Winning Strategies Reports Muriel Siebert Supports Volcker Rule
HOUSTON, Oct. 28, 2011 /PRNewswire/ -- Winning Strategies has clarified that Muriel "Mickie" Siebert, Chairman and President of Siebert Financial Corp., supports the Volcker rule, rather than advocating its repeal as Winning Strategies previously and erroneously reported.
Tim Connolly, Senior Editor of Winning Strategies said "Unfortunately, we erroneously reported that Mickie was in support of repealing the Volcker rule. Mickie supports this rule and does not advocate its repeal, and we apologize for this error and take full responsibility for this unfortunate miscommunication."
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Muriel Siebert is the founder of the New York Stock Exchange (NYSE) brokerage firm that bears her name, Muriel Siebert & Co., Inc. She established the firm in 1967 when she became the first woman member of the NYSE and transformed it into a discount brokerage house on May 1, 1975, the first day that NYSE members were permitted to negotiate commissions. Her firm is the only woman-owned NYSE brokerage firm with a national presence. Ms. Siebert continues to oversee the firm's day-to-day operations at its seven branches. The firm's municipal affiliate, Siebert Brandford Shank & Co., LLC, is ranked in the top 15 public finance firms in the country.
About the Volcker Rule
The Volcker Rule was first publicly endorsed by President Obama in January 2010. The proposal specifically prohibits a bank or institution that owns a bank from engaging in proprietary trading that isn't at the behest of its clients, and from owning or investing in a hedge fund or private equity fund, as well as limiting the liabilities that the largest banks could hold. Under discussion is the possibility of restrictions on the way market making activities are compensated: traders would be paid on the basis of the spread of the transactions rather than any profit that the trader made for the client.
Previous guests of Tim Connolly's Winning Strategies (formerly Corporate Strategies) have included former SEC Chairman Arthur Levitt, Changewave's Tobin Smith, CNBC "Mad Money" Host Jim Cramer, Gamco's Mario Gabelli, Muriel Siebert, U.S. Senator and Presidential Candidate John McCain, Texas oilman Lester Smith, ATP Oil & Gas CFO Albert Reese, Envision Capital Management CEO Marilyn Cohen, CEO of Huntsman Corporate Jon M. Huntsman, Consolidated Graphics CEO Joe Davis, Enterprise Products CEO Dan Duncan, Celgene's CEO John Jackson, Landry's CEO Tilman Fertitta, former Compaq CEO Eckard Pfeiffer, Money Manager Louis Navellier, and many others.
SOURCE Winning Strategies