Thursday, May 10, 2007

Arthur Levitt: Merrill Rule big mistake

In 1999, Arthur Levitt's SEC created the "Merrill Rule." Levitt, after all, wanted fee-based business. So did Wall St. But not fiduciary liability. The Street asked for an exemption for fee-based brokerage accounts. Levitt's SEC gave it to them.

Now Arthur says it was all a terrible mistake.

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