With the ease at which Ponzi extraordinaire Bernie Madoff bilked billions of dollars out of people, it seems that John McCain was right when he suggested Chris Cox, head of the Securities and Exchange Commission, be fired. Cox seems confused.
Some praise for Cox and a look at the problems at the SEC.
Obama's apparently replacing him with Mary Schapiro, who would be the first woman to head the SEC.
Here is her bio at Forbes:
Ms. Schapiro serves as CEO of the Financial Industry Regulatory Authority, created in 2007 through the consolidation of the National Association of Securities Dealers ("NASD") and the member regulation, enforcement and arbitration functions of the NYSE. She previously served as Chairman and CEO of the NASD, as Chairman of the Commodity Futures Trading Commission and as a Commissioner on the Securities and Exchange Commission. She is currently a director of Kraft Foods Inc.
WaPo: Since arriving at the broker-dealer group NASD in 1996 on the heels of a price-fixing scandal, Schapiro has rebuilt the group's enforcement division into a legitimate regulatory watchdog. On her watch, the NASD expelled crooked brokers, helped clean up biased investment banking research and cracked down on mutual fund sales abuses.An October interview with Schapiro:
