Rebuilding Wall St.’s Watchdog

Mary L. Schapiro spent four years at the Securities and Exchange Commission trying to shake the regulator’s past. In one of the countless grillings she faced, Ms. Schapiro was slammed at a Congressional hearing in 2010 for missing the signs of Bernard Madoff’s Ponzi scheme, a fraud that took place under her predecessors. But the S.E.C. chairwoman was ready. As always, she came to Capitol Hill armed with three copies of her testimony and a stack of handwritten note cards, reminders that included details of the agency’s overhaul efforts and even responses to long-forgotten missteps, like when employees were caught watching pornography. Read New York Times report here.

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