Professor Roberta Karmel spoke with CNBC about the allegation that the Securities and Exchange Commission and Wall Street firms have a mutually beneficial revolving door. Critics cite over 200 former SEC officials who have since moved on to private companies, many of the same ones the SEC must regulate. Professor Karmel, a former SEC commissioner, however defended such officials, explaining: "Who do you want representing these clients before agencies such as the SEC with very, very complex rules? Lawyers who know nothing about the rules -- or lawyers who do?"
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