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Author: yodaorange Big red star, 1000 posts 10+ Year Anniversary! Feste Award Nominee! Feste Award Winner! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 465270  
Subject: The Next SEC Chairman Date: 11/23/2012 12:08 PM
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Simon Johnson discusses Mary Miller who is being floated as a trial balloon by the administration in a New York Times article. [1]


Excerpts:

The Obama administration is floating the idea that Mary J. Miller, under secretary for domestic finance at the Treasury Department, could become its nominee to lead the Securities and Exchange Commission. Ms. Miller, a longtime executive in the mutual funds industry, has served in the Treasury under Timothy Geithner since February 2010.

Ms. Miller represents the financial sector’s preferred approach to financial reform — some talk but very little by way of serious effort. She has no time for people who are serious about making the financial system safer. And there is no willingness to really face down powerful people on Wall Street.

. . .
Still, considering Mr. Barofsky as a potential nominee makes the case for Ms. Miller look very weak.

She has no experience as a regulator or as an enforcer of the law. She has never worked on securities fraud. And she has no track record of standing up to powerful vested interests; in fact, she helped push the recent JOBS Act, which greatly undermines the protections available to investors. In addition, her work experience is entirely within the mutual fund industry — 26 years at T. Rowe Price. And a major agenda item now for the S.E.C. is mutual funds and how to make them less vulnerable to the kind of runs that occurred in September 2008.



[1] Simon Johnson New York Times article on next SEC Chairman
http://economix.blogs.nytimes.com/2012/11/22/mary-miller-vs-...
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