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Schapiro Nears Exit With Mission Unfinished

SEC chairwoman fails to turn around the agency's image as a failed watchdog.

By Joshua Gallu and Robert Schmidt, Bloomberg | Updated on October 19, 2012

What Mary Schapiro considered her most important task had just run aground, a symbol of the aspirations and missed opportunities of her tenure as head of the U.S. Securities and Exchange Commission.

Schapiro worked for two years on a plan to head off what she calls the “terrifying” prospect of a run on money-market mutual funds like one that forced a U.S. rescue in 2008. After fellow commissioners refused to follow her lead, she teared up as she worked on a statement accusing opponents of having their heads “in the sand,” two people involved in the process said.

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