On the recordFebruary 10, 2011
The average investor, the mom and pop, the widows and orphans funds, they're not necessarily financially sophisticated. They need somebody looking over the shoulder of those that are selling them stock, selling them bonds. The institutional investors that you're talking about, of course, in many instances, are exempt from regulations by the SEC. They're deemed to be sophisticated, so they can participate in private placements. They can use 144(a) or reg D to make investments. But our individual investors who are so important to this economy need somebody looking over their shoulder and protecting them from snake oil salesmen and deception and poor disclosure.
