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BofA Hires SEC's Former Top Cop Lynch For Legal Disputes, Probes

Publication Date: 
April 15, 2011
Source: 
San Francisco Chronicle
Author: 
Dan Reichl and Paul Tighe

Professor Joseph Grundfest spoke with the San Francisco Chronicle's Dan Reichl and Paul Tighe on the hiring of Gary Lynch by Bank of America Corp., and how Lynch's ability to address the larger business and political policy issues will be beneficial to the company.

Gary Lynch, the former Securities and Exchange Commission enforcement head who later helped Morgan Stanley and Credit Suisse AG tackle legal disputes, is looking to repeat his success at the biggest U.S. bank.

Bank of America Corp. announced yesterday that it had hired Lynch, 60, as its global chief of legal, compliance and regulatory relations. Scott Silvestri, a Bank of America spokesman, said Lynch wasn't available for an interview.

...

"Companies that find themselves facing these really big issues need people like Gary, and he's clearly among the best," said Joseph Grundfest, a former SEC commissioner who is now a Stanford Law School professor. "He's a problem solver, in a way that transcends the narrow legal questions and is able to address the larger business and political policy issues. And the reality is that a company like Bank of America has to simultaneously solve all of those questions."