September 22, 2009
I am firmly in disagreement with the proposed regulations banning pension funds and government agencies from doing business with agents, investment advisers and consultants. These are very hard working individuals and have made it possible for much prosperity enjoyed by these funds for many year and they would not have been exposed to the opportunities provided by these intermediaries.
Additionally, pension funds are responsible for making large investments in communities which would otherwise have fewer, more expensive options. By taking away these routes the proposed leglislation is in fact hurting those very people you are trying to protect.
Would you fire a whole baseball team if one individual is the steroid user? Tougher regualtions on the investment advisors who work directly for the pension funds, greater disclosures and more oversight...but to kill the entire industry which has done so much good and employs so many hard working people is ludicrous.