|Mary Jo White|
President Obama's choice of White reveals a dilemma: the competence which she brings has a tail of self-interest that inevitably poses the question: can she be independent when the firms that continue to reward her and her husband are the servants and advocates of companies she must regulate and perhaps punish? - GWC
p.s. - One issue absent from Morgenson's list is the S.E.C.'s proposed settlement. Judge Jed Rakoff castigated it as a sweetheart deal with Citigroup which bet against its own customers in a synthetic derivatives deal five years ago before the financial collapse. The New Jersey Law Journal Editorial Board has called on White to relent and agree to answer Rakoff's challenging questions. So far the S.E.C. insists that a judge should just rubberstamp its negotiated settlements. - gwc
Dear S.E.C. Chief - Clock Is Ticking on Mortgage Cases - NYTimes.com:
by Gretchen Morgenson
AFTER receiving unanimous support from the United States Senate, Mary Jo White was confirmed last week as the new head of the Securities and Exchange Commission. At her swearing-in, she praised S.E.C. officials for “vigorously enforcing the securities laws.”Doubts remain, however, about how potent the S.E.C.’s enforcement has been, especially in the aftermath of the mortgage mania. So Ms. White has some work to do.
'via Blog this'