Word: sec
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Dates: during 2000-2009
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Hoping to show she's got the right stuff, Mary L. Schapiro, 15 days on the job as chairwoman of the besieged Securities and Exchange Commission (SEC), took her first steps this week in shaking up the agency. She simultaneously secured an agreement with Bernard Madoff, worked on gaining tips about two more Ponzi schemes and waved goodbye to her chief enforcement officer, Linda Thomsen, who resigned...
...surprisingly, Thomsen's "dead man walking" status officially changed late Monday, when the SEC announced that its top cop had decided to call it quits and return to the private sector. Thomsen joined the agency in 1995 and became its enforcement chief...
...Robert Khuzami, a former federal prosecutor. He is currently a managing director and general counsel at Deutsche Bank. Khuzami spent 11 years at the U.S. Attorney's office in Manhattan, where he headed the white-collar crime unit, before taking a job at Deutsche Bank in 2002. The SEC declined to comment on a possible replacement for Thomsen; Khuzami's office did not comment either...
FINRA was created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange. The former chairman of FINRA, Mary Schapiro, is now the new head of the SEC, selected by President Obama and approved by the Senate Banking Committee last month...
...second half of his testimony, both oral and written, Markopolos outlined his recommendations for fixing the SEC. Markopolos said that "right now investors are afraid." He cited investor fears of banks, insurance companies, brokerage firms, credit rating agencies, investment manager, and the country's regulatory agencies, including the Federal Reserve and the Treasury. In a backhanded compliment, Markopolos said the SEC is a "bad regulator, but the best of a very sorry lot," though at one point he also suggested that it might be better to disband it or merge it with another agency. The bigger fix, he said...