There may be legitimate reasons, about which reasonable people (and, in addition, the writer for this blog) might disagree, to oppose Mary Jo White for the head of the SEC. One of dumbest reasons is that she's an experienced corporate attorney who has represented big banks.
"If nominated by the president, however, she will undoubtedly face some opposition on Capitol Hill due to her time defending high-profile financial institutions and Wall Street executives," Compass Point said.
God forbid that the SEC might be run by someone with hands-on expertise in the subject matter. Better the top spot should go to a career academic or bureaucratic hack, especially if they're 1/32nd Chippewa/Cherokee/Choctaw/Fugawi.
"White would also face scrutiny from Democrats due to a statement she made during a recent panel appearance urging caution when prosecuting financial crimes: 'We must distinguish what is criminal from what is reckless behavior or bad business decisions and not bow to the frenzy…And I worry the frenzy overrides reason and judgment sometimes.'"
I can see why Senators of a certain stripe might blanche at the prospect that the full-out campaign to criminalize corporate governance decisions that's been running full bore since Enron ran aground should take a brief pause for thoughtful reconsideration. Not "bowing to frenzy" is positively un-American these days.
Mary Joe's been nominated by The One, and a majority of the Senate travels in the same boxcar as The Nominator. Thus, I think any "hard questioning" of Ms. White will likely not derail her confirmation, if the White House is serious about pushing her.
Not that you'd take any political prognostication I make to Vegas and lay down serious money on it. After all, I'm the guy who once thought Diana Taylor was a shoo-in for the Chairman of the FDIC.
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