Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:After Schapiro's Exit, the Media Takes Stock and Looks Ahead Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 27, 2012

After Schapiro's Exit, the Media Takes Stock and Looks Ahead

News summary by MFWire's editors

After yesterday's news that Mary Schapiro is stepping down from her post as SEC chairman, with Elisse Walter taking over to finish her term, reporters hurried to write Schapiro's legacy and to ponder the agency's future. Here's MFWire's roundup of the coverage.

  • Reuters' first story on Schapiro's departure gives a favorable assessment of her tenure, saying that she "helped revive a moribund agency." The report quotes former SEC Chairman Arthur Levitt: "I think she saved the SEC, which was close to extinction."
  • A second Reuters story predicts deadlock at the agency. New commissioner Walter will have to work around a "legal straitjacket" of heightened rules requirements and a divided, four-person commission. On money funds, the story quotes an analyst who thinks Walters may be willing to compromise with the industry, and quoted a speech Walter delivered this past March on MMF reform, in which she said she wanted "a process of constructive engagement instead of one of unconstructive disengagement."
  • The Wall Street Journal's first story on Schapiro's early exit gives a sober, on-the-one-hand-on-the-other-hand analysis of her tenure, balancing her agressive enforcement against her failure to tighten money fund rules.
  • Marketwatch seconds this assessment, saying that while enforcement has been good, "the SEC under Schapiro was hardly an inspiring turnaround story. There was a porn scandal."
  • The Journal interviewed Schapiro on Monday, allowing her to reflect on "the past few turbulent years." She said her biggest failure was not managing to get self-funding for the agency, and said that she thinks money fund reform will eventually go through, now that the FSOC has taken the issue up.
  • The Journal also has a scrupulous review of Schapiro's regulatory initiatives and how they played out.
  • The WSJ's fourth story on Schapiro's departure looks at her potential successors (Walter has said she doesn't want to remain at the agency after her current term ends), noting that the Obama administration is weighing whether to appoint a regulator or someone with industry experience.
  • Forbes' take isn't your usual look-back-look-forward article. Reporter Halah Touryalai says it doesn't matter who gets appointed to replace Schapiro, since the agency's "pathetic budget of roughly $1.3 billion" ensures its toothlessness.
  • If Forbes' take has you feeling depressed about our regulators' ability to police the markets, try The Nation -- and this has got to be the first time MFWire has linked to The Nation. Contributor George Zornick sees the dawn of a new age of agressive enforcement, writing that Schapiro's departure "creates an opportunity to vigorously pursue a new era at the agency of tough enforcement and the implementation of strong new rules on Wall Street behavior."
  • The Huffington Post says Schapiro was "not a total failure" as commissioner, since she did not allow the agency to "become totally useless on her watch."

    And industry groups chimed in with statements on Schapiro's tenure.
  • FINRA put out a politely complimentary, if anodyne, statement. CEO Richard Ketchum said that "Chairman Schapiro took over the SEC at an extremely challenging time," and through her efforts she "boosted agency morale and streamlined the Commission's processes."
  • The ICI's statement is a tactful goodbye. The trade group is "grateful for [Schapiro's] dedication in strengthening protections for investors and the functioning of markets." Behold the olive branch: "While we disagreed with Chairman Schapiro on some issues, we have immense respect for her commitment to public service and the interests of investors."
  • The MSRB issued a statement on Schapiro's exit, saying that "municipal securities investors and municipan entities are better served as a result" of her work.  

    Edited by: Chris Cumming


    Stay ahead of the news ... Sign up for our email alerts now
    CLICK HERE

  • 0.0
     Do You Recommend This Story?



    GO TO: MFWire
    Return to Top
     News Archives
    2024: Q2Q1
    2023: Q4Q3Q2Q1
    2022: Q4Q3Q2Q1
    2021: Q4Q3Q2Q1
    2020: Q4Q3Q2Q1
    2019: Q4Q3Q2Q1
    2018: Q4Q3Q2Q1
    2017: Q4Q3Q2Q1
    2016: Q4Q3Q2Q1
    2015: Q4Q3Q2Q1
    2014: Q4Q3Q2Q1
    2013: Q4Q3Q2Q1
    2012: Q4Q3Q2Q1
    2011: Q4Q3Q2Q1
    2010: Q4Q3Q2Q1
    2009: Q4Q3Q2Q1
    2008: Q4Q3Q2Q1
    2007: Q4Q3Q2Q1
    2006: Q4Q3Q2Q1
    2005: Q4Q3Q2Q1
    2004: Q4Q3Q2Q1
    2003: Q4Q3Q2Q1
    2002: Q4Q3Q2Q1
     Subscribe via RSS:
    Raw XML
    Add to My Yahoo!
    follow us in feedly




    ©All rights reserved to InvestmentWires, Inc. 1997-2024
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use