When he nominated Mary Schapiro to lead the SEC, Obama criticized regulators for having "dropped the ball" in a "failure of oversight" in the market meltdown and Madoff scandal. But a close WSJ examination of Schapiro's record shows she has infrequently pursued tough action against big Wall St firms. NASD-NYSE regulatory-merger that Schapiro oversaw shifted power to larger firms at expense of small ones and (nka Finra) missed the mortgage crisis and Madoff.
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