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Matters Financial |
19 May 2003
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Wall Street Reconsiders Dollars and Cents Trading
Back in the year 2000, Wall Street got something right. Trading in American stocks went from quarters, eighths and sixteenths of a dollar to a decimal system. However, progress is not always noticed, and it was in such a vein that the SEC has announced a review of the situation. It seems that trading in pennies is too hard. Click here to read more.
SEC Considers Regulating Hedge Funds
The Securities and Exchange Commission wrapped up a two-day meeting to consider what should be done to regulate hedge funds. The current system provides almost no oversight, and it allows only the very wealthy to take advantage of certain trading techniques that are denied to those less-well-off. The urge to improve supervision is naturally being resisted by most of the funds, but a simple reform, allowing anyone to invest in them would solve most of the problem. Click here to read more.
New York Subway Fare Mess
The subway fare in New York City rose from $1.50 to $2 recently, and it appears the the Metropolitan Transit Authority lied to the public about the need for more revenue. The MTA hid $500 million through Enron-esque bookkeeping as public hearings were held in which it cried "poor." Judge Louis York has reversed the fare increase, and rather than yield to justice, the MTA is appealing -- and appalling. Click here for our view.