Mary Schapiro, Obama's SEC Pick, Sued Over Merger

WASHINGTON -- Mary L. Schapiro, who appears this week at a confirmation hearing on her selection to head the Securities and Exchange Commission, has been accused in two lawsuits of making misleading statements to quickly complete a merger of regulatory organizations after which she received a 57 percent raise in her pay.

The merger involved the regulatory units of the New York Stock Exchange and the NASD two years ago. Ms. Schapiro was then head of the NASD, and she spent months traveling the country to persuade its 5,100 members to support it. The merger created a new self-regulatory organization, the Financial Industry Regulatory Authority, or Finra, where Ms. Schapiro is the chief executive. The Securities and Exchange Commission relies on Finra to police Wall Street.

Read the whole story here.

Comments

[CountChocula]

Schapiro was a disaster at FINRA. How could they say nothing was amiss at Madoff's brokerage when it has come to light that no trades may have ever been made? We need a hard headed honest cop Patrick Fitzgerald type who ends the revolving door from SEC enforcement to megabucks on wall street. If Obama really wants to restore integrity to the SEC he should get Gary Aguirre back to head up the place. I'm sure he knows who is honest and who's a crook. Competency and honesty... is that too much to ask?

[MetalCanuck]

HAHAHA!!

Go OBAMA! CHANGE!

WhooHooo PEople, just like his Monsanto pick for Agriculture this one is a WINNER!

Yahhhh

Ron Paul 2012:) Or Dennis Kucinich but Bailing out the eocnomy won't work!:)
HEheheeh

[PKSSK]

I guess the Obama transition team has stopped the vetting process, not good.

[Geranium]

Almost everyone Obama has picked is mired in controversy.

[ptarantino]

No, plenty of his pick's are very solid & hopefull.

This one is suspect & has a taint of criminality. We need a SEC Chair that isn't afraid of going after the Bernie Madoff's & other the financial crooks at-large

[ptarantino]

Senator Dodd needs to do his job & reject Schapiro..

We need a SEC chair without any taint who has NOT been looking the other way for the past 8 years as the financial criminals have taken down the World, let alone America.

[paulfree17]

Politicians and political appointees all serve at the behest of Lobbyists.

Corruption is and will be rampant as long as money is at the root of all politics. Until we really address campaign finance reform we will not remove the power of money and corporations from forming our political and financial destiny.

The politicians want the power and the lobbyists have the money which is the key to that power. To expect a politician to appoint someone who will work against the lobbyists is asking them to commit political suicide.

We must have total transparency and regulations of where political money comes from and reduce the amount of money necessary to run for office. Until that happens we will get what they the lobbyists pay for.

[gimbal174]

.sullivan-­----boston­-----nyc--­-----wdc

[westcoastsc]

Yes, absolute transparency.

[mitsie]

Burris is a registered lobbiest, does that mean he will serve at the behist of himself?

BTW we need term limits and total transparency.

[holeybuybull]

Fox, meet henhouse. America needs a class action suit against, at least, the last four administrations and the incoming one. They are responsible for the increase in colorectal cancer by virtue of all the smoke they've been blowing up our arses for decades.

[mitsie]

NO, we don't need any more distractions, with the problems we have. If the Senate dosen't want to accept this person, so be it. Move on, or we will be in another great depression, and the mid east is going to blow up literally.

[PartyPartyParty]

This sort of thing is what makes me fear that "Real change" = "Same pile of manure, new shoveler."

[jstowe100]

LOL, love your imagery.

[SwissChocolate1]

Another cabinet member of Obama's under investigation?

When will this stop.....????

[BarackstarObama]

She's not a cabinet pick, and if she's trouble, then she must go.

[bikerdude]

No question about that. Where do we go to find honest SEC folks? That industry has been so tainted by non-regulation that their SOP includes at least ignoring illegality..

[dadw5boys]

Funny how they left out the Bush cut the SEC funding for Enforcement !!!!!!!!!!!!

Just one of the little things I noticed they missed.

But a 32% cut in funding for the SEC's Enforcement arm is hard to miss espically when 9 months after the budget cut the stock market falls apart.

[quiviran]

So, was she the one responsible for letting Bernie Madoff run amok?

[Bobleblah1]

This is all getting to the point of comedy.
Every single person appointed to this administration is scandal tainted.
I'd bet a million bucks that Mary Mary here has some Madoff connections as well.

How's that Change thing coming??

[demandfortruth]

instead of making little snide comments like "hows the change thing coming" you should be more appalled at all the "competent" people who have their hands in the till

democrats and repubs are all guilty. the problem is he can't employ someone who is just out of college...so where is he going to find all these great people????

[edwcorey]

There are many people who got things right. But he's not picking any of them. But let's count the promises Obama's made--and the ones he's hedging on. His campaign blasted the Bush administration, hooking McCain irrevocably to it. But since the election Obama's agreed with Bush more often than not, and smiles in the man's face like they're best buds now. A rose by any other name--or color--is a rose is a rose is a rose. And it's starting to stink.

[Bobleblah1]

As I seem to have to say repeatedly on this site, I am not a partisan.
The sides being evangelized must be "Apart in order for partisanship to be rational.
The point is that NOTHING has changed and the criminality of Bush, will be the criminality
of Obama.

Just watch.

[TJCole]

We already here at Huffington post had Mr. Solin write several great articles why this woman Schapiro should never to approved and or have ever even been selected by our President elect...as SEC Chair or any other Federal office...!

Yet a great guy like Richardson gets thrown under the bus not once but twice, once as Secretary of State then again as Commerce Secretary...!

[swo68]

I'm not so sure Richardson is a great guy. He pretty much dove under the bus.

[Middleclassvotingbloc]

I don't think she would be the right person for the job, according to this article.

[ptarantino]

There is a lot of look the other way "D" Senators on the committe to approve her or not. (Dodd & Reed)

My NJ Senator Menendez is one of them, though I still called up & said "NO WAY JOSE."