Thought we would start sharing particularly interesting emails from readers of our blog. Here is a recent email from a retired state regulator, who agreed to be our first Guest Blogger. Thanks Ray!
Counselor:
As a retired state examiner (somewhat of an oxymoron because being a state examiner allows one to have the power of a retired examiner) I have signed up for your blog. Nevertheless, the title of the blog is not encouraging. Was the securities industry over regulated all those years that the NASD pretended to monitor spreads (the Christy Study)? Have you, like, heard of Henry Lodge and the other analysts who labeled stocks "POS"; a scatological reference that was at variance with their enthusiastic recommendations?
I'll probably think of the guy who changed his securities recommendations based upon those most likely to get his child into an elite school. Never mind, there is no need to guild the lily.
Moreover, one could go back all the way to the first SEC commissioners who numbered among their luminaries such admitted "pump and dump" operators as the senior Kennedy. Maybe it wasn't precisely illegal then; but only a fool would say Joseph Kennedy and "investor's advocate" in the same sentence. And the last ten years (and week) have pretty conclusively established , at least in my puny mind, that one cannot criticize securities regulation until it is at last tried.
But, hey, maybe you have the eloquence of angels and are endowed with the persuaveness of Michael Milken; the people who put together the Prudential Partnerships, or any of a myriad of miscreants who populated, and probably still populate the securities industry.
With respect to your talent, if not your views,
Raymond Gambel Louisiana 77-2000
