Proxmire called for registration of speculators.

The chairman of the Senate Banking Committee suggested speculators in takeover stocks should, in addition to the registration, be specially regulated by the Securities and Exchange Commission and possibly segregated from the rest of the investment community. Sen. William Proxmire (D-Wis.), said that the growing insider trading scandal on Wall Street, along with the general abuses of corporate takeover strategies, signal the need for new constraints on the investment specialty of risk arbitrage, the speculation in stock of possible takeover targets.