September 2, 2006
Millions of people are waking up to the fact that the SEC is a joke because of bogus rules like the grandfathering clause in REG SHO. The mission of the SEC is to protect ALL investor against FRAUD to the best of it's ability.
Everyone that I talk to regarding this rule laughed and said it was a joke. Why is it that the regular Joes could figure this out but the super smart ivy league graduates in the SEC could not. (I'm sure there are political influence and greed involved at the top. These are crimes folks.)
This is equivalent to selling a TV on the internet and not delivering it to your customer and having the cops saying we will forgive you for your crime.