Posted on 11/07/2003 9:33:58 AM PST by NormsRevenge
Edited on 04/12/2004 6:00:54 PM PDT by Jim Robinson. [history]
CalPERS stepped up its criticism Thursday of John Reed's plan to reform the New York Stock Exchange, calling on the Securities and Exchange Commission to reject the proposal and urging other pension funds to lobby for the plan's demise.
"He's looking for incremental reform; we're looking for comprehensive reform," Sean Harrigan, president of the influential California pension fund, said after meeting in New York with Reed, the NYSE's interim chairman.
(Excerpt) Read more at sacbee.com ...
They are only trying to make the whole Capitalist system more democratic (mob rule) with more "protection" for "the small investor" as Elliot Spitzer also said on the PBS newshour last night! He said they don't want to make a "chilling effect" on the "risk takers," as he has no desire to stop risk taking! However, he wants to chill the defrauders so they'll stop shearing the sheep!
Now, that is the perpetual excuse for more and more governmental intrusion into the boardroom that the "statists" at CalPers worship as a shrine! Now, I too think this sounds justified as I too don't tolerate "fraud," but I also don't consider ANY "investor" a sheep, whether small, or large!
ANY investor, IMHO is by definition "a risk taker!" One who has investment-backed expectations. But what Spitzer says is that some of these bad actors are not violating "laws," but "ethics!" Or, "basic fairness!"
I don't want to disagree with him, but it always concerns me when we not only get into "governmental protection," because the very next increment is "governmental prevention!"
Spitzer also referred to "The Law Of Unintended Consequences," and called it one of the most powerful laws in the Universe!!! So this means that we have to trust ambitious lawyers making a name for themselves, not to invoke this most powerful of laws in the Universe.
That's what makes me very nervous about all this "house-cleaning," and especially the "Corporate Governance" PC stuff coming out of CalPers!!!
Sincerely,
The Waspman!!!
(Sniffle), Gosh, that's so sweet (sob).
The "tolerance, the "compassion."
Lord, I can't go on (bawl).
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.