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Elizabeth Warren Tells Wall St. Exec: It's A Matter Of Trust

Warren wanted to know how markets could rebuild public confidence.
Elizabeth Warren Tells Wall St. Exec: It's A Matter Of Trust
Image from: Public Citizen



Happy the lawyer who was lucky enough to have Elizabeth Warren as his or her law professor, because she is really good at getting to the point:

WASHINGTON -- It seems like a simple question. With only 15 percent of Americans trusting the stock market and a declining percentage who invest in it, what can market bosses do to restore the people's faith?

That's what Sen. Elizabeth Warren (D-Mass.) wanted to know in a Senate Banking Committee hearing on Tuesday. Her query was sparked in part by revelations in Michael Lewis' recent book, Flash Boys, about how high-frequency stock trading rigs the markets.

Two witnesses answered Warren's question fairly easily, saying that increased transparency and a complete, open review of modern trading practices by the Securities and Exchange Commission would go a long way.

But for Thomas Wittman, executive vice president and global head of equities at the company that runs the NASDAQ and several international exchanges, it wasn't so simple. He wouldn't even agree that the data Warren cited on declining public trust and decreased investments were related.

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