posted on Jan, 26 2013 @ 12:31 AM
Wanted to get a little discussion concerning the nomination of Mary Jo White for Chair of the Securities and Exchange Commission. This article by
"Time Magazine" has raised several red flags in regards to our banking system, the SEC itself, the relationship between banks and our government
bodies, and, most importantly, the obvious manipulation of the general public away from the truth that banks and big government are truly partners.
This article shows how even former conservative, now moderate political magazines are perpetuating the the manipulation throughout the population.
So it’s not surprising to see the left up in arms over the nomination of former Manhattan U.S. Attorney Mary Jo White by President Barack Obama
to head the SEC. White had a long and widely-praised career as a public prosecutor and then went to private practice. There she represented big banks
and, among others, Time Warner, the parent company of Time Magazine, in a suit brought by Donald Trump that was eventually dismissed.
To summarize the case against White: because she represented financial titans including Morgan Stanley and Bank of America, she’s morally tainted,
sympathetic to the plight of big banks, and inevitably inclined to lean in their favor.
In the real world, where politics, economics and the law are much bigger than any one player, those same big banks should be scared witless this
morning at the prospect of having Mary Jo White as a top enforcer.
First, she has a reputation as one of the toughest prosecutors in the country. Lightweights don’t run the U.S. Attorney’s office for the
Southern District of New York, and during her nine years in charge her list of busts was prodigious.
Second, her ethical reputation is unchallenged, despite the sudden urge to damn her by association. “Mary Jo has an impeccable reputation for
integrity and professionalism,” says William Burck, who worked for her in the Manhattan U.S. attorney’s office and is now co-managing partner of
the DC office of the firm Quinn Emanuel Urquhart & Sullivan.
Most important, she’s seen the banks naked.
As the top lawyer for Bank of America in a fraud litigation brought by then-New York Attorney General Andrew Cuomo, she came to know everything
about their books, their vulnerabilities and where and whether they crossed the line “Her time representing big banks should be viewed as an asset,
not a liability,” says Burck. “She knows more about what is effective and ineffective regulation than just about anybody.”
Play the scenario out. An SEC investigator finds potential impropriety at a bank and opens an investigation. Even if White is recused because of
specific representation of the bank, are the targets of the investigation more or less likely to cover their tracks or come clean knowing White is
running the place and knowing that she has seen not just the banks’ general strategy for outmaneuvering regulators, but the details of how they do
Sure, the revolving door can lead to regulatory capture. But the mismatch between private industry and government in skills, knowledge and capacity is
much more likely to produce that problem. Hiring someone who has seen the ugliest of the big banks is a smart choice.
Here's my thing: I would bet my last dollar that there is no way in hell Mary Jo White will do anything to burn the bridges that led her to the top!
She probably had not made many corporate or political enemies, at least not the important ones.
Also, what's up with the one sided hype-fest? How are the banks "scared witless" when they gladly allowed her to climb the ladder? And I
understand she "know[s] everything about their books, their vulnerabilities...", she is also well aware of "what is effective and ineffective
regulation than just about anyone else" meaning that she knows how to play the game!
When are we as the common-folk going to figure out a way to stand up to this brazen corruption? Why would we as a government allow a banking crony the
job of regulating the banks? Why could we have not done the common-sense action of nominating an outsider with whom carried a suitable, qualified and
adequate set of knowledge and skill to do the job, but whom may have not had a history of rubbing elbows with the banking elite?