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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: deathandtaxes who wrote (47803)	2/22/2001 11:45:35 AM
From: Rande Is	Read Replies (1) \| Respond to of 57584

. . . . Regarding Voicing Our Opinions. . . . . Several have asked for more info on where and whom to write, regarding the selection of a successor to Arthur Leavitt. The chairman's position is selected by the president. . . so I guess the quick answer would be President Bush. Laura Unger was recently selected as the Acting Chairman by the Bush Administration. This was an expected move, as she is the only Republican commissioner and had been working in the role since last October. So the question we should first ask is, "will Laura Unger go to bat for the Individual Investor? . . Or will she roll over and allow herself to be seduced by Wall Street?" I can't answer this. Nobody but Unger can. So all we can do is examine her record, her speeches and her background for tell-tale signs of how she might act in various situations. Likewise, we should examine a few other potential candidates for the job. Off-hand, Unger seems to be extremely bright and enjoys specializing in how technologies have transformed the market floor into a virtual space. She did a study last year on the effects of online brokerages and the internet on investing and came to some conclusions that seemed to be in favor of the individual investor. However, in a speech regarding Regulation FD, which she opposed vehemently, she stated, "I am all for more information – meaningful information – but ensuring parity of information is not the SEC’s mandate." Well, as much as I would like to disagree with her that it SHOULD BE the SEC's job to assure that we Individual Investors get pertinent info regarding our stocks, it would seem that she is correct. It is not mandated. This means the focus of our voice needs to be a higher power. It would seem that shareholders SHOULD eventually have access to all information that opponents to the shareholders [namely the brokerage houses, market makers and hedge fund managers] have. This parity would make the markets more fair for citizens to invest in their favorite companies without fear of being ROBBED. However, I could not find where it is included in the mandate for the SEC. www4.law.cornell.edu Unger feels the SEC should stay out of the debate on whether ECNs should be allowed to compete with trading floors, saying that it isn't the SEC's job to get involved in such a decision and that competition should be allowed to run its own course. She seemed to be in favor of laying the foundation to allow the competition, which is good. If I were to criticize her recent opinions on handling things, it seems that she desires to run the SEC with a very light hand. Whether that could be good for the Individual Investor or bad has yet to be seen. But I really wish we had someone in charge who was in favor of reform. Someone who would recognize and work to correct the injustice that permeates the market giving it the stench I know we all have smelled all too often. I'll let you guys debate as to whether Unger will make the sort of SEC chairman that will continue with Leavitt's work. . . or if things could actually regress some upon her appointment as Chairwoman. I don't think we have enough data available to us to make such a decision at this time. My guess is that Bush will leave things as they are until 2002 when Leavitt's term expires. This keeps Leavitt in office, while Unger acts as Chairman. A good decision, IMO. Finally, to better answer the question, here are some links to ways to contact your representatives in Washington. Obviously, what is needed most is a lobbying group which favors the Individual Investor. I have seen some that look like they SHOULD do this, by their name. . . but in looking further, they appear to be mostly fluff. I haven't found any that cut the mustard. . . though I am open to looking at any you guys may find. Links for writing your representatives, etc.: visi.com house.gov Or for those with plenty of time on hands. . . here's a site where you could write letters all day long and not send to the same address twice. conservativeusa.org Best wishes, Rande Is