NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

I don’t say the abuse is not now pervasive, but I think the notion that government created and approved it is not really the issue he suggests. There is no way to manage the liquidity in the market by requiring that the market maker must before filling your order, buy shares from someone else. That creates what is called a very illiquid and sticky market. Likewise, if you sell, the market maker buys, even if the price is falling fast, and they can lose their shirt. They may not buy at the price you wanted them to buy at, but the swings like we saw on May 10th without a market maker can create a glut of sellers with no one to sell to and that can drive the market to zero. There is a place for legitimate market making. I don’t think even NWBO would argue otherwise. Byrne and similar extreme arguments about vast government corruption ignore that place and paint with a broad a brush that if we took their notions wholesale, we’d create even worse problems broadly. Right now the problems are concentrated on this end of the markets. The regulators should be more aggressive, but we know, as with for instance the IRS or the ATF, there are certain interests in Congress that do not want that kind of aggressive regulation.

So while I do not think we are actually saying anything different, I think perhaps people don’t understand how Byrnes and similar really are arguing to some degree about the markets but there is a heavy, anti-regulation ideology informing their arguments even though they do not sound like it to naive ears.