Mary Schapiro, chairman of the Securities and Exchange Commission, told SIFMA's Annual Meeting in New York that while there were many causes of the global financial crisis, much of it boils down to risk. Investors, financial institutions, credit rating agencies, regulators and other market participants either did not know or did not understand the risks of many products. Schapiro said it is time for the markets to return to an era where everyone "can compete based on real services and results." She said to get to that point, the industry needs to focus on investor needs.
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