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Did Mary Schapiro Lie in Her Testimony to Congress?
This Article is from Stone Street Advisors
In her testimony to Congress today,
SEC Chair Mary Schapiro appears to have painted an overly-rosy picture
of her accomplishments and the changes she's made at the SEC since
taking the helm. In fact, unless the SEC's website is simply painfully
out-of-date (which is a pretty damn easy fix), it appears she may actually have spoken a un/half-truth, when she said (emphasis mine):

In September 2009, we created and staffed a new division
– the Division of Risk, Strategy, and Financial Innovation (RiskFin) –
to bore through the silos that for too long have compartmentalized and
limited the impact of our institutional expertise. Because today’s
financial markets and their participants are dynamic, fast-moving, and
innovative, the regulators who oversee them must continue to improve
their knowledge and skills in order to regulate effectively. RiskFin provides the Commission with sophisticated analysis that
integrates economic, financial, and legal disciplines, and is
re-focusing the agency’s attention on and response to new products,
trading practices, and risks. RiskFin has attracted renowned experts in
the financial, economic, and legal implications of the financial
innovations being crafted on Wall Street.
A few weeks ago I pointed out that per the SEC's website, there actually isn't anyone running RiskFin's Office of Data & Data Analysis. How
can "RiskFin provide the Commission with sophisticated analysis" when
there's no one running (or possibly even in) the office responsible for
such analysis?
I hope for everyone's sake - including Ms. Schapiro's - this is
simply a matter of the SEC just doing a horrible job of updating their
various web pages. Even if that IS the explanation, why does such a
problem still exist? It is not hard to promptly communicate and update
web pages, it just requires either a department responsible for doing
such things or that each division be given responsibility and accountability for updating the pages themselves. Not rocket science.
I suppose another explanation is that the work with which the Office
of Data & Data Analysis is tasked is actually being handled by
another group or groups, but even if that IS the case, it still leaves
us to question why there's no head of that office (or if there's anyone
else there) and why the SEC is so bad at updating its web pages. I
just hope the work is getting done by someone, even if it isn't by a
dedicated group...
I understand it's Government, and things take A LONG time, like
recruiting and hiring, but for crying out loud, this is ridiculous,
even for Government work!
Since the SEC is apparently so lousy communicating the goings-on
inside the organization, does anyone else have any idea? Anyone?
Bueller?
The Analyst
Stone Street Advisors
- advertisements -


she is a porno actress
The position's been vacant since Madoff was forced to resign.
SHE SUCKS
LIER AND DIMON'S CONCUBINE
ABSOLUTELY SHE IS A CUNT WHORE BITCH LIKE ALL GOV'T EE'S.
It might have something to do with the fact Republicans do their best to cut the funding and resources/manpower the SEC would actually need to perform their jobs. You can thank Phil Gramm, Dick Shelby, and John Boehner for that. But then, it doesn't help either that Schapiro is the former head of FINRA, which is a sham organization, fully in the back-pocket of the securities dealers industry.
Dems have had two years of sole power and yet you blame Republicans. C'mon quit being intellectually dishonest. Dems have had as much power as Reps and if they wanted something changed they would've changed it. Also they had plenty of folks watching porn during the day so I assume they could've been taken off porn duty and reassigned. At what point do we stop pointing partisan fingers and start getting real action by our government reguardless of party lines. The two party's thrive on the sheeple ready willing and able to point fingers at the opposition party. It's time we hold BOTH parties responsible for the mess the US is in because they both equally have led this country down the road we are travelling down now.
Horseshit. They have employees coming out of their ass; offices everywhere; how much does it cost to make phone calls and study fact sheets in the office ? I could figure out how to put a world of hurt on securites malfeasors in a week and give you back at least 1/3 of the budget. The people who get hired there are self-selecting; they know it's a government job; they have no intention of doing anything. It's a sick situation.
..."it just requires ..."
mmmm....not quite....
that aside, i think the bitch was lying...
No comment. SEC might as well be disbanded
You have to read the book about the Madoff scam; the whistleblower got three appointments with the SEC, in two different major offices; and put on a presentation with slides and charts showing them why Madoff had to be, positively, a Ponzi Scheme. His conclusion; there was anyone at the SEC office who knew anything about markets; and they just weren't interested. They're government employees; they show up; they take a lot of sick days, and they get a nice retirement package; if you expected them to actually do anytning; you just don't understand. Staffing level and operating budget; 500% of what I could use to actually regulated the malfeasors. The Government is the problem.
Do you have reliable information that this division was ever funded? If it wasn't funded, it doesn't exist.
OTOH, if it was funded, remember that it is the worker-bees that actually do the work, not the boss. Over the years, I've observed many competent work crews turn out an excellent product in spite of being saddled with many new bosses in a short time period who didn't know what they were doing.
Not sure if it was funded, but if its on the Org chart, would that indicate that it indeed was? I've reached out but doubt I'll get anything useful.
Of course its the worker-bees that do the work, but do we know if the SEC has hired anyone who even knows how to use excel, let alone do anything useful with it (and more complex programs) for that Office?