Monday, December 3, 2012
I understand the time-honored ritual of praising a departing public servant for his or her selflessness in passing up millions of dollars in the private sector to take on the thankless task of heading up a powerful government agency. But enough already.
Let’s face it: Mary Schapiro did a lousy job as head of the SEC. What we needed was an SEC that would not only do its primary job of protecting investors from the likes of Bernie Madoff but also would hold Wall Street executives accountable for their extraordinarily bad -- and, yes, in some cases criminal -- behavior leading up to the 2007 and 2008 financial crisis.