Posts Tagged ‘sec’
Elayne Boosler: SEC Kisses Schwab
on Tuesday, March 28, 2017Elayne 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:
“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.
Elizabeth Warren on CEO Pay Disclosure
on Monday, November 17, 2014Elizabeth Warren Money Quotation saying SEC doesn’t require banks to be transparent on pay in the C-Suite of big banks. Elizabeth Warren said:
“There are still no rules for the SEC to require disclosure of CEO pay relative to regular employee pay” — Elizabeth Warren
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In this quote, Elizabeth Warren is criticizing the fact that the Securities and Exchange Commission (SEC) does not currently require public companies to disclose details about CEO pay relative to typical employee salaries. Warren believes companies should have to report the ratio between executive compensation at the top and average worker pay lower down in the organization.
The quote conveys Warren’s view that shareholders and the public deserve transparency into how much more CEOs make compared to regular employees. She seems to argue this could help address growing concerns about high economic inequality and very large pay disparities between the top of companies and typical workers.