Schapiro Testifies and Says Lehman Oversight was Inadequate

SEC Chair Shapiro testified today before the House Appropriations Committee on what the agency would do with the $1.26 billion appropriated to it in next year's budget and also reported on her efforts to reinvigorate the agency.  In response to questioning, she conceded that the agency may have fallen short in its oversight of Lehman after the collapse of Bear Stearns and was not aware of its use of "Repo 105" that allowed the firm to conceal its failing financial condition.  (Do you think?)  WSJ, SEC Chairman Says Lehman Oversight Fell Short.