August 28, 2010
I read in the August 16th issue of Investment News a reference to a statement by Mr. Ronald Kruszewski, Chairman of the Securities Industry and Financial Markets Association's political action committee that "... a fiduciary standard must steer between investor protection and industry efficiency."
Presumably SIFMA's political action committee has made this recommendation to the SEC. I respectfully suggest that a true fiduciary standard DOES NOT have to "steer between investor protection and industry efficiency." In fact, a true fiduciary standard must be based 100% on investor protection. Any lower standard would make a mockery of the concept of "fiduciary."