Prospects: SEC's new chairman must salvage the US financial system
Barack Obama may have attracted tens of millions of television viewers to watch his swearing in this week as the 44th US president, but if you work in accountancy the person of direct interest is his new chief financial regulator, Mary Schapiro, who takes over as chairman of the US Securities and Exchange Commission (SEC).
Picking someone to run the SEC is a crucial appointment for Obama. The financial watchdog and its current chairman Christopher Cox have come in for withering criticism for their failure to properly regulate collapsed banks, such as Bear Stearns and Lehman Brothers, and the decision to ignore warnings about Bernie Madoff, architect of a $50bn Ponzi scheme.
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