Things I want to hear a Presidential debate on... or
Things I want to see before I ever "invest" in this or any other country:
1. Establishment of a Special Corporation ["SC"] under federal charter to maintain custody and control of all securities or debt instruments publicly traded through any electronic trading system;
2. Such SC must be prohibited from engaging in any other business and from having any affiliation, overlapping executive or board directors, or commercial dealings with any bank, bank holding company, brokerage, agency, insurer, insurance holding company, hedge fund, mutual fund, money market fund or other financial services company;
3. Such SC must be required to submit to regular examination by the GAO and audit by an independent CPA;
4. The executives and directors of such SC must be prohibited from investing in, working for, or representing in any capacity a bank, bank holding company, brokerage, agency, insurer, insurance holding company, hedge fund, mutual fund, money market fund or other financial services company for a period of 3 years following their employment by the SC;
5. The establishment of an Electronic Trading Clearing Corporation ["ETCC"] under federal charter to create and maintain a system for the electronic trading all ownership interests in the securities and debt instruments held in the custody of the SC;
6. The ETCC must be subject to the same limitations as described in #s 1-4 above for the SC;
7. The elimination of all "market makers" in the sale of publicly traded securities and debt instruments;
8. No broker/dealer engaged in the business of effectuating trades of publicly traded securities or debt instruments should be permitted to invest on its own account or on account of any affiliated person or entity;
9. No financial institution of any kind should be permitted to engage in the business of allowing credit or assuming liability of any kind when the aggregate value of all credit allowed or liability assumed exceeds the present value of the capital assets then under its ownership and control by a factor greater than eight (8);
10. All financial institutions of any kind permitted to engage in any business of allowing credit or assuming liability must be subject to financial regulation, examination and taxation by governmental bodies designated for that purpose established by no fewer than the following states: California, Illinois, Texas, New York, Florida, Ohio, Washington, Utah, and Kansas;
11. In establishing the governmental bodies referenced in #10 above, each state shall establish laws and standards consistent with the requirements of #s 1-10, and shall assure that the business of banking, brokerage or agency, and insurance are each independently secured by capital assets both appropriate to their specialties and segregated from the credit or insurance obligations of each other.
12. All entities engaged in the business of advising, managing or directing investment funds, pools or aggregations of assets or money shall be subject to regulation, examination and taxation by the federal government and prohibited from engaging in the business of banking, brokerage, and/or insurance.
Obviously, I'm not going to get any debate on these points... Presidential or otherwise... but if I don't get 90% of it in a market reformation... I have made my very last investment.
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