“Less than four months after stepping down as the top U.S. securities regulator, Mary Schapiro is joining a consulting firm that has built a reputation as a shadow regulator by hiring scores of former government officials.
“Promontory Financial Group LLC is expected to announce Tuesday that it has hired Ms. Schapiro, who was chairman of the Securities and Exchange Commission for nearly four years.
““In my case, there’s no revolving door…I won’t ever be going back to government,” the 57-year-old Ms. Schapiro said in an interview. She decided that after spending “28 of the last 32 years as a regulator,” now was the “right time…to do something different.”
“Ms. Schapiro will work full-time in Promontory’s office in Washington as a managing director leading the consulting firm’s governance and markets practice and advising clients on risk management and compliance. Ms. Schapiro and a Promontory spokesman declined to say how much she will be paid in the new job.”
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