Editorial
Robin Carnahan, guest columnist: Missouri holds lessons for Wall Street
It’s become all too clear over the past several years that policy makers and regulators in Washington failed to do their job by allowing irresponsible players on Wall Street to drive our nation’s economy into the ground.
The outsized risks taken by big Wall Street firms have reverberated not only on Main Streets throughout Missouri, but also with every Missouri family trying to save for retirement, buy a home, pay for a child’s education or pay medical bills.
As Missouri’s secretary of state and chief securities regulator, it is my job to oversee the actions of advisors and brokers; educate Missourians about safe investing; and help victims of fraud get their money back.
While federal regulators were asleep at the switch and Congress let Wall Street titans run wild, here in Missouri we’ve been hard at work making sure brokers and financial institutions play by the rules.
While we are lucky to have thousands of reputable financial professionals doing business in our state, unfortunately we still get reports every day from Missourians who have been exploited or misled by those entrusted with their savings.
Since 2005, we’ve launched more than 1,000 investigations throughout the state. An interactive map on our Web site (www.MissouriSafeSavings.com) shows geographically where these actions have occurred and the types of issues involved. In every case our office has focused on two primary goals: First, whenever possible, return money to victims; and second, stop the problems and abuse from happening again. To date, our efforts have paid off, and we have helped tens of thousands of investors recoup more than $10 billion of their lost savings.
So as lawmakers in Washington debate the issue of financial regulatory reform, they can look to Missouri’s securities division for some valuable lessons. As the local “cops on the beat,” we are the first to respond when investors need help. We understand the financial strain these problems inflict on families and small businesses. And we understand that it’s our job to hold bad actors accountable, no matter how big or small, in order to protect Missourians.
It’s past time that policymakers in Washington get back to understanding who they work for every day. And doing their jobs means protecting American families and small businesses, not just those Wall Street banks that are “too big to fail.”
Families and small business owners across the country and throughout Missouri still feel the pain of the economic downturn. Restoring stability, security and transparency to our financial regulatory system is a vital part of creating jobs and growing our economy. Now is the time to demand more accountability in Washington, and on Wall Street, so that the abuses of the past never happen again. Congress should act swiftly and pass much-needed reforms to better protect consumers and help strengthen and restore our economy.
Robin Carnahan is the Missouri secretary of state. She is also a candidate for the U.S. Senate election.
- Editorial
-
-
In our view: Qualified for the job?
Voters in Jasper and Newton counties will be making decisions on several key positions on the local level. Among them are the presiding commissioner races in each of the two counties.
-
Voices: Ensuring a safe place
When we think of our community, we want to think that we live in a safe place. This is one reason why people live where they do. On Aug. 3, the city of Neosho will be asking the voters to approve a tax levy that will go to fund city services.
-
Voices: Operate ‘leaner’
How gullible do these local businesses think the citizens of Neosho are?
It is quite all right for these businesses to support an increase in property taxes. While they may state that this increase will affect them, it will, in truth, have very little impact upon them. -
Voices: Integrity and work ethic
I am writing this letter in support of William “Bill” White. He has donated countless hours as past president of the Joplin Swim Team, where I was fortunate to serve on the board of directors with him for the last four years.
-
Voices: Qualified candidate
Aug. 3 is almost here and we in the 129th District have a very important decision to make.
-
Voices: Way of life
Jim Stone’s recent column in The Joplin Globe shares with readers the “need to stop parroting the words of pundits ... to honestly listen to each other ... and pursue a dialogue that actually makes our nation progress.”
-
Voices: Missed opportunities
I see the friends of Gary Nodler are out in force now. Of course, the fact that Gary Nodler has been a state senator all this time is not due to any exceptional ability on his part. Rather, no one bothered to challenge him until his term limits ran out.
-
Voices: Blunt’s election ads
Congressman Roy Blunt’s political ads promise to “clean up” government and reduce spending that has put the United States in debt. They sound like they are for a “new” candidate.
-
Voices: Vote for a fresh face
With the elections drawing near, the ads ramping up, the door bells ringing, the signs are a-flying, and everyone drawing opinions, why would you vote for a fresh face?
-
Editor's note: Campaign letters
The Joplin Globe wants to hear from candidates vying in the Aug. 3 election and their supporters and critics.
- More Editorial Headlines
-
