BILL SINGER: I would create a multibillion-dollar restitution fund for all Wall Street victims of proven fraud. You could impose a fee on all trades and public offerings, and add an annual fee on all Wall Street firms. As to Sen. Schumer's proposal, I would redirect it. I would take all of the SEC funding he has included in his proposal and earmark those dollars for the Fraud Fund. After all, what would most defrauded investors prefer? Would they prefer knowing that the SEC has spent its fines and fees on expanding its ranks or that those same dollars are now the ultimate guarantor of America's financial markets? I think restitution will trump lousy regulation everyday.
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