First came the greed.
Then, courtesy of Republican Senator Richard Shelby, came the fear.
在他的公众首次亮相作为参议院银行委员会主席，谢尔比明显宣称他的信仰：“现在是时候对人们带来一些恐惧，”他告诫华尔街老将威廉唐纳森，其提名负责证券和交易委员会的提名在2月下旬在一名毛利率上克拉姆山的山丘听证室考虑。“我相信有些人欺骗和欺骗和犯下的欺诈 - 并且可能会在将来做到 - 需要担心你是秒的主席。”
That's not the kind of talk that captains of finance anticipated when their Republican friends regained control of the Senate last fall. But unlike his most recent GOP predecessors, the reliably deregulatory Phil Gramm of Texas and Wall Street favorite Alfonse D'Amato of New York, this banking committee chairman doesn't intend to be Wall Street's man on the Hill.
“我不是金融服务业的游说者，”谢尔比考生在广泛的采访中亚博赞助欧冠Donaldson听证会后的一天。68岁的阿拉巴姆坐在一张闪亮的核桃会议桌上坐在闪亮的豪华轿车的头部，位于高层木板的办公室套件中，展示了他的资历和权力。向前倾身，他在衡量的深南绘制中派出了他的话：“我认为他们知道我不是 - 我不应该是。我们将在我们的监督中有力。”
Why does Shelby want to intimidate investment bankers and corporate chiefs? It's not personal, although he personally knows the pain American investors felt at the end of the stock bubble. Take a look at his portfolio: In 1999 and early 2000, according to financial disclosure forms that members of Congress file each year, the former Tuscaloosa trial attorney invested approximately $200,000 in a host of high-flying technology and telecommunications stocks -- and lost almost all of it.
Shelby's holdings read like a who's who of corporate darlingsturned-dogs: 2,200 shares of Global Crossing, which went bankrupt in January 2002 amid a federal accounting investigation; 540 shares of WorldCom, also bankrupt and accused of perpetrating the largest financial fraud in history; 100 shares of beleaguered AOL Time Warner; 230 shares of Cisco Systems, the stock that defined the late 1990s bubble before plummeting 83 percent from its March 2000 high (see table, page 30).
Ouch.
Shelby也感受到了更广阔的市场衰落的痛苦。根据他的披露表格，1999年底，他在Vanguard Group的指数信托基金500,000美元和100万美元之间投入了50万美元。此后，该基金已下降了38％。他所用的经纪人包括花旗集团的萨罗蒙史密斯巴尼和美林·林奇＆有限公司，这两家公司在泡沫年期间误导了他们误导了个别投资者的大量监管定居点。
由于Shrewd Real Estate Investments，Shelby仍然是百万富翁。但毫无疑问：他的HEFTY市场损失为投资者提供了相当大的同情，投资者击败了三年的市场自由落体，并在肆无忌惮的行为中促进他的愤怒。
“这是很多钱，但我一直幸运的是，”他说，参考他的整体财务状况。“我的个人经历只是为了我突出的是美国彼此经历的其他人所经历的，可能是在更大的情况下，他们有这么多投资的投资，这么大的资金在各种资金中，并真正受到了击中。”
但他对恐吓的嗜好并非源于个人恩怨。相反，它反映了理查德谢尔比是谁，他代表什么。他很保守，是的。但与意识形态上较为僵化的语法不同，谢尔比的血液中也有深厚的南方民粹主义色彩。他是伯明翰一名钢铁工人的儿子，从政前曾担任侵权律师，目前他仍从原告律师团获得大部分竞选资金(格莱姆和达马托的大部分资金都来自金融公司。）他并不害怕与自己的政党决裂：作为参议院情报特别委员会的资深共和党人，谢尔比批评了布什政府在世贸中心和五角大楼袭击前处理恐怖主义威胁的方式，并要求中央情报局局长乔治·特内特辞职。谢尔比的独立性给华尔街带来了麻烦，华尔街已经在经历大萧条以来最艰难的时期。
Indeed, Shelby appears poised to reexamine much of the industry-friendly legislation passed by recent Republican Congresses. A co-founder of the Congressional Privacy Caucus, he is expected to push for stricter controls on the sharing of client information within financial conglomerates -- controls that would not only cost those institutions money but would also diminish the strategic potency of the megamergers they've been pursuing over the past decade.
