Next govt 'should pick insider' for Bapepam chief

President-elect Susilo Bambang Yudhoyono should appoint someone from inside the Capital Market Supervisory Agency as the organization's next chief, outgoing Bapepam chairman Herwidayatmo says.

"I suggest the new president appoint a career employee of Bapepam ... as is stipulated by the existing regulations, rather than outside professionals," Herwidayatmo said on Wednesday.

"But it all depends on whether the new government judges (Bapepam employees) to be more 'stupid' than other professionals," he said.

Minister of Finance Boediono announced last month Herwidayatmo would take up a new post at the World Bank to represent ASEAN in the Washington-based organization for two years, effective on Nov. 1.

Analysts, brokers and investors have complained about Bapepam's weak law enforcement because of existing corruption in the agency, and urged the government to immediately reform it by hiring outside professionals. -- JP