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Mary Schapiro, Ex-SEC Chairman, Joins Promontory Financial Group, Says 'There's No Revolving Door'

Ex-SEC Chairman Nabs Risk Management Job
AP/HuffPost
FILE - In this Dec. 6, 2011 file photo, Securities and Exchange Commission (SEC) Chair Mary Schapiro testifies on Capitol Hill in Washington. Schapiro will step down as chair of the SEC next month after a tumultuous tenure in which she helped lead the U.S. governments regulatory response to the 2008 financial crisis. (AP Photo/Evan Vucci, File)
FILE - In this Dec. 6, 2011 file photo, Securities and Exchange Commission (SEC) Chair Mary Schapiro testifies on Capitol Hill in Washington. Schapiro will step down as chair of the SEC next month after a tumultuous tenure in which she helped lead the U.S. governments regulatory response to the 2008 financial crisis. (AP Photo/Evan Vucci, File)

WASHINGTON — Former Securities and Exchange Commission chairman Mary Schapiro has joined Promontory Financial Group.

The risk-management, regulatory and compliance consulting firm says that Schapiro will serve as a managing director and chairman of its governance and markets practice.

"In my case, there's no revolving door…I won't ever be going back to government," Schapiro said in an interview with the Wall Street Journal. She decided that after spending "28 of the last 32 years as a regulator," now was the "right time…to do something different."

Schapiro was named SEC chairman in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff pyramid scheme. Schapiro stepped down late last year.

Promontory says that Schapiro will work with clients on corporate governance risk management issues. She will be based at Promontory's Washington office.

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Wall Street's Amazing Revolving Door

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