Posted on September 20, 2011

CEO Tells Congress He Was Fined For Hiring Too Many People

From Peter Schiff's prepared remarks to Congress. Schiff is the CEO of Euro Pacific Capital.





In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollar expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold.

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Mr. Schiff's full remarks are available at Forbes