Mary Jo White

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Mary Jo White
Official portrait of Mary Jo White.jpg
31st Chair of the Securities and Exchange Commission
In office
April 10, 2013 – January 20, 2017
President Barack Obama
Preceded by Elisse Walter
Succeeded by Jay Clayton
United States Attorney for the Southern District of New York
In office
June 1993 – January 7, 2002
President Bill Clinton
George W. Bush
Preceded by Otto G. Obermaier
Succeeded by James Comey
Personal details
Born (1947-09-27) September 27, 1947 (age 69)
Kansas City, Missouri, U.S.
Political party Independent[1]
Spouse(s) John White
Education College of William and Mary (BA)
New School (MA)
Columbia University (JD)

Mary Jo White (born December 27, 1947) is an American attorney who served as the 31st Chair of the Securities and Exchange Commission. White served from 2013 to 2017. She was the first woman to be United States Attorney for the Southern District of New York, serving from 1993 to 2002.[2] On January 24, 2013, President Barack Obama nominated White to replace Elisse B. Walter as Chair of the U.S. Securities and Exchange Commission.[3] She was confirmed by the Senate on April 8, 2013 and was sworn into office on April 10, 2013.[4][5] As of 2014, she was listed as the 73rd most powerful woman in the world by Forbes.[6]

On November 14, 2016, White announced she would step down from her SEC position at the end of the president's term.[7]

Life and career[edit]

White was born in Kansas City, Missouri, and grew up in McLean, Virginia. She received a B.A. from the College of William & Mary in 1970. She earned an M.A. in psychology in 1971 from The New School for Social Research[8] and a law degree from Columbia Law School in 1974,[2] where she was a Writing & Research Editor of the Columbia Law Review.

White became Acting United States Attorney for the Eastern District of New York in December 1992, and in March 1993 was appointed by President Bill Clinton as U.S. Attorney for the Southern District. She is noted for having led the prosecution of John Gotti and overseen those of the terrorists responsible for the 1993 World Trade Center bombing, chief among them Sheik Omar Abdel Rahman and Ramzi Yousef.[9]

After President Bill Clinton's controversial last-day presidential pardons, she was appointed by new Attorney General John Ashcroft to investigate Marc Rich's pardon.[2]

For 10 years, she was chair of the litigation department at Debevoise & Plimpton,[10] whose self-proclaimed "core practices" and expertise are focused on the success of Wall Street financial firms.[11] The Huffington Post called her "a well-respected attorney who won high-profile cases against mobsters, terrorists and financial fraudsters over the course of nearly a decade as the U.S. attorney for Manhattan."[12]

It has been asserted in Rolling Stone magazine that, among other duties at Debevoise, White has used her influence and connections to protect certain Wall Street CEOs from prosecution,[13] including a notable case involving the firing of Gary J. Aguirre for investigations into the CEO of Morgan Stanley executive John J. Mack.

In 2013, White, as a lawyer for JSTOR, an original complainant in the prosecution of Aaron Swartz, asked the lead prosecutor to drop the charges after JSTOR changed their position to oppose Swartz's prosecution because of steps Swartz had taken to appease JSTOR.[14]

When White started at the SEC in April 2013, most of the agency's enforcement cases from the 2008-2009 financial crisis were either settled or near completion, freeing up resources for other work.[15] In a shift for the agency, White announced in June 2013 the SEC would start demanding more admissions of misconduct as part of an enforcement settlement.[16] In an October 2013 speech, White announced a new SEC enforcement tactic practiced by neighborhood beat police to root out petty crime. In her speech, White cited a March 1982 Atlantic article, espousing law enforcement's "broken windows" concept that theorizes enforcing small, petty crimes—like smashed windows—can prevent bigger crimes. Focusing enforcement attention to these small crimes avoids breeding an environment of indifference to the rules, White said.[17]

During her tenure, White had to recuse herself from some of the SEC's biggest enforcement cases as a result of her prior work at Debevoise and that of her husband, John W. White, a lawyer at Cravath, Swaine & Moore. By February 2015 White had recused herself in about 50 cases setting up deadlock situations within the Commission and thus, per a report, compromised the effectiveness of the SEC.[18]

In 2016, Mr. Robot had the first filmed fiction appearance of White in the season 2 premiere.[19]

On November 14, 2016 White announced that she would step down from the SEC after nearly four years service at the end of President Obama's term in January 2017.[20] She earned, in the immediate wake of her announcement, a complimentary overall review of her term as an independent regulator from the Wall Street Journal despite differences the editors had had with her. The editorial contrasted White's service to that of others "in one of history's most ideological Administrations", as it termed the Obama presidency.[21]

Criticism of White's leadership at the SEC[edit]

