Word: sec
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...Schapiro's financial self-regulation background may not be enough. According to Dr. Fred Dunbar, senior vice president at NERA, an economic consulting firm, "banks are suppose to behave themselves under self-rule." During the Bush Administration this popular belief drifted over to the SEC, Dunbar says. "The feeling was, with the SEC, that with such self-enforcement they wouldn't have to step up their own enforcement. But the financial crisis has led to a re-examination of this theory, firms don't behave as one might think in theory...
...NERA studies show SEC enforcement action settlements hit a three-year high in 2008, reaching 739 settlements, but the vast majority, 568, were for individuals for such things as insider trading. Company settlements declined to a total 171, the lowest since...
...When Virginia's Democratic Senator Mark Warner asked the SEC nominee if "we needed prohibition of some financial instruments?, she answered cautiously: "We will explore prohibiting some instruments." She added that one big problem was turf wars among regulatory agencies. "Regulators need to cooperate," she said. "We haven't shared in past, we need a maximum number of eyes" to stop fraud...
...incoming chairwoman also said she believes strongly in the need for a broad investor literacy program, where local SEC offices work with local groups to get the word out about safe and unsafe investments...
...Richard Wallace knows something about Schapiro and believes she will take bold action. Wallace worked at Schapiro's FINRA for the last 12 years, and before that was an enforcement prosecutor at the SEC. Wallace is now partner at the law firm Foley & Lardner, chief counsel of its financial industry regulatory authority practice. "Within a few months of coming on board at FINRA, Mary brought charges against Banker's Trust Securities," Wallace says. "She jumped right in, she beefed up enforcement, and wasn't afraid at all to take on powerful interests. She was an enforcement officer once, and enforcement...