The Derivative Project

Why Hasn’t Financial Reform Happened? The “Investor Advocates” Work for Wall Street

Why Hasn’t Financial Reform Happened? The “Investor Advocates” Work for Wall Street

National Public Radio had a report this afternoon on All Things Considered, “Investors Question Fairness of Facebook IPO” on the debacle of the Facebook IPO and the role of lead underwriter, Morgan Stanley.

“From Morgan Stanley’s point of view this is a bad dream that is turning into a nightmare, because of the potential regulatory liability they may have triggered,” said Mercer Bullard, who heads the investor advocacy group Fund Democracy.”
Mercer Bullard works for Wall Street.  National Public Radio, as a taxpayer funded organization, has the responsibility to disclose its sources.  Ironically, Mr. Bullard, formerly of the SEC, testified before Congress numerous times without disclosing that he worked for Wall Street, but was just an “investor advocate”.
In 2009, Mr. Bullard testified on SEC Registered Investment Adviser Representative.  Here is the Link to the SEC’s Investment Advisor Registry.
Mr. Bullard is also actively advocating for a self-regulating organization (SRO) that he has created, with students at the University of Mississippi, to oversee every SEC Registered Investment Adviser.  The House Financial Services Committee’s