Word: sec
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Dates: during 2000-2009
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...Everyone's betting on Schapiro, the country's new top financial cop, to rally the weakened financial regulatory body, as beaten up as the investors it's suppose to protect. But even before stepping through the SEC's F Street doors she had to take a few knocks herself about how good, and tough, she really is. (See pictures of the demise of Bernard Madoff...
...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...
...Sounds like a good cop, but SEC followers, like Columbia law professor John Coffee, says she'll need an even tougher bad cop, too, if she wants to succeed in restoring faith in the agency, and the economic system. (See the top 10 financial crisis buzzwords...
...need more than one tough enforcement hombre, too; she'll need to resuscitate the SEC's rank and file enforcement officers, the numbers of which have steadily eroded while the complexity of the job has increased...
...According to SEC figures, enforcement levels went from 1,232 full-time employees in 2005 to this year's budget request for 1,093, an 11% drop. In the compliance office, the numbers went from 851 full-time staffers in 2005 to this year's request for 796, a 6.5% decline. (See pictures of the top 10 scared traders...