Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

SEC Commissioner Wants Investment Advisors Overseen by Group that Paid Her Millions

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
The Straight Story Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 10:13 AM
Original message
SEC Commissioner Wants Investment Advisors Overseen by Group that Paid Her Millions
SEC Commissioner Wants Investment Advisors Overseen by Group that Paid Her Millions

As part of the federal reform of Wall Street oversight, the Securities and Exchange Commission (SEC) is deciding whether it or an outside source should oversee investment advisers. One commissioner, Elisse Walter, wants an industry organizationthat has paid her millions of dollarsto get the job.

The SEC issued a study this week on the subject of investment advisers oversight. In response to the report, Walter, who was appointed to the SEC by President George W. Bush in July 2008, argued for giving the duty to the Financial Industry Regulatory Authority (FINRA). What she failed to mention is that she used to work as a senior executive at FINRA or that it paid her more than $3.7 million in salary and bonuses in 2008.

SEC Chairman Mary Schapiro, another former FINRA executive, recused herself from voting on the study. Walter did not.

The Project on Government Oversight (POGO) criticized Walter for not recusing herself from this potential conflict of interest matter. There is certainly a question whether she should be making recommendations that could affect her former employer and other self-regulatory organizations, Michael Smallberg wrote on the POGO website.

http://www.allgov.com/Controversies/ViewNews/SEC_Commis...
Printer Friendly | Permalink |  | Top
The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 10:15 AM
Response to Original message
1. This is precisely what we need to stop.
Cronyism is a known fly in the ointment.
Printer Friendly | Permalink |  | Top
 
msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 10:33 AM
Response to Original message
2. government incest and prostitution, a total failure of ethics nt
Printer Friendly | Permalink |  | Top
 
Common Sense Party Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 12:34 PM
Response to Original message
3. FINRA already oversees much of what advisors and brokers do.
Anyone who thinks the industry is unregulated is seriously misinformed.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Aug 30th 2014, 06:24 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC