Time for a Wall Street Restitution Fund

September 11, 2009

 


To regain investor trust direct investor restitution is required, not more useless regulation.

By Bill Singer, Attorney and publisher of http://BrokeAndBroker.com and http://RRBDLaw.com

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.

To read more of Bill's weekly Forbes column, visit:

http://www.forbes.com/2009/09/11/commentary-singer-fraud-intelligent-investing-fund.html

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