The new chief of the US Securities and Exchange Commission on Friday vowed to make the beleaguered regulator a tougher and faster cop on Wall Street, saying her staff will act like its “hair is on fire”.
The comments by Mary Schapiro, recently confirmed as SEC chairman, come amid an avalanche of criticism against the agency for failing to detect Bernard Madoff’s alleged $50bn (€38bn, £33bn) “Ponzi” scheme – in spite of apparently credible allegations brought to its attention for nearly a decade.
“We are going to act like our hair is on fire to get things done,” Ms Schapiro told reporters at a conference in Washington on Friday. Earlier, in her first speech since taking the top SEC job, she said “a strong and reinvigorated SEC will be on the beat like never before to catch wrongdoers”.
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