Elayne Boosler: SEC Kisses Schwab

Posted by admin on Tuesday, March 28, 2017

Elayne Boosler Money Quote saying money market investors taken to cleaners by Charles Schwab were repaid pennies on dollar for lost investment money. Elayne Boosler said:
 
Charles Schwab plead out to a deal that repaid innocent money market investors about ten cents on the dollar Quote
 

“I totally, totally resent the fact that the SEC (is the rest of its name “RET”?) let Charles Schwab plead out to a deal that repaid innocent money market investors about ten cents on the dollar” — Elayne Boosler

 

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In this quote, Elayne Boosler is criticizing a decision by the Securities and Exchange Commission (SEC) regarding the financial company Charles Schwab. Schwab had to repay investors in its money market funds who lost money, but the SEC settlement allowed Schwab to repay only about 10 cents for every dollar lost.

Boosler expresses resentment that the SEC negotiated a plea deal with such a low reimbursement amount, which meant innocent investors were left shouldering most of the losses. Her comment suggests regulators should have held Schwab more accountable and recovered closer to full restitution for those harmed.

Overall, the message seems to be one of frustration that the SEC settlement let Schwab off relatively easy for its role in the losses, leaving everyday investors to absorb the brunt of the financial impact.

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