September 14, 2011
Enough with the extensions. The industry already had a year to buy in all these debt/equity swaps and they continue not to buy in.
Audits are not difficult to perform, they just show what your inventory is.
The SEC has given these brokerages way too much in the form of extended time. Look at how the market reacted, lots of shortselling and the prices go down. I believe the reason why that they don't want to do the audits right now is that it will show that they didn't buy in before. So now they want a december, 2012 deadline to buy in. Asking for an extension on the audit is asking for an extension on buying in. Brokers will ALWAYS want extensions, always want delay, always want the SEC to rescind the rule.
These are all games. The SEC needs to let them know that the SEC is not going to play these games. The crooks are just milking the market every day. The SEC needs to show that they oversee the market.
We regulate everything, including the highways, so why wouldn't we regulate the market. Do you want all the crooks to have all the money and all the savers to be broke? We need to promote investment in this country, not cheating.