Elizabeth Warren Declares War on SEC Chairman Mary Jo White

Posted on by

Elizabeth Warren just put SEC Chairman Mary Jo White firmly in her crosshairs. White is a deserving target. After being approved based on the promise that she’d reinvigorate a diminished agency via her chops as a former highly respected Federal prosecutor, White instead had specialized in empty promises, foot dragging and financial services cronyism. While these are sadly too common in senior regulatory circles most incumbents do far better than White in presenting a plausible veneer of serving the public interest. By contrast, White’s performance has been so remiss that a fellow Democratic party commissioner, Kara Stein, has gone into open opposition against her, and is regularly joined by the other Democrat commissioner, Luis Aguilar.

Warren’s letter (hat tip Adrien) comes a mere week after another missive calling out White’s dereliction at duty, when three former SEC commissioners blasted White for failing to to move forward on long-overdue rulemaking to require public companies to disclose their political spending.

Warren’s letter is much broader and more damning. It includes the failure to create the long-promised political donations rules and gives a detailed recap of all the times White has given a time estimate as to when they’d be completed, merely to have White promise yet another clearly meaningless due date. Oh, and White had the bad judgment to tell Warren that they’d be done by the fall of this year, only to have the OMB publish the very same day that the SEC had told them they’d be done in April 2016. Warren also blasts White for her pathetic record of getting settlements without admissions of wrongdoing, after promising to change the agency’s course, of failing to restrict the issuance of waivers for companies that have broken securities law (a major target of Stein and Aguilar) and White having to rescue herself almost routinely due to her history as a Wall Street defense attorney and her husband being a senior partner at Cravath. And mind you, Warren doesn’t even get to other widely-criticized White decisions, like her not taking action on high-frequency trading by punting the matter over to further study, or hiring a former Goldman employee to be her chief of staff.

I encourage you to read Warren’s letter in full. It’s a forceful, engaging document and leaves no doubt about how White has not even made a credible pretense at delivering on promises she made during the confirmation process.


Print Friendly, PDF & Email


      1. optimader

        Right! through the DC babblefish interpreter not shrill = meaningless narcotic platitudes

        1. so

          I’m sure Mary Jo’s like…..Sticks and stones can break my bones but names can never hurt me.

    1. optimader

      The letter equivalent of an “attack ad”? Yeah, well maybe not so much unless there is some inaccurate claim.

      I would never have originally guessed BHO would make me wince as much as GWB
      When Mary Jo White was nominated SEC chair, President Obama reportedly said “You don’t mess with Mary Jo.”
      And now that Warren has, she may regret it. The White House defended White on Tuesday, saying, “The president continues to believe that the reasons that he chose her, based on her experience and her values, continue to be important today.”

      1. ambrit

        Oh, oh, oh! The White House came out in defense of White! It’s all there! That sentence is tantamount to an admission of guilt! (Sorry, but this deserves all the exclamation points.)
        If one can convict White in the Court of Public Opinion, the White House goes down with her. I see this as a big tactical blunder by the Administration. Now Warren and the reform cabal can legitimately propose common cause with the Tea Party clique. Obamas statement is a major case of Hubris in action.

        1. Steve

          I love this idea. I’ve always thought a big reason for the rise of the tea party is that the Democrats abandoned working people. With no effective spokespeople for them on the left, they got copted by the far right. Just like Labour in the UK lost a bunch of working people to UKIP. Warren and her allies should not feel reserved about attacking that thoughtful, chin stroking, high minded, serious elitist Obama.

          1. Phil

            This is why Bernie Sanders is beginning to resonate in a big way. Imagine, someone who self-labels as a Socialist is drawing large crowds from all sides of the spectrum, wherever he goes. “Hope” rekindled? Maybe.

      2. RUKidding

        Oh the Barackstar really doesn’t like it when he perceives he’s been, you know, criticized, especially if its by someone allegedly from Obama’s own “party.” Of course, what political party does Obama really “belong to”?? is the question.

        Obama’s ego done got hurted by Warren’s letter. Oh my!

          1. Anon

            I want to read that link, but I can’t front the cash for a subscription right now. Is it really as awesome as that quote and first paragraph made it out to be?

