Stephen Cutler Quotations

The reforms Putnam will undertake as part of the commission's order are intended to provide real and substantial protections for mutual fund investors.

Certainly every piece of legislation is going to have some consequences that people didn't anticipate at the outset,

For Xerox, the accounting function was just another revenue source and profit opportunity, ... As a result, investors were misled and betrayed.

looking to see whether managers are adjusting their assumptions with an eye to enhancing the earnings and balance-sheet numbers investors care about. That could be fraud.

The $375 million that Bank of America has agreed to pay and the significant reforms that it has agreed to implement reflect the seriousness of the misconduct in this matter, ... We will continue to investigate that misconduct in an effort to hold all responsible parties accountable.

The $100 million that Janus has agreed to pay and the significant reforms that it has agreed to implement reflect the seriousness with which the staff views market-timing arrangements,

When an exchange specialist unlawfully takes advantage of its privileged position by seizing trading opportunities that it should leave for public customers, it fundamentally undermines the fair and orderly operation of the exchange auction system.

We will continue to investigate these improper arrangements in an effort to hold all responsible parties accountable.

There are about half a dozen situations that we're currently looking at for potential FD violations.

We are vigorously pursuing all credible leads but, at this time, we have drawn no conclusions.

Even if you don't have direct responsibility for a company's financial statements, you cannot turn a blind eye when you have reason to know that what you are doing will help make those statements false and misleading,

Our complaint against AOL Time Warner details a wide array of wrongdoing.

Destruction of documents is obviously an extremely serious matter. Documents are an essential ingredient in our investigations.

This case presents a deeply troubling picture of greed and deception at a large, publicly held company,

It's just astonishing to me that a firm could allow an analyst to participate in a road show -- and the fact that the prohibition on such conduct isn't literally in effect yet doesn't make me any less disappointed.

He's very committed to making the exchange a regulator without fear.

The distribution payments will be more meaningful if the states make their portions of the relief available to investors,

The commission is fully committed to pursuing federal securities law violations wherever they exist, including at hedge funds. And as this case shows, there is also an increasing likelihood that such violations will be criminally prosecuted.