The Securities and Exchange Commission (SEC) was created in 1934 because of the historic stock market collapse in 1929. http://www.whitehouse.gov/blog/2013/01/24/president-obama-nominates-mary-jo-white-run-sec The SEC’s responsibility is to bring “honesty” to Wall Street.
On January 24th, President Obama nominated Mary Jo White to be the head of the SEC. At a time when our President is criticizing corporate behavior he nominated a person who has a horrible and unconscionable history of defending corporate behavior.
In 2007, Mary Jo White was the leading defense attorney for at least one of the three executives of Purdue Pharma who pleaded guilty to misrepresenting OxyContin. http://www.bloomberg.com/news/2013-02-08/sec-nominee-white-s-disclosure-report-shows-possible-conflicts.html �
OxyContin had developed a history of addiction and death and Mary Jo White defended the Purdue Pharma’s executive’s actions. Tens of thousands have been affected by the addiction and death of the prescription drugs since the introduction of OxyContin and the nominee to oversee decency on Wall Street has a history of working with what this radio show considers the most diabolical company in America.
As a law firm partner of a prestigious New York firm, Ms. White has a history of being associated with protecting corporate clients accused of malfeasance. In particular, a former employee of the SEC has accused Mary Jo White of “interfering” with an SEC investigation that Morgan and Stanley was mentioned in. http://en.wikipedia.org/wiki/Gary_J._Aguirre
It’s been reported that Ms. White will be receiving about $500,000 a year from her present law firm when she leaves for the SEC. In other words, the potential head of the SEC will continue to receive payments from a company who defends the clients the SEC “regulates”. http://www.bloomberg.com/news/2013-02-14/mary-jo-white-s-latest-conflict-of-interest.html
We have become a country that has become numb to bad corporate behavior and government transgressions. What are the chances a former defender for the drug falsely marketed that put this country on the path for millions resulting in addictions and deaths will strike a live nerve during the confirmation process of Mary Jo White?
The phrase attributed to Shoeless Joe Jackson in 1920 appears most appropriate: “Say it ain’t so, Joe (Mary Jo?).