Irene Eng The Kibbitzer

That was the title of a NYT reporting almost two years ago to the day.  It’s about compliance lawyers have benefited from the high number of investigations into corporate finance.

Looked across the room at Babbo recently and figured that the man and woman splitting an expensive bottle of wine worked on Wall Street? Good assumption. Did you further guess that they were investment bankers? You may need to expand your portfolio of stereotypes. They just may have been the new face of Wall Street, the newly empowered — and often newly rich — compliance lawyer. They are often the only people standing between their investment firms and a lethal blow from the government, and their status is assured and growing. Just as corporate raiders represented the Wall Street of the 1980’s (think of Gordon Gekko) and mutual fund managers were the icons of the 90’s (Jeffrey N. Vinik, who ran the Fidelity Magellan fund, was a minor celebrity), the lawyers who keep companies in compliance with increasingly tough regulatory laws have become a new prototype of the financial district. They may lack the flash and glamour of earlier models, but this is the compliance lawyer’s moment in the sun.  …

Eddie’s such attorney.  He heads the compliance department for a major bank out of Singapore.  Living as an expat has many advantages (even century ago according to Brooke Astor in her autobio Footprints), hence Singapore it is.  Life is mild there and the deadlines are always half day later, lol.  Like London is diverting many businesses away from New York, Singapore is benefiting from Hong Kong, for many blue chip companies are choosing Singapore as their Asian hub over the former British colony.  Eddie seems to be at the right place at the right time: anti money laundering is new and most laws are based on the American’s.  Asian countries are just starting to warm up to the idea … He’s been approached from many sides to hang out his own shingle, that included his own subordinates. 

After he graduated from law school in New York, he went to work in Indonesia for few years.  His older son was born there.  Then he got an offer from this major bank and moved family back again in 2000.  “I was very nervous, because the bank’s the major player on Wall Street and I didn’t know if I’d measure up…”  Before law school he worked at the mayor’s office.  He sure did and did well, apparently.  After lingering at the cross road that face by many who want or dare to strike out on their own - the security vs adventure - he decided to try his hand, still out of Singapore.  Hey, if anyone needs expertise on anti money laundering, compliance … give him a try.  He’s the original and very good, parle français fluent aussi.