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<p><table class="image-container float_right" width="200"><tr><td><div class="image"></div><p class="source">Chip Somodevilla / Getty</p></td></tr></table>This morning the Wall Street Journal broke the news that former <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="SEC">SEC</keyword> head <keyword id="200650" type="PERSON" weightage="60" keywordseo="Mary-Schapiro">Mary Schapiro</keyword> is joining <a href="http://www.promontory.com/default.aspx">Promontory Financial Group,</a> a consulting firm and lobby group that works with the financial services industry.</p>
<p>This news is sure to upset those who already decry the revolving door between <keyword id="6354998" type="COMPANY" weightage="60" keywordseo="Washington">Washington</keyword> and Wall Street — not just because Schapiro (given her resume) is a great get for any industry group, but because in the last few years Promontory has come to be known as <em>the</em> industry group.</p>
<p>In a massive profile in this month's <a href="http://www.americanbanker.com/magazine/123_4/how-promontory-financial-became-banking-s-shadow-regulator-1057480-1.html">American Banker</a>, the Promontory is described as Wall Street's "shadow regulator." Founded in 2001 by Eugene Ludwig, a college friend of Bill Clinton's who served as <a href="http://www.occ.treas.gov/about/who-we-are/leadership/past-comptrollers/comptroller-eugene-ludwig.html">Comptroller of Currency</a> during his administration, Promontory is stacked with former bureaucrats from every corner of Washington that matters.</p>
<p>More importantly, once they get to the firm, they stay there. Recent hires include not only Schapiro, but also Amy Friend, a former staff director for the Senate Banking Committee.</p>
<p><a href="http://www.americanbanker.com/magazine/123_4/how-promontory-financial-became-banking-s-shadow-regulator-1057480-1.html?zkPrintable=1&amp;nopagination=1">From American Banker:</a></p>
<p style="padding-left: 30px;">Ludwig's hires include former senior officials from the OCC, the Federal Deposit Insurance Corp., the <keyword id="6374832" type="ORGANIZATION" weightage="60" keywordseo="Treasury">Treasury</keyword> Department, the Federal Reserve System, the Securities and Exchange Commission, and assorted state agencies and foreign regulatory bodies. Promontory's past and current employees and advisors include sitting Fed Governor Sarah Bloom Raskin, a former CFPB chief operating officer, a former acting FDIC Chairman, former National Football League Commissioner Paul Tagliabue and the now-deceased former Italian Finance Minister credited with inventing the euro. It even has half a dozen former staffers from the Consumer Financial Protection Bureau, which is not even three years old yet.</p>
<p>Their leg up is that these former staffers know regulation so well that they can be prescient about where the industry is going. Ludwig, says American Banker, foresaw (and "championed") the dive into securities markets that have characterized the last 30 years on Wall Street. Former Citi CEO Sandy Weill is a fan.</p>
<p>Promontory doesn't necessarily describe its government dealings as <a href="http://www.promontory.com/Sectors/Government,_Agencies_and_Associations/">"lobbying" on its website.</a></p>
<p style="padding-left: 30px;">Promontory experts are regularly called upon by congressional committees and federal supervisory agencies to advise on legislative and regulatory matters. Promontory also assists industry associations and their members in understanding regulatory developments and preparing for regulatory changes.</p>
<p>Ludwig doesn't seem to like the word "<keyword id="99743" type="COMPANY" weightage="60" keywordseo="Lobbying">lobbying</keyword>" either. Here's what he told <a href="http://www.americanbanker.com/magazine/123_4/how-promontory-financial-became-banking-s-shadow-regulator-1057480-1.html">American Banker:</a></p>
<p style="padding-left: 30px;">"We don't lobby — it's not our business. We do the opposite of influencing government," Eugene Ludwig says. "We try to influence the private sector in terms of what the government wants it to do."</p>
<p>So reverse lobbying?</p>
<p>The money tells a simpler story. According to <a href="http://www.opensecrets.org/lobby/clientsum.php?id=D000055737&amp;year=2011">OpenSecrets.org</a>, Promontory's financial services lobbying efforts have exploded in the last two years.</p>
<p>In 2012, had $1.3 million in total lobbying expenditures in the industry. In 2011 it was $1.2 million. Data for 2009 and 2010 is not available, but the last two years' numbers make 2008's $180,000 worth of expenditures look like chump change.</p>
<p>Additionally, OpenSecrets.org points out that all of the lobbyists that Promontory contracted outside of its own staff fit the <a href="http://www.opensecrets.org/lobby/clientlbs.php?id=D000055737&amp;year=2012">"revolving door profile"</a> of individuals who worked in the public sector before working in the private sector.</p>
<p>Salaries at Promontory can range from $40,000 annually for an analyst to over $259,000 for a Director, according to <a href="http://www.glassdoor.com/Salary/Promontory-Financial-Group-Salaries-E270754.htm">GlassDoor.</a></p>
<p>On the whole, it seems like a decent place to work too. Former employees said that the hours were long but that they worked with smart people and were fairly paid for the most part.</p>
<p>"The financials services industry lives here,"said one reviewer.</p>
<p>Sounds like a great club.</p>

