Hoya,
I fully agree with you, although I have no position at this time or did I have one at the time.
It would seem to me that if they let the chips fall where they may on this, it will embolden other players to try this same type of fraud, with impunity. Lack of trust will create havock. 2 Billion dollars of market cap was in play yesterday, and if the trades are NOT unwound to the original positions, many many good people are injured.
This is no different than a security hole in an OS, or email program, or the like. There was a security hole in the financial news/dataflow system and someone found it.
In the virus case, 1 malicious person wreaks billions of dollars of havoc on dozens of corporations and individuals in destroyed data, productivity.
In the EMLX case, 1 person creates financial havoc. Catching the SOB is secondary in my mind if I lost any money. I wonder now who gets blamed, who gets sued, and how I get restitution.
However, NAZ has the power to take a stand and reverse this, because all the trades are known!
Perpetrators must know that not only will they be accountable if caught, but that no can profit from attempts at outright fraudulent actions. If that's the case, then that removes the desire to try this for profit, although some might still want to try this for just plain old "kicks". That's nuts in my mind, but there are all types on this planet......
Steve |
