The new chair of the Securities and Exchange Commission is fresh off Wall Street

[marmar]

from In These Times:


Obama’s SEC Cop-Out
The new chair of the Securities and Exchange Commission is fresh off Wall Street.

BY Joel Bleifuss


Mary Jo White, confirmed April 8 as President Barack Obama’s choice for chair of the Securities and Exchange Commission (SEC), has a wealth of experience—and a pile of wealth. From 2002 to 2013, White was the head of litigation at Debevoise & Plimpton, where her clients included the likes of UBS, JPMorgan Chase and Morgan Stanley. Servicing the legal needs of bankers has been good to White and her husband John, also a partner of an industry-friendly firm. Bloomberg reports the Whites’ financial disclosure forms show they own “assets valued between $9.9 million and $41 million.”

In March, White’s nomination sailed through the Senate Banking Committee 21 to one. Lone dissenter Sen. Sherrod Brown (D-Ohio) voiced concern about “Washington’s long-held bias toward Wall Street and its inability to find watchdogs outside of the very industry that they are meant to police.”

When nominating White, Obama promised that she will be a “cop on the beat.” Yeah, but who on her beat will she “serve and protect”?

Ka-ching! Now we know.

On May 1, in her first SEC vote, White shepherded through a proposal that would allow foreign branches of American banks to ignore DoddFrank financial reform regulations that control the $700 trillion derivatives market. Instead, U.S. banks would be free to trade derivatives under the rules of host countries where regulations are weak or nonexistent. ............................(more)

The complete piece is at: http://inthesetimes.com/article/15108/mary_jo_white_sec_cop_out/

[xchrom]

1. du rec.

[Doctor_J]

2. probably immaterial at this point

Anyone still hoping for change is shit faced drunk on koolaid anyway. I am just hoping the party can survive him.

[pangaia]

3. "..... “assets valued between $9.9 million and $41 million.”

Is that as close as they can come?