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February 24, 2006

SEC vs freedom of speech, Fri., Feb. 24, 2006, 6:30 AM

Big Brother is messing with Herb Greenberg, and when the public discovers what is happening here, there will be millions of reporters and bloggers who will be pissed, to put it kindly.

I'll let you read the story from MarketWatch directly from the man himself. Herb Greenberg is an asture observer and terrific communicator, as I see it. But maybe the SEC sees it differently. Maybe they see that Mr. Greenberg of California is part of a conspiracy to manipulate capital markets in America.

If the latter is true, maybe the SEC ought to start looking on a particular street in New York.

And what would happen if Mr. Greenberg happened to be a resident of say Oslo? Would the SEC's Norwegian department send him such a demand?

You'd like to think that common sense rather than bureaucracy and ultimately the federal and international courts could be used to resolve these matters.

Posted by Posted by Bill Cara on February 24, 2006 06:30:57 AM | Category: Cara "Focus" of the Week

Discourse

Bill,

I suppose Mr.Greenberg will need to accept the fact that he and other reputable business reporters work in the dark shadow of R.Foster Winans ( Trading Secrets ). If a WSJ columnist can put himself off-side, why wouldn't the SEC market regulators think that others might do likewise? Sounds to me like Herb was having a slow day and decided to make himself the story.

Posted by: TerryC [TypeKey Profile Page] at February 24, 2006 12:42 PM [link]

TerryC,

I on the other hand think this is a very important issue. And as to the Foster Winans linkage, that's like saying all business writers and bloggers ought to pay for the sins of one or two bad actors. Extend that further, and who in this world is above suspicion. The point is that you or me or Herb, and so forth, don't want Big Brother going on fishing expeditions. We have the right to develop our own opinions by talking to people, and the right to free speech to air those opinions. And government has an obligation to stay away from encroaching on those rights.

Now, if the SEC has documented evidence that Herb Greenberg is a possible manipulator of capital markets, and can convince a judge of that, then the story changes.

I really don't think this is going to change.

Posted by: Bill Cara [TypeKey Profile Page] at February 24, 2006 12:54 PM [link]