Wonder what they are afraid of? <lol>
Last year, sympathetic lawmakers in Overstock's home state of Utah shoveled a bill through the state legislature and got it signed into law after a special session in May. The new law would have forced brokerages to report trade delivery failures in shares of Utah companies to the state's securities director within 24-hours, or face paying a sort of fine to those issuers.
But the Securities Industry and Financial Markets Association, Wall Street's trade group in Washington, threatened a lawsuit in federal court and got the governor of Utah to capitulate on enforcing the law until June, supposedly to give the SEC time to reform the rules on a national level.
Several other bills in legislatures across the country have been stalled in the last few weeks by a similar threat of litigation by the industry group.
