The Wall Street Journal reports that Mary Schapiro, Obamaâs pick for SEC chief, has a history of going easy on big Wall Street firms. The Journal reports that during her tenure as the head of Finra, Wall Streetâs self-regulatory organization, enforcement fines plunged and the agency spent its time on small players while Madoffâs scheme slipped under the radar. In her confirmation hearing this morning, Schapiro called the Journal article "completely unfair," adding, "I have never been afraid to go after people who violate the public trust. There are no sacred cows." The article came on the heels of a New York Times report that two lawsuits have accused Schapiro of making misleading statements.
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