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A
press release from the Securities and Exchange Commission crossed my
desk last week and it inspired some thoughts along the following
lines: If the ex-head of both the FBI and the CIA can get his clock
cleaned in the penny stock market, what hope does your average,
everyday investor have of coming out any better? |
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Excerpt: |
The government does the best it can to police these markets. But all
too often their prosecutions go unreported in the media -
particularly the mainstream national media - which simply undercuts
the deterrent value of bringing the cases in the first place. In
fact, in all of the American media, only a handful of journalists
now cover the penny stock romper room at all.
In
New York, there's David Evans of Bloomberg News, and Susan Antilla,
late of the New York Times. And one laments the sadly less frequent
contributions these days from Ms. Diana Henriques, also of the
Times. Business Week's Gary Weiss, who also covers the beat, has a
well-researched book out now on the topic: "Born To Steal; When The
Mafia Hit Wall Street." In California, there's Don Bauder of the San
Diego Union Tribune, and in Miami there's a newsletter called
Offshore Alert. |
