From: Pat Hillegass
what an exciting time in business. any business with financial obligations can petition the sec to eliminate those obligations. wow, think of the implications is the sec allows the cboe to not honor their obligations to the cbot membership.
the cboe from even before its inception was provided valuable consideration from the membership the the cbot.
yet today, it chooses to reneg on long standing obligations. it, the cboe denies the validity of those oblogations depsite its own procurement of cboe rights from cbot members for considerable sums of money.
if there was no value to a claim, why would the cboe pay for those obligations.
finally, what are the implications of the sec allowing the revocation of financial obligations from one party to another. i guess thats like the wonderful scene in the movie "lost in america", when albert brooks is arguing to allow his wife to get all her losses back from vegas as a promotional tool.
sure it would be nice to disavow any and all financial obligations when one chooses to do so. it may be nice , but nice to whom. certainly not to the american way of doing business.
please disallow the cboe request in this case.