As a Maltese living in the US, I feel so proud of my heritage, when so often I read on local newspapers and also see and hear on TV debates any speeches by Joseph P. Borg, who was born in New York of Maltese parents.
Prof. Borg is the son of Philip J. Borg and Dorothy Borg née Chircop. I have also heard discussions about him at the Maltese Club, especially after Forbes Magazine published a large photograph of him with an inscription "Wall Street Nightmare" and under it "you do not mess with Joe Borg".
I remember the professor as a young boy at the age of four years. He was in Malta with his parents and I was invited to a small farewell party for Mr and Mrs Borg after they spent their four months' vacation. This little boy was shaking hands with the guests and I said "Hello boy". To my surprise this four-year-old said to me: "Sir, I am not a boy. I am a gentleman from the United States of America". Later his father told me he always told his son: "Behave like a gentleman".
A couple of days ago I was watching TV when it was announced that there would be an interview with Joe Borg, executive director of Alabama Securities and outgoing chairman of North American Securities Association Agency, together with P. Atkins, security exchange commissioner chosen by President George W. Bush and confirmed by the Senate.
North American Securities Association Agency, which is chaired by Mr Borg, covers the United States and its territories, Canada and Mexico.
During the discussions, at one point, Mr Atkins was asked what he thinks about the social security systems proposed by the President. Mr Atkins replied he would rather not discuss that matter. Prof. Borg took over and discussed the social security system and said he does not agree with the way it is proposed. He went into detail on why he does not agree and suggested that there could be a middle way and that this is going to take a long time to be decided. Then the interviewer asked Mr Atkins if he agreed with Prof. Borg and Mr Atkins replied he agrees to a certain extent.
Prof. Borg has been praised for his work, honesty and ability by financial newspapers and magazines. Shortly after he accepted the nomination as executive director of Securities, he was elected president of NASAA (North American Securities Association Agency) for the usual 12-month term. After his term as president he was elected chairman of NASAA.
Prof. Borg was the one who encouraged other security regulators (each state has a security regulator) to tighten the reins. Many financial frauds, big and small, were detected and the culprits punished. It is stated that Prof. Borg never lost a criminal case, which averages 28 cases a year.
A few months ago, The Birmingham News said that in his 10 years as commissioner of securities he has broken up several Wall Street boiler rooms and headed multi-state investigations that have taken down corrupt ministers and testified before Congress on the importance of securities police.