Bloomberg has a huge, detailed piece on Mary Schapiro’s efforts to reform the SEC. Its today’s required reading:
“Schapiro became SEC chairman in January, having been nominated by President-elect Barack Obama to attack Wall Street’s “culture of greed” and bring the “new ideas, new reforms and new spirit of accountability” to an agency whose failures, Obama said, helped spur the 2008 market meltdown.
In her first year in office, Schapiro’s found that issuing proposals is easier than finalizing them. “You get zero points in history for what you proposed,” said former SEC Chairman Richard Breeden, who now manages a hedge fund that tries to remove directors at companies he believes are underperforming. “You get points for what you get over the goal line.”. . .
At a time when lawmakers were threatening to strip the SEC of power because of failures in policing Wall Street, she helped restore its credibility, former officials said, by cleaning up units that missed Madoff’s crimes and proposing regulations for credit-rating companies that assigned top grades to toxic mortgage securities.”
Long, but worth the read . . .
Schapiro Whipsawed By Wall Street, Lawmakers, Defers SEC Rules
Bloomberg, Dec. 30 2009