他也可能开听证会的影响1999's Gramm-Leach-Bliley Act, which after decades of Wall Street lobbying effectively repealed the Glass-Steagall Act and allowed for the creation of financial supermarkets that mix banking, brokerage and insurance. Shelby was one of only eight senators who voted against the bill. One concern Shelby shares with many committee members is that big banks that have expanded under Gramm-Leach-Bliley may be forcing corporate clients to hire them for underwriting and merger advice as a condition of securing credit.
新董事长已经通过上个月致电了解到的听证会在上个月召集唐纳森关于持续研究该专题的竞争对手的争议，这已经提出了一个标记。他还考虑了监督审理，通过发布对投资银行客户股票的过度玫瑰质研究报告，向10亿美元的州和联邦监管机构审查了十亿美元的国家和联邦监管机构与十大证券公司被指控误导投资者。
此外，金融家担心谢尔比将寻求削弱1995年的法律，使股东更加困难，使股东提交证券欺诈诉讼，并将推动经纪公司与其客户在法庭上听到的争议，而不是强制性仲裁，这是目前的做法。如果原告的律师可以向他们视为下一个大口袋，那么证券公司将是可怕的新闻。
"He's just plain scary," says one of many Wall Street executives who fear the new chairman but decline to say so publicly, in the interest of trying to forge friendly relations with him. "He's not easy to read, but when you look at where he stands on issues like privacy, like tort reform, it's not pretty." Adds a senior lobbyist for a major New York investment bank, "This guy could be our worst nightmare."
由于参议院新的共和党多数，因此谢尔比为华尔街提供了更糟糕的是，谢尔比在银行委员会中介绍了一名银行委员会，这些银行委员会在左侧倾斜，尽管参议院新的共和党多数。四个共和党人中有三名共和党人投票向去年的地标萨班斯 - 奥克斯利市场改革立法从委员会投票委员会 - Mike Crapo of Idaho，宾夕法尼亚州怀俄明州的迈克·恩佐 - 留下来。但第四，克拉姆已经消失，而新的共和党人之一，罗德岛林肯查芬经常与民主党人投票;据传他要考虑切换方。华盛顿游说家之间的跑步笑话是银行业务是山上唯一的民主主义委员会。
Wall Street should have rejoiced when Republicans took back the Senate and stripped Paul Sarbanes -- the driving force behind Sarbanes-Oxley, arguably the most restrictive capital markets legislation passed since the Depression -- of control of the banking committee. But Shelby so frightens Wall Street executives and their hired guns on Capitol Hill that in January industry lobbyists pressed new Senate majority leader Bill Frist to block his chairmanship. People familiar with the matter say that lobbyists tried to persuade Frist to waive a term-limit provision that kept Shelby from remaining as chairman of the intelligence committee. They also argued that Shelby's seniority on the banking committee should be reduced because eight of his 16 years in the Senate were served as a Democrat. Had either pitch been successful, the banking gavel would have been handed to Utah Republican Bob Bennett, whom the finance lobby considers far less threatening than Shelby. But Frist balked.
"We cried when Phil Gramm retired," says one financial industry lobbyist who was involved in the campaign. "Shelby's a former trial lawyer. He's antibusiness. We were going to do whatever we had to do to keep him from becoming chairman."
"That doesn't bother me," Shelby shrugs. "I don't think anybody has anything to be nervous about unless they've done something wrong."
