Mon Apr 8, 2013, 02:56 PM
Roland99 (37,215 posts)
Senate approves Mary Jo White to be SEC chairman
WASHINGTON (MarketWatch) - The Senate on Monday unanimously approved Mary Jo White, a former U.S. attorney who supervised the prosecution of New York mob boss John Gotti, to head the Securities and Exchange Commission. White, 65, formerly a partner at Debevoise & Plimpton LLP in New York, served for almost 10 years as U.S. attorney for the Southern District of New York in Manhattan
Read more: http://www.marketwatch.com/story/senate-approves-mary-jo-white-be-sec-chairman-2013-04-08?link=MW_home_latest_news
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Senate approves Mary Jo White to be SEC chairman (Original post)
|hay rick||Apr 2013||#4|
Response to Roland99 (Original post)
Mon Apr 8, 2013, 07:50 PM
hay rick (3,698 posts)
4. Not a single Republican objected.
Does that tell us anything? From the article:
With her strong enforcement credentials, White received strong bipartisan backing by lawmakers on the Senate Banking Committee and was approved almost unanimously by that panel, with a vote of 21 to 1 on March 19.
Whiteís approval comes as onlookers contend that the SEC and Obama administration havenít done enough to investigate and prosecute Wall Street CEOs in the wake of the 2008 financial crisis.
Her only opponent on the Senate Banking Committee, Sen. Sherrod Brown, Democrat from Ohio, didnít appear pleased with her response to his questions when she testified before the committee on March 12. He raised concerns that regulators are creating a two-tiered system, where big banks are treated preferentially because they have the most employees and shareholders that could be negatively impacted by a criminal prosecution.
White acknowledged that federal prosecutors are instructed by Justice Department policy to consider the collateral consequences of a criminal indictment, including any impact on shareholders, employees and the public. However, she also said that no bank is too big to charge, seeking to rebut concerns by Brown and others that large financial institutions can act with impunity...
The article notes that Mrs. White's confirmation comes soon after her predecessor, Mary Shapiro, announced that she has joined Promontory Financial Group- reinforcing the idea that there is a revolving door between Wall Street and its regulators.
More on Mary Jo White: http://www.democraticunderground.com/10022261421