No, Mary Schapiro Didn’t “Fix” The SEC

By: Monday December 3, 2012 10:51 am

Regardless of my belief that Republicans are being ridiculous by trying to make a scandal out of the SEC allowing a public comment period for a rule change prompted by the JOBS Act, I think I’m pretty clear on the record about the SEC’s failings as a regulatory body. William Cohan wrote well on this [...]

Republicans Angry That SEC Allowing Public Comment Period for a Rule Change

By: Monday December 3, 2012 7:05 am

Normally you would attack a regulator for corruption on their way in the door, not on their way out. But Patrick McHenry (R-NC) claims that SEC Chair Mary Schapiro, in one of her final acts, burnished her legacy by delaying a rule that would allow companies trying to go public to solicit donations through public [...]

With Unclear Successor at SEC, a Look at the Agency’s Recent Failures

By: Thursday November 29, 2012 8:30 am

Mary Miller, a Treasury Department official seen as the expected pick for the next head of the SEC, dropped out of contention yesterday, leaving an unclear path forward. Elisse Walter, who was designated as the new chair, replacing the departing Mary Schapiro, is seen as a stopgap pick. But her elevation to the top slot [...]

White House Makes Politically Expedient End Run By “Designating” Elisse Walter SEC Chair

By: Monday November 26, 2012 10:49 am

The White House, in announcing the departure of Mary Schapiro as Chairwoman of the SEC, also took the unusual step of “designating” her replacement – a way to fill the vacancy at the top of the commission without confirmation in the Senate. Elisse Walter, a current commissioner, will replace Schapiro. Here’s the announcement: President Obama [...]

Mary Schapiro Steps Down as SEC Chief

By: Monday November 26, 2012 8:30 am

Schapiro’s replacement matters. Simon Johnson kicked this off a few days ago, juxtaposing the bona fides of Treasury Department under secretary for domestic finance Mary Miller (a former mutual fund executive) against former Special Inspector General for TARP Neil Barofsky. There’s no question than an experienced prosecutor like Barofsky would change the SEC’s culture, but there’s almost no chance he will ever hold another job in Washington, as he was specifically told by Herb Allison right at the beginning of his book Bailout.

Senate Banking Committee Holds First Round of Hearings on Fail Whale Trades

By: Wednesday May 23, 2012 8:58 am

Federal regulators maintained at a Senate Banking Committee hearing yesterday that investigations against JPMorgan Chase were ongoing, but that several factors, especially the funding of their agencies, would hamper their efforts. This was the first confirmation by the heads of the Commodity Futures Trading Commission and the Securities and Exchange Commission, Gary Gensler and Mary [...]

Flash Crash Panel Recommends Financial Transaction Tax

By: Monday February 21, 2011 6:31 am

It would have been easy to miss this the past few days, given everything going on. But are you aware that a panel of experts basically said regulators should consider a financial transaction tax, as the only way to stop another “flash crash” caused in part by high-frequency trading? Regulators should stem the growing tide [...]

SEC Looking at New High-Frequency Trading Rules

By: Wednesday September 8, 2010 6:50 am

On May 6, the stock market crashed and then rebounded in the space of five minutes, a technical glitch that pulled back the curtain on the level of automation and trading-by-computer in the financial system. It wasn’t just that the NYSE had been rigged to the benefit of the influential and the powerful, it was [...]

Cue The Prosecutions: SEC Sues Goldman Sachs

By: Friday April 16, 2010 8:45 am

The financial reform bill may or may not have the teeth necessary to create true safety for the economy. But regulators can right now enforce the laws on the books. And maybe we’re starting to see that. Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil [...]

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