President-elect Donald Trump will pick Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, positioning a top lawyer to banks and hedge funds to lead Wall Street's main regulator.Trump plans to nominate Clayton for the role as soon as Wednesday, spokesman Sean Spicer told reporters on a call.Clayton has represented Goldman Sachs Group Inc. and investment firms ranging from Och-Ziff Capital Management Group LLC to Oaktree Capital Group LLC, according to Sullivan & Cromwell's website. Much of his legal work has involved mergers and acquisitions, as well as representing firms facing U.S. investigations. Continue reading...
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