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To: Cheeky Kid who wrote (8320)	9/10/1999 11:25:00 AM
From: Tim Luke	Read Replies (2) \| Respond to of 32883

cbs.marketwatch.com. Op Ed 'Let me in!' says chat room pariah Banned from 'boards,' Anthony Elgindy speak out By Anthony Elgindy Last Update: 10:31 AM ET Sep 10, 1999 Commentary Section Join the discussion Editor's Note: Anthony Elgindy, aka Anthony@pacific, was a popular poster on the Silicon Investor message boards until he was banned for bad manners and for promoting his own Web site. This opinion has been edited for length. For an opposing point of view, see the commentary by Richard Walker, the SEC's director of enforcement. SAN DIEGO (CBS.MW) -- Internet message boards are huge electronic bathroom stalls where anyone can post whatever they want without any accountability. Anthony Elgindy: "The SEC is incapable of policing the police, the NASD. "Their conflict of interest is basic: government employees strive to build a reputation so they can move on to the more lucrative private sector." My goal has been to add some credibility and standards to the stalls. I don't believe in censorship, but I favor accountability. If you say something on a message board, you'd better be prepared to back it up with facts or I'll pick it apart. This is what irks my critics. My censorship from a major online message board for petty and capricious reasons highlights the need for a more just and credible forum. If one has to walk on eggshells in Internet boards for fear of being terminated or censored, then the boards will ultimately be controlled by those who have ulterior motives. They will run the boards without fear of being questioned or challenged. If this happens, we can write the Internet off as an electronic billboard controlled by those with the most money. I receive between 600 and 1,000 e-mails each week, and I know I'm making a difference. Today on CBS MarketWatch Tech shares lead Wall Street gains Friendly PPI data emerges Bond market cheers tame inflation update Japan moves to restrain mighty yen Microsoft, U.S. ready final responses More top stories... CBS MarketWatch Columns Updated: 9/10/99 10:27:48 AM ET Countless individuals have contacted me to let me know that I've saved them from being taken, or I've caused them to think twice about jumping on the newest pump-and-dump stock scheme, or I've helped improve their investment styles. I take my right to say what I believe very seriously. When anyone tries to silence me, it speaks volumes about their motivations. Conflict of interest I come from an industry where the regulators are your biggest competitors. They come from the largest firms on Wall Street. The regulators themselves share a conflict of interest and are in need of scrutiny. The SEC is incapable of policing the police, the National Association of Securities Dealers. Their conflict of interest is basic: government employees strive to build a reputation so they can move on to the more lucrative private sector. Their ultimate goal is to work at a big Wall Street firm -- or a big law firm representing a Wall Street firm -- or to work on the NASD itself. The NASD can't possibly regulate itself. It's Wall Street's biggest boys' club. Its sovereigns play golf together and their wives shop together. Expecting industry professionals to regulate themselves is like taking away the IRS and expecting voluntary compliance from taxpayers. The need for scrutiny exists and has always existed, but there was no one willing and able to do it. Until now. Accountability I want each individual who has been lied to by the "industry pros" to be armed with the facts and to demand equal access and accountability from those who claim to be traders, brokers and industry professionals. I also want accountability from those who claim to be regulators -- those who are policing the markets from Monday through Friday, but then golfing and shopping with the people they're supposed to be policing on Saturday and Sunday. I would like to be able to let people know where they shop and how they score. The illusions of impartiality and freedom of speech are just that, illusions. They can mislead and cause serious damage unless they're exposed as a fraud. My goal is to take people's focus off of the perception and redirect it to reality. Anthony Elgindy works as a securities analyst. He wrote this commentary for CBS.MarketWatch.com