The Corner

CEO: The government fined me for hiring too many people

Peter Schiff, president and CEO of EuroPacific Capital, testified last week before a House subcommittee investigating the Obama stimulus and business regulation. The transcript of his submitted testimony is here (the Fox Nation site, which also has a video of his appearance before the committee, credits Forbes for the original report). Every word of the testimony is worth reading, but especially remarkable is this excerpt:

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.

 He’s in finance. I guess he should have tried solar panels.

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