Remember last week when a MarketWatch writer suggested the Madoff whistleblower, Harry Markopolos, should be handed the Securities and Exchange Commission chairmanship? My favorite line from the whole piece was this one:
This is the only guy who has a track record of seeing the B.S. of con artists and regulators for what it really is...Give him anything.
This week, the U.S. Chamber of Commerce submitted a report recommending, among other things, that the SEC hire a chief operating officer. CFO.com reports:
At a Chamber of Commerce panel discussion held Wednesday to discuss the report, two former SEC commissioners, Harvey Pitt and Paul Atkins, endorsed the idea of improving the commission's management and operations. "The SEC has never been a particularly well-managed place," said Pitt. "It's not that it isn't a great agency, but management always pays attention to the particular critical issues of the day."
Not that hiring a COO would be the cure all, of course. Panelists agreed the SEC should also hire fewer lawyers and more people with capital markets and economics experience.
Why not do both? Hire Harry Markopolos.