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Mary Schapiro Stepping Down as SEC Chair

(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. President Barack Obama designated Elisse Walter, an SEC commissioner, to replace Schapiro. Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by 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. (MORE: Obama Selects Three Financial Regulators) 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. But critics argued that she failed to act aggressively to charge leading individuals at those banks who may have contributed ...

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Found more than 1 month ago on channel TIME Moneyland

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Former regulator Sheila Bair on the financial crisis

Tuesday, September 25, 2012 - 04:22 Toby Canham/Getty Images Sheila Bair speaks at The 2009 Women's Conference held at Long Beach Convention Center on October 27, 2009 in Long Beach, Calif. It may be too early to assign blame for Europe's economic crisis, but it is not too early to figure out what went wrong in this country back in 2008. Sheila Bair headed the FDIC back then, and is out with a new book this morning, in which she says she saw signs of trouble in subprime mortgages way back in 2006. The book is called "Bull By The Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself." Looking back on her handling of mortgage standards, Bair says, "I did everything I had within my power to do. We worked and pushed very hard to tighten lending standards for both non-traditional mortgages as well as subprime mortgages." Her time at the helm of the FDIC was also one of many battles, including ongoing disputes with Timothy Geithner, who was then the head of the New York ...

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Found more than 1 month ago on channel Marketplace.org

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