him all the very, very best."

Mr. Berger joined the Commission's staff in 1992 as a staff attorney in the Division of Enforcement. He became a branch chief in 1994, an assistant director in 1996, and an associate director in April 2000.

During his tenure, Mr. Berger supervised and conducted investigations and enforcement activities that spanned a wide array of matters, including financial fraud, insider trading, auditor independence, illicit payments under the Foreign Corrupt Practices Act (FCPA), executive compensation, Regulation FD, and broker-dealer cases.

This followed the announcement on Monday of last week that SEC Commissioner Cynthia A. Glassman intends to leave the Commission after the completion of her current term.

Ms. Glassman did not set a specific date for her departure. Her current term ends on June 5, 2006, but Commissioners typically remain on the Commission for up to 18 months beyond a term's completion if they are not replaced.

"My term as SEC Commissioner has been the most exciting and fulfilling position of my career," Ms. Glassman said. "It has been a privilege to work with Chairman Cox, and his predecessors, Harvey Pitt and Bill Donaldson, as well as my fellow Commissioners. I am grateful to President Bush for the opportunity to serve investors in this role."

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