Last Friday Senator Elizabeth Warren released a 12-page letter calling for President Obama to remove Securities and Exchange Commission Chair, Mary Jo White. For a female Senator and former Harvard Law professor to publicly humiliate a female Federal agency head and fellow lawyer is an extraordinary event. There is a code in Washington that women in power support other women in power. Warren didn’t just violate the code, she shredded it.
Warren called Mary Jo White’s conduct as SEC Chair ‘brazen’ and wrote that White was undermining the SEC’s central mission of investor protection. All of that is true as Wall Street On Parade repeatedly predicted it would be over three years ago. (See hereand here.) Between White’s career at law firm Debevoise and Plimpton and her husband John W. White’s long term career at the international law firm Cravath, Swaine & Moore LLP, the two had represented every major Wall Street bank. John White went right on representing them after his wife took her seat as SEC Chair.
Of course, after Warren released her letter, President Obama was quick to reassure Wall Street that no change was coming. White House spokesman Eric Schultz promptly stated that ‘The president continues to believe that Chair White is the right leader for the Securities and Exchange Commission.’
In her letter, Warren had attempted to spin White’s derelict actions as an affront to the President’s wholesome agenda, writing that White is ‘undermining your Administration’s priorities….’
As our readers well know, we have never believed that President Obama has ever genuinely wanted to level the playing field for the average American. He could not have had that agenda and appointed the people he did to his cabinet and regulatory agencies.
This post was published at Wall Street On Parade By Pam Martens and Russ Marte.