SEC chief pledges better oversight of banks (19 banks now asked for info)

Source: Associated Press

By ALAN ZIBEL, AP Business Writer Alan Zibel, Ap Business Writer – 42 mins ago

WASHINGTON – The chairman of the Securities and Exchange Commission on Tuesday pledged better oversight of the nation's largest banks after criticism that the agency failed to spot accounting tricks at investment bank Lehman Brothers before it collapsed.

Chairman Mary Schapiro told a congressional panel that the agency has sent letters to 19 banks seeking information about whether they are using accounting tricks that a bankruptcy examiner said masked the bank's precarious financial condition. Lehman failed in September 2008 in the largest corporate bankruptcy in U.S. history.



Read more: http://news.yahoo.com/s/ap/us_sec_meltdown_wall_street

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This counters a previous article questioning the timing of the Goldman Sachs inquiry:

Lawmaker (Darrell Issa) questions timing of SEC's Goldman case
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4350919

or did Obama appoint new ones?

methinks the answer to chairman shapiro's inquiry will be "talk to my lawyer".

The President can appoint Commissioners but not dismiss them.
Once in , they are in until their term expires.
Wiki has a good run down on how the terms work.

....and a SEC Chairmans' pledge, might get you a cup of coffee....