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THEY are, says a former securities regulator, a "Ponzi scheme" that no self-respecting firm should touch.
Blair Hull, a former securities trader who made his start at the blackjack table, led in early polls.
Ms. Johnson, a former securities analyst at Salomon Brothers, also hires and trains men on parole and probation.
"He's trying to cut a deal," said Marvin G. Pickholz, a former securities regulator and specialist in white-collar crime.
Curtis Hogue, a former securities analyst, teaches an intensive M.B.A.-style curriculum, with lessons in finance, accounting, marketing and sales.
Mr. Alboini, a former securities lawyer and author of a widely used Canadian textbook on security laws, said his dual roles were a matter of circumstances.
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This issue was raised last year by the former Securities and Exchange Commission chairman, Arthur Levitt.
Salvatore Iannuzzi, the company's lead independent director and a former Securities and Exchange Commission official, was named non-executive chairman.
This group includes David G. Nason, a senior adviser to Mr. Paulson and a former Securities and Exchange Commission official.
"It would strategically be a big benefit to him," Howard Schiffman, a former Securities and Exchange Commission trial lawyer, said.
"I wouldn't have bet that any board would have believed that Fastow could fill both roles," said Richard C. Breeden, a former Securities and Exchange Commission chairman.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com