Career moves

The White House's removal of Joseph Smith as a nominee to be the director of the Federal Housing Finance Agency (FHFA) does not bode well for an administration facing so many regulatory jobs to fill, observers said Friday.

Now that the President's first pick to be the new GSE regulator has bowed out due to Republican opposition, the White House will likely appoint an administration official who has already been confirmed by the Senate to run the agency.

Sen. Rand Paul, the newly installed 'Tea Party' senator from Kentucky, wants to eliminate the Department of Housing and Urban Development (HUD), saying the agency played a key role in the housing crisis by implementing policies that "expanded risky mortgages," including subprime loans.

Chapman and Cutler hired James Croke and Peter Manbeck, previously from Orrick, Herrington & Sutcliffe, as partners in the asset securitization group in its New York office.

Boutique invesment bank Williams Capital Group (WCG) hired Joseph Fichera, who is chief executive officer of Saber Partners, as senior advisor to the firm.

Wall Street trading floors are not known for decorum. But it is striking how often a particular profanity turns up in those internal e-mails that become public after markets crash.

Cadwalader, Wickersham & Taft hired Joseph Beach for its Charlotte office as special counsel in the capital markets department. His practice will focus on loan finance and securitization.

Martin Fingerhut, previously a partner at Blake, Cassels & Graydon's (Blakes) financial services group and chair of the law firm's structured finance group, is moving to Cassels Brock & Blackwell, another Canadian law firm based in Toronto. Fingerhut was hired as a senior partner and head of the firm's securitization group.

Michael Blum was named president and CEO of ORIX USA Asset Management, a subsidiary of ORIX USA Corp.

Eileen Rominger has been named to lead the Securities and Exchange Commission’s (SEC) investment management division.

Golub Capital hired Daniel Posner to develop and lead new credit strategies later this year.

SLM Corporation , better known Sallie Mae, has appointed Jonathan Clark executive vice president and CFO.

The Financial Accounting Standards Board (FASB) on Friday announced it has filled two new openings, appointing Daryl Buck of Reasor's Holding Co. and R. Harold Schroeder of Carlson Capital as the standard-setting group expands from five to seven members.

Cohen & Co. has formed a new venture with FundCore Finance Group to create a commercial real estate (CRE) conduit lender. The conduit will start originating loans in this quarter.

Newedge hired Bill Blain and James St Johnston as co-heads of its new special situations group (SSG) in the credit and fixed income markets.

Homebuilder Lennar Corp. promoted Rick Beckwitt to president from executive vice president. Stuart Miller will remain chief executive officer of the company.

Bingham McCutchen has elected 13 lawyers to its partnership. The promotions follow a year when the law firm expanded its key practices in the global markets, including launching its Frankfurt-based financial restructuring practice. It also grew its Hong Kong office.

Fortress Investment Group's managing director and securitized products portfolio manager Greg Finck will move to the firm's traditional asset management arm.

Amherst Securities Group hired three mortgage industry veterans to expand its sales division. The executives are Peter Davidson, Chris Heaney and Chris O'Neill.

Ellington Management Group hired Leo Huang as portfolio manager for commercial real estate (CRE) debt. Huang will report to Michael Vranos, Ellington’s founder and chief executive.