I agree totally. This is the 21st century. There really is no excuse for any of these ancient reasons and grandfathering of past problems.
Specifically, with respect to MM's, you know that the market for many, many OTC companies is a joke, and far from orderly or even liquid. IMO the MM's make a market only when they can line their pocket with relatively riskless and very large percentage wise profits. With software platforms available today, one could probably eliminate the MM function, or at least establish very strict parameters so that they make a profit but play less games that screw the public.
I really don't care for any of the excuses. Let's open the whole thing up, call a spade a spade, and fully disclose. Why keep DTCC info only open to brokers?
Again, whether it's touts, crim management, brokers, MM's, hedgies or overseas shorts or some combination, let's put the whole shooting match on the table, fully investigate and reform the SEC acts and regs so that there is real ability to enforce.
Look at all the scams you post. The volume of scamming does not seem to be decreasing. The good news perhaps is that after Enron, at least XYBR bod to cover its posterior, fired management which it might not have done before. But why stop at that. Bring out a system that encourages disgorgement, eliminates incentives that allows manipulators to play their games, and in the rare case of getting caught, let's them walk away with a slap on the wrist. |
