It's the "chicken-egg" argument. I believe it is a question of information availability as I posted.
It's a combination of scamming manipulation, by vulture financers, insiders, hedge funds and market makers, often acting together, or with leaked information.
I also believe that manipulation with respect to convertibles and pipes does not explain all the failures to deliver and that there is probably more that needs to be done in this area to get at the scamming by hedge funds and MM's.
The good thing is that this is now in the mainstream media and eventually we will see action to lessen this gold mine for scammers.