So once again folks want to add more regulations on the cartoon-like villain named "Wall Street." These folks obviously have never waded through, say, the Securities Exchange Act of 1934 and the rules "promulgated thereunder," or the dense, barely readable FINRA/NASD manual. If they had, they might see how futile it seems to add MORE regulations to an already highly regulated industry. The SEC, FINRA, and the state regulators have plenty of tools at their disposal. They can go after violators in administrative actions or civil court, maybe even refer cases to criminal prosecutors. And, believe it or not, the compliance officers at broker-dealers and investment advisers are pretty good at catching mischief internally.
Making fat bonuses and accepting bailout money--neither one is a crime. If Uncle Sam is handing out cash, take it, I say. These financial firms provide a huge benefit to the economy by raising capital for government entities and corporations and are behind every single 401K and IRA account in America. Rather than bash Wall Street, educate yourself on this fascinating part of our amazing economic machine.
Making fat bonuses and accepting bailout money--neither one is a crime. If Uncle Sam is handing out cash, take it, I say. These financial firms provide a huge benefit to the economy by raising capital for government entities and corporations and are behind every single 401K and IRA account in America. Rather than bash Wall Street, educate yourself on this fascinating part of our amazing economic machine.
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