[T]o use a stay to accomplish indirectly what could not be done directly -- especially when it would cause certain irreparable harm to the defendants -- simply would be unjust. I hope and trust that the Government will have the good judgment, wisdom, and courage to avoid such a manifest injustice. To do otherwise, I fear, would undermine the faith in our system of justice of not only the defendants, but their millions of shareholders and the business community at large.
My views on the Volcker Rule are no secret. Although I share the concerns that led to the enactment of this provision of the Dodd-Frank Act -- hat taxpayers should not be required to subsidize banks' proprietary trading -- I believe that the Volcker Rule is an unwieldy tool for addressing these concerns. It attempts to distinguish prohibited proprietary trading from permitted market-making and hedging activity, but because the differences between these activities are exceedingly fine, the regulatory framework is exceedingly complex. It imposes detailed and highly technical restrictions on the activity of banking entities that pose significant and expensive compliance challenges for these entities. . .
"A Framework of Trust" (Speech by SEC Commissioner Kara Stein) SEC Commissioner delivered a thoughtful speech (READ THE FULL TEXT REMARKS) on a number of issues. In pertinent part, she admonished that:
As you think about a possible career in finance and investing, I want you to come back to the two themes I've discussed this evening -- how can smart rules help promote healthy investment? And what is your role, as an investor, adviser or entrepreneur, in helping Americans achieve their dreams? If talented women like you focus on those questions, I am confident that we will be in good hands as your generation steps into leadership roles in the years to come.