Sunday, February 21, 2010
"Mary Schapiro never uttered the word 'Madoff' a year ago, in her first public speech as Chairman of the [SEC]. Now Ms. Schapiro is once again forcing investors to ask whether she understands her mission. ... The agency that spent more than a decade ignoring evidence of Bernard Madoff's $50 billion fraud; the agency that spent even longer constructing a credit-ratings oligopoly that still threatens investors; the agency that in 2004 encourage Wall Street firms to increase leverage and then failed to monitor them--this agency now has spare time to mediate on climate science. ... And it is pure coincidence that Ms. Schapiro works for a President seeking to limit carbon emissions administratively, as his cap-and-tax bill dies in the Senate. if this was an order from the White House or House Speaker's office, Ms. Schapiro may have had little leverage to push back, as Congress ponders whether financial reform will leave her jurisdiction intact. ... Imagine the burden if, for example, one year ago health-care companies had been given new guidance on disclosing the risks of ObamaCare", WSJ Editorial, 29 January 2010, link:
Quoted without comment.