Promontory Adds SEC’s Schapiro to Roster of Ex-Regulators

Mary Schapiro, chairman of the U.S. Securities and Exchange Commission until December, joined Promontory Financial Group LLC as a managing director and chairman of the firm’s governance and markets practice.

Schapiro, 57, will advise clients on risk management and corporate governance, Washington-based Promontory said today in a statement.

Appointed by President Barack Obama, Schapiro took over at the SEC in 2009, after the financial crisis and the collapse of Lehman Brothers Holdings Inc. and Bear Stearns & Co. on the agency’s watch. She won praise from a predecessor, Harvey Pitt, for helping to restore the agency’s credibility, while other regulators said she failed to hold banks accountable and manage policy divides among commissioners.

“At Promontory I join a team of highly experienced professionals who work with clients to meet regulatory and investor expectations while advancing the evolving norms for corporate governance and regulatory compliance,” Schapiro said in the statement. “This is important not only to companies, but also to our markets and to global prosperity.”

Schapiro adds to the ranks of former top regulators at Promontory, which was founded by Eugene Ludwig, former head of the Office of the Comptroller of the Currency. The firm, which hired OCC chief counsel Julie Williams this year, drew criticism from lawmakers after it helped banks settle allegations of faulty foreclosures.

To contact the reporter on this story: Gregory Mott in Washington at gmott1@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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