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Letter to
SEC:
>
Subject: Thanks
but no thanks
> I find Bill Donaldson's tv appearance/testimony more of a "b-rated show"
> than a real warning with real teeth investment bankers and securities
> brokers should fear.
>
> Even the 1+ Billion in fines leveled against certain traders is a paltry
> percent.
>
> Until these investment bankers, traders, and even people in the SEC are
> behind bars, consumers will not place money back in the equities markets.
> Trillions on the sideline...and we all know the financial downside of
> this.
>
> The real damage done by these analysts is to all the families with or
> without kids who busted their asses for decades (a decade is 10 years fyi
> sec) who lost money and dreams of their retirement. How sad that a family
> about to retire or send their kids to college were totally screwed by
> these investment firms...the ripple effects of this are yet to be known.
> And where do they find jobs now...McDonalds?
>
> Any why was this blatant, immoral and slothful fraud not found during the
> Clinton administration? Sounds to me like Bill and
> Hillary allowed this market to flourish then collapse
> during the Bush administration.
>
> Thank God Bush has the balls to put these bastards away...but it's still
> not enough.
>
> Consumer' have as much trust of the legislative, judicial, and executive
> branches' ability to police themselves as they do of a crack addicted slut
> holding money earmarked for the Catholic Church.
>
> Harsh words? Mild compared to all the unemployed people who have worked so
> hard to have their dreams shattered like. The NY Times estimates that
> there are 74.5 MILLION adults NOT employed...that 24.8% of the total
> population. This is not a downturn....this is depression if the figures
> are accurate.
>
> Most of the boomers just feel like chucking it and using all the banking
> firms' and federal governments logos, and certain Democratic leaders
> likenesses (Daschle) for urinal screens.
>
> Steve Markovich
> Crescent Springs, KY
>
> Dear Sir:
>
> The SEC remains deeply concerned about the recent spate of corporate
> scandals and bankruptcies, including those at Enron, WorldCom, and other
> companies. The staff of our Enforcement Division -- along with the
> Department of Justice and other members of the President's Corporate Fraud
> Task Force -- have been working around the clock to bring wrongdoers to
> justice. Whenever a company cooks its books in an effort to deceive
> shareholders, regulators, and the markets, it can take time for
> investigators to unravel the various strands of fraudulent conduct and to
> identify all of the individuals and entities involved. But we are
> determined to pursue bad actors and to hold them accountable to the
> fullest extent of the law.
>
> To date, the SEC and other law enforcement agencies have brought numerous
> actions against key players, including top executives and managers at some
> of the most notorious companies. We've also sued the companies
> themselves, their accountants and accounting firms, and the investment
> banking firms that underwrote their securities. You'll find announcements
> concerning these various cases in the "Litigation Releases" section of our
> website at <http://www.sec.gov/litigation/litreleases.shtml>.
>
> While over 15,000 companies report to the SEC and the vast majority of
> them have sound, honest management and dedicated directors, the
> malfeasance that has occurred makes it apparent that reforms were and
> still are needed. You can track the rule changes we've proposed and made
> in the "Spotlight on Sarbanes-Oxley" section of our website at
> <http://www.sec.gov/spotlight/sarbanes-oxley.htm>.
>
> Your comments and concerns are very important to us, and we appreciate
> your taking the time to share your thoughts.
>
> Sincerely,
>
> Ann H. Sulzberg
> Special Counsel
> U.S. Securities and Exchange Commission
> Office of Investor Education and Assistance
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