President-elect Barack Obama's pick to head the SEC has been roundly criticized by people who care about these things, but The Wall Street Journal (subscription required) is the first to launch a scathing attack on her career as a lousy regulator.
Since Schapiro has been the head of FINRA, enforcement fines have plunged 73%. Schapiro advocated the merger of regulatory bodies that led to the creation of FINRA, arguing that it would be effective in "reducing regulatory costs and reducing burdens" on financial companies.
Well maybe it was but if so, it came at the expense of derailing the entire economy and causing ordinary investors untold billions in losses. FINRA has also been criticized for failing to take any substantive action against Bernard Madoff.
The Wall Street Journal piece provides a terrifying look at the person Obama has selected to run the SEC at what is arguably its most important moment in history. He ran on a platform of change and new ideas but when it comes to regulating the financial markets, he has chosen an insider who is as much a part of the problem as anyone.
It's not too late to pick someone better, Mr. Obama!
Obama's SEC pick has a dismal track record
Posted Jan 15th 2009 1:00PM by Zac Bissonnette
Filed under: Management, Politics
Reid Hoffman: LinkedIn will go public (at some point)
Retailers can't wait for Black Friday, open Thursday
Tiffany's serves up solid quarterly earnings
Reader Comments (Page 1 of 1)
1-15-2009 @ 3:08PM
BHarrison said...
Obama hasn't even taken the oath of office and been sworn in and he is ALREADY making BLUNDEROUS MISTAKES in his selections for cabinet and other political positions.
We, the people of America, cannot afford for Obama to make such dramatic "mistakes" in his appointments . . . aren't there any qualified people who don't have a lot of damaged bagage being drug behind them? A proposed Head of the IRS who did not file all of his taxes for FOUR years; and who was "given a settlement deal" and not required to pay two years of those taxes or the associated fines and penalties?
Obama's promises for "CHANGE" are falling flat and he hasn't even been sworn into office yet. It is time for a 3rd and 4th political parties. it does not look like Obama is going to be able to "deliver" on his promises . . . that is bad news for the people of the USA.
1-15-2009 @ 4:38PM
Iridium said...
Every one of Obama's picks have been terrible.
We are going to have a TV star Surgeon General.
A Sectretary of State who's husband takes massive monetary contributions from Arab countries and other dubious places.
A SEC chairwoman who has a dismal record.
A political hack for CIA director.
Attourney General that pardons criminals for money and doesn't beleive there is a definition of a terrorist. Lets a company that was found paying off terrorists get away with a slap on the wrist.
It goes on and on and on. This is going to be the worst administration in the history of the country.