Wall Street: Heat Under the Collar

Few events make Wall Street squirm as much as a public investigation of its affairs. Last week, as the Securities and Exchange Commission opened a wide-ranging inquiry into the fees charged to stock investors, it began to look like a warm-under-the-collar summer for the New York and American Stock Exchanges. For the first time since such rates were devised in 1792, the markets must publicly defend a system of minimum commissions that the SEC contends is capricious and unfair.

Even before the Washington hearings began, the exchanges had given a bit. In separate...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!