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President-elect Joe Biden has drawn up a diverse list of candidates to be Wall Street’s next sheriff, some of them with tough enforcement records — but insiders say his pick looks increasingly likely to be a pointy-headed white guy.
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According to multiple insiders, Biden and his team have identified four candidates as the most likely to be the next chairman of the Securities and Exchange Commission: former Obama administration regulator Gary Gensler, NYU law professor Robert Jackson Jr., former US Attorney Preet Bharara, and former Federal Reserve vice chairman Roger Ferguson.
Nevertheless, there are increasing doubts about the latter two candidates taking on the job, Beltway sources said.
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Bharara, the 52-year-old, Harvard-educated Indian immigrant who as US Attorney for New York’s Southern District went after controversial financiers such as Mets owner Steve Cohen, might be welcomed by progressives and Wall Streeters alike, sources said.
But all the attention reportedly has made Bharara more interested in a bigger job than being Wall Street’s top cop, sources said.