Franklin Roosevelt appointed Joe Kennedy, the patriarch of the Kennedy clan, as the first head of the SEC. Roosevelt's theory was that Kennedy was expert in the various shaky deals of the Wall Street of his day. He would know how the deals are made and who was making them and Kennedy would have no problem gong after his former colleagues.
I wonder if Obama had the same idea in mind when he nominated Mary Jo White as SEC chief. A good part of her legal career has been spent defending the current day's charlatans. Frankly, I doubt it as I think he's in love with Tim and people like him It now looks as though the next SEC enforcement head will also be an insider.
No comments:
Post a Comment