Penny Scams

[SloJon]

VA Introduces Bill Requiring FTDs to be Reported

1/17/2007 12:20 PM

UPDATE: Senator Potts, who sponsored the VA bill, pulled it within 3 hours of this blog being written. His staff said it was due to "requests of constituents." So, what "constituents" are against transparency in the markets, and disclosure of who is taking investor money and failing to deliver the shares purchased? I wonder. Who would lose from that bill going to the floor? Hmmmm. At least we are all now seeing exactly how the system works - the best politicians money can buy.

I am sickened, as usual. This is so blatant it stinks.

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VA introduced a bill that will require brokers to report any FTDs to the state, or pay a grand a day fine for failing to do so.

This is now the third state to introduce anti-NSS legislations - Utah was first, Arizona recently also did, and now VA.

I wonder when Congress is going to figure this out? Will it take a couple more, making it 10% of the states, wanting to put a stop to this? 20%? 30%?

Wall Street has been scamming US citizens with bogus chits rather than genuine stock, and the states are figuring it out, and doing what the SEC refuses to do - demanding disclosure and transparency, and setting the brokers up to be sued out the ying yang for duping investors.

You can probably hear the screaming from the industry already.

A source confirms that there will be quite a few more of these bills hitting over the next few months, so I think it is safe to say that this cat is out of the bag.

http://www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/559/Default.aspx