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Grasso, onetime head of the New York Stock Exchange, over his pay. Although there have been attempts to limit the Martin Act in the past, Mr. Greenberg’s bid is gaining traction. He is working alongside a powerful ally, the U.S. Chamber of Commerce, and has the backing of Wall Street Journal editorial page. And he has had a warm relationship with President Trump. State securities regulators say that the legislation would gut their powers, even though relatively few executives were held to account following the financial crisis.” New York Attorney General Eric Schneiderman told The Times in an interview, “This bill would be terrible for investors all across America. For every Fortune 500 C.E.O. who walks away with a bruised ego, there are dozens and dozens of lower-level scam artists who we put out of business through the state securities laws.” Alabama Securities Commission’s longtime director Joseph Borg, told the news outlet, “Any way you look at it, this bill is going to put investors at not only a disadvantage, but deep in harm’s way.” Also head of the North American Securities Administrators Association, Borg said, “If I can’t prosecute, then what’s the deterrent? If I can’t bring civil action, then what’s the deterrent? None.” New Jersey Republican and a former A.I.G.
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