Bill McCollum's (Non) Journey Through the Past

It's dark and rainy and everybody seems to be working.

Bah humbug.

Oh this is exciting -- all you broker/dealer securities litigators may get a boost from this proposed FINRA revision:

The Financial Industry Regulatory Authority, or Finra, is requesting comment on whether it should file a rule proposal with the Securities and Exchange Commission that could expand existing suitability obligations for brokers. They would all encompass recommendations of products, services and strategies regardless of whether they involve securities.

The proposal is part of Finra's consolidation of rulebooks from its predecessor organizations, the National Association of Securities Dealers and the member regulation functions of the New York Stock Exchange.

Investor attorneys say arbitration panels often interpret suitability rules to apply only to the purchase, sale or exchange of securities. That leaves many investors without recourse when they follow advice, such as a "hold" recommendation, in which no transaction occurs.

William Jacobson, director of the securities law clinic at Cornell University Law School, says the new rules, if adopted, would be "huge" for investors. "It would clearly encompass asset allocation and issues that go beyond a specific transaction," he said.

Crank up the advertising boys (you know who you are).

In other news, when is Neil Young going to re-release his film and soundtrack recording of this long-lost legendary project?

Who knows, but Bill McCollum for one will not be entering the WABAC machine:

A financial storm was beginning to brew. In May 2000, McCollum was vice chairman of the banking committee and his panel held day-long hearings into mortgage issues, including rising defaults rates and subprime lending practices.

But hours of testimony resulted in little action. ''It was very hard to convince anyone it was epidemic,'' said Cathy Lesser Mansfield, a Drake University law professor who testified before the committee.

McCollum could not recall the details, but said there was nowhere near the concern then as there has been in recent years and linking the two would be out of context.

''It's great to look back in 40/40 hindsight,'' McCollum said.

It is great, isn't it -- it's called trying to understand what happened so it doesn't happen again.

But seriously -- the panel you vice-chaired held day-long hearings on mortgage issues but you "could not recall the details"?

Any? Not one? How about what you had for lunch that day (maybe ask Senator Graham)?

Oh well -- your Congress at work.