              1. Doug

                Thanks for the link! PDF version:


                “During Obama’s first year in office, the string of departures from his own stated policy showed the want of connection between his promises and his preparation to lead. The weakness was built-in to the rapid rise that carried him from his late twenties through his early forties. His appreciative, dazzled, and grateful mentors always took the word for the deed. They made the allowance because he cut a brilliant figure. Obama’s ascent was achieved too easily to be answerable for the requirement of performing much. This held true in law school, where he was elected president of the Harvard Law Review without an article to his name, and again in his three terms as an Illinois state senator, where he logged an uncommonly high proportion of noncommittal “present” votes rather than “ayes” or “nays.” Careless journalists have assumed that his time of real commitment goes further back, to his three years as a community organizer in Chicago. But even in that role, Obama was averse to conflict. He was never observed at a scene of disorder, and he had no enemies among the people of importance in the city.”

      3. Min

        “The White House defended White on Tuesday, saying, “The president continues to believe that the reasons that he chose her, based on her experience and her values, continue to be important today.”

        Not exactly a ringing endorsement. One could add, “Unfortunately she did not live up to her promise.” Or the like.

    2. Vatch

      There are some amusing comments at the Business Insider web site. There’s nice ridicule of the use of the word “everyone”:


      Sounds like something high school girls use.

      Everyone and For-EVERRR.

      Several commenters also object to the lack of actual criminal prosecutions. Perhaps we should say that EVERYONE is disturbed by the lack of criminal prosecutions.

    3. RUKidding

      Who’s “everyone”? If it’s the PTB and their sycophantic bought off minions in the District of Criminals, then who cares what they think? Go Warren, sez I.

    4. Uahsenaa

      So, let me get this straight:

      willful dissimulation before Congress: okay
      pointing out said dissimulation: BEYOND THE PALE!!!!11

      got it, I guess…

    5. Alejandro

      From your link, the second paragraph opens with “The populist Massachusetts Senator called White out on a number of issues…”

      Notice how the word “populist” seems to “pop” up when the life-sucking oners are called out and feel threatened? Also, from one of your links yesterday, I couldn’t help but notice the similarity in the word ‘fraud” and ‘freud”…did you notice that too?

    6. Larry

      Well, Mary Jo is an important apparatchik. These people are not used to public full on attacks. She must have circled the wagons with her friends in the established media. “I’ve met Mary Jo at a dinner party, how dare Senator Warren attack her like that! To the public I go!”

    7. vidimi

      no other publication makes me as depressed about the world as business insider. it’s so propagandistic, sycophantic, sensationalist and base. reading the readers’ comments makes me weep for the country.

  1. nitpicker

    This is not a defense of Mary Jo White, it is a comment about the style of writing in this piece. I’m so sick and tired of the war language. Elizabeth Warren did not “declare war.” She does not have a weapon with its crosshairs “firmly” set on this other individual.

    Please don’t stoop to this warrior language.

    1. Jerry

      You are un-American! We are always at war in the USA! We can’t open our mouths without mentioning war. Your only hope is to start a war on war-talk.

  2. bwilli123

    I think “rescue herself” possibly should mean “recuse”, but it still works for me.

  3. JM Hatch

    While Bernie has my vote, this is one of those critical areas where he was missing in action, playing nice to Obama, and it makes me wince.. His foreign policy is to pro-war for my taste, but here I will give ground and not let the perfect be the enemy of the good. After all Bernie could wise up on with the right staff and a budget of more than peanuts. However, his not pressing Mary Jo White, or Obama, for her non-performance and cuddling of thieves is much more serious, it is a particularly key area of his platform.

    1. ErnstThalmann

      You prefer supporting politicians that remain silent in the teeth of regulator non-performance and support pro-war policies. Considering the massive scope of what you’re not getting, other than a carefully crafted – and false – self-image, what are you getting?

