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Chairman Shapiro Defends Role of SEC, Admits Past Mistakes

By Michael MacPhail, Esq.

          During a speech yesterday before a Denver meeting of the Society of American Business Editors and Writers conference, SEC Chairman Shapiro defended the role of the agency as the "investor's advocate," while acknowledging that, due to "a lack of resources or because of philosophy," an obvious dig at former Chairman Cox , in past years it was not "where investors most needed it, addressing their most pressing issues [and] responding to the changing world."  Chairman Shapiro's speech is part of the agency's campaign to rehabilitate its public image,  which includes announcing new Ponzi scheme asset freeze cases on the front page of its website.           On the subject of regulatory reform, the chairman stated there was a need for system-wide consideration of risks to the financial system, but that any reform should preserve the SEC as the "independent agency that exists not just to protect Wall Street, but to protect Main Street...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on April 28, 2009 (boomark / email).