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HomeMary Schapiro and Mark McGwire
Posted by Larry Doyle on January 15th, 2010 10:22 AM |
“I’m not here to talk about the past.”
Mark McGwire, the steroid abusing home run hitting phoney, may have issued a massive mea culpa this week, but his career will forever be defined by his March 2005 Congressional obfuscation.
In my strong opinion, Mary Schapiro is the financial industry’s equivalent of Mark McGwire. How so? In McGwire’s 2005 testimony, he very much wanted to position himself as a positive influence for future developments regarding the use and abuse of steroids in baseball. Fast forward to January 14, 2010 and we witness Mary Schapiro very much trying to assume the same positive position in her testimony and answers to the Financial Crisis Inquiry Commission. In Schapiro’s opening statement, Testimony Concerning the Financial Crisis, she states as much:
To assist the Commission in its efforts, my testimony will outline many of the lessons we have learned in our role as a securities and market regulator, how we are working to address them, and where additional efforts are needed. I look forward to working with the FCIC to identify the many causes of this crisis.
Oh, how kind. (more…)
Can Mary Schapiro be in Two Places at Once?
Posted by Larry Doyle on January 14th, 2010 9:24 AM |
Mary Schapiro is going to be very busy today. How so?
Her presence will very much be a factor in two venues which are holding public hearings. What venues? What hearings? What will the public learn from and about Ms. Schapiro today?
Most eyes will be on Washington where Ms. Schapiro, the current SEC Chair, will be a witness in the second day of hearings of the Financial Crisis Inquiry Commission. The Commission is charged with unearthing the truth in the factors that led to our economic crisis. Should we expect any grand mea culpas from Ms. Schapiro in front of the Commission? I think not.
Ms. Schapiro and her former FINRA colleagues have proven to be artful dodgers when it comes to skirting the tough questions. Avoiding tough questions is not difficult when the questions themselves are softballs offered by her incestuous partners in Washington. When did we first witness this reality? A year ago tomorrow. (more…)
