SEC New Chief – Mary Jo White

MaryJoWhite

Mary Jo White is from NYC. There will be no change at the SEC. She was a prosecutor for US Department of Justice in Southern District of New York and is familiar with the practice there of changing transcripts of what takes place in court, see US v Zicetello, She never prosecuted the bankers. The SEC prosecutions are civil. Even Goldman Sachs has pled guilty more than once. The routine is well known and nothing will ever change.

  1. SEC finds wrongdoing by firm X.
  2. Firm X denies allegations.
  3. SEC and firm X negotiate and agree to settle case.
  4. Firm X pays Y million dollars to settle, does not admit nor deny guilt yet promises to never break the rules again.
  5. SEC announces victory.
  6. Go back to Step ONE and Repeat.