Monday, November 26, 2012

Elisse B. Walter to Be Nominated by Obama to Head the SEC

President Obama will nominate a life-long bureaucrat to harass publicly traded companies.

Walter was appointed by President Bush to the SEC as a commissioner and was sworn in on July 9, 2008.

Prior to her appointment as an SEC Commissioner, Walter served as Senior Executive Vice President, Regulatory Policy & Programs, for FINRA. She held the same position at NASD before its 2007 consolidation with NYSE Member Regulation.

Walter coordinated policy issues across FINRA and oversaw a number of departments including Investment Company Regulation, Member Education and Training, Investor Education and Emerging Regulatory Issues. She also served on the Board of Directors of the FINRA Investor Education Foundation.

Prior to joining NASD, Walter served as the General Counsel of the Commodity Futures Trading Commission. Before joining the CFTC in 1994, Ms. Walter was the Deputy Director of the Division of Corporation Finance of the Securities and Exchange Commission. She served on the SEC's staff beginning in 1977, both in that Division and in the Office of the General Counsel. Before joining the SEC, Ms. Walter was an attorney with a private law firm.

She graduated from Yale University with a B.A., cum laude, in mathematics and received her J.D. degree, cum laude, from Harvard Law School.

Bottom line: Walter has never worked at a private sector productive job her entire life.  That Obama is nominating her means that she will play ball with Wall Street crony insiders and crush any upstarts trying to crack the oligarchy. She has the perfect resume for this.

UPDATE: The White House has announced that Walter will be the temporary SEC chairman.


  1. She led up the investigation into muni securities. This is going to be fun. It's like a guarantee that muni bonds will begin defaulting in earnest the next few years. If I had to speculate, a major "settlement" is coming up that will protect the bond dealers from lawsuits from both the munis and institutional investors. This is going to be fun. She's been groomed to oversee this shakedown.

  2. "Prior to her appointment as an SEC Commissioner, Walter served as Senior Executive Vice President, Regulatory Policy & Programs, for FINRA."

    Quite the revolving door that FINRA, as we see from the outgoing SEC Chair(and we all know the 'Great' job she did):
    "Mary L. Schapiro is the 29th Chairman of the U.S. Securities and Exchange Commission (SEC). assumed the Chairmanship on January 27, 2009. From 2006 to early 2009, she was the Chairman and CEO of the Financial Industry Regulatory Authority (FINRA), the securities industry's self-regulatory organization for broker-dealers and exchanges in the United States."

  3. Another Bush retread. This is "change"?

    1. More evidence that we have a one party system?

      Bernanke was installed by Bush, yet loved by Obama due to his arguably being the most activist, politically accomodating (and will ultimately be seen as one of the most, if not the most, destructive Fed Chairman in history).

      Now we have another FINRA installed lackey at the SEC. The last one, Schapiro was a total dud, did nothing to take to take to task the individuals-firms-politicians responsible for the 2008 crisis. She was perfect though for her 'installers.'

      Why should we expect this FINRA plant to be any different?

      Answer, we should not.

      Time for a total system change, nothing less will do!