SEC appoints new inspector general

H. David Kotz was named inspector general of the SEC, according to a news release. Mr. Kotz was inspector general of the Peace Corps. He succeeds Walter Stachnik, who retired in August. In a statement released today, Sen. Charles Grassley, R-Iowa, said Mr. Stachnik stepped down after Mr. Grassley and Sen. Arlen Specter, R-Pa., released a report alleging SEC mishandling of an insider-trading probe involving Pequot Capital Management. That report included an allegation that the SEC’s inspector general’s office failed to investigate a complaint that the agency “pulled punches in the (Pequot) investigation because of one witness’ political clout,” Mr. Grassley’s statement said.