After Running S.E.C., Schapiro Becomes Bank Consultant
Source: New York Times
Legal/Regulatory | Revolving Door April 2, 2013, 9:42 am
By BEN PROTESS
After more than three decades of policing Wall Street, Mary L. Schapiro is going to work for some if its biggest players.
The Promontory Financial Group, a consulting firm that steers banks and other financial firms through regulatory scrutiny, announced on Tuesday that it had hired Ms. Schapiro as chairwoman of its governance and markets practice. The move follows a grueling four-year period for Ms. Schapiro, who ran the Securities and Exchange Commission in the wake of the financial crisis.
....
Ms. Schapiro’s arrival comes at a difficult time for Promontory, which recently took a beating for its role in a botched review of foreclosures. Under orders from the Comptroller’s office, the nation’s biggest banks had hired consultants like Promontory to determine whether homeowners were wrongfully evicted.
But delays and inefficiencies plagued the consultants, which collected about $2 billion in fees over 14 months. Promontory, the firm examining loans for Wells Fargo, Bank of America and PNC, was blamed for relying on contract employees and low-balling the amount of harm homeowners suffered. The Comptroller’s office, fed up with the delays, scuttled the review in January and negotiated a multi-billion dollar settlement deal directly with the banks.
Read more: http://dealbook.nytimes.com/2013/04/02/after-running-s-e-c-schapiro-becomes-bank-consultant/
On the bright side, maybe she'll clean it up. Alas, in the words of Samuel Johnson, this thought may represent the "triumph of hope over experience."*
* I have placed the punctuation inside the quotation marks, in the American way, despite Johnson's nationality. After all, we're the ones who will be handed the bill, so it seems only fitting. Note to self: finish that Form 1040.
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..... looks like the swinging door to me. What was that rule on the swinging door when PO entered office? For the life of me, I can not get that straight in my mind. There's so many doors swinging both ways that I am totally confused. 
