Attorney Mary Jo White will testify before the Senate Banking Committee today as the nominee to head the SEC. It's also the confirmation hearing for Richard Cordray, the head of the Consumer Financial Protection Bureau.
You can expect serious questioning from the usual cast of outspoken anti "too big to fail" politicians — Elizabeth Warren, Sherrod Brown and, David Vitter.
Especially David Vitter.
The Republican Senator from Louisiana has made it clear that he plans to question White about some work she did for the NFL on last year's "Bountygate" scandal, according to Nola.com.
After a storied career in the public sector (White was the first female U.S. Attorney in Manhattan), White joined the massive law firm Debevois and Plimpton. In 2012, she was hired by the NFL to investigate the "Bountygate" scandal.
The NFL was trying to find out if, from 2009-2012, players on the New Orleans Saints were paid "bounties" to harm other players. White said that they were, and supported sanctions against players. Four current and former New Orleans Saints players were suspended as a result.
Of course, now we know that in December of last year the NFL vacated the suspensions that it had placed on New Orleans Saints players.
"The factual basis for the sanctions is strong in my opinion," White said during the May conference call with reporters."
White also said that Anthony Hargrove, a Saints defensive lineman, was shown saying, "Bobby, give me my money," after it was believed he had knocked Vikings quarterback Brett Favre out of the NFC Championship game in January 2010. But later, Goodell cast doubt on the allegation, saying "I am prepared to assume - as he apparently stated publicly - that he did not" make the "give me my money" statement.
Vitter said he's troubled by White's findings.
"If Mary Jo's work on the SEC is anything close to her botched work for the NFL, folks who want to protect their investments, like the victims of the Stanford Ponzi scheme, are in trouble," Vitter said. He was alluding to the many investors from Louisiana and elsewhere who lost millions of dollars from their investments with Allen Stanford, who is now serving a 110-year sentence for fraud. The SEC has acknowledged it took too long to investigate Stanford.
So just so you know, this is going to be a tough one.
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