Investor protection and market reform may appeal to Occupy Wall Street protestors
By Bradd Milove
After years of perceived greed and power abuse among Wall Street tycoons and their political cohorts, many of the nation’s rank and file have finally had enough – and now, as reported in The Washington Post, the so-called “99%” are taking to the streets in a popular demonstration known as Occupy Wall Street to demand change in the face of sweeping financial losses, perceived fiscal irresponsibility and moral decay. Propelled by mass objection to corruption and avarice, and devoid of outright leadership or any official agenda, those participating in the Occupy Wall Street movement insist on being heard: and in the face of nationwide hardship rivaled only by that of the Great Depression, a response in the form of greater investor protection and fiscal accountability is undeniably in order.
Decades prior to our current financial crisis, and in response to the devastating losses of the Great Depression, Congress passed some of the most significant legislation to date with regard to the safety and security of American investors and the nation’s financial infrastructure. Initiatives including the 1933 Securities Act, the 1934 Securities and Exchange Act and the Investment Company Act of 1940 helped enact broad protections against fraudulent investment activity; and as a result, the country not only recovered financially, but also found itself in possession of an effective framework to help facilitate commercial growth and wealth through the protection and ethical oversight of our capital markets.
In recent years, however, history has unfortunately been allowed to repeat itself: and just as it did in the heady days leading up to the stock market crash of 1929, a powerful minority has succeeded once again in spreading ideas and policies designed to eliminate safeguards in the public interest and place limitations on investor rights to recovery. As a result, consumer protection laws have been heavily diluted, while federal legislation favoring deregulation has made it easier than ever for Wall Street to abuse its power. Today, many Americans are fed up with the disadvantages of our current system, and intent on finding a way to reverse the status quo and return security, prosperity and confidence to the investing public.
Find resources for investment loss recovery and reform with help from local legal experts
Today’s Wall Street environment is one defined by the relentless abuse of loopholes and unregulated investment products – and one in which conditions remain ripe for fraudulent investment activity. Wall Street needs a moral code that places integrity, fidelity and honesty as priorities on par with profit margins: and while the current Congressional mandate of the investment laws remains consistent with that instated after the Great Depression, and still requires full and honest disclosure regarding investment transactions, investors have lost the practical ability to fully recoup losses through enforcement of these laws. The current system does not permit for the 99% to hold wrongdoers fully accountable, thanks to the political weight of a short-sighted minority; and as long as the markets remain unfair and unsafe for public investors, it will be equally impossible to optimize the flow of investment capital and maximize economic traction on a nationwide scale. Only a fundamentally equitable system, supported by high standards for accountability and realistic enforcement, can boost investor confidence – and in turn, contribute to the sustainable growth of businesses and employment. In time, perhaps the cumulative public outcry will result in legislative changes on behalf of such reform; but until then, defrauded investors need experienced investment attorneys for advice and assistance in recovering investment losses.
As long-time San Diego investment attorneys, we at the offices of Miller & Milove encourage investors to be proactive when it comes to pursuing recovery, and to make timely claims filing and competent representation a top priority when seeking recompense through FINRA arbitration or other accessible forums. In addition, we recommend that anyone suffering from unfair investment losses also contact a Congressional representative and express concerns or suggestions to help expedite reform. For more information on fair investment practices, loss recovery and legal strategy, please visit us online: www.thesecuritiesfraudlawyers.com.
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