August 12, 2006
Gentlemen, the issue is quite simple. At the SEC you are charged with several tasks. The most basic and simple is to require settlement of ALL trades, preferrably in T+15 minutes, as is the case in the bond market. Fails should be bought in at market. It really is that simple. Getting past this stumbling block will allow you to direct your efforts towards other important matters.
Your actions which 1)fail to enforce existing laws, and 2)attempt (without authority) to weaken existing laws, and 3)seek any way to skirt the issue speaks volumes about your complete lack of integrity, honesty and courage.
Gentlemen, who owns your souls? Your mothers hang their heads in shame and your Grandfathers roll in their graves. The tasks you are charged with are of critical importance. It is not to late to throw off corruption, to lead, to become great men. Live. Be that which you intended as young men - pillars of integrity, making your mothers, grandfathers and gracious countrymen proud. LEAD, do your job.
SETTLE THE TRADES.
Dr William Meier