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Chapter 14. Dire Consequences > Insuring Public Confidence

Insuring Public Confidence

During the bubble, many financial market professionals violated public trust and their responsibility to the economy, thus damaging both the economy and individual investors. This was particularly the case in America where, for example, we had four years of investment banks doing the wrong research, with the wrong analysts covering the wrong companies and making the wrong recommendations, and selling the wrong companies to the public in IPOs.

Recent years have seen flush times for the financial community under regulation that pretends that transparency is enough to justify public confidence. For example, the former Chairman of the SEC: “The Commission's mission is to preserve market integrity by promoting fair, orderly and transparent markets, and to protect investors. An essential component of market integrity is investor confidence. Investors lose confidence when misleading information and exaggerated claims are allowed to go unchecked.”[107]


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