      1. James Levy

        Another Sotomayor or Ginsberg rather than another Roberts or Alito. I know you will ridicule that, but it does count for something. President Cruz or President Walker are not the same as President Sanders. Now, that might not be enough for you, and I think that’s fine–it’s a matter of where you are in the world (a gay man, a teenage girl, a climate scientist, a union worker) and how strongly you can embrace the failings of our political system or feel you must opt out of it entirely. I would not presume to make that choice for you. But I certainly wouldn’t ridicule people if they voted for Sanders over Rubio or Walker.

        1. Alan Smithee

          Democratic Party Apology #4 – The Supreme Court “Argument”

          The “argument” ignores the fact Democrats vote for right wing Justices and Obama didn’t put real liberals on the bench. Scalia was confirmed 98-0 and fully half the Democrats in the Senate voted for the right wing Chief Justice Roberts. How about Obama’s choices? Sonia Sotomayor is a shameless defender of corporate interests, siding with big business, government authority and the police far more than with the poor, the arrested or the oppressed. Kagan is a pro-Big Business, pro-corporate “liberal” who once worked on an advisory panel for Gold in Sacks and supports the fraudulent GWOT.

        2. lord koos

          Wow that’s a relief — I’m planning on voting for Bernie but wasn’t sure I could survive the online ridicule for doing so.

        3. ErnstThalmann

          “President Cruz or President Walker are not the same as President Sanders”

          Oh, really. Why not ask the little children of Gaza to spell-out the difference?

          I’m still at a loss to learn what JMHatch gets from Sanders – other than talk – to balance his silence on regulator non-performance and his warmongering.

            1. hunkerdown

              Because we must honor our betters by ratifying one of their infallible choices for President.

        4. roadrider

          Another Sotomayor or Ginsberg rather than another Roberts or Alito.

          Do you remember the Democrat filibusters of Roberts or Alito?

          Neither do I.

          That was their chance to actually do something about the SCOTUS instead of dragging out this tired old grift about how important it is to hold your nose and vote for whatever corporate-wing hack they nominate.

          Now Sanders is clearly many cuts above the typical Blue team nominee, well, he is on economic issues, but he’ll never survive the nomination process without making major concessions to the party leadership which is dominated by the corporate/Wall St. wing. Sanders has never been an actual Democrat – he joined only for the purpose of entering the primaries. Thus, it remains to be seen if the party leadership will actually welcome his presence if he threatens to derail the HIllary chain.

        1. Ian

          If he can stop TPP, TTIP and TISA though I would still support him just on those issues alone.

      1. Lambert Strether

        There’s a post up around 2:00PM every day that has a whole section on the 2016 race. Do consider posting material like this there, as opposed to trolling a post about Elizabeth Warren and Mary Jo White.

        That goes for everyone on this thread, too. Incidentally, NC doesn’t do endorsements. I suggest that commenters consider the same practice. That will bring a greater focus on policy.

        1. JM Hatch

          Noted, My point was that Bernie was very quiet on Mary Jo White, as a comparison. Where it went after that is, I’m afraid, because few read past their biases.

  4. allan

    It’s amusing/depressing to remember the fawning treatment that White got from the press and senators when she was nominated. And let’s not forget:

    “You don’t want to mess with Mary Jo,” Obama said, adding that he was confident White would “complete the task of reforming Wall Street and making sure that American investors are better informed and better protected going forward.”

  5. JohnnyGL

    Give Senator Warren credit, she picks out juicy targets, and attacks them openly, and adroitly. We all get frustrated because she doesn’t pick MORE targets, but she picks winnable fights. She makes the opposition look foolish when they overreact to defend the target and she seems to be building political capital and influence in DC.

    Personally, I don’t want her to run for President, I like her where she is and she seems effective.

  6. mk

    sorry, couldn’t get past “The Honorable Mary Jo White”, I’ll come back to read Warren’s letter after my breakfast settles.

  7. ErnstThalmann

    Bulletin: White writes Warren letter criticizing Warren’s taking AIPAC money and her noxious position on Israeli war crimes in Gaza last Summer.

    1. RUKidding

      heh… yeah, there’s that alright. I’m cynical about Warren as well. However, I’d back Warren in this fight.

    2. ambrit

      Apply some parsimony here. One is a case of crimes against a foreign population. The other is a case of crimes against the domestic population. Which one do you think will resonate the most in the domestic political arena?

