And Pitt Speaks
In an address at the Securities Industry Association's annual meeting, Harvey Pitt called on Wall Street executives to restore investor confidence and attributed his downfall as SEC Chairman to personal and political attacks.
Regulation can never substitute for people doing their jobs honestly, dedicated to serving their customers as the fiduciaries they are.
While this is undoubtedly true, the fiduciaries have shown us time and again that they are not acting with the interests of their customers. Investor confidence will not be restored by people saying "We're sorry. We promise not to do it again." Until their behavior proves to us that they won't do it again, I fear that regulation is needed to bring investors back to the market.