Barack Obama has chosen Mary Schapiro, chief executive of a non-governmental regulator for securities firms (Financial Industry Regulatory Authority), to chair the Securities and Exchange Commission.

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What a great pick.

Out of the gate, Ms. Schapiro faces potential controversy. In 2001 she appointed Mark Madoff, son of disgraced financier Bernard Madoff, to the board of the National Adjudicatory Council, the national committee that reviews initial decisions rendered in Finra disciplinary and membership proceedings. Both sons of Mr. Madoff have denied any involvement in the massive Ponzi scheme their father has been accused of running.

What a visionary regulator: inviting the fox inside the chicken house, that&#8217-s clever, indeed.

Jason Ruspini, will Barack Obama replace the CFTC head, too?