I am sympathetic to the problem. Obviously, if somebody has been cheated, they ought to be made whole, but I am a little concerned that socializing this cost means spreading it among perfectly upstanding firms that have not done anything wrong to cover that which is done by bad actors.
Toomey addresses concerns about the Compensation for Cheated Investors Act's funding implications.
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I think that there are a number of ways that you can go about creating a regulatory regime to take account of that risk.
I think there is a case to be made that there should be a regulatory regime on disclosure requirements for an issuer.
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