The Lobbying Firm That Hired Mary Schapiro Is Revolutionizing The Industry

<p><div class="image-container display-table float_right"><div><div class="image"><p class="source">AP Images</p></div></div></div>Former Securities and Exchange Commission chairwoman <keyword id="200650" type="PERSON" weightage="60" keywordseo="Mary-Schapiro">Mary Schapiro</keyword> is joining private consultancy firm that has developed a reputation as a shadow regulator, <a href="http://online.wsj.com/article/SB10001424127887324883604578396973470835516.html?cb=logged0.3580346421819286">the Wall Street Journal reports.</a></p>
<p><span>She join Promontory Financial Group as a managing director in their Washington, D.C. offices, the report said. </span></p>
<p><span>Schapiro told the Journal that it's "no revolving door" and she won't be going back to the government.  She also said she will never appear at a government agency on behalf of a client, the report said.</span></p>
<p><span>Schapiro has held major regulatory positions including head of the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="SEC">SEC</keyword>, FINRA and the CFTC. </span></p>

Former SEC Chief Mary Schapiro Is Joining 'Shadow Regulator' Promontory Financial Group

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Lucas Jackson</span></p><p class="caption">How you approach a <keyword id="53346" type="POSITION" weightage="100" keywordseo="CFO">CFO</keyword> with technology requests will likely change their outlook on investing in your ideas.</p></div><p></p></div></div><em>CFO Insider is a daily newsletter from Business Insider that delivers the top news and commentary for chief financial officers and other finance experts.</em></p><p><strong><a href="http://www.cio.com/article/3004795/budget/4-ways-cios-can-speak-better-cfo.html">4 ways CIOs can speak better CFO</a> (CIO.com)</strong></p><p>Chief Information Officers can better achieve their need for hardware, upgrades, and better tools if they understand how to approach their CFO and speak their language. </p><p><span>Darren Schoen, director of technology infrastructure at the Broward Center for the Performing Arts, shares his best relationship-building tips with CIO.com. </span></p><p>Schoen suggests you deliver multiple options to the CFO, justify every dollar you want to spend, avoid being technical with your requests, and ultimately let the CFO choose which option to accept.</p><p><strong><a href="http://www.businessinsider.com/weebly-hires-ex-google-kim-jabal-as-cfo-2015-11">Tech startup Weebly hires former Google executive Kim Jabal as its first CFO</a> (Business Insider)</strong></p><p>Weebly raised $35 million in April 2014 and is now valued at $455 million. The company has been cash positive since 2009 and has yet to reinvest the money raised from its series C funding round.</p><p>The company on Friday announced the assignment of Kim Jabal as its first CFO. </p><p>Jabal recently served as the CFO of mobile-only social network Path. She was previously the CFO of Lytro and served in several director of finance positions at Google. </p><p><strong><a href="http://blogs.wsj.com/cfo/2015/11/12/investors-want-more-from-sustainability-reporting-says-former-sec-head/">Investors want more from sustainability reporting and it's fatiguing companies</a> (Wall Street Journal)</strong></p><p>While more S&amp;P 500 companies are producing sustainability reports, up by 20% since 2011, investors are still not happy with the reports they are receiving. </p><p>"Investors who want to use the information say the information they are getting is often difficult to compare between companies and tough to incorporate into forecasts," The Wall Street Journal reports.</p><p>The report says companies are not giving investors the information they most want, which is "leading many institutional investors to send companies lengthy sustainability questionnaires leading to 'questionnaire fatigue' in corporate investor relations departments," <span>Mary Schapiro, the former Securities and Exchange Commission Chairman, tells The Journal. </span></p><p><strong><a href="http://www.businessinsider.com/macys-cfo-reveals-4-reasons-the-company-blew-it-last-quarter-2015-11">Macy's CFO reveals 4 reasons the company blew it last quarter</a> (Business Insider)</strong></p><p>Macy's missed its sales targets and traffic slowed in the quarter leading up to the holiday shopping season. </p><p>The company has cut its annual profit forecast after posting a 5.2% decline with same-store sales taking a 3.9% hit.</p><p>"We had a very tough quarter, and we are clearly disappointed," Macy's CEO Terry Lundgren said on an earnings call.</p><p>CFO Karen Hoguet said the company was hurt by weak interest in the company's fall apparel due to warm weather. Hoguet also revealed that tourists are not spending as much money and international stores are among Macy's most profitable locations.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/swimsuit-models-in-real-life-2015-10">What Sports Illustrated swimsuit models look like in real life</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1xdThjeDr9rdJ_RuiU9J86ltIF4jL-Qf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The 4 best ways to get what you want from a CFO

