Mary Jo White Is the Woman Who Makes Wall Street Admit Guilt

When Mary Jo White became chairman of the U.S. Securities and Exchange Commission in April, colleagues joked that she’s the sort of person who doesn’t sleep and lives on canned tuna. The former federal prosecutor and head of litigation at Debevoise & Plimpton brought new energy to the agency that oversees Wall Street, projecting a toughness from the day she arrived. Through public statements and the SEC’s recent handling of two high-profile settlements, White made it clear that the days when bankers could pay a token fine to get the government off their backs were coming to an end. For serious violations, companies looking to settle with the SEC will have a choice: admit guilt or face her in court.

“Public accountability in particular kinds of cases can be quite important,” she said at a press conference in June, “and if we don’t get [admissions], then we litigate them.” Her deputy, Andrew Ceresney, whom she brought from Debevoise to be the SEC’s co-director of enforcement, echoed her views: “The enforcement division is becoming more aggressive,” he said at a panel discussion on Oct. 15. “I like to say the SEC is back and better than ever.”