Krawcheck, possible SEC head, raises Washington image
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New York Senator Charles Schumer, a senior Democrat on the Senate banking and finance committees, has been a prime target for Krawcheck's overtures, sources say. He could be a key ally if Krawcheck is seriously considered for the SEC job or another in Washington.
"ISN'T AN ACT"
People who know or have worked with Krawcheck say the investor's friend persona isn't an act.
"She has been an advocate for clients as long as I've known her," said Lyle LaMothe, a wealth management consultant who retired as head of Bank of America's Merrill Lynch brokerage in 2011 after 24 years with the firm. "When we would be in executive session, once we got through the business of the day the final question (she asked) was, 'Is this in the best interest of the client?'"
Early on in her career as a commercial banking analyst at Bernstein, Krawcheck was known for being candid about her views, even if they were not popular. In 2002, Krawcheck, who by then was chairman and CEO of Bernstein, was featured on the cover of Fortune magazine for a story about the search for the "last honest analyst."
"She is not a 'yes' person," said Eric Stoclet, an executive director in London at Forum Partners Investment Management who was an executive for Citi's private bank in London from 2004-2006. "She did quite a good job at Citi with some very tough people."
Her candidness has put her at odds with superiors. In 2008, Krawcheck, as head of Citi's wealth unit, clashed with then CEO Vikram Pandit over how to reimburse clients who bought hedge funds that turned out to be toxic and who owned auction rate securities they were unable to liquidate. Krawcheck argued for paying investors back and suggested making zero percent loans to those clients, a person familiar with the situation said. Within months, she was out.
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