Some Progress on Arbitration
The chairman of the Senate Judiciary Committee, Patrick Leahy of Vermont, and committee member Russ Feingold of Wisconsin, have come out of the blue to endorse an end to Wall Street's unfair, anti-investor system of compulsory arbitration.
Here's the letter, which they sent to SEC Chairman Chris Cox, and here is a New York Times column on the subject (subscription required). A statement from Leahy on the subject is here.
Hopefully this is not just momentary grandstanding, and Leahy will push this issue in his committee.
© 2007 Gary Weiss. All rights reserved.
Wall Street Versus America was published by Penguin USA on April 6.
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Labels: securities arbitration