Where Greg Newton sees evidence of unfitness, we see indication that the new SEC will do what it can to make sure even white collar criminals are afforded the right to inter-species sex, as established by her acceptance of man-on-egret fornication.
Schapiro has troubled these pixels but once, when we reported that in 2003, during a period when she was opining vociferously on hedge fund-related broker-dealer disclosures and the adequacy thereof, her valiant sleuths swept through the offices of Bayou Securities LLC in Scamford, Conn.
There, they found $8500 worth of allowing "two individuals to execute transactions...without first obtaining registration as equity traders..." and failing "to update written supervisory procedures reasonably designed to achieve compliance with said regulations..." The missing however many hundreds of millions it was by then quite escaped their attention as, boxes all checked and wrist-taps to come, the sleuths boarded the train back to Boston.
Nobody else has spent so long at such high levels of the long captured US securities regulation complex. She has been a big part of building the regulatory problem for two decades; Stockholm Syndrome means she is unfit to be part of the solution.
If Mary Schapiro's the answer. . [NakedShorts]