Insecure Securities

I had a plan to stand outside the Bank of America on Florin Rd. yesterday afternoon and target the first person emerging from the bank who couldn't cash their state IOU. I would stand there with cash-money, money I had previously saved, and offer them 85 cents on the dollar for their IOU. I would primarily target those who really, really need the cash -- those who've never previously saved...those poor, unfortunate souls. Hey -- they have needs and so do I. I'd be providing a service.

Then, when state lawmakers pull their heads out of their asses and pass a balanced budget here in a few months, I'd redeem the full value. Instant 15% return. Not bad!

Zounds! The SEC has already stepped in to thwart my idea by declaring IOUs "regulated securities", and I'm not a "registered" broker. They are "concerned" that secondary markets like me standing outside the bank would lead to mayhem, chaos and debauchery.

Yea. Like being SEC registered had any fucking relevance to Mr. Madoff, to curbing our national illusion of instant hallucinated wealth and in mitigating our subsequent market meltdown. Like being "registered" stops the Cash-N-'Go at Franklin Blvd. and Mack Rd. from legally doing the same thing.