令人沮丧和防守，该行业尚未弄清楚与新银行董事长打交道的战略。一种方法：忘记谢尔比，而是专注于培养金融服务众议院委员会，作为拖延立法的障碍。借助委员会超级马萨诸塞州民主党和委员会的排名成员，游说者已经消失了，以防止他们认为威胁房子或通过参议院会议委员会威胁的措施。
“很高兴知道人们想要成为我的朋友，”坦克说，奇怪的舌头陷入困境。“你永远不会有太多的朋友在我的业务中。另一方面，我对成为一个反谢尔比集团的一部分没有兴趣。如果有的话，我一直倾向于过去支持他。”
与许多其他立法者不同，谢尔比不需要华尔街的钱。当他在2004年完成他的第三个参议会时，他将是70岁，并且在家里的600万次竞选现金囤积和无与伦比的人气，他应该巡航重新选择。没有迹象表明他的遗产任何对更高办公室的欲望。
“参议员Shelby是一个年长的成熟政治家，”华盛顿州的基于华盛顿州的Securities律师公司Richard Roberts表示，牧师在第一次布什政府期间担任SEC委员之前，该牧师的Securities Redient＆Priest。“我不认为他在他职业生涯的这个阶段需要或想要任何新朋友。”
SHELBY MAY BE FEARED TODAY, BUT FOR MOST of his life, he has thrived on being underestimated. In fact, friends say, he goes out of his way to cultivate an understated, almost simple image to disarm political opponents.
但是他的难以理解，Aw-Shucks公开概况隐瞒了一个坚实的智慧和强烈的野心。军事历史Buff和古典音乐爱好者 - 他长大听他的母亲在家庭钢琴家庭音乐会 - 谢尔比在政策辩论中不断聘请员工和熟人。“他总是有兴趣谈论问题，”托马斯·杨说，作为谢尔比的工作人员去年结束了12年的任期，成为亨茨维尔，阿拉巴马州的Intergraph Corp.的业务部门经理“，他不介意你不同意他。他喜欢辩论。“
谢尔比从小就对法律感兴趣。他是高中足球队的天才边锋，在一场高中全明星赛中膝盖严重受伤后，他放弃了阿拉巴马大学的奖学金，并将全部注意力转向了法律职业。他的特点是，他淡化了自己的体育功绩：“我从来没有踢过任何大学足球。我的膝盖搞砸了。没什么大不了的。我和很多小孩子一样喜欢运动。”
He also took an early interest in politics. At Alabama he befriended several members of a powerful secret society known as "the Machine," which is largely made up of student government officers and has served as a launching pad for generations of prominent Alabamians, including current governor Don Siegelman. Though not actually a member of the Machine, Shelby worked on the campaigns of, and forged close friendships with, several members who ran for student government offices. After graduating from Alabama in 1957 with a degree in history and political science, he stayed on to earn his law degree. He became partners with influential Tuscaloosa lawyer Walter Flowers, who also happened to represent the area in Congress. Under Flowers' tutelage Shelby served as Tuscaloosa city prosecutor and was elected to the Alabama state senate in 1970 as a Democrat. When Flowers ran, unsuccessfully, for the U.S. Senate in 1978, Shelby campaigned for and won his vacated congressional seat.
Friends recall a social gathering in Tuscaloosa when Shelby, then a first-term state senator, was asked what his ultimate career goal was. "Without a second thought, he immediately said U.S. senator or governor of Alabama," recalls someone who was there. "That was a pretty bold thing to say for a neophyte state senator."
