Problem – Consumers

As William Douglas, the third commissioner in the SEC’s then-short life, said in 1937 of new disclosure rules:
- “We can demand full disclosure of the facts, we can insist upon a market free of manipulation, we can fight fraud, but we cannot provide sound business judgment, nor can we save a fool from his folly.”

2008 1028 – WSJ – Storm-Proofing the Economy: A guide to Wall Street’s turmoil–and what to do about if, By Nicole Gelinas – [link]

⇒ 1937 1037 – The Pittsburgh Gazette – Your Business in Washington, by Marshall McNeil – [link-GoogleNews]

There is one obvious danger in all legislation relating to life insurance, and that is the tendency to supersede individual precautions again bad management, and to inspire a blind confidence in the checks and safeguards created by law.

1877 0320 – NYT – Life Insurance Reform – 1p