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Who Should/Will Be Next SEC Chair?

Posted by Larry Doyle on November 14, 2012 8:16 AM |

Have you had enough of the crony capitalism that has been running rampant throughout our country?

Have you had enough of the “neither admitting nor denying” statements put forth by far too financial firms writing checks to cover corrupt activities?

Have you had enough of seeing Jon Corzine, Angelo Mozilo, Albert Loewenthal, and a whole host of other individuals connected to financial frauds walk free while ordinary everyday Americans pay the price for the ravage these fraudsters left in their wake?

Have you had enough of the financial dirt continually being swept under the rug as the pols and their cronies stuff their campaign coffers and pad their personal accounts/portfolios? When will “enough be enough”? 

We will learn very soon if the Obama administration will continue to merely pay lip service to the American public or if they actually want to stand up for capitalism. I know. I know. Real capitalism, Washington, and the Obama administration do not exactly go together. I am not optimistic that they will get connected now.

The frustration with our system of justice in addressing financial frauds and related activities runs very deep. Who is the keeper of the keys and is charged with addressing and attacking these financial frauds? The chair of the SEC.

When will America have an SEC chair who represents the public and not the industry? Does anybody doubt that current SEC chair Mary Schapiro carried little more than a water pistol to most of the fights the SEC supposedly fought? Why is it that the SEC allows its crony cousins at FINRA — and Ms. Schapiro as well — to hide under the veil of absolute immunity in cases that would have exposed the incestuous relationship between Wall Street and Washington?

So, Mr. President, got any balls or will it be more of the same on this front? Who should be the next SEC chair? Who will be the next SEC chair? Allow me to put forth the following list of potential candidates:

1. Richard Ketchum, current head of FINRA . . . . indication that talk is cheap and nothing will change in the crony capitalism.

2. Preet Bharara, US Attorney for the Southern District of New York…a sheep in wolf’s clothing…

3. Gary Gensler, head of the CFTC….as our reader Hawk characterized him, a “gun and mask guy at CFTC”… has the Goldman pedigree

4. David Roth, dog catcher in Chicago, Illinois

5. Gary Agguire, former SEC attorney who took the organization on and utilized the FOIA to make the case against high profile hedge fund manager Art Samberg at Pequot. A true patriot.

6. Eliot Spitzer, take no prisoners former AG and governor in New York….”keep your pants on”…

7. William Francis Galvin, Secretary of State in Massachusetts and relentless in pursuing fraudsters

8. William Black, former bank regulator and tireless critic of the crony capitalists.

9. Sheila Bair, former head of the FDIC

10. David Kotz, former Inspector General of the SEC who got run out of town for being too hard on Mary and her minions.

11. Neil Barofsky, Inspector General of the SIGTARP. He took Tim Geithner to task in his book, Bailout.

12. Whomever Larry Fink, Jamie Dimon, Lloyd Blankfein and the rest of the boys on Wall Street want. They ‘pay the bills’ and throw the parties, right?

13. Robert Wolf, Barack’s buddy formerly from UBS. Worth a chuckle, right? Barack will not have any problem finding a golf partner.

14. Jon Corzine…he’s looking for work and has experience in understanding how frauds work.

15. Write in candidates…whom have I overlooked?

Whom do readers think will be the next head of the SEC? Whom would readers want to see as the next head of the SEC?

My gut instinct tells me that Bharara will be the guy and sold to the American public as America’s tough financial cop. Really? Don’t be fooled again. . . for those interested in how Preet plays ball, you may be interested in reading these commentaries.

So, who will it be? Tell me what you think.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.


  • Peter Scannell

    Galvin? He would be outstanding!

  • Frank

    How about offering the job to Warren Buffett!!!

    • LD

      But then he may have to come clean about the insider trading of his former partner David Sokol and Warren would not want to do that given that it is nice and tidy swept under the carpet.

  • Andrew

    Vikram Pandit, Sanford Weil and Robert Rubin. We need a committee this formidable to get things done!

  • Andrew

    Or, Maybe Meyer S. Frucher. He convinced Greifeld to pay over 600m for the PHLX. That counts for something. Then he ran OTB in NY to spectacular failure!.

