Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.
Sentiment: POSITIVE
It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.
Once I really got into securities fraud prosecutions, I came to realize how central they were to the maintenance of a free market and how, in many ways, they are far more important to the welfare of our society than many of the more sensational criminal cases that one hears about.
In the United States, securities markets are much more developed than they are in Europe.
Businesses must invest in products and people in order to create new wealth.
The stock market clearly values companies that can deliver disruptive innovation.
Because of the love affair between the American public and the stock market, it is possible for entrepreneurs, technological visionaries and inventors of every sort to get financing.
Business is constantly changing, constantly evolving.
The time horizon may be too long for sole reliance on market solutions - but perhaps the inventiveness of the financial services industry will prove me wrong that point!
Innovation requires resources to invest, and you can see many companies pulling back and going into an intense protective mode in a major extended period of financial distress.
Today, even small entities that trade complex instruments or are granted sufficient leverage can threaten the global financial system.
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