On June 2, 2015, Senator Elizabeth Warren wrote a letter to White indicating that her "leadership of the Commission has been extremely disappointing"[22] pointing out numerous shortcomings and failures during her tenure. Warren admonished that White failed to finalize certain Dodd–Frank rules, did not curb the use of waivers for companies that violated securities laws, allowed settlements without admission of guilt, and was too frequently recused because of her husband's activities.[22] In return, White argued that the agency had been effective and that Warren had mischaracterized her statements and the accomplishments of the agency.[23] The Massachusetts senator's attack on White generated backlash from the White House, Congress, and Wall Street, with defenders calling her a tough but fair enforcer of the rules.[24]

On October 14, 2016 Senator Warren sent a formal written request to President Obama asking for the immediate dismissal of White as Chair of the SEC because of her refusal to develop public disclosure rules of political contributions made by corporations.[25]

References[edit]

  1. ^ 2013 Speech to the 14th Annual A.A. Sommer, Jr. Corporate Securities and Financial Law Lecture, Fordham Law School SEC. (October 3, 2013). Retrieved December 14, 2014
  2. ^ a b c 2001 CNN profile of Mary Jo White CNN. (February 6, 2001). Retrieved February 24, 2011
  3. ^ Hallman, Ben (January 24, 2013). "Mary Jo White, Obama Pick to Head SEC". The Huffington Post. Retrieved 25 January 2013. 
  4. ^ "Senate confirms White to head SEC". boston.com. Archived from the original on April 11, 2013. Retrieved 8 April 2013. 
  5. ^ Nominations of: Richard Cordray and Mary Jo White: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, First Session, on Nominations of Richard Cordray, of Ohio, to be Director of the Bureau of Consumer Financial Protection; Mary Jo White, of New York, to be a Member of the Securities and Exchange Commission, March 12, 2013
  6. ^ "The World's 100 Most Powerful Women". Forbes. Forbes. Retrieved 26 June 2014. 
  7. ^ 14 November 2016: https://www.sec.gov: SEC Chair Mary Jo White Announces Departure Plans (Press Release)
  8. ^ Wasik, John. "Mary Jo White: Good Cop or Bad Cop for Wall Street?". Forbes. Retrieved 25 January 2013. 
  9. ^ Alden, William, "Mary Jo White's Greatest Hits", New York Times 'Dealbook', January 24, 2013. Retrieved 2016-11-16.
  10. ^ "Mary Jo White -- Debevoise bio". Retrieved 25 January 2013. 
  11. ^ About Us, London Office of Debevoise & Plimpton, retrieved December 11, 2015
  12. ^ Mary Jo White, Obama Pick to Head SEC...., The Huffington Post. Mark Gongloff contributed reporting. January 25, 2013. Retrieved January 31, 2013.
  13. ^ "Why Isn't Wall Street In Jail". Rolling Stone. Retrieved 25 January 2013. 
  14. ^ Wagner, Daniel; Verena Dobnik (January 13, 2013). "Swartz' death fuels debate over computer crime". Associated Press. JSTOR's attorney, Mary Jo White—formerly the top federal prosecutor in Manhattan—had called the lead Boston prosecutor in the case and asked him to drop it, said Peters. 
  15. ^ White, Mary Jo (June 23, 2013). "Where the SEC Action Will Be". The Wall Street Journal. Retrieved April 12, 2015. 
  16. ^ Eaglesham, Jean (June 18, 2013). "SEC Seeks Admissions of Fault". The Wall Street Journal. Retrieved April 10, 2015. 
  17. ^ "Remarks at the Securities Enforcement Forum", Chair Mary Jo White, Washington D.C., sec.gov, Oct. 9, 2013.
  18. ^ Eavis, Peter; Ben Protess (February 23, 2015). "She Runs S.E.C. He's a Lawyer. Recusals and Headaches Ensue.". The New York Times. Retrieved April 12, 2015. 
  19. ^ Riesman, Abraham (13 July 2016). "How Mr. Robot Got President Obama to Say ‘Tyrell Wellick’". Vulture.com. Archived from the original on 23 June 2017. Retrieved 23 June 2017. 
  20. ^ Merle, Renae (November 14, 2016). "SEC chair to step down, clearing path for Trump to eliminate tough Wall Street regulations". The Washington Post. Retrieved 14 November 2016. 
  21. ^ "Mary Jo White Packs Up" (possible subscription requirement; editorial), Wall Street Journal, November 15, 2016. Retrieved 2011-11-16.
  22. ^ a b Letter by Elizabeth Warren, warren.senate.gov.
  23. ^ Francine Mckenna (June 2, 2015). "Elizabeth Warren blasts Mary Jo White's SEC leadership". Marketwatch. Retrieved June 17, 2015. 
  24. ^ Temple-West, Patrick, and Ben White, "Did Elizabeth Warren go too far this time?", Politico, June 2, 2015.
  25. ^ "Sen. Warren calls on President to Immediately Designate New SEC Chair to Replace Mary Jo White" (PDF). October 14, 2016. Retrieved 2016-10-15. 

External links[edit]

Political offices
Preceded by
Elisse Walter
Chair of the Securities and Exchange Commission
2013–2017
Succeeded by
Jay Clayton