Wednesday, January 19, 2005 10:46:37 PM
My expectation is that all the unfulfilled transactions will trace back to an overseas broker that is run by three or four people who have been dead for 20 years. Sort of wipe the slate clean, no assets to divide, no lawyers to pay, and no one goes to jail. Problem solved.
Of course I'm being to hard on our legislators and those nice folk at the SEC. I mean after all, if anybody had brought this to thier attention, they would have taken care of it right away.
The reg SHO is nice, but how does it apply to say, the Berlin Stock Exchangeand other foriegn brokers? Can't they just keep "bouncing" the make believe shares amongst themselves? Sorry I just ask the dumb questions, and hope someone has a good answer to satisfy my incredulity!
I'm sorta' like that guy who ran that big company, you know the one that cooked the books and had 15 billion in debt? His defense is "I'm not a trained CEO so I didn't know all that fraud was going on." "I thought everything was peachy." I guess that when you're living that high on the hog, it's rough to see exactly what those so distasnt evil underlings are doing eith your company!
Granted these people may all get the eternal reward they deserve in proportion to the harm they caused to so many people, but I sure would like to have my Kharma adjusted by seeing the comeuppance start real soon! Not that I should be vindictive and wish draconian punishments on them, but sometimes you have to have a few good examples to assure others of an equal or lesser character that crime doesn't pay. I sort of figured that after all thier assets are seized they should be given the opportunity to work off the remainder at minimum wage.
Paraphrasing a recent letter I saw about how to tell if you live in California:
" If you drive illegally here they take away your license. If you're here illegally, they give you a license!"
Stakddek
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