Jack,
I agree that you must pick your fights. My conclusion based on the opinions I have solicited from folks familiar with SEC tactics is that nothing we say or do here will have much negative affect on GRNO. My perception of the SEC is one of a sticky, downhill boulder. I think it is prudent (and acceptable) to stick a few toes or feet under the boulder in an attempt to slow it down. No doubt GRNO's law firm is familiar with SEC actions and is taking appropriate steps.
Adaptation is good. How about the entrenched Wall Street gaggle of investment banks, institutional brokerage firms, large company CFOs, and such get with the 90's and adapt to the idea of the empowerment that the information age provides individual investors? Control and power. That is the game.
Below is an exerpt from today's Barron's. The article is the 3rd or 4th written by Barron's on the subject. The synopsis of the article is a whistleblower in the Wheat First DC office had contacted Rep. Frank Wolf, (R, VA, Appropriations Committee) and Wheat First picked up the expenses for an SEC event in Richmond, VA while the SEC Philly office was investigating the DC office complaint.
<<....As we've been reporting, the top cop on the nation's securities beat isn't as squeamish about freebies. Securities and Exchange Commissioner Arthur Levitt has permitted trade groups, law firms, a brokerage house and some newspapers to sponsor over a dozen of his nationwide town meetings for investors and small businessmen since April 1995 (D.C. Current, May 19 and June 30). He began letting the sponsors rent meeting halls, mail invitations, buy newspaper ads and cover other such expenses after Congress made the SEC use certain federal funds to regulate investment advisers. Previously, the agency had used this money to finance the town gatherings......>
<<...Nonetheless, a Virginia Congressman who was contacted by the fired whistle-blower thinks the whole thing stinks. Republican Rep.
Frank Wolf on July 1 sent the SEC a verbal scalding for letting Wheat First spend anything on the public event.....>>
<<...When Wolf initially inquired about the case on Feb. 19, he was told in a return letter by the SEC's Philadelphia office that it couldn't discuss the matter. "This is done to protect the integrity of investigations from premature disclosure and to protect the personal privacy of persons with respect to whom unfounded charges may be made."...>>
Obviously, the secrecy surrounding the GRNO thing is standard operating procedure.
I guess Rep. Frank Wolf might be a good one to write if anyone is interested. Certainly the oversight authority of the Congress is our best (and probably only) avenue of approach. It may be easier to evolve into the cowering dog, yelping in the corner as kick after kick raises welts over our bodies. I would rather bite back a little and take my chances. After all, our government does consist of human beings and we all know what characteristics (and flaws) we possess!
Just a few thoughts.
LLLP Mark |
