While the former head of NASDAQ stock exchange Madoff is in jail for carrying out the biggest financial fraud in modern history, the former head of NASD Mary Schapiro, its regulatory arm (and now Finra) is set to become the head of the US Securities and Exchange Commission (SEC). With an outstanding record in law and finance and having spent a successful career as a regulator, ironically, her only chink in the armour is that her regulatory organisation was unable to catch Madoff while he made hay.
In sharp contrast, the head of India's anti-trust regulatory agency - the Competition Commission of India (CCI) is to be populated with a retired babu (an Indian bureaucrat is pejoratively called a babu), rather than an expert, according to a news report today. The name was not out yet.
See my main blog here.
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