There's one fewer name on the list of candidates to head the
Securities and Exchange Commission
Gary Lynch, who as chief of SEC enforcement in the late 1980s helped bring down Drexel Burnham and put Michael Milken in jail, has accepted a promotion that will ensconce him as head of research and legal compliance with
Credit Suisse First Boston.
Lynch, who was previously general counsel with the investment bank, was named vice chairman. He is already on the company's executive board and operating committee.
CSFB's research practices have been one of the focuses of New York Attorney General Eliot Spitzer's investigation of Wall Street. Last week it was reported that CSFB investment banking powerbroker Frank Quattrone asked in an email to an analyst whether corporate finance business had been "extracted" from a company before research begun on them.
The company noted it has since moved to strengthen its policies in the area of analyst independence.
Lynch was said to be on the short list of candidates to succeed outgoing SEC chairman Harvey Pitt.