Tue, Dec 1, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Shapiro, head of SEC steps down, Elisse Walter appointed to replace her

Tuesday, November 27, 2012

Bailey McCann, Opalesque New York: After nearly four years in office, SEC Chairman Mary L. Schapiro today announced that she will step down on Dec. 14, 2012. Shapiro has been a controversial Chairman, leading the Commission through the 2008 financial crisis and ushering in a new wave of regulation. Chairman Schapiro is one of the longest-serving SEC chairmen, having served longer than 24 of the previous 28. She will be replaced by Elisse Walter, an existing member of the Commission.

By choosing an acting member of the Commission, Walter will be able to serve through 2013 without having to go through a Senate confirmation process as she was already confirmed to her original post. After this period, the Obama administration is expected to appoint a more permanent Chair, treasury official, Mary John Miller, has already been floated as a possible contender for the post. Walter previously served as a member of FINRA and was originally appointed by President George W. Bush.

Schapiro's leadership has been challenged throughout the financial collapse and its subsequent aftermath. Both the Chairwoman and Commission were faulted for lax oversight that led to the collapse of Lehman Brothers. However, she has been successful in winning some of the largest settlements against financial services firms in the wake of 2008.

"It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our market......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. David Einhorn's hedge fund plunged 5.2% in November, set for 2015 loss[more]

    From Bloomberg.com: David Einhorn’s main hedge fund at Greenlight Capital fell 5.2 percent in November and is poised for only its second losing year in almost two decades. The losses bring the fund’s yearly drop to almost 21 percent, according to an e-mail sent to clients that was obtained by Bloomb

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From PIonline.com: Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From Bloomberg.com: It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Regulatory - Major changes in partnership audit procedures contained in 2015 Budget Act[more]

    Contained in the Bipartisan Budget Act of 2015, signed by President Obama on November 2, is a rather complex provision that materially changes how partnerships are audited. Generally effective for tax years beginning after December 31, 2017, the so-called “TEFRA” and “Electing Large Partnership” rul

  5. Following review Yuan included in reserve currency basket[more]

    Bailey McCann, Opalesque New York: The International Monetary Fund has confirmed the inclusion of the Chinese Yuan in the reserve currency basket. This means that loans will be available in Yuan alongside other major currencies including the US Dollar and the Euro. The basket of reserve curr