August 24, 2010
THE "FIDUCIARY STANDARD" WILL NOT IMPROVE OVERSIGHT OF REGISTERED REP'S CONDUCT IN THE SALES SECURITIES PRODUCTS.
OUR CURRENT SYSTEM OF SUITABILITY REVIEW BY BROKER DEALERS PRIOR TO THE APPROVAL OF TRANSACTIONS IS PROVEN EFFECTIVE HAS BEEN CONTINUOSLY IMPROVED OVER THE MANY YEARS I HAVE BEEN IN BUSINESS AND NEEDS NOT BE REINVENTED.
THE CURRENT TREND OF GOVERNMENT TRYING TO "REINVENT THE WHEEL" IN EVERY ASPECT OF OUR ECONOMY IS STARTING TO DERAIL ECONOMIC RECOVERY WHICH WE ALL NEED. THIS IS ONE AREA WHERE "CHANGE" IS NOT NEEDED AT ALL.