April 9, 2008
Regarding the above mentioned petition, the gist is simple. Either delaying delivery of purchased items is legal, or it isnít. If the SEC is claiming that it is legal to delay delivery of items bought and paid for, then the question becomes, where is the law that allows this? And when was it passed? I donít think it exists. It certainly doesnít exist any where else. No car dealer, no big box store, no lemonade stand on the corner, would be able to sell something that they donít deliver. Why is it allowed in the Securities industry? If, conversely, there is no law that allows for the non delivery of purchased shares, then, why arenít those responsible in jail? They have stolen money from me. I want restitution. Failing that, I would accept justice.
Please consider the preceding, before, and during, your deliberations on creating new rules of law, when no such mandate exists, and, for the most part are not needed. Heads will roll over this situation. You can be part of the solution. With the advent of the internet, and the freedom of information edicts, the information will come out. On which side will you be counted.