DD .. Two excellent posts .. I particularly liked this part: Over here in the States, too many people want to hit the legal lottery and there is way too much of a feeling of entitlement. If someone loses money, many feel that someone must be held accountable and must be made to pay. Some people never want to admit they are responsible for anything, let alone making a bad investment. How many posts are made on IDCC boards in a given year that say we should file a class action suit against the company? Thank god they have only been rantings of some cry babies and suits were never brought, but at some point some idiot will probably initiate one.
However, it seems like it will fall on deaf ears in the case of the person to whom you directed your posts given this excerpt from AMS's post #61867:
You are correct. This company clearly has a major leak that requires SEC investigation. This morning I have sent details to the SEC requesting them to investigate the whole sorry affair.
AMS continues to demonstrate how little he knows about the US legal system and our securities regulatory process and in this instance a little knowledge could be a very dangerous thing for all long term investors in IDCC. The kind of investigation of which he speaks is automatic. All trading is computer monitored by the various regulatory bodies and unusual price action in any stock up or down automatically triggers an investigation to determine if some parties were aware of non-public information and acted upon it to the detriment of those investors who were unaware of the information yet to be made public.
Every brokerage firm then gets an inquiry that instructs them to report every trade for that security for the time period in question as well as the account and beneficiary owner for whom the trade was executed. I know because we used to get those inquiries on a regular basis and they were a real pain and costly for members of our brokerage operations staff to complete. Whenever we saw highly unusual price action in a stock without fail the reporting forms followed shortly thereafter. No doubt those very forms picked up the Imclone trades by Waksal, his family and Martha.
Hope you are enjoying the golf in Arizona. Our course was set to open 10 days ago and we have had three snow storms since then including one today. Last Friday, my wife and I did play Pebble Beach on a golf simulator at our club. It was very realistic. My wife holed out from 70 yards .. on the screen it said "On the green 0'-0" from the hole" The pro was walking by at the time and couldn't believe it. He said he and his two assistants have been trying all winter to do that and none had so far.
Regards,
Danny
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