Word: commissioners
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If she wasn't so successful, you could almost feel sorry for Mary Schapiro, the new chief of The Securities and Exchange Commission. As soon as she settles in at Washington's most beleaguered agency - she was sworn at the SEC's offices Tuesday morning - Schapiro will have two makeovers...
...street cred is definitely there, she being the first person to head both the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority (FINRA), two large non-government industry regulatory bodies, and also a former SEC commissioner under Ronald Reagan. There are no disputes about her leadership qualities or her fine reputation as a consensus builder in the clubby world of financial agencydom. But even her strongest supporters, like Senate finance leader Sen. Charles Schumer of New York wonder aloud if she has what it will take, if she's "willing to take no prisoners...
As chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's most prominent and outspoken champion of financial deregulation. He played the leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act that separated commercial banks from Wall...
Gramm, who before he got into politics was an economics professor at Texas A&M, took to the task with relish. He was dismissive of the charge that Glass-Steagall repeal has been a big problem. "Europe never had Glass-Steagall," he said. "So why didn't this happen in...
Since Bernard Madoff's arrest last month, the Securities and Exchange Commission (SEC) has busted three new Ponzi scams, though none are as spectacular as Madoff's $50 billion whopper. (See pictures of Madoff's demise.)