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June 18, 2002

Securities Reform- Let's Weaken State Regulation

The so-far largely toothless securities regulation reforms puttering through Congress may have one major effect-- they may gut the power of state regulators like New York's Elliot Spitzer, who negotiated a $100 million fine from Morgan Stanley for its fraud against investors. As the New York Times explains, the securities industry is promoting an amendment that would block the states' current investigation of stock analysts and would severely restrict their enforcement of securities laws in the future.
...The arrogance of the industry really is without bounds. They lie and cover up criminal activity, then try to use a "reform" bill to further protect themselves from accountability. I'd say it's unbelieveable but it's all too typical.

Posted by Nathan at June 18, 2002 10:50 AM

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