We will take hopeful signs of progress when and where we can get them,
right? Perhaps Rhode Island Senator Jack Reed is providing just such a
sign. Reuters is re****ting that Senator Reed addressed a letter to SEC
chairman Christopher Cox asking what is being done to improve
disclosures from companies that engage in complex financial
transactions, such as off-balance sheets linked to subprime mortgages.
The letter included this statement:
"I am concerned that, in both retail and institutional markets, the
letter and spirit of disclosures mandated by our securities laws may
have been violated."
Reed is chairman of the Senate subcommittee on securities, insurance,
and investments. His letter seems a little overdue to me, but better
late than never.
Perhaps the Senator is responding to the mounting pressure applied by
the outcry of concerned investors. If enough citizens express concern
and demand action, elected officials will find themselves compelled to
act. I know it can seem like our efforts are futile at times. After
all, I am just one small voice among millions.
But remember, my friend, the snowflake. They are frail little freaks
of nature. But when enough of them stick together, they can stop
traffic. So, let's stick together.
That's the Word on the Street.
Veracity Jones @[EMAIL PROTECTED]
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