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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (41048)11/27/2000 1:24:22 PM
From: Joseph Beltran  Read Replies (2) of 436258
 
I hope someone will eventually does an expose showing the extent of the thievery that was perpetrated by the brokers in the IPO market during the last two years. What occurred was nothing less than criminal anti-trust and racketeering on the largest scale imaginable. I know several big money investors who routinely were given an allotment of IPO shares with the understanding that the broker would retain absolute control of the "sell decision". The most regrettable part however was the fact that the SEC stood by and allowed it to go on when it was certainly in a position to do something to protect the public. The investors who got burned will not have any legal recourse because SEC rules permit only arbitration proceedings which are largely ineffective. BTW, I am not suggesting that investors who were motivated by greed should not suffer losses or be responsible. What I am suggesting is that the manner in which these IPO's were "hyped" and "run-up" was criminal.
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