Bottom line: Walter has never worked at a private sector productive job her entire life. That Obama is nominating her means that she will play ball with Wall Street crony insiders and crush any upstarts trying to crack the oligarchy. She has the perfect resume for this. LINKAs everyone who reads this blog knows, the rate of enforcement and prosecution of financial markets crimes under Obama has declined by over 25% from the Bush administration. This is not political demagoguery or biased commentary, this is black and white numerical fact. And this decline comes despite some of the most grand scale big bank open theft of customer funds in the history of this country.
Today it was announced that SEC head jester, Mary Shapiro, is leaving the SEC and stepping down from her scandal-laced chairmanship. One would think that it would be an ideal time for Obama to make amends with his voting supporters and undertake steps to completely overhaul the SEC, right? Instead, we get a retread from the Bush administration as Obama's new appointee, Elisse Walter. This particular appointment will not require Congressional (Senate) approval as she is already a Commission member. What reinforces the bad decision on this appointment is the fact that apparently Harry Reid recommended it (Harry Reid, the guy who went from being a pauper with a failed law practice to being worth millions once he was elected to the Senate by the good-gaming State of Nevada and no doubt a big beneficiary of Steve Wynn's political largesse).
You can read about Ms. Walter's background here: LINK Yes on the surface her educational credentials make her look impressive. But note that she is clearly connected to both the Bush dynasty via Yale and to Obama via Harvard Law School. Harvard Law has successively bred some of the most corrupt financial markets operators in history (see Robert Rubin's history). In fact, Ms. Walter was involved with the CFTC when Rubin ran the Treasury Dept and Shapiro ran the CFTC. That time period lives in infamy with financial market historians as being the time when Brooksley Born attempted to reign in and regulate derivatives, but was promptly stuffed and politically punished by Rubin, Greenspan and Shapiro. Ms. Walter was a complete non-event as a regulator at FINRA.
Even more troubling is the fact that it appears as if Ms. Walter, in her capacity as one of the SEC commissioners under Ms. Shapioro, was nothing more than a rubber-stamp vote for Shapiro's policy proposals: "Ms. Walter was often the only reliable vote for Ms. Schapiro’s rule-making effort." What rule-making efforts? The SEC refused/failed to enforce the rules that are already on the books. You can read about Ms. Shapiro's failures as the chief securities industry regulator and Ms. Walter's affirmation of these failures here: LINK
While Obama supporters and Romney haters are still wallowing in their victory 3 weeks ago, I'm sure this Obama appointment will get buried by the mainstream media and overlooked by the few credible analysts who try to report the facts. But the truth is that Obama further demonstrated his true lack of desire and ability to reform our system. Either that or he reaffirmed that fact that he is largely a Manchurian President, a mere dish-rag for those elitists who paid for his election both times around.