The third in a succession of sellouts and/or incompetents it would seem, from my POV.
The exposure of the massive Madoff scandal among numerous others, with all the warnings and advisories that were spoon-fed to the SEC in advance of the pending Madoff meltdown should have resulted in the appointment of a Chairman who elicits 'concern in the extreme' for equity manipulators, insider commodities traders and other miscellaneous high level crooks.
Obviously, the 'System' has back door'd that possibility into the toilet; a game of revolving Potato Heads replacing it.
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