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Mary Schapiro Chosen to Head SEC

By Amit R. Paley
President-elect Barack Obama has chosen a veteran financial regulator as the new head of the Securities and Exchange Commission, the beleaguered overseer of Wall Street that has been pilloried for failing to prevent the global economic meltdown, senior Democratic officials said yesterday.

The selection of Mary L. Schapiro, who has served as acting chairwoman of the SEC and chief of the Commodity Futures Trading Commission, will make it easier for the Obama administration to merge the two agencies as part of a broad regulatory overhaul expected next year. Key regulators and lawmakers have advocated for such a move, arguing that the bifurcation of the two agencies credited to the lack of oversight that triggered the financial crisis.

Schapiro, 53, has a history of attracting support from both Republicans and Democrats. President Ronald Reagan appointed her as a commissioner at the SEC, where she served for six years. She eventually was named acting chair by President Bill Clinton; he later made her the chief of the Commodity Futures Trading Commission.

Obama is expected to announce the choice of Schaprio, who would be the first woman to become permanent chair of the SEC if confirmed by the Senate, at a news conference tomorrow in Chicago.

Schaprio is currently the head of the Financial Industry Regulatory Authority, the non-governmental agency that is Wall Street's self-regulator, where she has worked since 1996.

Staff Writers Philip Rucker and Anne E. Kornblut contributed to this report.

Posted at 7:42 PM ET on Dec 17, 2008  | Category:  Cast of Characters
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Comments

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Cox had to be taking kick-backs. For the last ten years the SEC had received warnings about Wall Street and all the SEC staff did...was look the other way. They all should be arrested, fined and jailed. Change is not enough, we need tough REGULATION of Wall Street, we need someone up their noses at all times since the Robber Barons cannot be trusted. We allowed Deregulation and here is the result--economic failure. We need to get rid of all of the old guard and get some younger, fresh faces with integrity. The old guard obviously has perfected the system of "gaming the system."

Posted by: agutierrez07 | December 19, 2008 6:58 AM

If Obama's administration is going to scrutinize all programs for whether they're working or not, the SEC should be the first to be investigated. Madoff is just another symptom of a reglatory group that doesn't work. Change is too light an expression for what this taxpayer funded organization needs--drastic reform would be a better direction.

Posted by: sober1 | December 18, 2008 10:13 AM

Shapiro also serves on RAND Corporations center for ethics.

That's like being in charge of charity for Blackwater.

I gave Obama my vote to clean up DC & in essence Wall Steet, this reeks of a politcal appointment, rather than a change in favor of honest LAW & ORDER.

Posted by: pault332001 | December 18, 2008 9:31 AM

Is this really the top financial cop, Obama can come up with?

She has been in the center of the failed agency for nearly 3 decades.

& being responsible for the de-regulation side, should automaticaly keep her off this important position.

Posted by: pault332001 | December 18, 2008 9:25 AM

"I want someone in there who is fresh, and is not part of the problem.

She had her chance.

Posted by: scoob1900 "

Scoob, this is easier than you think. Simply get elected to the Presidency and you and you alone get to pick and choose.

Please tell me how you know that Ms. Shapiro is "part of the problem" I am willing to bet before her name came up for this position you never heard of her or, what she did for a living.

Posted by: Thatsnuts | December 18, 2008 7:28 AM

Obama has not and refuses to prove to America that he is eligible as a “natural born citizen,” as required by Article II, Section I of the U.S. Constitution to be President of the United States. Instead "Obama has had three law firms (firms, not lawyers) on retainer since the day he was elected to public office and throughout his presidential campaign to make sure that the public does not get access to his birth records in Hawaii or his college transcripts from Occidental College and Harvard. AJAX2"

So early and the whack attack is in full bloom....Ajax, an attorney takes an oath as part of their admission to the bar. Part of that oath is that they will keep their clients business inviolate(read secret). So, if Obama didn't see fit to tell you if or why he engaged an attorney or firm, and that firm isn't saying if they have been retained or for what purpose, how is it you know and that you know it is for an evil purpose.

I invite your response however, please don't send me any cut and paste junk. Just send something objective and factual. I really doubt you can do that. So, surprise me or just dry up.

Posted by: Thatsnuts | December 18, 2008 7:23 AM

I am a little concerned about the possible nomination for SEC head. Has Wall Street been "self-regulating" since 1996?

Posted by: haggerty9 | December 18, 2008 7:18 AM

I might be an old-fashioned New Englander, but when a man is under a roof, next to the president-elect, he should not be wearing a hat. Basic etiquete. By wearing a hat Sen. Salazar showed clear sign of bad judgement or provincialism. We cannot expect too much from him.

Posted by: marketeck | December 18, 2008 6:52 AM


Join Exploding Demand For Citizenship Documentation

Obama has not and refuses to prove to America that he is eligible as a “natural born citizen,” as required by Article II, Section I of the U.S. Constitution to be President of the United States. Instead Obama has had three law firms (firms, not lawyers) on retainer since the day he was elected to public office and throughout his presidential campaign to make sure that the public does not get access to his birth records in Hawaii or his college transcripts from Occidental College and Harvard.

The question of Obamas' eligibility MUST be pursued because if Obama turns out to be nothing but an usurper acting in the guise of “the President,” Obama will not constitutionally be the “Commander in Chief of the Army and Navy of the United States, and of the Militia of the several States, when called into the actual Service of the United States”(see Article II, Section 2, Clause 1). Therefore, he will be entitled to no obedience whatsoever from anyone in those forces. Indeed, for officers or men to follow any of his purported “orders” will constitute a serious breach of military discipline—and in extreme circumstances perhaps even “war crimes.” In addition, no one in any civilian agency in the Executive Branch of the General Government will be required to put into effect any of Obama’s purported “proclamations,”“executive orders,” or “directives.”

To participate, sign the petition here:

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=83116

Posted by: AJAX2 | December 17, 2008 10:12 PM

What happened to the un-official Obama pledge of "no retreads"?

I'm sorry, but this woman is tainted. She's an ex-SEC commission member, and currently part of Wall Street's "Financial Industry Regulatory Authority" .

I want someone in there who is fresh, and is not part of the problem.

She had her chance.

Posted by: scoob1900 | December 17, 2008 9:56 PM

Another Enron scam. Bennie made sure his Family stayed rich will robbing others. Notice how the Family never invested in the Family business. Bennie is being investigated and so is Cox being investigated because he knew all about it and got his kick back. This is a pattern by the GOP and Bush Administration. Cox knew all the crimes that were taking place but he was put in the job to make sure things didn't come out. When the complaint was filed Cox quickly dismissed it so the scam could continue. Fannie Mae/Freddie Mac were handled by Cox to make sure everyone got the money before it went public.

Posted by: qqbDEyZW | December 17, 2008 9:20 PM

I hope Alan Keyes files a lawsuit challenging this nomination as well.

Posted by: JakeD | December 17, 2008 7:46 PM

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