“President Obama will nominate Debevoise partner and former federal prosecutor Mary Jo White to be the next chair of the Securities and Exchange Commission (SEC).

The nomination comes as Obama is again feeling the heat from the media and public interest groups for not prosecuting big Wall Street banks and executives at the center of the 2008 financial crisis.”

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“But White’s nomination drew immediate support from Better Markets, a Washington, D.C.-based nonprofit organization that promotes the public interest in the financial markets.

“Mary Jo White was a tough, smart, no nonsense, broadly experienced and highly accomplished prosecutor,” said Better Markets President Dennis Kelleher. “She knew who the bad guys were, went after them and put them in prison when they broke the law. That’s what must happen if integrity and investor confidence is to be restored in our securities markets. Wall Street is a high crime area and Mary Jo White brings the right skill set to restore the rule of law on Wall Street. If the SEC does that, Wall Street, Main Street, our economy and our country will prosper.””

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Read full Corporate Crime Reporter article here