August 15, 2008
I strongly oppose this proposed legislation.The hypocritical approach of the securities industry and the SEC in the name of protecting the consumer is simply one based on revenue and nothing more. Who was watching out for seniors in the last year when the market dropped 20 percent? I've seen many portfolios constructed by RR's and IAR's go up in smoke over the years, at times when seniors could least afford , only to be told by their advisor to "just hang in there, it'll be back".In who's lifetime? Who was watching out for seniors in the Bear Stearns debacle?? It would appear the SEC has more than they can oversee as it is.