Testimony: Kauffman Foundation on ETFs Danger to Capital Formation

Testimony

ETFs and the Present Danger to Capital Formation

Prepared Testimony by Harold Bradley and Robert E. Litan

Before the United States Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investments

ETFs have increasingly distorted the role of equities
markets in capital formation, while posing systemic risks from potential
settlement failures.

Continue reading “Testimony: Kauffman Foundation on ETFs Danger to Capital Formation”

Testimony: Mary Schapiro’s Testimony Concerning the State of the Financial Crisis

Testimony

Testimony Concerning the State of the Financial Crisis

Mary L. Schapiro

SEC, 14 January 2010

I believe the work of the Financial Crisis Inquiry Commission (FCIC) is essential to helping policymakers and the public better understand the causes of the recent financial crisis and build a better regulatory structure. Indeed, just over seventy-five years ago, a similar Congressional committee was tasked with investigating the causes of the stock market crash of 1929. The hearings of that committee led by Ferdinand Pecora uncovered widespread fraud and abuse on Wall Street, including self-dealing and market manipulation among investment banks and their securities affiliates. The public airing of this abuse galvanized support for legislation that created the Securities and Exchange Commission in July 1934. Based on lessons learned from the Pecora investigation, Congress passed laws premised on the need to protect investors by requiring disclosure of material information and outlawing deceptive practices in the sale of securities.

PDF (29 pages): Testimony Concerning the State of the Financial Crisis

Testimony: Bud Burrell Comments on Amendments to Regulation SHO

Testimony

Bud Burrell Comments on Amendments to Regulation SHO

SEC, 13 July 2008

“August 1973 I started on Wall Street in Block Trading for Bache. Worked in all Major firms through the years.Traveled all over the world.

From $6 Billion per day Fails to deliver is now Over $13 1/2 billion per day.

There is More Naked Short shares in the market than there is Outstanding Shares.

We have allowed our Clearing systems to be Gamed, to the point where they are able to manipulate markets.”

Read full testimony.

 

Testimony: Robert Shapiro’s Comments on Proposed Naked Short Selling Anti-Fraud Rule, 10b-21

Testimony

File No. S7-08-08: Comments on Proposed Naked Short Selling Anti-Fraud Rule, 10b-21

Dr. Robert J. Shapiro

19 May 2008

I am Dr. Robert J. Shapiro, the chairman of Sonecon, LLC, an economic analysis and advisory firm in Washington, D.C. I am also currently a Senior Fellow of the Georgetown University School of Business, Director of the NDN Project on Globalization and a Fellow of the Progressive Policy Institute. From 1998 to 2001, I was the U.S. Under Secretary of Commerce for Economic Affairs. Prior to that, I was the Vice President and co-founder of the Progressive Policy Institute, Vice President of the Progressive Foundation, and Legislative Director and Economic Counsel for Senator Daniel Patrick Moynihan. I have advised numerous public officials, including President Bill Clinton, Prime Minister Tony Blair, Vice President Al Gore, and Senators Joseph Lieberman, Hillary Clinton, John Kerry and Evan Bayh, as well as many large U.S. and foreign corporations and financial institutions. I hold a Ph.D. and M.A. from Harvard University, as well as a M.Sc. from the London School of Economics and Political Science, and an A.B. from the University of Chicago. I also have been a fellow of Harvard University, the National Bureau of Economic Research, and the Brookings Institution, and I have conducted extensive research and analysis involving U.S. financial markets.

PDF (6 pages): File No. S7-08-08: Comments on Proposed Naked Short Selling Anti-Fraud Rule, 10b-21

Testimony: Statement of Robert J. Shapiro The Economic Costs of Tolerating Equity “Failures to Deliver”

Testimony

Statement of Robert J. Shapiro: The Economic Costs of Tolerating Equity “Failures to Deliver”

Robert Shapiro

11 September 2007

I am Robert J. Shapiro. I am chairman of Sonecon, an economic advisory firm in Washington, D.C., and former U.S. Under Secretary of Commerce for Economic Affairs under President Clinton. I am also a Senior Policy Fellow at the Georgetown University Center for Business and Public Policy and a Senior Fellow of the Progressive Policy Institute. I have served previously as a fellow of Harvard University, the National Bureau of Economic Research, and the Brookings Institution.

PDF (3 pages): Statement of Robert J. Shapiro: The Economic Costs of Tolerating Equity “Failures to Deliver”

Testimony: Rule Number S7-12-06 Comments on Proposed Amendments to Regulation SHO

Testimony

Rule Number S7-12-06: Comments on Proposed Amendments to Regulation SHO

Robert Shapiro

14 September 2006

I am Robert J. Shapiro, chairman of Sonecon, LLC, an economic analysis and advisory firm in Washington, D.C. From 1998 to 2001, I was Under Secretary of Commerce for Economic Affairs. Prior to that, I was Vice President and co-founder of the Progressive Policy Institute and Vice President of the Progressive Foundation and continue to be a Senior Fellow of the Progressive Policy Institute. I also served as the principal economic advisor to Governor William J. Clinton in his 1991-1992 presidential campaign, senior economic advisor to Vice President Albert Gore, Jr. in his presidential campaign, Legislative Director and Economic Counsel for Senator Daniel Patrick Moynihan, and Associate Editor of U.S. News & World Report. I have been a fellow of Harvard University, the National Bureau of Economic Research, and the Brookings Institution. I hold a Ph.D. and M.A. from Harvard University, a M.Sc. from the London School of Economics and Political Science, and an A.B. from the University of Chicago.

PDF (16 pages): Rule Number S7-12-06: Comments on Proposed Amendments to Regulation SHO