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Posts Tagged ‘FIRA

Bleak Future for the SEC

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President-elect Obama has selected Mary Schapiro as new Chair of the U.S. Securities and Exchange Commission. And that doesn’t appear to be the beginning of the much-indeed shaking of the financial industry.

Trouble is, in fact, that Mary Schapiro became in 2007 the Chair of the Financial Industry Services Authority, the new grandly-named self-regulatory body that…dropped the number of large fines just as the latest financial crisis was starting to brew, in 2006.

How can a 20-year-long-career regulator be trusted in remaking the whole regulatory “oversight playbook” is anybody’s guess. The only positive point is that with expectations very very low, Ms Schapiro can only succeed…

Written by omnologos

2008/Dec/28 at 13:03:46