With so much ire directed at the SEC, chairman Christopher Cox must be relieved that Obama’s election marks a convenient exit time for him. His official five-year term doesn’t end until 2010, but he has announced he is out.
The new boss is career regulator Mary Schapiro, who is currently CEO of the Financial Industry Regulatory Authority (FINRA), pending Senate confirmation.
Grizzled Wall Street blogger Gary Weiss is calling the pick 'terribly disappointing.' (She is possibly a cheerleader for penny stock promoters, he notes.) But the gentler Cox says he finds her ‘outstanding.’
She’s surely walking into a viper pit, a situation that won’t be all that unfamiliar to her having worked up and down Wall Street. To be at the center of things must be its own reward, since she’s settling on a salary of $158,500, a mere fraction of her FINRA compensation.