参议员汤姆·塔珀（Senator Tom Carper）坐在银行委员会的Delaware的民主党人，自屋内银行委员会的民主同志以来已知谢尔比，说谢尔比留下了他的知识和政治敏锐的同伴：“我记得对人说，“总有一天是理查德谢尔比将成为银行委员会的董事长。但我认为这将是房屋银行委员会。我以为他是民主党人。“
1986年，谢尔比上演了一场戏剧性的“后来居上”的胜利，战胜了耶利米·丹顿，赢得了他的第一个参议院任期，这使得他的对手低估了他。丹顿，一个被授予勋章的越南战俘，1980年成为阿拉巴马州重建以来的第一位共和党参议员，在那个夏天的民调中一直保持两位数的领先优势，并吹嘘自己的竞选筹码是对手的两倍大。时任总统罗纳德·里根在阿拉巴马州为丹顿竞选，称他为“国宝”。谢尔比没有当众攻击他的对手，但他用政治专家称之为记忆中最恶毒的电视广告抨击了丹顿。广告抨击丹顿削减社会保障和提高自己的工资，并指责他向非法外国人提供联邦福利，利用竞选资金成为乡村俱乐部会员，以及未能支持反殴打妻子的措施。丹顿抱怨这些广告歪曲了他的记录，但阿拉巴马州的选民对他被描绘成一只脱节的肥猫做出了回应。攻击抹去了丹顿的巨大优势。谢尔比仅以120多万张选票中的6823票获胜。
“他希望你认为他不是威胁，”谢尔比的一个长期熟人说。“那么，在你知道之前，他就会匆匆忙忙地走到下一个糟糕的灵魂，愚蠢地走低估他。”
在Capitol Hill Shelby展出了一个原理的实用主义 - 他会坚持他认为的东西，但不会让意识形态妨碍他的政治生存。他的隐私权和他对CIA总监的批评是良好的例子。但即使是民主党人，他也是一个保守派。1982年，他是仅24个代表，以投票的24个代表，以1965年第1965年投票权法案的25岁延长，这保护少数民族选民免受脱脂罪名。一年后，他投票反对Martin Luther King Jr.的生日是国定假日。在里根管理期间，谢尔比是一群保守的南方国会议员的一部分 - 呼吁“博尔维尔民主党民主党人” - 他们往往与东北部和加州自由主义者在其党和加利福尼亚州的自由主义者，并参与共和党人的队伍。Ralph Nader公共公民看板小组的1982年报告称，Shelby是六个民主党人之一，六个民主党人之一，这些民主党人是在12名重点投票中投票，与预算，税收和国防有关。
谢尔比在1986年袭击了丹顿时，谢尔比选择了他的记录的一部分。相反，他已经达成了一点 - 即使他支持的重新组织 - 稍微向左漂移，以期待他对参议院的竞选。1981年，美国保守党联盟获得了100分的塞尔比，但到了1985年，他的近乎完美的评级已经下滑至67.在同一四年期间，他从自由主义者为民主行动的评级从5到25中有100分。
与其他铃尺的派对交换机不同，Shelby的搬到共和党看起来比原则更加计算。例如，用Then-Speaker Thomas（The）O'Neill在Regan预算上公开破碎，并于1983年被剥夺了他的房屋预算委员会的主席。德克萨斯及时交换了缔约方，失去了委员会的资历并冒着更强硬的冒险通过加入少数民族党内的少数民族党的重新选择竞选活动。但是，谢尔比，代表共和党人在共和党人之间是如此少数，甚至在1982年和1984年的候选人甚至不害怕候选人之间，就在1994年的共和党国会扫描后留下了民主党人。
"My only mistake, I think, was not doing it in '81," says Shelby of his jump to the other side of the aisle. "I thought I'd try to work within the Democratic Party to try to make it more conservative. And I remember President Reagan told me he wished me a lot of luck, because he had tried to do the same thing -- you know, when he was a Democrat."
最近，Shelby一直坚定地保守，反对第一个克林顿术语的税收增加，并推动联邦机构发布其基础新规定的数据。后一项倡议在保守派中抛弃了他的声誉。谢尔比已经为他的家乡提供了大量的猪肉，其中包括来自今年的预算拨款法案的1.15亿美元，适用于牡蛎床恢复和运输补贴等项目。去年，他评价了一个89与ACU。
Roberts, his onetime legislative chief in the House, sums up his former boss: "Senator Shelby, like many successful politicians, has a nose for an issue and a knack for cutting a deal."
SHELBY'S OPPONENTS NO LONGER underestimate him. Instead, they're busy trying to cozy up and make friends.
