I do realize the cost here is in the "to big to fail" senerio, but no chance for me for just a refund. These guys committed fraud and the SEC knows it and has allowed it. I'd rather loss 50% to Attaway and seek a jury award for the losses of projected damages of a full out 203 buy in on a stock that can't be covered.
We then tell the jury that some how these guys have been able to earn $60 billion in bonuses a year from unregulated market fraud and then use that money to hire SEC members who for some reason looked the other way for a 1000% pay increase when they go to the private sector.
If I were on a jury I'd award you 100% gross income from their business for every year you've waited.
They don't deserve to be in business when all they do is legalized theft.
Dave Regarding this "too big to fail" issue. There are ALOT of liable parties to make good on our NSS positions. That cost will be spread around to lots of different crooks who's bonuses are more then enough to cover this out.
No one broker is going to be forced to carry the whole bill. If they should have more then they can make good on the DTCC is obligated to pick up the tab. I believe most brokers already carry a $1 million insurance policy on all accounts. So we know we have a starting point don't we:)
$1 million and a loss of use now for over four years thanks to the DTCC.
I would think no matter how the SEC wants to rule on this our accounts must pay at least $1 million based on this simple fact.
The securities our brokers forgot to buy, but didn't forget to charge us a commision to receive, doesn't exist. Our brokers have guaranteed to cover our accounts to at least $1 million.
We can give the loss of use to the DTCC who refuses to allow this to settle.
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