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by Tyler Durden
So far, new SEC Chair Gary Gensler s tenure isn t starting exactly as planned.
Gensler s appointee for Enforcement Director, Alex Oh, who was announced in the role less than two weeks ago, has already resigned.
The stunning turnaround came after a federal judge reprimanded her and others defending oil giant ExxonMobil in a class action lawsuit brought by Indonesian villagers, according to Politico.
Oh wrote in her resignation letter: In light of the time and attention it will take from me, I have reached the conclusion that I cannot address this development without it becoming an unwelcome distraction to the important work of the division.
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“It’s upsetting that President Biden didn’t even mention student debt, let alone provide even a hint of recourse to the millions of student loan borrowers who are in crisis right now,” said Ross Floyd, organizing director at Student Action, a group that supports free college and the full cancellation of student debt. “After being denied some stimulus checks, what students really need is relief especially coming out of this pandemic when we’re trying to jump-start our economy.”
The president s speech did include nods toward other issues being pushed by progressives such as calling for policing reform, climate change action, pro-LGBTQ policies and pro-union policies.
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The U.S. Securities and Exchange Commission (SEC) reported the resignation of Alex Oh as director of the Division of Enforcement after only five days on the job.
What Happened: The SEC announcement of Oh’s departure only cited “personal reasons” for her abrupt exit.
Oh worked for two decades at the law firm Paul, Weiss, Rifkind, Wharton & Garrison prior to joining the SEC.
According to a Politico report, she was part of a reprimand issued on Monday by a federal judge for her conduct in defending
ExxonMobil (NYSE: XOM) in a class-action lawsuit brought by Indonesian villagers who sought to hold the oil company liable for murder and torture committed by the Indonesian military from 1999 and 2001, when the company hired soldiers to protect its natural gas facilities in the country.