July 30, 2010
ADDITIONAL REGULATIONS WILL NOT MAKE DISHONEST PEOPLE HONEST. HINDSIGHT IS ALWAYS 100% CORRECT. TO FOCUS ON REGULATION THAT LOOKS BACKWARD INSTEAD OF FORWARD IS MISGUIDED. FINRA SHOULD ACTIVELY PURSUE REGULATION AT THE BROKER DEALER LEVEL, AND ALL TRANSACTIONS SHOULD BE SCREENED FOR SUITABILITY THERE. THESE PROPOSED REGULATIONS WILL ONLY MEAN THAT MIDDLE CLASS PEOPLE WILL HAVE LESS OPPORTUNITY TO TALK TO COMPETENT FINANCIAL ADVISORS.