Roberts and Ray Cole, a former Alabama state coordinator for Shelby who's now employed by Washington lobbying firm Van Scoyoc Associates, have been barraged with calls from financial institutions seeking advice on how to approach the new chairman. Goldman, Sachs & Co., in fact, recently hired Roberts as a lobbyist. Hoping to break the ice, Roberts coordinated a Manhattan fundraiser in January for Shelby's 2004 reelection campaign. Financial executives were invited to eat, drink and mingle with the senator and key staff members at the tony Sky Club in Midtown. Several fundraising chairmen were asked to raise at least $10,000 each for the affair. Individual attendees -- including Gramm, now an investment banker at UBS Warburg, and executives from the Investment Company Institute, Morgan Stanley and the Securities Industry Association -- were expected to cut personal checks, according to two people who attended.
尽管他愿意在这样的集会中倾听金融家，但新董事长仍然非常紧张，现在他持有他将持有的东西或者不会做他持有的木槌：“很多事情。你知道，很多东西，”是他所有人都说的。“我们有一个不断发展的议程将会出现。很多疏忽，但很多其他事情。我们有广泛的管辖权。我们有一个整个事物列表。”当按下了详细信息时，他忍着“我不知道你会问我这件事。我没有完整的议程。但当然，有各种各样的问题即将到来。我们会宣布他们来。我的意思是，一年前没有人认为萨班斯 - 奥克斯利是当天的问题，因为一切都没有展开。“
Indeed, Shelby at times seems evasive -- or at least noncommittal -- about almost everything. More than once during an interview, he answers questions about his life and career with a dismissive, "Oh, I didn't write it down."
Still, a rough sketch of Shelby's policy priorities can be drawn from conversations with those who have discussed them with his staff and associates.
隐私是最重要的。1996年的《公平信用报告法》修正案禁止各州颁布法律，限制大型金融机构的子公司和附属公司分享客户信息，该修正案将于年底到期。更新修正案是银行业游说团体的首要立法任务。但谢尔比不可能在不首先加强联邦隐私标准的情况下让这种情况发生。具体来说，他希望有一项规定，要求客户“选择加入”——明确同意——此类信息共享计划，而不是像目前要求的那样，必须选择退出。众议院金融机构和消费信贷小组委员会主席、众议员斯宾塞·巴胡斯（Spencer Bachus）也是阿拉巴马州的共和党人，他支持大型金融机构在隐私权问题上采取行动，并计划在不久的将来举行听证会，讨论修订案的续期问题。谢尔比说，他还将就此事召开听证会，但他不会对问题的一方或另一方作出承诺。
“我认为我对隐私的看法是众所周知的，”他说。“但是你知道，我是众多参议员之一。这会再次走到前面吗？它会辩论，立法吗？我们必须看看发生了什么。我知道参议员萨班斯和我非常接近一些观点关于一些隐私问题。我相信我们会举行听证会，从那里开始。“
Shelby is also likely to reexamine the Gramm-Leach-Bliley Act itself. He and others on the committee, including New York Democrat Charles Schumer, are concerned that the law has emboldened giant institutions like Citigroup, J.P. Morgan Chase & Co. and Bank of America Corp. to exploit their dominant positions in the commercial lending market by forcing corporate clients to also use them for investment banking business. SEC chief Donaldson has said that he too plans to look into the issue.
Although there have been no clear signals from Shelby about securities litigation reform, Wall Street fears that the bursting of the stock market bubble will prompt him to revisit the Private Securities Litigation Reform Act of 1995, which made it more difficult for shareholders to file class-action securities fraud complaints against publicly traded corporations. Of particular concern is whether lawmakers will move to allow plaintiffs more time to file claims after any alleged fraud occurs. A related concern that several senators brought up during the Donaldson confirmation hearing is whether investors are fairly served by the current practice of mandatory arbitration of disputes between securities firms and their clients. Some favor opening such disputes to litigation, which the industry vehemently opposes.
"The plaintiffs' bar is licking its lips now that Shelby's in power," says one apprehensive brokerage executive.
