September 7, 2011
Yesterday as I was filling out the paperwork for a client who wanted to do a Traditional IRA, I noticed that I was preparing to print 28 pages of various documentation, rules, disclaimers, and other requirements necessary to open an account. Now I have been a broker for 20 years and there was absolutely nothing on these pages that would even remotely stop the likes of Bernie Madoff from absconding with a client's money. This much documentation is a needless expense to me, my broker dealer, and to you, because the SEC could not possibly hire enough people to enforce even 14 pages It appears the SEC is burdening the little guy and the US economy with endless paperwork, while manipulating hedge funds, Wall Street insiders, and unregistered thieves are taking all of our money. So please cut the paperwork to the little guy and free up the economy. There will always__ always be a thief lurking even if the SEC triples the regulations
Thanks