Today at the Bloomberg Markets 50 Summit, we got two little surprises from SEC Chair Mary Jo White.
One was a strong signal as to where the SEC would be focusing its energies, the other is just awesome.
First thing’s first — White said that the SEC had “renewed” its focus on a specific area of enforcement action — accounting frauds, financial statement frauds, and reporting frauds.
So watch out Bernie Madoffs of the world.
The second surprise has nothing to do with the SEC, it’s just awesome. White happens to be an avid motorcycle rider. She says she’s a bit too busy to ride anymore, but she also owns “the smallest Honda in the world” so that’s probably a good thing.
The rest of the interview was pretty standard. White said the SEC is a law enforcement agency with a great track record even before she got there. It’s an agency that will have “zero tolerance” for technical issues with exchanges.
Additionally, it will continue to use ‘no admit, no deny’ (allowing entities/individuals not to admit culpability) as a powerful tool in its arsenal, though White also considers it extremely important that their “settlements have teeth.”
She would not comment on individual cases (of course not), but she said that her agency would be “bold, unrelenting, and fair… and we’ll be everywhere.”
OK, now that you know she rides a motorcycle, doesn’t that sound just a little more badass?