Mary Schapiro

18 Stories

Why Lehman Brothers Wasn't Prosecuted

The SEC's special division wasn't in favor

(Newser) - When SEC chief Mary Schapiro heard that her eight-member Lehman Brothers team had decided not to file charges for the bank's role in the financial crisis, she held a tense, private meeting with New York branch chief George Canellos. "I don't get it. Why is there no... More »

SEC Chief Schapiro Resigns

President Obama names Elisse Walter to replace her

(Newser) - Mary Schapiro is stepping down as SEC chairman, she announced today, making her the first major departure from the Obama administration and one that it was seemingly fully prepared for. President Obama immediately promoted SEC Commissioner Elisse B. Walter to the job, reports the New York Times , which adds that,... More »

After Facebook Debacle, SEC May Pull IPO Gag

Committee tells Darrell Issa he raised valid points

(Newser) - The SEC is considering eliminating the rule forbidding company executives from hyping their stock before they go public, after a string of disastrous high-profile IPOs like Facebook's. SEC chair Mary Schapiro sent a letter to Darrell Issa letting him know that her team was reviewing the so-called "quiet... More »

SEC Not Firing Anyone for Missing Madoff's Scheme

Eight employees got disciplined, however

(Newser) - SEC staffers managed to miss Bernie Madoff's Ponzi scheme for more than a decade despite numerous warnings, but that is apparently not a fireable offense. The agency disciplined eight employees involved in the case, with the most severe punishment being a 30-day suspension coupled with a demotion, reports the... More »

SEC: Don't Blame Fat Fingers for Market Freefall

Feds don't know reason, but don't think it was a typo

(Newser) - Those hoping for a simple answer to what caused last week's stock market collapse—a typo caused by a so-called "fat finger" trading error, for instance, or maybe a malicious hacker—will be disappointed with the testimony of federal regulators today on Capitol Hill. While they simply don't know... More »

Lloyd Blankfein: Fraud Case Will 'Hurt America'

Goldman Sachs CEO rails against SEC in call to clients

(Newser) - Lloyd Blankfein called up a host of top Goldman Sachs clients yesterday and told them in no uncertain terms where the SEC could stick its fraud charges. Blankfein complained that the case was politically motivated, and would “hurt America,” one of the clients tells the Financial Times . “... More »

Whistleblowers: SEC Ignored Us

Flawed process allowed Ponzi schemes to go undetected

(Newser) - The SEC's haphazard method of dealing with whistleblowers means violations go unpunished and frauds left uncovered for years, insiders say. Many informants—including one whose information could have exposed Bernie Madoff's Ponzi scheme—say they were ignored, misunderstood, or sidelined after approaching the regulator with tip-offs, the Washington Post reports.... More »

SEC Moves to Ban Lightning-Fast Trading

Flash orders let big investors buy and sell in milliseconds, harming slower traders

(Newser) - The SEC is seeking a ban on the financial technique known as flash orders, a controversial method in which powerful computers survey other investors' trades and adjust strategies within milliseconds to turn a profit. SEC head Mary Schapiro said that flash orders "may create a two-tiered market" since only... More »

SEC Report: We Never Did 'Competent' Madoff Probe

(Newser) - The SEC's inspector general says the agency had plenty of chances to take down Bernie Madoff and whiffed on every one, Bloomberg reports. In a report released today, H. David Kotz writes that the SEC received "detailed and substantive complaints over the years to warrant a thorough and comprehensive... More »

Geithner Flips Out, Tongue-Lashes Regulators

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

New SEC Chair Stakes Out Her Territory

Schapiro moving decisively to overhaul troubled agency

(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty... More »

Stung by Madoff, SEC Steps Up Pace, Triples Fraud Cases

Embarrassed committee gets aggressive with enforcement

(Newser) - Haunted by the failure to catch Bernie Madoff, the Securities and Exchange Commission is dramatically stepping up its investigation workload, reports the LA Times. Since February, the SEC has frozen the assets of 27 fraud suspects, compared to seven in the same period last year. “The clear message from... More »

New SEC Chief Moves Fast to Restore Agency

Schapiro fills openings, reverses Bush policies at battered regulator

(Newser) - New chairwoman Mary Schapiro isn’t wasting time making over the Securities and Exchange Commission, the New York Times reports, reversing several of her predecessor’s policies and filling key positions that have sat vacant for months. “I recognize that we could all be defined by what we missed... More »

Schapiro Pledges to 'Reinvigorate' SEC

Obama nominee wants better cooperation among agencies in nabbing next Madoff

(Newser) - Mary Schapiro, Barack Obama’s nominee to head the Securities and Exchange Commission, told senators today she would make enforcement a top priority, CNN reports. Her confirmation hearing was also peppered with questions about how Bernard Madoff’s Ponzi scheme slipped past regulators; Schapiro currently heads an industry watchdog group.... More »

Critics Question Toughness of Obama's SEC Pick

Confirmation hearing today for Schapiro

(Newser) - As Mary Schapiro, Barack Obama's nominee to lead the SEC, heads to Capitol Hill to face Senate confirmation hearings today, questions linger about her light touch with big Wall Street firms. A seasoned regulator, Schapiro nevertheless spent much of last year cracking down on small brokerages and minor players, reports... More »

Obama's SEC Choice Faces Questions on Lawsuits

Schapiro accused of making misleading statements about regulatory merger

(Newser) - Mary Schapiro, Barack Obama’s choice to lead the Securities and Exchange Commission, has been accused in two lawsuits of making misleading statements to rush through the 2-year-old merger of two regulatory agencies that resulted in a 57% pay hike for herself, the New York Times reports. Schapiro is to... More »

Obama Taps Schapiro as SEC Chair

Schapiro brings a wealth of experience to her new position

(Newser) - Barack Obama named Mary Schapiro as chair of the beleaguered SEC today, the Wall Street Journal reports. Schapiro's hefty resume includes stints as an SEC commissioner under former presidents Reagan and Bush, and another as acting commissioner in 1993 by Bill Clinton. Since then, Schapiro served on and eventually headed... More »

Obama Picks First Woman to Lead SEC

Veteran regulator Mary Schapiro will take over agency

(Newser) - Barack Obama has made his pick for a new leader of the SEC, currently under siege for its failure to detect the massive fraud of Bernard Madoff, the Wall Street Journal reports. Obama is expected to announce tomorrow that Mary Schapiro—a former commissioner of the Securities and Exchange Commission—... More »

18 Stories