Oklahoma To Vote Again

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`Commentary` - April 30, 2007 - `Printable Version`
- Oklahoma To Vote Again
by Mark Faulk

     Well, here we go again. Why does this not surprise me? It looks like someone in the Oklahoma House of Representatives made a couple of minor alterations to State Bill 979, which deals with the problem of fails to deliver in the stock market. Because of the changes, the bill has to return to the State Senate for another vote on Wednesday, May 2, during the afternoon session slated to begin at 1:30 PM CST. In its simplest form, this is how I described the problem in a commentary about SB979 called "Wall Street vs. Main Street":

     Every day, six billion dollars worth of shares are purchased in companies in the US stock market, and not delivered. Someone signs on to their brokerage account, or more accurately, millions of someones sign on, and pay for shares in companies that their broker doesn't deliver. In some cases, those shares are never delivered, creating what is essentially a flood of counterfeit shares in publicly traded companies, harming both investors and the companies themselves.

     This issue is NOT as much about Wall Street screwing investors as it is about the loss of potential jobs, local and state tax revenue lost, citizens' investment funds stolen, and retirement funds decimated. It's about hedge fund managers building hockey rinks in their backyards while the rest of the country struggles just to make ends meet. It's about CEOs of the major brokerage firms getting bonuses amounting to tens of millions of dollars a year while small startup companies are forced into bankruptcy before they even have a chance to see if they can flourish on their own merit.

     I'll keep this short and to the point: We need your help, one more time. The flood of emails and phone calls to the Oklahoma House of Representatives just before the vote last week helped the bill to pass overwhelmingly. Now we need to do it one more time, and do it quickly, especially if you're from Oklahoma. Send a short email to as many of the 48 state senators either tonight or early Wednesday, or if you're from Oklahoma, call your senator personally. Tell him to pass SB979 for the good of all the citizens and businesses in the state, and indeed, for all of America. If you want, link the two articles I've written about SB979 for them to read, or feel free to quote from either article.

     Once again, we have the opportunity to send a clear message to Wall Street that we are sick and tired of corruption in the stock market. Tell them that we support them in their efforts to enact legislation that protects all Americans, instead of just the ultra-wealthy. Ask them to pass SB979 by the same overwhelming majority that their counterparts in the House of Representatives did. Tell them to do the right thing!

To contact every senator in Oklahoma, go to:

http://www.oksenate.gov/Senators/directoryalpha.htm

Send them to the following articles about SB979, or feel free to quote from either article:

Oklahoma Passes Landmark Stock Market Reform Law
http://www.faulkingtruth.com/Articles/Investing101/1074.html

Wall Street vs. Main Street
http://www.faulkingtruth.com/Articles/Investing101/1073.html

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Commentary - April 30, 2007 - Printable Version- Oklahoma To Vote Again by Mark Faulk

`Commentary` - April 30, 2007 - `Printable Version`
- Oklahoma To Vote Again
by Mark Faulk