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Can new SEC boss tame Wall Street?

By Sheyna Steiner · Bankrate.com
Friday, January 25, 2013
Posted: 9 am ET

After a couple of days of speculation, the White House announced on Thursday that Mary Jo White will be nominated as chairman of the Securities and Exchange Commission. White is a former U.S. prosecutor and has a reputation for toughness.

"Over a decade as a U.S. Attorney in New York, she helped prosecute white-collar criminals and money launderers.  In the early 1990s, she brought down John Gotti, the head of the Gambino crime syndicate.  And she brought to justice the terrorists responsible for bombing the World Trade Center and the American embassies in Africa.  So I’d say that’s a pretty good run.  You don't want to mess with Mary Jo," President Barack Obama said at the press conference announcing the nomination on Thursday.

As a result, there's a good chance that enforcement of securities regulations will continue to be brisk under White's leadership. In 2011, during former SEC chairman Mary Schapiro's tenure, the agency filed 735 enforcement actions, more than ever filed in a single year, according to the SEC.

From the Associated Press story, "Obama picks attorney Mary Jo White to lead SEC":

White spent nearly a decade as the U.S. attorney in Manhattan, building a reputation as a tough prosecutor with an expertise in pursuing white-collar crimes and complex securities and financial fraud cases. White House officials say that experience makes her well positioned to implement Obama's Wall Street reform legislation.

The only catch is that the agency may be hamstrung by a penurious Congress in 2013. In 2012, the SEC requested $1.566 billion for fiscal year 2013 -- $245 million more than the 2012 budget. In order to protect investors and strengthen the integrity of capital markets, the agency needs to hire more people.

In September of 2012 however, Congress approved a budget increase of only $8 million over the 2012 budget.

What do you think?

Follow me on Twitter: @SheynaSteiner.

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2 Comments
rasheed usman
October 24, 2013 at 6:35 am

Akpors visited his friend Eazy.
Eazy called his wife and asked her to serve them drinks.
when the wife was done with the serving, she sat down right opposite Akpos with
her legs open. Akpors could not control himself so he enjoyed the view. when Eazy went inside the house, Eazy's wife said to
Akpors, "do you like what you see"?
Akpos said YES. Eazy's wife said , "you can have it, but it will only
cost you N10,000, and Akpos agreed
so they fixed a time, 12pm the next day
when the husband Eazy, will be at
work.

So the next day, Akpors came over at the exact time and they enjoyed themselves then he paid her.
When Eazy came back, this was what transpired btw dem;

EAZY: honey was Akpors here today?

WIFE: [AFRAID] yes

EAZY : at 12pm right ?

WIFE : [ALMOST FAINTING ] yes

EAZY : OHH, Akpos my good friend, always keeping time ...

WIFE : Honey, why do you ask?

EAZY : he came over to my office this morning and borrowed N10,000 from me promising to bring it back to you at the house by 12pm, so did he bring it ?

The wife FAINTED!!!!

One word for Akpos??