Hopefully, these suggestions will find an audience:
return to Overstock.com, Inc. message board , top of boardMsg: 28586 of 28586 12/19/2008 9:37:44 PM
Author: nopullnoshow send pm · add member to favs · ignore · recommend
Recs: 3 Letter to Schapiro
Sending this off to Schapiro.
What the heck. Snail mail. White linen paper. Haven't used that in ages.
Anyone have a "hot" email address? (that means you Sherlock).
Ms. Mary Schapiro
Office of the CEO, FINRA
1735 K St. NW
Washington, D.C. 20006-1506
Dear Ms. Schapiro,
First off, congratulations on your appointment as head of the SEC. The public’s (both foreign and domestic) faith in the agency’s ability to protect it from Wall Street abuse has never been lower. The commission is in dire need of reform and hopefully you can institute the changes needed to instill investor confidence in our markets.
To this end, Ms. Schapiro, I suggest the following:
1. As the pendulum has swung to the extreme benefit of hedge funds and broker/dealers/market makers, a plan to re-establish balance must be enacted. By necessity, the plan will initially swing the pendulum to favor the Main Street investor, the backbone of the nation, much as Affirmative Action has done to address bias against minorities. Call it a “Financial Affirmative Action Plan” if you will, designed to restore transparency and trust. Thus,
A. All communication (electronic, emails, phone) between the agency and any Wall Street firm must have its full transcript made publicly available online within 48 hours.
B. At all meetings of any Wall Street firm and the commission, representatives from investor protection organizations must be given ample opportunity to attend and be present during the entire meeting.
C. All civil actions undertaken by the SEC be turned over to the Department of Justice. Criminal charges and penalties against the violators should then be forthcoming from the DOJ.
D. Quarterly meetings be held with investor protection groups to discuss ongoing or new concerns.
2. The commission review and adopt the regulatory trading proposals recommended by Dr. Patrick Byrne, the National Investor Protection Coalition (NIPC), David Patch and the National Investor Protection Coalition (NCANS). These are readily available at the SEC’s website.
3. That a substantive position be extended to Mr. Gary Aguirre, preferably as Director of the Division of Enforcement in place of the current Director, Ms. Linda Thomsen, whose integrity has been compromised and is beyond repair. I, and thousands across the country, would applaud such action.
I realize, Ms. Schapiro, that while these measures may seem draconian in nature, the onus to restore investor trust lies squarely on you and the Commission.
Time is short. And the time is now.
Thank you and best wishes for success.
Sincerely,
xxx x'xxxxx |
