Any manager remotely associated with the demise of the nation’s largest bank might seem an unlikely choice to head one of Wall Street’s chief policing agencies. Yet Sally Krawcheck, the woman who served as CFO of Citigroup in the run-up to the 2008 financial crash is now on a short list of candidates named in respected media outlets such as The New York Times to head the Securities and Exchange Commission (SEC), the agency charged with protecting investors.
Compounding the irony, the SEC has claimed that Citigroup committed fraud under the CFO’s watch.
From 2004 to 2007, during the time she served as Citigroup’s CFO, the bank larded its books with toxic assets, allegedly defrauded investors when it sold some of them and precipitated the biggest taxpayer bailout in world history.
After four years of leadership at the SEC, during which time not one senior Wall Street executive was forced to adjust to life behind bars, it defies understanding that the re-elected president of the United States would consider such a resume appropriate. More