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Schapiro SEC seen ineffectual amid Dodd-Frank funding curbs

March 31, 2011

Wayne State University law professor Peter Henning, a former Securities and Exchange Commission (SEC) enforcement attorney and Justice Department prosecutor, comments in a story about challenges facing SEC head Mary Schapiro as she hits the halfway point of her five-year term. "Insider trading is really flash," says Henning. "If you look at some of the biggest numbers, like Raj (hedge-fund mogul Raj Rajaratnam, now on trial in federal district court in Manhattan) you're talking about $50 million. But Lehman is the biggest bankruptcy in history, and it alone has cost over $1 billion in legal and other professional fees."