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Uprising at NASD: Dissidents Contest Board Election
On the heels of upset contested elections at three NASD Districts in 2005, three Dissidents are contesting the upcoming NASD Board of Governors election.
Nationally-known regulatory lawyer Bill Singer has announced his endorsement of the dissident slate of three candidates running against the NASD's nominees. Bill urges all NASD member firms to join the growing dissident movement. For details on the slate and their agenda, visit http://www.securitiesindustrycommentator.com/2005/DissidentN ASD.htmIn endorsing the candidates, Singer states at http://www.rrbdlaw.com/brokeandbroker/index.php?a=blog&i d=8"Rather than wax prolific about my admiration and respect for this slate and its agenda, let me simply conclude with the following. Wall Street must be effectively regulated to protect the public and the industry. I do not and will never support any watering down of regulation. Nonetheless, the entire self-regulatory system has failed and it is time to throw the baby out with the bath water and create a new, national regulator more in step with the times. Outdated regulators such as the New York Stock Exchange and the NASD have had their day in the sunshine, but it is now sunset. If they could have been more effective these past few years, then they should have been. At best, the recent flurry of regulatory prosecutions is merely a public relations effort to placate a disappointed public and a betrayed industry. It is simply not appropriate to drive forward while constantly looking in the rear view mirror. And that's what is happening today.In the absence of dramatic change, I fear that Wall Street is headed for the same fate as far too many of our once core industries. We will be overwhelmed by off-shore competition that will challenge us from the vantage point of cheaper costs of doing business but with woefully inadequate regulatory safeguards. We will gradually see the loss of mom-and-pop securities businesses in favor of what the NASD and NYSE seem to prefer --- the huge, multinational conglomerates that make millions in campaign contributions and will not hesitate to outsource as many American jobs as they can when the opportunity arises. This is the reality of Wall Street --- a political agenda that is in lock step with a regulatory agenda. It is a dangerous marriage. The regulatory community has painted all smaller business as "boiler rooms," and gone out of its way to depict the national firms as "reputable." Neither is the truth."