So long, and thanks for the memories, even if they weren’t so good. That might have been outgoing Chairman Mary Schapiro’s final lament as she stepped out the door at the Securities and Exchange Commission last month. Schapiro took office in early 2009, as the nation’s financial markets tried to recover from a meltdown that reached crisis proportions in September 2008. Her tenure also was punctuated by the May 10, 2010 Flash Crash. The agency faced huge criticism for not catching Bernard Madoff’s multibillion-dollar Ponzi scheme, which cratered during the credit crisis. It also did not catch up to the barrage of rule-makings required of it by the 2010 Dodd-Frank Wall Street Reform Act. And the Consolidated Audit Trail initiative Schapiro launched immediately after the Flash Crash is still a work in progress. More in Traders Magazine here.
