September 11, 2007
Commissioners:
Let's cut to the chase.....forget the fancy lingo...and the niceties. I tire of repeating the truth to those who should know the difference between right and wrong.
Failing to deliver goods of any kind that are sold, is called "thievery". Theft is WRONG Exempting ANYONE (seller of a security) from not delivering what is sold, is allowing that seller to commit THEFT. It is FRAUD Either you have it or you don't. Walking away with the money in hand and not delivering the goods should not be allowed in our capital markets anymore than it is not allowed in any other business venue in the USA.
How many people can a real estate agent sell a house to?
How many people can a car dealer sell a car to?
How many people can a grocery dealer sell a pound of hamburger to?
How many companies have been revoked, with Fails (more stock sold than what legally existed) on their books?
How many companies have been oversold 1-2-3 times over?
How many corrupt Brokers,dealers and MM's have had their licenses REVOKED... for multiple offences of Securities Laws? They show their ugly heads monthly on the SRO disciplinary lists. Some of the offences are so egregious that they should never be allowed to continue business in my opinion. Why havn't the CEO's of these firms never been held accountable? Fined you say? A 50K fine for stealing millions makes crime pay doesn't it?
You know what is right...and what is wrong. DO the right thing.
Stop the insane, blatent fraud that is raping the investors and companies in this country
Stop the theft
Stop the criminal acts that are destroying the very fiber of this great nation
There should be NO exemption for selling what you cannot deliver