April 2 (Reuters) - Former U.S. Securities and Exchange
Commission (SEC) chairman Mary Schapiro will join a private
consulting firm as a managing director following a tumultuous
four years rehabilitating the agency's battered reputation.
Consulting firm Promontory Financial Group LLC spokeswoman
Debra Cope on Tuesday confirmed an earlier report by the Wall
Schapiro stepped down as SEC chairman in December.
When Schapiro took over in 2009, the agency was under fire
for regulatory blindspots that critics said helped to fuel the
financial crisis. It was also lambasted for failing to catch
now-convicted Ponzi schemer Bernard Madoff, whose fraud cost
investors an estimated $65 billion.
In addition to shoring up the agency's name, Schapiro had to
fight numerous other fires - from the 2010 "flash crash" that
sent the Dow Jones industrial average tumbling 700 points within
minutes to high-profile court losses.
In an interview with the Wall Street Journal, Schapiro said
she wouldn't go back to government. "After spending 28 of the
last 32 years as a regulator, now was the right time to do
something different," she said. ()
Promontory is a strategy, risk management, regulatory, and
compliance consulting firm founded in 2001 by Eugene Ludwig, who
served as U.S. Comptroller of the Currency under President