Three American women lead fight on Wall Street excess
NEW YORK — Their names are Mary Schapiro, Sheila Bair and Elizabeth Warren — three women heading financial bodies who embody a steely American determination to clean up Wall Street’s excesses. “Unlike many of the men they oversee, the new sheriffs of Wall Street never aspired to eight-figure compensation packages or corporate suites,” read a recent profile of the women in Time magazine. “Bair, Schapiro and Warren all made their careers far from Manhattan, taking on new jobs during pregnancies and outhustling the men around them.” The three bring different backgrounds that highlight their strengths and are widely respected in financial and banking circles. Schapiro heads the Securities and Exchange Commission (SEC), an independent agency that enforces federal laws and regulates the securities industry and US stock exchanges. President Barack Obama named Schapiro to the post in January 2009 tasked with restoring the SEC’s reputation after it failed to foresee the financial crisis and missed master swindler Bernard Madoff’s massive Ponzi scheme. Under Schapiro’s leadership, the SEC has demanded greater transparency in awarding stock options, and called for restraint in bonuses pad out to traders. Source: The Daily Tribune URL: http://www.tribuneonline.org/commentary/20100617com3.html |
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