      1. RUKidding

        Well one is a case of genocide, but it’s the genocide of the usual dusky hued “other” suspects, so who cares? No doubt, they had it coming (yes: /s).

        This is a case of the US commoners being screwed again by Wall St, so yeah, the proles might be more up in arms about that.

      2. ErnstThalmann

        Sorry, ambrit, both are very much crimes against a domestic population. “Not in my name”, if you catch my drift.

        1. James Levy

          This is America, asshole–get fucking real. Americans love the Jews and hate the Arabs. You can rant and rail against someone who is fighting the plutocrats because “four legs good, two legs bad” or you can embrace her for taking your side against really powerful, dangerous people right here. What she might say against the Israelis is meaningless posturing because it won’t change the world one damned bit. It sure as hell isn’t going to get the Israelis to stop mercilessly pounding the Palestinians. But as a US Senator she might just put some heat on the SEC to get off its ass and do something. Your purity smacks of stupidity.

          1. lord koos

            Judging from some online forums I’ve visited, Americans do not “love the Jews” as much as you might assume.

            1. ambrit

              Yep. I must agree. Anti-Semitism is alive and well, if driven underground, here in the Deep South. It’s not restricted to old farts waving Confederate Battle Flags from their front porch either. There is a surprisingly large cohort of outright and latent anti-Semites in the younger generation here. It smacks of Traditionalism.

              1. Praedor

                You are playing the Israel game of equating anti-Israel with antisemitic. Not even nearly the same thing.

                1. ambrit

                  I stand by what I wrote. Israel is known to be separate from “Jews” by the Great Southern Unwashed. Anti-Semitism down here is more a cultural expression. People still use the expression “Jew him down” to describe sharp bargaining here.
                  It ain’t all “Moonlight and Magnolias” south of the Mason Dixon line.

                  1. MRW

                    Using that expression is not indicative of anything. Same as use of the N word in the Deep South. Doesn’t indicate racism, could be identity habit. It’s the actions that count.

                    1. ambrit

                      Problem is, repetitious use of a word or phrase can set up some ‘pavlovian’ style reactions. The “Jew” usage presupposes a concept of an entire people as a stereotype. Stereotyping can easily be metamorphosed into actions usually seen as reprehensible or immoral. A person, by identification, is objectified, and denied due rights. Speech is power. Make no mistake about that.

                    2. patrickdevlin

                      Ha ha – so much intellectual discourse…

                      and, MRW, of course actions are what matters – whether in support of financial criminals or support of ethnic cleansers

                      & a matter of obvious import is US support of religious ethnic cleansing

                      warren’s words against the financial elite appear to be more self-serving grand sanding as ethics and honesty demand standing against both support of criminal bankers and criminal ethnic cleansers – I can’t imagine a person who would damn one but not the other

                      sorry hopers, ‘sall politics

                    3. vidimi

                      when you use a word without regard for its human effects you are engaging in a racist as act as it serves to dehumanize the target.

              2. Jack

                I’ve personally had conversations with different people, including a neighbor, who casually talked about being ‘Jewed’ by a salesman or out of nowhere drop sentences like ‘hey did you see that freakin’ kike on TV last night?’. And I don’t live anywhere near the South.

            2. hunkerdown

              The USA is, normatively, a middle-class nation. Hustling, nomadism, ceremonial reenactment, authoritarianism, militancy (such as it is in the US case) and the imperative to compete suggest that the local culture is heavily influenced by Pharisaic Judaism as portrayed in the Gospels; whether or not it chooses to claim the relation is a matter of brand differentiation.

              Which in part explains why the most religious among USians treat Jesus like he’s a trophy and a weapon. “Do you want to be next?” the American Pharisees ask, preferring their ideals dead, distant and easier to misspeak for.

          2. Alan Smithee

            Democratic Party Apology #9

            #9A. Too Dumb to Get It “Argument”-This Ad Hominem “argument” attacks you for being too dumb to understand why Obama adopts Republican policies.

