Steven Wallman
Encyclopedia
Steven Wallman was Commissioner
of the U.S. Securities and Exchange Commission (SEC) from 1994 to 1997, for which he was appointed by Bill Clinton
. He founded FOLIOfn
, headquartered in the Tysons Corner
, Virginia
suburbs of Washington DC in 1998.
In his time with the SEC, he fought for the "decimalization" (i.e. $10.25) of stock prices on the New York Stock Exchange
, NASDAQ
, and AMEX
. Previously, stocks traded in fractions (i.e. $10¼). After much testing and various pilot programs, the first day of decimalized stock prices took place on March 26, 2001.
Wallman is the founder of several companies, including FOLIOfn
and Proxy Governance, Inc.
In late September 2008, Wallman published a commentary in the San Francisco Chronicle
to help solve the credit crisis without a bailout by using taxpayer-provided funds to make money available to homeowners who live in their homes (and not speculators) to stabilize housing.
Wallman’s plan is to provide financial institutions a government guarantee in lieu of any penalties or foreclosure to homeowners that have a mortgage in distress the current or missed payments under the mortgage. When a borrower agrees to have the government take over the mortgage payments, the mortgage company notify the government, then the government to make the payments, and the borrower would sign a note agreeing to repay the government with interest at the same rate currently required under the borrower's mortgage.
Also in late September 2008, FOLIOfn
released a media advisory that Wallman is available to comment on the proposed Proposed bailout of United States financial system.
Commissioner
Commissioner is in principle the title given to a member of a commission or to an individual who has been given a commission ....
of the U.S. Securities and Exchange Commission (SEC) from 1994 to 1997, for which he was appointed by Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
. He founded FOLIOfn
FOLIOfn
FOLIOfn, Inc. is a brokerage and investment company serving investors, financial advisors, and financial institutions around the world. FOLIOfn offers its brokerage services on both a full-service basis and a technology-licensed basis...
, headquartered in the Tysons Corner
Tysons Corner, Virginia
Tysons Corner is an unincorporated census-designated place in Fairfax County, Virginia, United States. Part of the Washington Metropolitan Area located in Northern Virginia, Tysons Corner lies between the community of McLean and the town of Vienna along the Capital Beltway . The population was...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
suburbs of Washington DC in 1998.
In his time with the SEC, he fought for the "decimalization" (i.e. $10.25) of stock prices on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
, and AMEX
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
. Previously, stocks traded in fractions (i.e. $10¼). After much testing and various pilot programs, the first day of decimalized stock prices took place on March 26, 2001.
Wallman is the founder of several companies, including FOLIOfn
FOLIOfn
FOLIOfn, Inc. is a brokerage and investment company serving investors, financial advisors, and financial institutions around the world. FOLIOfn offers its brokerage services on both a full-service basis and a technology-licensed basis...
and Proxy Governance, Inc.
Proxy Governance, Inc.
Proxy Governance, Inc., is one of three prominent independent proxy advisory services in the United States. As such, it provides proxy voting recommendations on U.S. and non-U.S. publicly reporting companies...
In late September 2008, Wallman published a commentary in the San Francisco Chronicle
San Francisco Chronicle
thumb|right|upright|The Chronicle Building following the [[1906 San Francisco earthquake|1906 earthquake]] and fireThe San Francisco Chronicle is a newspaper serving primarily the San Francisco Bay Area of the U.S. state of California, but distributed throughout Northern and Central California,...
to help solve the credit crisis without a bailout by using taxpayer-provided funds to make money available to homeowners who live in their homes (and not speculators) to stabilize housing.
Wallman’s plan is to provide financial institutions a government guarantee in lieu of any penalties or foreclosure to homeowners that have a mortgage in distress the current or missed payments under the mortgage. When a borrower agrees to have the government take over the mortgage payments, the mortgage company notify the government, then the government to make the payments, and the borrower would sign a note agreeing to repay the government with interest at the same rate currently required under the borrower's mortgage.
Also in late September 2008, FOLIOfn
FOLIOfn
FOLIOfn, Inc. is a brokerage and investment company serving investors, financial advisors, and financial institutions around the world. FOLIOfn offers its brokerage services on both a full-service basis and a technology-licensed basis...
released a media advisory that Wallman is available to comment on the proposed Proposed bailout of United States financial system.