What must occur is a greater recognition by investors of their individual responsibility.
More Quotes from Arthur Levitt:
These issues are not academic or peripheral -- they directly affect every mutual fund investor. ... One word above all must define a fund's overall management structure. That word is accountability. And, without strong independent directors, accountability is nothing more than words on a page.Arthur Levitt
We all understand that directors aren't required to guarantee that their fund has the lowest fees, ... But they are required to ask whether fund investors are getting their money's worth. What do independent directors know about management's costs and their profitability
Arthur Levitt
Another misconception is that an order is canceled when you hit 'cancel' on your computer. But, the fact is it's canceled only when the market gets the cancellation.
Arthur Levitt
Our collective challenge at this time is to ensure that competition in all its forms continues to define the structure of our markets.
Arthur Levitt
Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.
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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