During Schapiro's time at the SEC, much of the prosecutorial zeal came from outside the commission. Some of the largest scandals, like LIBOR rate-fixing conspiracy and the collapse of the futures broker MF Global, occurred largely outside the SEC's jurisdiction. And when it came to big, headline-grabbing insider-trading cases, like the successful prosecution of Raj Rajaratnam and Rajat Gupta, the SEC worked with Preet Bharara, the aggressive and publicity-friendly U.S. attorney in New York City. The biggest settlement that dealt with the housing crisis, the $25 billion National Mortgage settlement, was spearheaded by state attorneys general.

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