Which business model is cleaner? NASD won't say.(Conference Call)

Investment News, September, 2005

Byline: Bruce Kelly WASHINGTON - NASD's enforcement division is moving at a record pace in collecting fines, but it can't tell independent-contractor broker-dealers or full-service wirehouse firms which business model generates most of the enforcement actions and fines. "I don't see any reason to keep track of business models,'' said Barry R.

Goldsmith, executive vice president, NASD enforcement. "I think if I go to the [Securities Industry Association] and other places, we hear the same thing: `You're picking on the larger firms.' Maybe that means we're either picking on everyone or picking on no one.'' The SIA is based in New York and Washington. The Financial Services Institute Inc. of Atlanta is interested in acquiring such data because it...

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