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June 20, 2012
Having worked 26 years in financial services for large firms, and served briefly as the Chief of Enforcement of the Massachusetts Securities Division, you would probably think I am supporting Scott Brown for U.S. Senate along with all my colleagues. Especially since I went to law school with Scott Brown and had attended one of his fund-raisers. Scott Brown is a nice guy. He has always been friendly and I respect him.
The problem I am having is answering the question, who really is best for us as a U.S. Senator at this time given our economic challenges? The average middle class investor is important to our financial system and economic future. We need their savings through CDs, bank accounts, pensions, 401ks and insurance policies to fund our economic system. We need their trust and confidence in the markets. We need the markets to be fair to all investors.
After the market meltdown of 2008 and 2009, after the whipsaw of the market due to sovereign debt worries and worries of economic collapse of foreign countries and large financial institutions, after huge CEO bonuses granted by corporate TARP fund recipients, after small investors loosing faith in a fair market following the Facebook IPO, how will we regain trust and confidence in our economic system?
Take a random ride around Massachusetts through places like Pittsfield, Chicopee, Holyoke, Worcester, Fall River, Brookline, Revere, Quincy, Fitchburg, Lowell and Framingham. As in Fred Schwed Jr.'s book on Wall Street looking out at New York harbor at all the bankers' and brokers' yachts and asking, "Where are all the customers' yachts?," look around these communities and ask yourself, "Where are all the retail investors' horse ranches?"
I feel we need to take a long-term look at our economic system, beyond annual bonuses and quick profits. In order to return trust and confidence in our financial system, to provide a fair and level playing field, we need someone who the average investor can believe will look out for them. That is why I am supporting Elizabeth Warren for US Senate.
Michael Pise
Chicopee
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