April 9, 2013

Slam Dunk! Senate Confirms Mary Jo White as SEC Chair

Yesterday, the Senate confirmed Mary Jo White as the next SEC Chair by unanimous consent, with no roll-call vote. Meanwhile, this WSJ article and BusinessWeek article note that former SEC Chair Mary Schapiro has found full-time work as a consultant for Promontory in Washington, serving as a managing director leading the firm's governance and markets practice.

Here are rumors from DealBook about who will be the next Enforcement Director (ie. Andrew Ceresney). I haven't heard any rumors about who might serve as the next Corp Fin Director...

The Revolving Door Debate Continues

When SEC Chair White went before the Senate Banking Committee, she was asked "revolving door" questions as noted in this blog. This is a topic that I have blogged about quite a few times as I think the concerns are overblown; here is my latest. This debate will continue as reflected in these recent articles:

- ProPublica's "Friends in Low Places: Where The Real Lobbying Happens"

- Forbes' "The Wall Street-Washington Revolving Door Is As American as Apple Pie"

- Bloomberg's "Mary Jo White Spins the SEC's Revolving Door"

- Salon's "The sheriff of Wall Street has its back"

- MarketWatch's "Sellouts run the SEC, like everything else"

- DealBook's "S.E.C.'s Revolving Door Hurts Its Effectiveness, Report Says", describing the latest report from POGO (Project on Government Oversight)

Survey Results: Who Will Be the Next SEC Chair?

When Mary Schapiro announced she was stepping down, I ran a blog poll asking you to guess the next SEC Chair. These were the findings:

- Ann Yerger - 32%
- Huckleberry Finn - 27%
- Robert Khuzami - 12%
- Elisse Walter - 10%
- Nell Minow - 9%
- Sallie Krawcheck - 8%
- Richard Ketchum - 5%
- Mary John Miller - 5%
- William Brodsky - 3%
- Damon Silvers - 1%

Webcast: "D&O Insurance Today"

Tune in tomorrow for the webcast - "D&O Insurance Today" - to hear Tom Bentz of Holland & Knight, Peter Critchell of AIG Property Casualty, Heather Fox of ARC Excess & Surplus and Thomas McCormack of AIG Property Casualty discuss the issues of the day for D&O insurance including practice tips about what coverage you should seek - and how to negotiate with insurers. Here's the Course Materials that you should print out in advance...

- Broc Romanek