Schapiro stepping down after leading SEC in crisis

SEC Chairman Mary Schapiro / Getty Images

WASHINGTON Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government's regulatory response to the 2008 financial crisis.

Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by President Barack Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme.

The president issued a statement Monday morning, saying "I want to express my deep gratitude to Mary Schapiro for her steadfast leadership at the Securities and Exchange Commission. When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole. But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people - thanks in large part to Mary's hard work."

Schapiro is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street's largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation's largest banks.

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But critics argued that she failed to act aggressively to charge leading individuals at those banks who may have contributed to the crisis. Consumer advocates had questioned Schapiro's appointment because she came from the securities industry's self-policing organization, the Financial Industry Regulatory Authority (FINRA).

According to the White House, the president also designated Elisse Walter as SEC chairman following Shaprio's departure. Walter is an SEC commissioner, appointed by President George W. Bush. Before her appointment, she held a senior leadership position at FINRA.

[IPonUall2]

The investment bankers of this nation have always been working towards a monopoly, and regard the constitution as little more than a tool when convenient, when not, they use it for toilet tissue.
The truth of the matter is they view themselves above the laws of our nation.
This is why we Americans have suffered, because they get away with it. This has been repeated in our history over and over.

[IPonUall2]

Just business as usual.
The wealthy get off without going to prison for carpetbagging the public trust.
Wall st. is recovered....ooh, nevermind the many people forced onto the streets, as predicted by the founding fathers.

[gorgeousm]

ABUNDANT PRIMA FACIE REASONS FOR REPLACING OUR CORRUPT SYSTEM
WHICH IS CONTROLLED BY OUR CORRUPT LEADERS AND LAWMAKERS

In which ways are we able to put together serious and official joint efforts, from outside of the corrupt SEC and other such agencies', commissions', etc, untoward influence and control, and litigate for achieving transparent, honest, fair and just
"people-serving and benefiting purpose and service" ...

... instead of the system which is currently purposed to benefit and serve the selfish, greedy, INAPPROPRIATE interests of the
"elitist ruling class of politician/Lawmakers, banksters, their lawyers, their accountants, their associates, and other of their facilitators",
who lie, cheat, steal and swindle at OUR expense?

It has become more than apparent for some years by now, that our Lawmakers and our business leaders - substantially via their Bankster friends - are NOT working in the good interests of the American populace whose interest they are mandated to serve,
and in FLAGRANT VIOLATION OF THE SOCIAL CONTRACT!

[bushleguedro]

Why is it that the white collar criminals in Wall Street are not in jail? Especially the crooks at Goldman Sachs. The SEC is protecting too much corruption!!!

[enough-already]

Hey, those were her friends and partners, she couldn't put THEM in jail! Heavens, that would be the kiss of death for her career on Wall Street.

[IPonUall2]

The cowards that are supposed to represent us don't hold these jerks feet to the fire.
If they don't represent us, who do they represent?
The Federal Reserve, a private corporation that manipulates America's money economy, supposedly as a financial stabilizer.
It has been known for some time now they are working for world domination and control, since they are in reality a pyramid scheme.
For every dollar they print, they get interest. Even to fix the economy, every dollar printed to pay interest, is interest on top of the payment....as every dollar loses power, they print more, giving themselves more power, as the economy loses.