New BrokeAndBroker.com article
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<?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><?:NAMESPACE PREFIX = ST1 />New York, New York
June 10, 2005
GRANDSTANDING ON WALL STREET:
REGULATORS PLAY TO THE CROWD
Wall Street is a menagerie of bulls, bears, and pigs that sometimes break loose and run amuck --- only to leave a mess behind for some poor soul with a large broom. Bill Singer is just one such poor soul and he now arrives on the scene with his new broom: BrokeAndBroker.com.
On May 24 and 25, 2005, the Broker Dealer Defense Forum held its second annual conference in New York City; this one was entitled: Prevailing Against Customer Claims: Strategies for Discovery, Arbitration Hearing and Proceedings. Invited to speak at the conference were the top lawyers and consultants in the securities industry. Also, invited were many prominent industry regulators.
You wouldn’t think the stage had been set for any controversy. You would be wrong. Although the regulators had accepted in January 2005 invitations to participate on a number of forums, they suddenly withdrew in unison claiming they didn’t know what the program was about. So much for credibility --- what did they expect would be discussed at a broker dealer defense forum? Oddly, the New York Attorney General’s office did not withdraw and its speaker was warmly greeted.
Is this the Wall Street of 2005 and the future? The regulators play the tough guys --- posturing for the press, insisting that seminars get pre-approval of their names before they will participate, and then breaking their word at the last minute? So much for Democracy and Free Speech.
Read Bill Singer’s provocative analysis and critique.