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March 23, 2005

Mary Schapiro to Take Helm at NASD?

By Gregory Bresiger

Is Mary Schapiro waiting in the wings to succeed NASD Chairman and CEO Robert Glauber? "She's not happy being the number two to him," one source told Traders Magazine.

Schapiro, an NASD vice chairman, may get her wish. Glauber, who faced criticism last year for a rash of new regulations, may be coming under pressure. His current term was deliberately truncated to make room for Schapiro's appointment as the top regulator, according to another industry source. Glauber was originally appointed to a three-year term in late 2000, but was recently re-appointed for 12 months. His term is now slated to end late next year. Nancy Condon, a spokeswoman for the NASD, confirmed Glauber's 12-months arrangement, but said "there is nothing unusual in a one-year term."

Schapiro and Glauber, sources say, are both strong-willed executives who don't always see eye to eye. Schapiro, a former SEC Commissioner, once served a six-year term as president of NASD Regulation. Glauber, a former Harvard lecturer, was named CEO and president of the NASD in 2000. He was undersecretary of the U.S. Treasury between 1989 and 1992.

Condon dismissed suggestions there is a power struggle. She said Schapiro and Glauber, "have had a good professional relationship. They have accomplished much together and they get along very well." However, one source said it is well known that Schapiro and Glauber have clashed. "She wanted him to go and said so," the source said. "The board compromised and just gave him a shorter re-appointment than he wanted."

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