Schapiro Hire Shows Promontory as Ex-Regulators’ Go-To Firm

From Bloomberg
By Dave Michaels & Jesse Hamilton
April 3, 2013

Mary Schapiro’s decision to join Promontory Financial Group LLC after running the U.S. Securities and Exchange Commission amplifies the firm’s competitive advantage as an employer of former regulators.

Schapiro, 57, joined Promontory yesterday as a managing director advising clients on risk management and corporate governance, Washington-based Promontory said in a statement. Promontory has carved out a niche in the U.S. capital, hiring heavy-hitting former regulators to advise banks and other clients prepare for scrutiny by the agencies they left.

“They’re the go-to firm when there’s a boo-boo moment,” said Cornelius Hurley, director of the Boston University Center for Finance, Law & Policy. “And there’s a reason for that, because they have tremendous credibility and a lot of expertise.”

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