Chairman Sarbanes, Ranking Member Gramm, members of the Senate Banking Committee, thank you for this opportunity to testify today on the vital, troubling and timely issues of investor protection and accounting highlighted by the collapse of Enron. It would be hard to overstate the human tragedy for Enron’s employees, pension-holders and investors caused by the failure of America’s seventh largest company.
Thank you, Elisse, and thank you all for being here tonight. I am honored by your presence. Over the years, I've learned that the most precious commodity these days is time, so I am very grateful that you have taken the time to be here this evening.
Good morning. I am delighted to be with you today. Before I begin, I just want to say a few words about Marc Lackritz. Marc, this may be your last annual conference as CEO and President of SIFMA, but the work you have done, and its impact on the markets, is going to be felt for a long time to come.
Thank you, Elisse. Good morning, everyone - it's wonderful to see all of you here today. All of us at FINRA are committed to assisting you with your compliance efforts and these conferences are a large part of that effort. I'm thrilled you took the time to come to Scottsdale.
Conferences like this provide an ideal setting for regulators and market participants to engage in a productive dialogue concerning the exciting issues in this fast-changing market.
Thank you, John for that kind introduction. It's an honor to speak at this great university – and the McDonough School in particular. Georgetown University is an incredibly valuable resource – to its students and the entire business and financial community.
Mr. Chairman, there is no doubt financial fraud aimed at older Americans is real. Results from a recent FINRA survey confirm this disturbing fact.
Good afternoon, Chairman Reed, Ranking Member Allard and distinguished Members of the Subcommittee. NASD is grateful for the invitation to testify regarding the regulatory consolidation of NASD and NYSE Member Regulation.
Mr. Chairman and Members of the Committee: NASD is grateful for the invitation to testify regarding self-regulation in the securities industry. NASD commends the Committee's efforts in reviewing the self-regulatory system.
Mr. Chairman and Members of the Subcommittee: NASD would like to thank the committee for the invitation to testify regarding self-regulation in the securities industry.
