SEC's Mary Schapiro: Enforcement Will Be Intensified

SEC's Mary Schapiro: Enforcement Will Be Intensified

The new head of the Securities and Exchange Commission, in her first public address as SEC chairman on Friday, said she would no longer require agency enforcement attorneys to get approval before negotiating fines and penalties with companies accused of violations.

"I like to tell the staff we are going to act like our hair is on fire," Mary Shapiro told reporters.

Also on Friday, the SEC said that while the number of ponzi schemes aren't necessarily growing, the magnitude of the schemes are.

In related news, Shapiro's move to strengthen the agency could include replacing Linda Thomsen, the agency's embattled enforcement chief.

The SEC's attempt to reinvigorate itself comes on the heels of its flogging by the House Financial Services subcommittee Thursday. The lawmakers blasted the SEC for failing to respond to Wall Street tipster Harry Markopolos, who spent years trying to convince the SEC to investigate Bernie Madoff.

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