A Twofer: Street Legal (Registered Rep. Magazine) and The Street Sweeper (Forbes)

February 4, 2010


Some Expense-ive Lessons

By: Bill Singer, Publisher of RRBDLaw.com and BrokeAndBroker.com

[A]ssuming that FINRA is justified in disciplining registered persons who abuse the business expense process, why do we see so little regulatory concern for compensation and workplace abuses by member firms? Speak to enough brokers and you will hear the stories about employers who wrongfully withhold commissions (often as a post-termination maneuver), renege on salary/bonus promises, or engage in workplace discrimination/harassment. Funny thing, though - I can't find nearly as many fines and suspensions imposed upon such firms as I find imposed upon their employees for similar misconduct. When was the last time that FINRA designated such employer practices as failing to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business?

Oh, yes, I know - it's different. It's always different for member firms with FINRA. And perhaps therein lies the problem. . .



The Street Sweeper by Bill Singer

Climate Change: The SEC Weighs In (Or Not)

Why does Bill Singer quote T. S. Eliot when describing the SEC's recent interpretive release as a ''gesture without motion?'' First off, Bill thinks that his spouting poetry makes him sound very sophisticated; and, then, there is this quote from the SEC that simply drives him crazy:

"[T]he Commission is not making any kind of statement regarding the facts as they relate to the topic of 'climate change' or 'global warming.' And, we are not opining on whether the world's climate is changing; at what pace it might be changing; or due to what causes. Nothing that the Commission does today should be construed as weighing in on those topics. ... "