Topic: Mary Schapiro

SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler testified before Congress regarding the 1,000-point market drop. They ruled out "fat finger" errors and terrorist hacking, instead focusing on a "confluence of events" involving high-frequency traders. The investigation highlights how these traders limited their participation during the crash, removing market liquidity.

SEC Chair Mary Schapiro faced questioning regarding the agency's failure to detect the Bernie Madoff Ponzi scheme. The testimony highlighted the "revolving door" problem where SEC employees leave for high-paying roles at the financial institutions they previously regulated.