Is Mary Schapiro the Right Choice to Head the SEC?
Barack Obama has nominated Mary Schapiro to the important position of head of the SEC, however Ms. Schapiro’s history may lead some to question if Obama is really serious about cracking down on Walstreet and increasing regulation of the financial sector.
According to the WSJ:
But a close examination of Ms. Schapiro’s record as a regulator shows she has infrequently pursued tough action against big Wall Street firms.
During the past few years of Ms. Schapiro’s career as a regulator, which earns her over $3 million a year, enforcement fines against firms have plunged.
She was also head of the Financial Industry Regulatory Authority (FINRA), which has examined portions of Madoff’s firm for decades but failed to detect the largest Ponzi scheme in history. Not a very promising sign for the person who will run oversight of our fragile stock market which has lost trillions due partly to ineffective regulation.
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