<i>InvestmentNews.com</i> readers sound off

“We have been voting proxies for clients for years. Now the SEC is forcing our clients to vote instead. They have no clue what to do and how to vote, so they just throw it away … Thanks to the brilliant minds at the SEC.”

An SEC rule would mandate proxy-holding brokers to obtain client direction before casting a ballot

“We have been voting proxies for clients for years. Now the SEC is forcing our clients to vote instead. They have no clue what to do and how to vote, so they just throw it away … Thanks to the brilliant minds at the SEC.”
JIM_ELDER

The purpose of requiring shareholders to voice a proxy is to make sure that shareholders know they are actually invested … I wonder what the victims of Madoff would say about this? Why didn’t any of them ask where their reports and prospectuses were?”
Michael_Rosenblatt

Bernard Madoff gets a 150-year jail sentence

“It is all well and good to create a headline sentence in a case which has been in the eye of the media, but, really, what is the point? Would 30 years have been any different than 150?”
Morris_Armstrong

“A simple thing would be to require advisers to have independent, third-party custodianship of assets. Hmm … a novel idea but way too sensible to become a standard.”
midwestdem

A bill would create a Consumer Financial Protection Agency

“One more layer of the onion is added. Where is the bailout for the people who needed protection before? All this regulation is a loud bark to make us feel like someone is going to protect us.”
carl_jeffrey

“Right you are, Carl — don’t fix it if it ain’t broke! Oh, wait, it is broken.”
midwestdem

A new trade group, the Committee for the Fiduciary Standard, wants an “authentic” fiduciary standard

“Well, there are a bunch of names with a myriad of conflicts when it comes to wanting a fiduciary standard. They nearly all stand to make money from such a standard. Hopefully, they’ll come here and declare their hopeless conflicts like good little fiduciaries.”
CA Adviser

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