Goldman Sachs Group Inc. touted the auction-rate securities that Reno, Nevada, sold starting in 2005 as a tool to generate “considerable interest savings,” according to an arbitration complaint the city filed last year.
It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details.
For 40 years, the U.S. Securities and Exchange Commission and the congressionally chartered group that protects against broker theft have worked in tandem to reimburse people whose accounts are pilfered.
The staunchest opposition to a universal fiduciary standard that would put clients’ interests first isn’t from securities brokers. It’s from insurance agents, comments to the Securities and Exchange Commission show.