鉴于他巨大的股票市场亏损，谢尔比已经让谢尔比众所周知，他希望抄袭对针对从事泡沫时代不当行为的个人股票分析师进行更积极寻求执法案件。以及银行委员会的其他高级成员 - 就像排名民主党人萨班斯 - 预计会推动对负责Worldcom涉嫌大规模欺诈以及公司负责的高管的起诉。谢尔比本人在WorldCom崩溃中丢失了近50,000美元。
Moreover, the new chairman is expected to hold frequent oversight hearings, just as he did as chairman of the intelligence committee in the mid-1990s. Donaldson and the heads of other agencies that fall under Shelby's jurisdiction -- including the Federal Reserve Board, the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission -- can expect to be testifying regularly on Capitol Hill about their efforts to police and regulate markets.
实际上，在他的确认听证会后，勉强两个月，唐纳森发现自己是关于对冲基金的作证。在10月10日听证会之后让Donaldson跳回到SEC之前，Shelby肯定会让他知道他想在证人表格中看到监管机构在原子能机构完成其对冲基金研究时的另一份进度报告。
银行委员会可能审查的其他主题包括联邦存款保险制度和洗钱 - 这是一个特别感兴趣的主题，因为他长期处理情报问题。“如果我们发现世卫组织在国际银行系统中的银行系统或我们的朋友中为恐怖分子提供资金，我们将阻止很多恐怖袭击事件，”他说。“不是全部，但我们会阻止他们很多。”
五个月的时间不足以证明华尔街的谢尔比妄想症是否合理。归根结底，这将取决于狡猾的阿拉巴马人是否真的是实用主义和妥协的大师，有人说他是。但现在他把美国金融界的领袖们带到了他想要的地方——失衡。
At the New York fundraiser, Shelby told inquiring minds that he had no set agenda for the banking committee, and he pledged to listen to all constituencies before proceeding with legislation. Bankers went home that night with lighter wallets but with no assurance that their worst fears were unfounded.
“大多数时候他在谈论阿拉巴马州足球，并谈论德克萨斯州A＆M足球，”一个参加筹款人的人说。“这是一个令人愉快的，不是很多物质。我们仍然没有在这个人身上脱珠。”
And that has Wall Street very frightened.
| Shelby的股票选秀权：买高？ | ||||
| Senate Banking Committee chairman Richard Shelby knows personally the pain felt by millions of ordinary investors who lost money on the stocks of companies that were overly hyped or cooking their books during the 1990s bubble. Below is a sampling of Shelby's investments gleaned from Senate financial disclosure forms. | ||||
| Holding | No. of shares | Date purchased | Estimated purchase price | 当前值 |
| 全球交叉路口 | 2,200 | 11/24/99 | $93,236 | $ 0. |
| WORLDCOM | 540 | 11/24/99 | 47,925 | 0 |
| 思科系统 | 230 | 5/24/99 | 25,155 | 13,202 |
| AOL Time Warner | 100. | 1/11/00 | 6,400 | 1,400 |
| Vanguard Index Trust 500 fund* | N/A | 6/99 | 500,000 | 310,000 |
| *Estimated purchase price and present value are minimums based on range ($500,000 to $1 million) provided in Senate disclosure form; number of shares not disclosed. | ||||
| 来源:美国参议院,布隆伯格。 | ||||
Shelby speaks
Wall Street got more than it bargained for when Republicans won back control of the U.S. Senate last November. Phil Gramm, a free-market economist who never met a government regulation he didn't dislike, was in line to regain the chairmanship of the powerful Senate Banking Committee but instead resigned to become an investment banker. The gavel passed to Alabama's Richard Shelby, who, unlike Gramm, isn't close to Wall Street. He's regarded as a populist maverick whose views on issues like privacy rights and tort reform scare the heck out of a financial services industry that is struggling through its worst downturn since the Great Depression. Shelby sat down recently with亚博赞助欧冠资深作家贾斯汀沙克将讨论他将如何处理他的新工作。
亚博赞助欧冠机构投资者：您对华尔街游客师试图阻止您成为董事长的事实如何？
Shelby:这并不困扰我。我认为你必须开始out with the basic premise that if you're a senator, you shouldn't be a lobbyist for any particular group. I'm not ever going to do that for anybody. I think that they knew that. I want to be open, fair. Will I be aggressive? They knew that I would be, because of my stint as chairman of the intelligence committee. A lot of people also knew that before the banking committee would be a lot of oversight, a lot of hearings dealing with sensitive things such as accounting fraud, corporate governance. I'm going to be involved in that. They knew that. And if they didn't know it, they must have been asleep. I don't think anybody has anything to be worried about unless they've done something wrong. If we know about it, we're going to pursue it. We've got a tough environment now. Maybe we can help restore some investor confidence. We've got to do it. And we can start in the banking committee.
