I'm inclined to disagree. You certainly can't staff the SEC with people who know nothing about Wall Street. There're a few high level people who've spent their entire careers at the agency, but not many. Work elsewhere pays better.
She came from an organization, as well as her husband, that was in place to protect the banks, not oversee them. That's why she is where she is. To protect the banks and brokerages but give the illusion she's overseeing them in case of any wrongdoing. That is unless she has to recuse herself.
I've always said, the SEC is in place to protect the banks, not the investor unless youre really rich, then they'll pursue and assist in getting justice as they did in the Bernie Madoff case.. One of WS's own rent rogue (lots of people on WS knew Madoff's scam was going on)... look how the SEC and other agencies went after Madoff and got some restitution for those he stole from... interesting the SEC didn't have that same desire to help BCIT shareholders out. How hard would it have been for the SEC to pursue redress for BCIT shareholdes, even if they had to hand it off to some other oversight agency to manage the restitution portion?
I guess small fry don't matter, but the rich got to take care of their own when one of their insiders goes rogue...
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