After the Madoff 50 Billion ponzi scheme which have literally wiped out many worldwide, the eye on the SEC should be fierce.
I always looked at this position as "one of the boys" supposedly regulating "one of the boys", and after the Madoff fiasco, that is just what happened. The boys let one of their own, slide for too long.
The SEC needs credibility brought back to it. Desperately.
Mary Schapiro will be named tomorrow as Obama's pick to head the Securities and Exchange Commission.
Schapiro, who heads the Financial Industry Regulatory Authority, is well regarded and thought of as a tough regulator, but she could also be viewed as too much of an insider.
She has served under both Presidents Clinton and Bush, as chairman of the federal Commodity Futures Trading Commission (appointed in 1994) and in January of this year, was appointed by Bush to the President's Advisory Council on Financial Literacy.
She has also served on the SEC and headed the National Association Of Securities Dealers.
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