NASD Officials Say the Darnedest Things

If enforcement is needed, NASD has shown its willingness to provide it—with teeth.
--Robert Glauber
NASD Chairman and CEO
October 16, 2003
I am convinced there is one mighty bulwark separating the securities industry from the risk we might one day follow in the footsteps of the accounting industry. And that is our willingness and ability -- when we ARE faced with practices that would harm investors and the reputation of our markets -- to take decisive action together to correct the wrongdoing, instead of coddling it.
--Robert Glauber
November 7, 2002

Tough and even-handed enforcement is a fundamental part of NASD’s mission. It not only ensures compliance and punishes wrongdoing, but also benefits the vast majority of our members who obey the rules and place investors first. For investors feel more confident using the markets when they know a tough cop is patrolling the beat.

--Robert Glauber
March 5, 2002

As we work together to ensure adherence to high standards of commercial honor, we will rebuild and increase investor confidence, and ensure that the U.S. capital markets embody the principles of integrity for which they have always been known.

--Mary Schapiro
President, NASD Regulation
April 9, 2003

To help me sleep through the night, we have come up with a new approach to regulatory problems that I can sum up in four words: "find fast, hit hard."

--Mary Schapiro
May 1, 2003

Transparency is the foundation of ethical thought and action and it must be the cornerstone of self-regulation.

--Mary Schapiro
February 4, 2003

That's a good thing when they [refuse to answer our questions]. It gives us the ability to get the wrongdoers out quickly to prevent them from doing more harm.
--Barry Goldsmith
Executive Vice-President for Enforcement
NASD Regulation
February 18, 2003
We're quite confident that the worst people in the industry are disciplined and dealt with in an aggressive way.
--Barry Goldsmith
June 8, 2000
Our default [in the Public Disclosure Program] is always towards getting investors more information, . . .

--Doug Shulman
March 6, 2003

The securities industry and its regulators have established exceptionally stringent licensing and qualification requirements.
--Special NASD Notice to Members 98-71