Courtesy of Larry Doyle.
In February 2009 Congressional testimony, Harry Markopolos publicly stated that the Securities and Exchange Commission deserved an A+ in incompetence. Given the massive failings of the commission over many years, I think most investors would say the SEC had earned that grade.
Do many people think that the SEC’s level of competence and practice of rigorous enforcement dramatically improved under Mary Schapiro? Ms. Schapiro’s rather rapid departure from the commission last December left many wondering as to what was really going on within the halls of our nation’s top financial police force.
Many questions are still left unanswered.
We turn the page and hope that current SEC commissioner Mary Jo White might be able to bring meaningful enforcement and integrity into an agency with a very checkered past.
Let’s watch a brief 6-minute Bloomberg clip as Ms. White addresses questions regarding the management of our equity exchanges, the potential for a robust Volcker Rule on Wall Street, and the overarching concern of rigorous enforcement within our financial markets.
As we all know, talk is cheap. Can Ms. White deliver?
