CMKM Diamonds Inc (fka CMKX)

[jetfish]

Was Section 17 A of the ’34 Exchange Act a total faux pas on the part of Congress? No, it was a very well written and timely document. The problem seems to be that the DTCC management and participants have trouble deciphering 17 A (a) (2) (A) which addresses the FOUNDATION upon which this expedited clearing process was to be based - i.e. based upon showing “Due regard for the public interest and the protection of investors”. Recall also that the 1934 Securities Exchange Act mandated that this new “SEC” “purge the markets of short selling abuses” especially in light of those abuses’ role in the recent 1929 market sell off involving “Unregulated pools” of money similar to today’s hedge funds. As a side note, if the current SEC Commissioners can’t see this train barreling down the tracks at us ONCE AGAIN, then we all are going to need some help.