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April 3, 2013

After Running S.E.C., Schapiro Becomes Bank Consultant

“After more than three decades of policing Wall Street, Mary L. Schapiro is going to work for some if its biggest players.

“The Promontory Financial Group, a consulting firm that steers banks and other financial firms through regulatory scrutiny, announced on Tuesday that it had hired Ms. Schapiro as chairwoman of its governance and markets practice. The move comes after a grueling four-year period for Ms. Schapiro, who ran the Securities and Exchange Commission in the wake of the financial crisis.

“‘Mary is an outstanding advocate for investors and was a strong and decisive regulator during one of the most volatile periods in our financial history,’ Eugene A. Ludwig, the head of Promontory, said in a statement.

“Ms. Schapiro is the latest regulator to step through Washington’s revolving door on her way to Promontory. In addition to its ties with the S.E.C., Promontory has a deep bench of employees from the Office of the Comptroller of the Currency. Mr. Ludwig created Promontory in 2001 after a stint as comptroller under President Bill Clinton.”

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Read full New York Times article here

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