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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsElizabeth Warren Declares War on SEC Chairman Mary Jo White
from Naked Capitalism:
Elizabeth Warren Declares War on SEC Chairman Mary Jo White
Posted on June 3, 2015 by Yves Smith
Elizabeth Warren just put SEC Chairman Mary Jo White firmly in her crosshairs. White is a deserving target. After being approved based on the promise that shed reinvigorate a diminished agency via her chops as a former highly respected Federal prosecutor, White instead had specialized in empty promises, foot dragging and financial services cronyism. While these are sadly too common in senior regulatory circles most incumbents do far better than White in presenting a plausible veneer of serving the public interest. By contrast, Whites performance has been so remiss that a fellow Democratic party commissioner, Kara Stein, has gone into open opposition against her, and is regularly joined by the other Democrat commissioner, Luis Aguilar.
Warrens letter (hat tip Adrien) comes a mere week after another missive calling out Whites dereliction at duty, when three former SEC commissioners blasted White for failing to to move forward on long-overdue rulemaking to require public companies to disclose their political spending.
Warrens letter is much broader and more damning. It includes the failure to create the long-promised political donations rules and gives a detailed recap of all the times White has given a time estimate as to when theyd be completed, merely to have White promise yet another clearly meaningless due date. Oh, and White had the bad judgment to tell Warren that theyd be done by the fall of this year, only to have the OMB publish the very same day that the SEC had told them theyd be done in April 2016. Warren also blasts White for her pathetic record of getting settlements without admissions of wrongdoing, after promising to change the agencys course, of failing to restrict the issuance of waivers for companies that have broken securities law (a major target of Stein and Aguilar) and White having to rescue herself almost routinely due to her history as a Wall Street defense attorney and her husband being a senior partner at Cravath. And mind you, Warren doesnt even get to other widely-criticized White decisions, like her not taking action on high-frequency trading by punting the matter over to further study, or hiring a former Goldman employee to be her chief of staff.
I encourage you to read Warrens letter in full. Its a forceful, engaging document and leaves no doubt about how White has not even made a credible pretense at delivering on promises she made during the confirmation process. ................(more)
http://www.nakedcapitalism.com/2015/06/elizabeth-warren-declares-war-on-sec-chairman-mary-jo-white.html
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Elizabeth Warren Declares War on SEC Chairman Mary Jo White (Original Post)
marmar
Jun 2015
OP
K&R. Senator Warren's letter is a must read that is well written and highly documented /nt
think
Jun 2015
#2
Worth noting that Warren voted to confirm White while Sherrod Brown, also on the Banking Committee
Bluenorthwest
Jun 2015
#4
KoKo
(84,711 posts)1. Recommend...
think
(11,641 posts)2. K&R. Senator Warren's letter is a must read that is well written and highly documented /nt
frazzled
(18,402 posts)3. Why the love affair with "war" language?
She's "declaring war," has the "target" in her "crosshairs." I see this language all the time from supposed progressives: somebody "destroyed" or "demolished" somebody (with a tweet). Professed "anger" in a politician is a virtue on its own.
As liberals and/or progressives, we are supposed to strive for a world with less war, violence, and anger. So why do so many root for it, even if metaphorically?
Why can't we just discuss things? Aggressiveness and anger turn off just as many people as they excite.
Bluenorthwest
(45,319 posts)4. Worth noting that Warren voted to confirm White while Sherrod Brown, also on the Banking Committee
voted against her citing the Wall Street favoritism White was already known for. So good for Sherrod.
FlatBaroque
(3,160 posts)5. Who hired her?
How is that person being held to account?