            Democratic Party Apology #25

            #25D. The Nobody is Perfect “Argument”-This absurd “argument” seeks to excuse Obama for whatever you accuse him of on the grounds that nobody is perfect. Imagine excusing a serial killer on the grounds that nobody is perfect. This is so silly it merits no further comment.

            (Note: Just replace ‘Obama’ with ‘Warren’ where applicable.)

            1. Lambert Strether

              Ha. That’s a source useful to readers, at least. Although the tropes are surely ever-evolving, given that successful campaigns display adaptability, placing the concluding parenthetical something between careless through tendentious with a stop at outright wrong.

          3. ErnstThalmann

            Could your’s be hasbara, Levy, it clearly has that stench? That notwithstanding, one thing’s evident: That neither your language nor your logic here has been much troubled by purity. As for stupidity, one wonders if you can feel the tremors most everyone else can announcing Israel’s grievous loss of support among American’s generally? So please don’t talk to me how to deal with the outsized influence of lobbies in this country unless you’re prepared to place AIPAC at the top of the list.

            1. James Levy

              Utter fail. Israel is not just wrong about the Palestinians, it is malignant. And the last Jew in my family died in 1966, so although I proudly carry the family name, it is vestigial, not my identity. That doesn’t change the fact that Warren is doing good work here vis-à-vis White, good work that would be destroyed and delegitimized if she said what I said in the second sentence of this paragraph.

              Warren does not sit in the Knesset and has no power there. Her knee-jerk support of Israel is unhelpful and foolish, but completely mainstream. I guess we can denounce everyone in the Senate, House, Supreme Court, and MSM as all equally bad and all the evil enemy, but that will be about as effective in changing anything as howling at the moon.

              1. vidimi

                exactly. warren happens to be one of the best on this issue. just about everyone is toxic on foreign policy. someone who is good on domestic policy but toxic on fp is clearly better than someone who is toxic on both. strange how people don’t see that and that this isn’t some choice between flawed and perfect but flawed and irredeemable.

          4. MRW

            Americans love the Jews and hate the Arabs.

            Speak for yourself. I don’t love the Jews and hate the Arabs. I don’t give a damn about either one of them; as long as they are Americans, who cares. But I do care that we’re destroying the Palestinians in our name. For what reason? Because a much of gangsters from Bialystok have nationalistic pretensions? And in their atheism, they pronounce themselves Jews to curry favor and use the anti-semitism label to control our words and thoughts?

            1. Jack

              Jewish identity is much more than a belief in Judaism though. There are huge numbers of secular Jews all over the world. The common heritage, traditions, folklore, all of that adds up to a coherent cultural identity that still exists even if the supernatural beliefs that form the foundation are discarded.

              Not that secular Jews in Israel aren’t above invoking Old Testament imagery as a form of Orthodox pandering for votes.

        2. ambrit

          I do catch your drift.
          Unfortunately, the general rule of out of sight, out of mind is apropos.
          I feel that the best way to help the Palestinians might be through pressure on Riyadh. I once thought that we would have to wait for the generation of Netenyahoo to die off. It seems I underestimated how stupid and bigoted young people can be, as in the ‘Settlers’ of “Judea and Samaria.”

          1. ErnstThalmann

            My, the passivity. The Lobby hasn’t threatened your job has it?

            Since Riyahd isn’t oppressing the Palestinians, I’d suggest corrective action against Israel, the one that is..Perhaps a substantial cut in the $3 billion annual subsidy the American people provide to Israel that supports the oppression. Or maybe a demand that illegal settlement construction and other forms of ethnic cleansing be stopped before a dime of this “aid” is permitted to reach them. Time’s come to get our heads out of the sand, ambrit, to put a noose around the neck of The Lobby that for decades has so effectively corrupted our government. Pussy-footing with indirection is a loser.

