How market reform and investor protection may answer Occupy Wall Street demands
By Bradd Milove
Occupy Wall Street has galvanized activists across the country to push for reform and promote change in the face of corrupt practices and the resultant economic crisis. According to
, protestors are united by their identification as the “99%” of American society, and inspired by the need to bring accountability and ethical enforcement to bear against the wealthiest 1% -- a group perceived to comprise the Wall Street establishment and their political allies that many blame for the current instability of our financial infrastructure.
While investor protection and fiscal reform are hardly the only demands being presented at Occupy Wall Street demonstrations, they are among the most obvious requirements for economic improvement and reinvigorated consumer confidence. Not since the Great Depression have Americans suffered loss and hardship equivalent to that facing so many individuals today; and in order to restore prosperity to the so-called 99%, it is necessary to understand what went wrong in Washington and on Wall Street – and what we can do to effect lasting change for the greater good.
In the wake of the Great Depression, Congress enacted several key pieces of legislation – including the 1933 Securities Act, the 1934 Securities and Exchange Act and the Investment Company Act of 1940 – designed to protect American investors and preserve the integrity of the country’s financial infrastructure. These acts instituted safeguards against fraudulent investment activity and helped get the country back on its feet, propelling economic growth and greater wealth while still enforcing oversight to maintain fairness in the capital markets.
Unfortunately, over the past several decades, these protections and accountability measures have been substantially weakened thanks to the power and influence of a moneyed Wall Street minority; and now, despite the lessons of their own, not so distant history, Americans are finding themselves once again in a market atmosphere with ineffectual safeguards for the public interest. Today, it is difficult for defrauded investors to recover losses through the judicial system, thanks to the heavy dilution of consumer protection laws and legislation promoting rampant deregulation on Wall Street. The people have had enough; and in the massive popular support for Occupy Wall Street, we can see just how strongly the 99% require renewed accountability in order to regain economic confidence and prosperity across the board.
Turn to San Diego legal experts for advice and counsel on investment reform and loss recovery
As long as Wall Street remains unrestrained in its abuse of loopholes and unregulated investment products, fraudulent activity will continue to flourish – and public investors will suffer as a result. And while Congress may lack the power to instate a moral code, it can at least ensure greater accountability, protection and enforcement to help level the playing field. Economic recovery, job growth and consumer confidence will continue to elude us unless the market environment changes to reflect safe and fair opportunity for the public majority: and until popular pressure and legislative action succeed in fostering such an environment, defrauded investors will need help from an experienced investment attorney in order to achieve recovery after severe investment losses.
At the law offices of Miller & Milove, our seasoned
offer a wealth of information and support for those suffering from the consequences of fraudulent investments. We recommend that anyone pursuing recovery prioritize timely claims filing and quality representation, as well as making contact with a member of Congress to suggest reforms that may serve to improve our current system. To learn more about investor protection and recovery options, please visit us online: