July 11, 2008
How hard is it to do the right thing? What will it take to fix the problem? Why is the SEC fiddling as America burns? I just don't understand. All investors want is a level playing field. No one should receive any exemptions, period. All transactions should settle in 3 days.
The real problem here is not the exemption, it's the lack of real punishment for abusing the system. A man robs a donut store, he's going to prison. A man robs investors, he can no longer make a market in a particular stock. Oh bother, he finds another stock to pillage. And then another and another. If the SEC has real evidence against this man, a deal is made. Without admitting guilt, he pays a small fine, and off he goes, free to do the same thing again.
In his wake, he leaves a sea of broken investors, company bankruptcies, lost jobs and lost hopes. But worst of all, America loses innovation and new technologies.
I propose, meaningful punishment, mandatory jail time and COMPLETE dis engorgement. I also propose a small surcharge on retail brokerage sales to fund a task force on this fraud. I would gladly pay $2.00 per transaction, not to clean up our markets, but to SAVE our markets.
I also propose, it's TIME for the SEC to take REAL meaningful action. Show us your stuff SEC, because up until now, you have shown me little. Where is your heart? Where is your soul? In somebody's back pocket? Prove yourselves. Do the right thing, BEFORE it's too late.