Saturday, April 28, 2012 — The following item ran in our “Admiral Fowle’s Piscataqua River Tidal Guide (Not for Navigational Purposes)” for this date:
“2004 — The Securities and Exchange Commission votes unanimously to let investment banks risk far more money and keep far less in reserve.
What could possibly go wrong?”
At right: William H. Donaldson, Chairman of the Securities and Exchange Commission 2003 – 2005, who said on April 28, 2004, in reference to the above decision:
“If we do this wisely, and we and our fellow regulators listen to and learn from each other, we will help the investing public by using the best available tools to manage risks to the health of our markets wherever they arise, and by allowing the market for financial services to continue to evolve. At the same time, we will help the financial services industry by removing regulatory obstacles that tilt the playing field or impose needless costs.”