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During my seven and half years in Washington, I was constantly amazed by what I saw. And nothing astonished me more than witnessing the powerful special groups in full swing when they thought a proposed rule or piece of legislation might hurt them, giving nary a thought to how the proposal might help the investing public. With laserlike precision, groups representing Wall Street firms, mutual fund companies, accounting firms, or corporate managers would quickly set about to defeat even minor threats. Individual investors, with no organised lobby or trade association to represent their views in Washington, never knew what hit them.
Arthur Levitt, former Chairman of the SEC, “Take on the Street”, 2003

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