Some people want to continually hit the rewind button, and keep the focus of discussion solely on corporate malfeasance.
That part of the movie has played out. We've seen how it ended. Not a single day of jail time for the primary defendants. A couple of relief defendants did serve time because they were recidivist offenders who were charged with structuring payments, and with contempt of court.
The contempt charge was huge. It was a tactical error on the part of the SEC and the DOJ, since it opened a door intended to remain closed. So the contempt charge was dropped, as I informed the original sentencing judge, Denise Cote.
Now it's intermission.
I expect to see dozens of Relief Defendants named in Part II of the movie. We know, so far, how it has worked out for those of us who did not sell all of the shares we bought. Now I want to see how it will work out for those who sold shares that were allegedly unregistered, or sold shares that they never had and never borrowed (or sold shares that were repeatedly naked shorted to them by firms such as Penson Financial).