According to your financial disclosure forms, you've lost a significant amount of money on technology and telecommunications stocks.
哦，我失去了一些。我可以曾经有一段时间赚过一些全球交叉口的钱，我没有收获利润，因为我不知道他们正在烹饪书籍并做所有那种这些东西，你知道吗？但我什么失败了？十万块钱左右？无论是什么，我忘了。这是很多钱，但是，你知道，我一直祝福。你知道我的意思？但像大多数美国人一样，我不知道一些会计欺诈正在进行中。我不知道，例如，公司的规模或全球交叉口的规模是从内部操纵的。我非常幸运，没有我的家人拥有这样的东西。
你为什么买这些股票？
我和我的经纪人谈过了。他认为它们可能会长大，而且还在长大。但他可能和其他人一样被误导了。
Did research recommendations play a role in your purchases?
不是我的研究。我不确定他们（经纪公司）是否这样做了。
这是什么经纪公司？
I'm not going to get into that. I mean, it's not my broker's fault. At one time he called me, and I could have made 50, 60 grand off the stuff. I didn't do it. That's just the perils of the market. We understand there's risk in the market. But boy, there is a heck of a risk when people are cheating, stealing, committing fraud.
这段经历如何影响你对证券业的看法？
My personal experience just accentuates to me what other people all over America have experienced, probably in bigger circumstances, where they had so much of their portfolio invested, so much of their money in various funds, and have really taken a hit. I've been lucky in a lot of ways. Other people have not been that fortunate. But are you asking, Is it personal to me? No. Do I have a personal goal because I've experienced along with thousands and thousands of Americans the financial pain of what crooked accountants and corporate managers and others would do or have done? I try not to be personal about anything. It's principles, not personal.
On the issue of privacy, what do you intend to do about the amendments to the Fair Credit Reporting Act, which allow for the sharing of data between affiliated companies and which expire at the end of the year?
现在这样做是为了阻止各州参与大量公平的信用报告。这将是我们在银行委员会的首次听证会之一。但我认为我们不应该急于对任何事情做出判断。
我听到有人在谈论一种可能的折衷方案，只要企业能更清楚、更直接地与客户沟通，就可以维持选择退出政策。
好吧，那个谈话即将到来，我双方都与许多人交谈。你永远不会在立法环境中获得你想要的一切。另一边永远不会让他们想要的一切。那么它之间会有什么东西可以满足，但可能是最好的吗？我们必须看到。这是一般法律的故事。
Do you expect oversight hearings to be a regular occurrence or only when issues come up that warrant them?
哦,是的。绝对的。将会有一些legislation that every year we will be holding oversight on. Gramm-Leach-Bliley, for example. How's it going? What are the problems in it? What needs to be done to it? Sarbanes-Oxley. The ink's just dry, but how's the [accounting] oversight board, how's the Securities and Exchange Commission doing? I think that a healthy, active committee with jurisdiction over anything ought to be involved. It has to know what the laws that we created are doing, and do we need them anymore.
One big concern about Gramm-Leach-Bliley is that the financial supermarkets it helped create are tying the extension of corporate credit to other services, like investment banking. What's your opinion about that?
I believe tying would be unfair. It's not what people ought to do. It disrupts a level playing field, which we all want for competition. I believe some of the House people have already been outspoken on that. We'll have our staff look at that first and see if it's widespread, if there's a problem. And if there is, we would look into it as part of our oversight responsibilities.