Sunday, September 5, 2010

Will the Prudent Investor Act suffer the same fate as Lincoln's Abolishment of Slavery Act? MPT near 75% of the way there.

Douglas A Blackmon, authored recently "Slavery by another name: The Re-enslavement of American Blacks from the Civil War to WWII"

Mr Blackmon stated today on C-Span that for nearly 80 years the DOJ's policy was hands off in terms of prosecuting any slave owners until 5 days AFTER the attack on Pearl Harbor, December 7, 1941. FDR's advisers feared a propaganda backlash from Japan; criticizing the US for not enforcing an 80 year old law protecting the rights of blacks when the then US Attorney General issued a memo to all the US Attorneys (and AUSAs) to prosecute same; ONLY in 1942, according to Mr Blackmon was the first slave owner prosecuted and convicted in Corpus Christie, Texas.

Abraham Lincoln proclaimed by executive order the Emancipation Proclamation, "freeing some slaves" in 1862 see link here
The Fugitive Slave Act was prior law effective 1850 see link here

The Uniform Prudent Investor Act (UPIA)
The National Conference of Commissioners of Uniform State Laws adopted the Uniform Prudent Investor Act in 1994. Since then over 45 states have adopted its provisions including the District of Columbia and the US Virgin Islands.

The FiduciaryALERT for 2010 was issued in a recent press release here

I write that in 2010, 16 years AFTER the adoption of UPIA that the main parties to its recognition and implementation have chosen to argue, resist and/or selectively, arbitrarily deny its existence; and remain fiduciary - remote.

It's worth noting that Dr Harry Markowitz developed Modern Portfolio Theory (MPT) in? The 1950's and the Uniform Prudent Investor Act is BASED upon and REQUIRES the use of MPT. Dr Markowitz' presentation in 1990 upon receiving recognition as a Nobel Prize winner in Economics, nearly 40 years AFTER his work is here

My hope is that Congress, the securities industry, its self regulatory arms NYSE, FINRA and its Federal regulator the SEC and state securities agencies FACE the law and implement the protections intended for investors, citizens and future generations' prosperity.

Ending the siesta on the Taxpayers' dime - one easy to read blog at time.

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