The party’s over, at least we hope so, for the bankers whose reckless behavior damn near caused a second Great Depression in the United States. President Obama it seems has “grown a pair” after starting his second term and just nominated former star prosecutor, Mary Jo White, to head the Securities and Exchange Commission. White, who later became a defense attorney for white-collar criminals, was the prosecutor who helped put infamous gangster, John Gotti, behind bars.
This appointment, as well as the renomination of former prosecutor, Richard Cordray, to head the Consumer Financial Protection Bureau, sends a strong signal to the banking industry that new, stronger reforms under the Dodd-Frank Act are on the way. As a prosecutor in Ohio, Codray took on big financial dogs like Bank of America and the American International Group, filing suits against both.
According to Jay Carney, White House Press Secretary, White has “an incredibly impressive resume.” He also said in a statement yesterday that, “The president believes that [White’s] appointment and the renomination he’s making today demonstrate the commitment he has to carrying out Wall Street reform, making sure we have the rules of the road that are necessary and that are being enforced in a way that ensures we don’t have the kind of financial crisis that we had that led to the worst economic crisis that we’ve seen since the Great Depression.”