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Placing a shill to head the SEC was the best way to defeat Dodd-Frank...
When a Surprise is not a Surprise
article on Mary Jo White, the current Chair of the Securities and Exchange Commission (SEC), and the article basically stated she works for the crooks on Wall Street, and will continue to do so at the SEC if confirmed, and no real changes will occur.
Over two years later, and surprise--surprise, Mary Jo White has led an abysmal SEC into the future, has once again focused her blind eye on criminal activities committed by Wall Street bankers/investors, is orchestrating the capture of the SEC back into Wall Street's hands by assigning Andrew Donohue, as her Chief of Staff, and has done everything she can to prevent sound regulation of Wall Street from moving forward in an efficient manner.
When a surprise isn't a surprise at all, and the government has once again failed miserably in confirming a non-captured person to head the SEC, how can we have any confidence in our government? If I could predict with 100% accuracy of what was going to occur under Mary Jo White tenure as Chair, and I have zero experience in regulating Wall Street or working within the government; how in the hell did the morons in the Senate Banking Committee, who confirmed her into office, miss this obvious predictable outcome?
Silly me, they didn't miss anything, placing a shill to head the SEC was the best way to defeat Dodd-Frank without ever having to place a vote in objection to it. Most on the banking committee voted as expected outside of Senator Elizabeth Warren, who for some bizarre reason confirmed Mary Jo White. While Senator Warren's recent lip service on Chair White's failings at the SEC have shined a small light on those failures, it doesn't make up for the fact that she confirmed her as the Chair in the first place.
But, beyond forcing Mary Jo White out of the SEC, who will fill her spot, and if the same for-profit-politicians doing Wall Street's bidding are just going to nominate another shill, then where will that get us? And that is what is wrong with the very essence of representative "democracy", we have little to no recourse for actions taken without our justification in ways that harm the public welfare of our citizens, and those who are supposedly representing us, are merely looking out for their own interests.
The Senate nor the House ever voted for Chair White, she was unanimously confirmed by a super-super-super-minority of 21 Seantors who sat on the Senate Banking Committee, along with Senator Sherrod Brown of Ohio, who was the only member to object because he could see the obvious, a usual side effect of not having one's head up their own arse.
So that means 22 Senators, the President, and 5 former Commissioners of the SEC chose the SEC chair - nothing screams democracy like significant choices being made by.00000009 of the entire population, with practically zero recourse for the remaining 99.999999991% of the population to change such choices.
I'm sure once Chair White steps down, she'll be remembered for her "valiant" efforts to reform a broken SEC after the 2008 Crash, I'm also sure those who will pay for such words to be written will also be tethered firmly to special interests on Wall Street, just as Mary Jo White has been for most of her career, before and during her time at the SEC.
Claude Morton, Column Editor: Claude Morton is an independent contributor, who mostly writes articles on politics, Veganism, philosophy, or local events. Claude has contributed to a variety of print and online outlets including Yahoo!, MovieMaker Magazine, and the Ann Arbor News. From Claude; I’m in the 1%, no, not that 1%. I’m a vegan, indie filmmaker, libertarian socialist, and a pacifist. I champion freedom as much as equality, and love discussing solutions about our country’s biggest dilemmas. ... (more...)