[quote=flu][quote=enron_by_the_sea][quote=flu]
It’s not ok for individuals to rip off IOU holders at discounted prices…
However, it’s ok for banks/institutions/brokers with “licenses” to rip off IOU holders….
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LOL. USA is different. Here if you want to rip off someone, you need to get a license to rip off first.[/quote]
Hmm, in deciding to apply for a license to kill or a license to steal, I think I would pick the latter.
007 License to Steal….Sounds kinda cool.[/quote]
I’m probably wrong about this, but I think the SEC basically HAD to declare them a ‘security’. Otherwise I think CA would risk running afoul of other federal laws concerning the printing of ‘currency’. They decided the ‘security’ angle was better given the current status of CAs’ budget. Banning them from using the IOUs as ‘currency’ would have set off a firestorm.
But my constitutional law is weak.
*I am not a lawyer, nor do I play one on TV or the Internet.
