Thursday, January 15, 2009
The confirmation hearing of Mary Schapiro, currently FINRA CEO and President-Elect Obama's pick for SEC Chair, was held today. According to a Wall St. Journal blog, it was uneventful. When she was asked about FINRA's failure to uncover the Madoff fraud, she noted that the fraud was in his investment advisory operation, over which FINRA has no regulatory authority. The most animated exchange was elicited by a question about the WSJ's article today that was highly critical of Schapiro's performance at FINRA. Schapiro said that the article was unfair and enumerated FINRA's accomplishments during her tenure.