            1. ambrit

              I know we’re hijacking the thread a bit, but one last observation from me. One big reason the Palestinians are in the horrible predicament they are is that the surrounding Arab nations did nothing to help the displaced Palestinians to start new lives after their diaspora. The “Refugee Centres” in Gaza and Jordan and who knows where else were designed to create trouble for the Israelis by creating a generation of displaced peoples who could be manipulated into attacking and otherwise threatening Israel. This in no way exculpates Israel, but, as I’ve said many times concerning this festering sore, there is more than enough blood to go on everyones’ hands. That’s why I mentioned The Kingdom. They did little or nothing constructive for the displaced Palestinians. They run a clandestine alliance with Israel against Iran. Iran gets back by helping the Palestinians through Hezbollah. The Palestinians do the dying and ask, “Why me?” Perhaps we ought to nuke Jerusalem and start over.

  8. grizziz

    I suppose that Mary Jo White was hired to sit on her hands. Ever since Obama hired Geithner for Treasury Secretary we should have known the ‘jig was up.’ The Dems’ would have been helped by the Republicans for financial reform if Obama had struck and broken the banks in his first 100 days.
    Alas, with 18 months to go in the lame duck, there is little change to be expected from SEC regulations. Dodd-Frank is such a turd that no polishing will help it shine. Any clarity in writing the regulations will only be known by those doing the writing, for the rest of us we will have to rely on experts to read the entrails.
    The interesting part will be if the progressive media pushes the story and it becomes an election issue. I applaud Warren for taking the shot at SEC Chairman, but I have to believe the target is Hillary.

    1. sd

      Incompetence. There’s a consistent pattern of incompetence. Pretty talk, no action. I thought it was deliberate obstruction but now, quite honestly, I think it’s incompetence.

      We need to stop electing pretty faces with pretty words and start electing people who are competent.

      Btw, I am increasingly impressed with the actions of Senator Menendez. Is anyone here a constituent?

      1. RUKidding

        I argue that Obama is neither incompetent, stupid, inept or whatever. I think Obama has over and over again clearly demonstrated exactly how competent he is… at doing what his corporate paymasters have hired him to do! Obama has NEVER EVER, not once, not for one nanosecond, worked for the commoners, but his work on behalf of the mega-wealthy has been an *outstanding success.*

        Just depends on one’s perspective, is all.

        Everything else that happens is merely Kabuki Show, such as Obama’s prattling about Mary Jo White AS IF she was some sort of champion for the “little people.” Hardly. White is also doing the job that she was HIRED to do… making sure her wealthy benefactors stay just as wealthy as they are now, if not more so.

        Warren is somewhat tilting at windmills, but if the PTB are shrieking about it, it may be more than just Kabuki Show. At least Warren is doing something… unclear whether it will have an effect that benefits the commoners. Remains to be seen.

        1. OpenThePodBayDoorsHAL

          Stupid or evil? That’s the question I’ve also asked myself about Obomba, in November 2008 I had my answer when he appointed Little Timmy, I knew the fix was in, and my heart sank.
          With Elizabeth we are asked to ignore her failings (why are Gaza and Shatilah any different from Saddam’s incubators or Moammar’s torture chambers?) and be glad that at least she is saying some shiny stuff about the criminal Mafia enterprise that is American banking. Oh, I guess so…but wouldn’t it be great to have someone in charge with an actual functioning moral compass? She has the money to survive while speaking truth to power about Israel, too, makes me think “the fix is in” yet again.
          This entire election cycle makes me feel like Malcolm McDowell in A Clockwork Orange, strapped in a chair with eyelids propped open and forced to watch the unspeakable.

  9. flora

    Wow. Very straight forward, very clear letter. Sen. Warren isn’t fooled by bureaucratic dodges – slow walking, evaporation by committee, intentional creation of confusion, etc. Sen. Warren also knows finance, both honest and otherwise.
    This letter is a damning bill of particulars. Thanks for this post.

  10. Gabriel

    One question about

    After being approved based on the promise that she’d reinvigorate a diminished agency via her chops as a former highly respected Federal prosecutor,

    I wasn’t then (hélas!) a reader of NC, so I don’t know how widespread this high respect might have been at the time, but I remember Matt Taibbi calling it the moment her nomination was made public, elaborating on the reasons for his dismay a few days later.

  11. trainreq

    Reading this like a company performance review, I’d say Ms. White has until July 1st to save her position, and rightly so. While this is obviously not the case, I’ll agitate my congresspeople. The waivers thing is absolutely beyond the pale. What else can be done here?