  • Bill

    LD, that’s real out of the box thinking to suggest Corzine. There’s precedent there with Old Joe K as the first SEC head.

  • Mark J. Novitsky

    How about Christopher Cox? Given the Schapiro “selection” shouldn’t surprise anyone. No really…Gary Aguirre with Harry Markopolos as Director of Enforcement. – Speaking of “chairs”…considering the scope of recurring crimes and non-punishment…and the associated overall economic losses and associated deaths related to suicides, depression / drugs & alcohol, stressors, divorces… electric would be nice. Go a long way to restoring some confidence and trust.

  • FB

    In regard to Mr. Corzine, it appears that they can’t come up with one pair of balls to call this cretin a criminal, and recommending that he be prosecuted as such. Washington sucks.


    WASHINGTON—House Republicans condemned former MF Global Holdings Ltd. Chief Executive Jon S. Corzine for making poor decisions that led to the firm’s collapse, but the lawmakers stopped short of saying anyone at the company broke the law by taking customer money.

    MF Global filed for bankruptcy a year ago, and the futures firm’s customers are still owed an estimated $1.6 billion. Mr. Corzine, a former Democratic senator and New Jersey governor, has faced widespread criticism but no criminal charges in connection with the collapse.

    “Choices made by Jon Corzine during his tenure as chairman and CEO sealed MF Global’s fate,” Rep. Randy Neugebauer (R., Texas), the chairman of the House Financial Services Subcommittee on Oversight and Investigations, said in a statement. Mr. Neugebauer’s committee on Wednesday released excerpts of its report on the futures firm’s collapse.

    A spokesman for Mr. Corzine declined to comment immediately.

    The subcommittee said that its investigation concluded that the circumstances that led to the misappropriation of funds were Mr. Corzine’s responsibility, but that it would be up to regulators and prosecutors to determine whether he or other employees violated any laws.

    The report was supported by Republicans on the subcommittee, but the leading Democrat on the subcommittee Rep. Mike Capuano (D., Mass.) said that he wouldn’t support the report because he hadn’t had enough time to review it.

    “While I agree with a number of the report’s observations and recommendations, others require additional commentary,” Mr. Capuano said in a statement.

  • Jay


  • Virginia

    I don’t care who Elliot screws – as long as he screws the banksters to the wall.

    • Russ

      Any time you’d like to know why Elliot Spitzer is the worst kind of political (for himself only) asshole, let me know. I can give you examples of how he will trample on ANYONE to make himself look good. He’s another Obama / Corzine type.

  • Ed

    And the Winner of the Contest, “Who should chair the SEC?” …. is Jon Corzine

    He knows how to make major political contributions. He isn’t bothered with the requirement to pass the Securities exams like others, since he is a popular donor. And most important, he has a very convenient memory (having misplaced 1.5 billion dollars in a country where no major amount of money changes hands without an electronic trail).

    If he would just promise to steal, misplace or misappropriate less than $1.5 billion per year – that would probably be in improvement!

  • Mary

    Like Agguire or Spitzer.. Thanks for some of the other suggestions.

    Wish Obama would look at this list.

  • Geoff

    Good morning Larry,

    I have a suggestion in the “overlooked” category. Please try and convince Mike Mayo (CFA) to seriously consider putting his name forward. He has probably thought of it already. I bet he would do a tremendous job with the proper blend of legal talent around him.

  • Judy Rey

    Why isn’t Eric Schneiderman, NY Ag in the list? he is the only AG who stood up to the fraudster banks. He’s been struggling with the underfunded task force that includes Eric Holder & the SEC.
    I also agree that Elliot Spitzer would get on his hands and knees and mop up the fraudsters. It would be a way back for him, a way to “redeem” himself in the public eye (not that he let anyone but his wife down really). The question is, would Spitzer accept the post?
    I pray Obama uses his second term klout to restore justice. If he does I think he will end up being revered as a great president.

    • Randee

      Spitzer??? You joke, right? He was too controversial to host a talk show on TV and was fired. Lindsay Lohan has a better chance of getting nominated.

  • Randee

    Hillary Clinton or the late Mark Madoff.

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