March 26, 2004
I believe that the particulars of all financial invstments should be completely transparent. The present situation allows for broker/agents to use company generated information to support recommendations without full disclosure of the particulars concerning the brokerages holdings in the instrument. All fees and benefits to the brokerages should be given in full detail.
We now can gain full manufacturers wholesale costs on new automibiles and many other large durables. It is possible to gain information on the profits/gains of just about every industry and service rendered. The greatest area of mystery remains the investment and banking businesses the latter being somewhat improved in recent years.
The degree of expertise required to fathom this industry is clearly borne out by the fact that there have been such massive scandals that have gone undetected though subject to the scrutiny of federal, state and industry regulators. The allowanble variance between accounting practices is beyond comprehension - in the financial world and also in the various government agencise. Lets clean it up to comprehensible and transparent standards used by all