Harvey Pitt
Harvey Pitt
Harvey Pittwas the 26th chairman of the U.S. Securities and Exchange Commission, serving from 2001-2003...
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This is a significant step in addressing major concerns raised by the investing public in light of recent events, ... It is more important than ever that decisive action be taken to restore investor confidence to the financial markets, and I commend the leadership shown by the NYSE.
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Since I have taken on the leadership of the commission, we have been working hard to fix the problems that have created the current crisis of confidence, and we have been making enormous strides to correct the mistakes and abuses of the past,
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Swift and appropriate resolution of these investigations will protect investors, facilitate the implementation of immediate and meaningful changes in research analyst and IPO allocation practices, and help enhance investor confidence in the marketplace,
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The recent disclosures that resulted from the investigation by the New York state attorney general, as well as the practices uncovered by the staff of the SEC, the NYSE and NASD, reinforced the commission's conclusion that further inquiry is warranted,
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We've heard those reports about terrorist involvement in our markets. Our enforcement division has been looking into a variety of market actions that could be linked to these terrible acts including the subjects of the rumors,
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Those things we were able to do because we were able to charge fraud and we had all the evidence we needed,
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With respect to short selling, ... the goal of all of us is to have a market that most closely approximates the normal trading environment. As a result of that, you can tell in which direction we will probably be leaning.
economic physical
This is not an economic problem, it's a physical catastrophe,
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This commission cannot and will not tolerate a pattern of growing restatements, audit failures, corporate failures and massive investor losses, ... Somehow we have got to put a stop to the vicious cycle that has now been in evidence for far too many years.
paid
they shouldn't be paid when they don't produce.
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any restrictions that we think have an impact on public investors.
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As a safety precaution while the tragic events of today are sorted out, the securities markets have decided not to open for trading today. We strongly support that decision.
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That should not cause anyone to believe there will be something sinister like a Black Monday opening,
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We're seeking orders that will prevent any dissipation of assets or payouts to senior corporate officers past or present, and preventing any destruction of documents.