  12. Bottom Gun

    I loooooove this letter!

    Is there any way to court-martial White under the UCMJ? Article 92, Dereliction of Duty would seem to apply.

    1. ian

      I was sort of wondering the same thing: can you “un-confirm” someone? Or is the only recourse impeachment? What exactly is the mechanism for removing someone like White, not for any crime, but simple non-performance?

    2. Chauncey Gardiner

      Not an attorney, but “Dereliction of Duty” appears to apply in spades. Perhaps, however, there is a statute that addresses the evident willful intentionality of her actions in disregarding her promises to members of the Senate and waiving statutory requirements governing securities issuances by admitted corporate felons, as stated in Senator Warren’s letter. This is a particularly serious aspect of her failure to meet her responsibilities as SEC chair IMO.

      I appreciated Senator Warren’s letter too!

  13. Paul Tioxon

    I’ll have to admit, I didn’t think the pinstripe patronage on the Federal level would approach the low level scumbag party hack of city halls in Anytown USA, BUT… Mary Jo White’s conflict of interest, point #4 in Liz Warren’s letter, is a spectacular case of NO SHOW JOB! Gee Mary Jo, how do you accept a job when you know that you will have to recuse yourself almost all of the time considering not only you but also your husband’s Wall St legal practice will present you with a direct conflict of interest. Considering there ARE only a handful banks that now make up, what 50 or 60% of all banking, you probably will be recusing yourself most of the time for most of the investigations, which apparently you have in 4 DOZEN MAJOR INVESTIGATIONS!!! 48 cases in your 24 month tenure?

    So, you take a job with 2 conflicts of interest, both you and your spouse, and you sit out voting on a 5 person commission leaving 2-2 splits so that nothing happens in conflict of interest instances. Not only are you not working during your dozens of recusals, your absence short circuits the entire commission from working on key votes!! You collect a fat paycheck, but based upon ethics, simply recuse yourself from investigations!! Do you do any work at all with all of the recusals? Nice work if you can get it. A first class pinstripe patronage NO SHOW JOB!! What, do you need the gig for, the bennies? Wait til I tell the Ward Leaders what you can get away with in DC that you can’t anymore with all of the good government types reforming everything on the municipal level!! Ward leaders from Cleveland to Baltimore will march double time coming for your job and anything remotely like it. Who knew?



    You need to resign and let someone who will work the job to collect the paycheck bring some dignity back to federal regulation.


    1. Anon

      Someone could make a comic out of that, I’m sure. Maybe a filing system where one cabinet says work to do and a recusal stamp on the table. It’s probably a crappy idea, though.

  14. Joe Reeves

    There were hints that she was going to be weak and ineffective and was already in bed with Wall Street before she was confirmed.

    This Matt Tiabbi article references one such instance with Art Samberg and John Mack from Morgan Stanley.


    There was another story that mentioned she received a very large payment ( I recall many millions) from a Wall Street firm for some work. I wish I could find it. As soon as I saw that I knew she was going to be a paper tiger even though the press portrayed her as a no holds barred tough woman. They rarely do their job right and most just report what everyone else says.

  15. Elizabeth

    The criticism of Sen. Warren reminds me of the treatment Brooksley Born received prior to the GFC. She warned the PTB about the derivatives/credit default swaps blowing up. Born was ridiculed, isolated, and IIRC, fired. We all know now that Ms. Born’s predictions came stunningly true. I am anxious to hear Mary Jo White’s response to Sen. Warren’s letter.

    Thanks Yves/Lambert for posting it.

  16. Vibra

    I think the readers of NC might try taking up the cause of trying to get Mary Jo White to resign. We need a doable cause. Most people value their reputation more that just about anything else. Let’s find a way!

    1. anonymous123

      Agreed. Yves, I think you could effectively make this happen with repeated posts about MJW (which you more or less already do) with a strong call to action, including who we can write to and what major points would be helpful to make.

  17. Russell Scott Day/Candidate for US Senate

    I like that letter and can see why Senator Warren feels she has work to do in the US Senate.

Comments are closed.