Thursday, December 18, 2008

Meet Mary Schapiro - Obama's SEC Pick


The future SEC chairperson gracing a stock promotion rag

Barack Obama calls his transition website change.gov, and his campaign slogan used "change" about a million times, so I am utterly flummoxed -- and disgusted -- by his selection of Mary Schapiro as SEC chairman, to replace the awful Chris Cox.

What that signals to me is that Obama wants no change at all in the desultory regulatory apparatus that has utterly failed the American people. Either that, or he is a victim of a con job that would do Bernie Madoff proud by his establishmentarian finance advisors.

Schapiro is a career bureaucrat who served on the SEC during the Artie Levitt era, and is now head of FINRA, the big self-non-regulatory apparatus.

To give you an idea of how out to lunch this lady is, she let her puss be plastered on the cover of Equities Magazine last year. As if that's not bad enough, as I pointed out in a blog item at the time, she praised this stock-promotion rag.

The chances of Schapiro shaking things up in the securities industry -- instituting real, meaningful, desperately desired change -- are about the same as the chances you can make a black bear curtsy and serve tea. This is a terribly disappointing selection.

source: Gary Weiss

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Just an Observation
Schapiro is Jewish

All in the Family

How do we deal with the mess we are in? Of course, total INSIDERS ride to the rescue! So of course, Mr. Change has chosen utter insiders to get the inside dope in the snarled, ugly, bizarre and very ingrown toenail of a mess on Wall Street. Mary Schapiro won’t rock any boats, that is certain. She will replace that old coxcomb, Cox. As the Jewish community reels from losses due to too much trust in a fellow Jewish financier, this will all be fixed by a Jewish woman who seems to be pretty invisible the last five years even as this woman was in charge of the god damned Financial Industry Regulatory Authority???

In previous postings, I talked about the religious/ethnic side of the unfolding scandals on Wall Street. This seems to bring out of the wood work, all sorts of anti-semites, of course. As if Jews are the only ones doing these messy things. They most certainly are not. But in NYC, yes, they are very predominant in power and numbers. So they show up more vividly. All financiers throughout history try to do the same things: exploit everyone, get as much in the way of fees and goodies as humanly possible and bribe authorities. It doesn’t matter one whit, if there are only Chinese involved, or Japanese people. Or only Muslims or only WASPs. The story is always the same. This is why OUTSIDERS must always clean house. NOT insiders.

Since the Madoff scandal was Jews cheating Jews, we need an outsider to come storming in to turn over tables, grill everyone, pound on doors, pry open safes, etc. Some gum-shoe person who has no sexual or business entanglements nor any religious connections with the people who are in this present drama. Therefore, the SEC should be headed by someone who is NOT named ‘Schapiro’. Perhaps, a Roman Catholic or a WASP or someone who is a Chinese Buddhist, or maybe an Afghani Taliban should be hired for this key position?

Gah, if it wasn’t Schapiro, it would be a Goldschmid. Talk about ingrown toenails! This is absurd. Harvey gave heavily to the Obama campaign. So this qualifies him! Yes, the buying and selling of offices is not a problem in DC! HAHAHA. Ask the governor of Illinois. At least, he is open about the obvious. As time passes, the sins of that creep seem less and less compared to the messes around all of us these days.

much more at Culture of Life News

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Jewish Senator Schumer Loves Mary

Sen. Charles Schumer, D-N.Y., a member of the Senate Banking Committee, called Schapiro "the kind of strong and experienced regulator that we very much need in these times."

"I believe her nomination could be approved quickly and without controversy in the Senate," Schumer said in a statement. source

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SEC Nominee Has Madoff Connection

Mary Schapiro, Barack Obama’s pick to lead the Securities and Exchange Commission, has crossed paths with family members of accused fraudster Bernard Madoff through her career at the head of securities-industry bodies.

Madoff and members of his family were active for decades in the National Association of Securities Dealers, which Ms. Schapiro led. His firm was instrumental in founding the Nasdaq stock market created by the association, which merged with the enforcement and regulation arms of the New York Stock Exchange to form the Financial Industry Regulatory Authority last year. Ms. Schapiro now heads Finra.

Madoff was chairman of the board of Nasdaq from 1990 to 1993. Schapiro joined the NASD in 1996.

Both of Bernard Madoff’s sons, Andrew and Mark, served on one of the NASD’s district committees. In 2004, Mark Madoff was appointed to a mutual-fund task force. He had previously been a member of the National Adjudicatory Council for several years.

In a press release announcing new appointments to the adjudicatory council, Schapiro describes it as playing “a critical role in deciding disciplinary matters that set a standard for fairness within the securities industry,” adding “we rely on the NAC’s experience and perspective to help formulate effective membership policy.”

more - WSJ

http://www.latimes.com/media/photo/2008-12/44014307.jpg

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