Ohio State Law Journal
Since I am a stranger to this group and, indeed, to this area of the law, it seems appropriate that I begin by introducing myself and indicating the perspective-from which I view securities regulation. I suppose I would be characterized as an old-fashioned New Deal Democrat. I therefore approach the area of securities regulation with a great deal of sympathy with the rights of the little guy and a good deal less sympathy with those whom the Securities and Exchange Commission (SEC) Chairman Ray Garret:, Jr., recently referred to as "robber barons, princes of privilege, [and] malefactors of great wealth."' Moreover, as a civil libertarian, I have been primarily concerned with free speech, equal protection, and the due process rights of criminal defendants, with particular regard to indigents. I think it is fair to say, therefore, that I began my inquiry into securities regulation with a minimum of compassion for those who are regulated. Nevertheless, I was genuinely shocked with the implications of securities regulation practices and policies as they affect two inseparable concepts that must be of concern to all of us-the rights of individuals in a free society, and the independence of the Bar.
Paper published as part of Ohio State Law Journal 1974 Securities Symposium issue. The symposium “illuminates a variety of present and future core issues in American securities regulation. Containing articles by distinguished accountants, attorneys, and regulators, the symposium also provides a welcome balance of professional views.”