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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: LTK007 who wrote (69937)5/21/2002 3:01:46 PM
From: Steve Lee  Read Replies (2) of 99280
 
I was disappointed to see the settlement between NY AG and MER. If individuals within MER have broken the law to line their own pockets then how can a fine paid by the company be justice. It is just shareholders getting hit again. The individuals involved keep their freedom and their ill gotten gains.

SO.. I was pleased to see the headline that Rep. Michael Oxley, R-Ohio was not happy with the deal. But on closer inspection it is the AG investigation he doesn't like - not the settlement. He didn't want the AG getting involved at all because it "undermines 70 years of effective national regulation of the securities industry".

Well Mr Oxley, the SEC had a go at this already and since that settlement, MER still felt guilty enough to cough up another $100MM. So just how effective is this national regulation. The AG gets $100MM for his state coffers and some time in the spotlight, the MER shareholder and individual investor gets screwed. Isn't anyone in the US govt going to stand up for this?

Hopefully the next step is for individuals who followed Blodgetts advice to make their own cases. On the whole I detest ambulance chasers and think people should take responsibility for their own decisions and mistakes. This case however is one of outrageous duplicity on the part of MER who sell their services on the basis of expensive research.
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