Karmel was born in Chicago, Illinois, grew up in its Austin neighborhood, and has one sister.
[4] She had by her own account a liberal New York Jewish background, which initially made her pro-government intervention in the economy; a sentiment that changed over time.
[6] She practiced law in New York City at Willkie Farr & Gallagher (1969–72), Rogers & Wells (1972–77; 1980–86), and Kelley Drye & Warren (1987–2002).
[7] Her book entitled Regulation by Prosecution: The Securities and Exchange Commission vs. Corporate America was published by Simon and Schuster in 1982.
[7][18][19] Her book Life at the Center: Reflections on Fifty Years of Securities Regulation was published by Practising Law Institute in 2014.
[16][11][21] Karmel died in Hastings-on-Hudson, New York at the age of 86 on March 23, 2024 due to pancreatic cancer.