Mary Schapiro still cross about China IPOs as she leaves the SEC

Mary Schapiro, who just stepped down as chair of the US Securities and Exchange Commission, devoted one of her last interviews in the job to complaining about China.


Specifically, Schapiro is upset that Chinese regulators have done little to help her agency investigate a string of Chinese public company frauds, according to an ABC News investigation airing today. Reuters estimated back in 2011 that these frauds had already cost the US public around $18 billion.


The Beijing government’s reaction to the efforts of the SEC and its sister accounting regulator, the Public Company Accounting Oversight Board, to inspect suspect US-listed Chinese companies’ books and records has been both aggressive and paranoid.