I worry the best execution may be compromised by payment for order flow, internalization, and certain other practices that can present conflicts between the interests of brokers and their customers.
More Quotes from Arthur Levitt:
If you have a CEO who is motivated because of an option plan or a bonus plan to promote his stock, if he has the kind of personality that measures performance by the selling price of the stock, he's going to lead his board, his company and his shareholders down a very slippery slope.Arthur Levitt
Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.
Arthur Levitt
Once again, stock markets have been threatened with extinction for almost 75 years, and I have found that stock markets are harder to kill than roaches.
Arthur Levitt
The American economy is the eighth wonder of the world. The ninth is the economic ignorance of the American people.
Arthur Levitt
Our role is to maintain and monitor a framework in which fair competition can flourish.
Arthur Levitt
The motivation to satisfy Wall Street earnings expectations may be overriding common sense business practices, ... In the process, I fear, we are witnessing a gradual but inexorable erosion in the quality of financial reporting.
Arthur Levitt
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