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>In the wake of the financial crisis, the banks and hedge funds of Wall Street were hit with a slew of new regulations.</span></p><p><span>If a bank or a fund broke any of the new rules, disaster could result.</span></p><p><span>Just months after Deutche Bank failed the Fed and Treasury department's "stress test" earlier this year, both of its co-CEOs were suddenly out of a job.</span></p><p><span>At the same time, regulations can cause banks to enter and exit whole business lines just to avoid fines and other penalties.</span></p><p>This new reality has made the industry desperate to know what exactly the regulators were thinking when they made the rules.</p><p>A <span>little-known consulting firm has figured out an ingenius way to capitalize on this thirst for knowledge.</span></p><p><span>It's Promontory Financial Group. It's one </span><span style="line-height: 1.5em;">of the industry's biggest </span><a href="http://www.businessinsider.com/the-most-successful-ex-bank-regulators-on-wall-street-2015-6">poachers of Washington regulators</a><span style="line-height: 1.5em;">.</span></p><p><span style="line-height: 1.5em;">Promontory Financial Group was founded a little more than a decade ago by the ex-head of the Treasury Department's Office of the Comptroller of the Currency. In the time since, the firm has added some serious clout to a staff that has grown to hundreds.</span></p><p><span style="line-height: 1.5em;">Promontory has also attracted the attention of regulators. In 2013, the New York Department of Financial Services subpoenaed Promontory and other firms as part of a probe into potential conflicts of interest among consultants that serve banking sector clients. That investigation is still ongoing.</span></p><p><span style="line-height: 1.5em;">Promontory has stacked its deck with not just prominent members of the US regulatory system but international central bank executives as well. Here are the most recognizable boldface names:</span></p><ul><li><strong>Mary Schapiro</strong> is the former chair of the Securities and Exchange Commission; she stepped down in 2012.</li><li><strong>Arthur Levitt</strong> is another former head of the SEC that would later took up a post with <a href="http://www.promontory.com/Bios.aspx?id=2241">Promontory</a>.</li><li><span style="line-height: 1.5em;">Promontory also looks for top central bankers <a href="http://www.promontory.com/Bios.aspx?id=3269">internationally</a>. The firm hired <strong>Masaaki Shirakawa</strong>, who served as governor of the Bank of Japan until 2013. </span></li><li><a href="https://www.promontory.com/Bios.aspx?id=1897"><strong>Sir Callum McCarthy</strong></a> is the former chair of the Financial Services Authority in the UK.  He also served on the court of the Bank of England from 2003 until 2008. </li><li><strong>Charles McDonough</strong> spent decades working for the World Bank before he joined <a href="http://www.promontory.com/Bios.aspx?id=3329">Promontory</a> to serve as the firm's CFO. </li><li>Promontory managing director<strong> Stephen Hoffman</strong> may not be a household name. However, Hoffman spent decades working at the Federal Reserve. Perhaps more valuable for the consulting firm's clients, he spent years working under Janet Yellen. And that level of <a href="http://www.promontory.com/Bios.aspx?id=894">expertise</a> could come in handy for the firm's clients who have big bets based on US monetary policy.</li><li>Some boldface names on Promontory's roster are a surprise. For example, there's <strong>Paul Tagliabue</strong>. While Tagliabue's policy chops are unknown, he did serve as the second commissioner of the National Football League for <a href="http://www.promontory.com/Bios.aspx?id=2220">nearly a quarter century.</a></li><li>Going through the "revolving door" between Washington and Wall Street doesn't preclude someone from going back to the other side. <strong>Sarah Bloom Raskin</strong> has taken jobs at the Federal Reserve, and more recently at the <a href="http://www.treasury.gov/about/organizational-structure/Pages/sarah-bloom-raskin-e.aspx">Treasury Department</a> after having worked at Promontory. </li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/roar-filmed-with-100-untamed-lions-movie-injured-2015-4">70 people were injured while filming this movie with 100 untamed lions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Nzc3hmdDr4a5heo3T-j-WFkV1wYM_fEN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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The Lobbying Firm That Hired Mary Schapiro Is Revolutionizing The Industry

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Former SEC Chief Mary Schapiro Is Joining 'Shadow Regulator' Promontory Financial Group

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This consulting firm hires powerful government workers and sells their secret knowledge back to Wall Street

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