— The New York Times’s Gretchen Morgenson looks at Obama SEC nominee Mary Jo White’s record on prosecuting Wall Street:
Let’s just say her prosecutorial stint did not include a lot of cases against large United States financial institutions.
Morgenson finds that White did notch a few wins but let others off easy:
A review of her years in the Southern District also turned up several intriguing cases that Ms. White and her colleagues did not pursue or turned away. All three of these matters involved large and prestigious financial companies headquartered in the United States…
It is clear that Ms. White was gutsy in going after John Gotti and terrorists. But her record on large and complex financial fraud cases is more mixed. This, coupled with her more recent defense work on behalf of the nation’s largest banks, means that she still has much to prove to the investors that the S.E.C. was created to protect.