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Kathy King

Folio News


Something About Mary Worries Many
(by Jed Horowitz, Investment News)

January 5, 2009 — The carping about Mary Schapiro’s appointment to run the Securities and Exchange Commission began three weeks ago, on the very day that President-elect Obama nominated her to head the agency. more

Registered investment advisors fear that her background in running FINRA will lead her to impose a rule-heavy self-regulatory scheme over their activities. For their part, shareholder activists and plaintiff’s attorneys are also concerned, because they think Ms. Schapiro may be too cozy with executives of big brokerage firms.

“Not only does she have to worry about the agency, she has to be aware of an industry that is suffering from a crisis in consumer confidence,” said Greg Vigrass, president and chief executive of FOLIOfn Institutional in Tysons Corner, Va. He endorsed more comprehensive disclosure rules for mutual fund holdings and other products.

“A lot of it will come down to what she will be allowed to do and how much time she will have to do it,” summarized Mr. Vigrass.

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