February 7, 2005
What measures best protect the consumer?
Who can be trusted?
Whom do you serve?
As regulators who serve the public, a primary duty must be to protect and defend the public against conflicts of interest, fraud and abuse. How short can ones memory be? Remember the massive settlements and Eliot Spitzers multiple crusades? How about Grasso and the cozy arrangements with Wall Street titans and power brokers? Dont cave in to those with the biggest PR budgets and leave consumers unprotected. Do not exempt conflict-riddled investment banking/brokerage firms from the Advisers Act.
Results of a Google search on Merrill Lynch conflict of interest 92,700 items found, Merrill Lynch fraud 134,000 items found Morgan Stanley conflict of interest 123,000 items found Morgan Stanley fraud 141,000 items found. Give consumers a break. Give Spitzer a break. The public is counting on you.