Replies

And if it is the SEC's job to protect investors from against fraud and other investment malpractice, then where have they been?

They are supposed to closely monitor any securities being offered for sale. Stock exchanges, must follow numerous SEC regulations. The SEC monitors everything, whether it is stock bought on margin or the sale of futures. Plus, the SEC also is supposed to closely moniter holding companies and mutual funds.

Note, Harvey Pitt has been the head of the SEC for nine months. In that time more corporate fraud has been brought to light than in the entire eight years of the Clinton administrations SEC.

BTW, you with your more governmental control theories.

The markets actually do work. Corporations that seek to defraud their investors to line their own pockets pay, dearly. The market punishes them. Their stock valuation dwindles to practically nothing overnight and their personal reputations, not to mention fortunes are toast.

The appropriate laws are in place. I'm glad to see one addition, and that is Bush's call to make CEO's personally responsible for signing off on the credibility of their financial statements.

If they're going to collect millions, (and I have no problem with them collecting millions if they're also making lots of money for their shareholders), they must also be accountable.

Now it appears we have a DOJ & a SEC that are willing to enforce those laws.

The only thing Larry will do here with his posturing is to tear down a reputable company and financially destroy many innocent investors in the process.