The top enforcement official at the Commodities and Futures Trading Commission, David Meister, is leaving to join Skadden, Arps, Slate, Meagher and Flom, the New York Times reports:
after spending nearly three years as a federal regulator, Mr. Meister is returning to his defense lawyer past.
Mr. Meister, who left Skadden, Arps, Slate, Meagher & Flom to run the enforcement unit of the Commodity Futures Trading Commission, is rejoining the law firm as a partner in New York.
His arrival next month will prompt a modest reshuffling at Skadden. Mr. Meister, who left the C.F.T.C. in October, will lead the white-collar group in Skadden's New York office, taking over for David M. Zornow, who founded the group in 1989.
"His experience on the government side is going to be incredibly valuable to our clients," said Mr. Zornow, who will remain global head of Skadden's litigation practice.
Mr. Meister's C.F.T.C. experience — he took aim at some of Wall Street's biggest banks — all but guaranteed him a lucrative partnership. Wall Street's top law firms, flush with business from banks increasingly caught in the government's cross hairs, are clamoring for marquee lawyers with government résumés.
Emphasis added. Again, what does it say about the complex and arbitrary nature of the enforcement regime that it is "incredibly valuable" to have a former regulator working for your business as a hired gun?