SLEC Open Meeting Text

Guardian's Note: The SLEC meeting which happened last night, 12/5/2007, was an open meeting, and therefore I feel no hesitation in publishing the log as it was given to me by the SLEC group via notecard. I'm putting it here so that anyone not in the SLEC may read it, and so others may link to it or quote it as needed.

It appears that this has been edited, but only to make it easier to read. I also have a full script via notecard that can be distributed to whoever requests it. Simply IM me in-world.

Also, I'm going to move it down a few posts in the post order so that other authors here aren't trumped by its massive length, however. Note that to do this, I must alter the posting time. The time of this post is 5:40PM SLT 12/6/2007.

[17:53] TraderJohn Susa: Thanks for coming Ladies and Gentlemen, I just want to say a few things to you all.
[17:54] TraderJohn Susa: Afterwords, I'm looking forward to what I'm sure will be some rather lively discussion.
[17:54] TraderJohn Susa: Before I start I do want to remind you all that YOU own the SLEC, not me, not Intlibber, YOU.
[17:54] TraderJohn Susa: You joined the SLEC not so you can say, "Hey, I'm SLEC!", you joined because you believed in the Ideals of fair and ethical practices...
[17:55] TraderJohn Susa: Because you know this is no game and what we do here, today will have effects for many years to come.
[17:55] TraderJohn Susa: I'm reminding you all this because those Ideals, not the SLEC, are what's important.
[17:56] TraderJohn Susa: Regardless your opinion of the SLEC, you owe it to yourself, your peers and those yet to come to this world to hold on to those Ideals, the standards they imply.
[17:56] TraderJohn Susa: One other thing, I am responsible for anything that happens under the SLEC banner.
[17:56] TraderJohn Susa: If someone is going to be hanged for anything the SLEC did it will be me.
[17:57] TraderJohn Susa: That said, lets talk some about recent events and news.
[17:57] TraderJohn Susa: About two weeks ago, in the name of the SLEC, Intlibber sent out a communication regarding the WSE.
[17:58] TraderJohn Susa: Asside as the the exact wording and the author being in a somewhat compromising position....
[17:58] TraderJohn Susa: does anyone here disagree with it's substance? I really don't think there will be many people who'd say they don't.
[17:58] Bogart Beck: For the record I disagreed with its execution
[17:58] Cadence Juran: As do I
[17:59] TraderJohn Susa: The next was a private communication between 2 people. It was not stated to be nor was it's intent from what I have been told to be a SLEC communication
[18:00] TraderJohn Susa: The bottom line is that one personality tried to work another....
[18:01] TraderJohn Susa: one used the SLEC name to make his point and another who probably knew better decided to use it to make his own point.
[18:01] TraderJohn Susa: either way, it does not live up to the standards you should expect
[18:02] TraderJohn Susa: not form the organization you put your trust in to be the standard setter
[18:03] TraderJohn Susa: As to your points Bogart and Cadence, I agree
[18:03] TraderJohn Susa: It was not exicuted correctly
[18:03] Marc Attenborough accepted your inventory offer.
[18:03] TraderJohn Susa: That is again my responsibility
[18:04] IntLibber Brautigan: Theres more to the story than that
[18:04] TraderJohn Susa: that is fine Int, and you will have you opportunity
[18:05] Cadence Juran: quick question.. is there anyway we can conduct this in voice?
[18:05] TraderJohn Susa: what have we done so far?
[18:05] TraderJohn Susa: if you want my opinion, not nearly enough
[18:05] TraderJohn Susa: quick answer, no
[18:05] Bogart Beck: transcripted dialogue is better in this case cad
[18:05] TraderJohn Susa: headphones broke
[18:06] Cadence Juran: i agree BO.. thats why they should have a minutes taker
[18:06] You: Plus, transcript, yes Bogart.
[18:06] Patrickj Ah: Guess what you are getting for Christmas TJ
[18:06] TraderJohn Susa: we have helped to push better accounting practices
[18:07] TraderJohn Susa: but other than that, not much
[18:07] Shaun Altman: hi whats this?
[18:07] Shaun Altman: how did I get here? lol
[18:07] Shaun Altman: is this the SLEC? :D
[18:07] Shaun Altman accepted your inventory offer.
[18:08] TraderJohn Susa: the fact is we need to either do or be done.
[18:09] TraderJohn Susa: yet, with all the recent events, I really can not assume a mandate from the members.
[18:10] TraderJohn Susa: So, after this meeting I will be placing myself for a confidence vote as Chair
[18:10] TraderJohn Susa: As I said I do not own the SLEC YOU do
[18:10] TraderJohn Susa: and now, it's time you be heard
[18:11] TraderJohn Susa: I will recommend Pat Ah as acting Chair if I am voted out.
[18:11] TraderJohn Susa: but that will be for the members as a whole
[18:11] MystiTool HUD 1.0.21-freebie: Entering chat range: Sando Haller (16m)
[18:12] Cadence Juran: !
[18:12] Cadence Juran: question
[18:12] TraderJohn Susa: lol - 1 sec, Cadence
[18:12] TraderJohn Susa: not that I'm running.
[18:12] TraderJohn Susa: I intend to be very active in my support
[18:13] TraderJohn Susa: but you deserve to decide if you feel I'm the man for the job.
[18:13] TraderJohn Susa: now Cadence.
[18:13] Cadence Juran: thank you TJ
[18:13] TraderJohn Susa: :-)
[18:13] Cadence Juran: i'm revising more form a quesiton to a recommendation...
[18:14] Cadence Juran: excellent job at spin and attemtped damage controlin light of the recent events... I say this with the utmost respect for you TJ...
[18:14] Cadence Juran: HOWVER
[18:14] Cadence Juran: from a PR standpoint...
[18:15] Cadence Juran: the SLEC image and position has been severly compromised... therefor, I recommend scrubbing the current management and electing new management
[18:15] Cadence Juran: this
[18:15] Cadence Juran: way
[18:15] Cadence Juran: you can begin to earn the trust and respect of the community
[18:15] Cadence Juran: and not you specufcuakky
[18:15] Cadence Juran: **
[18:16] Cadence Juran: but the SLEC
[18:16] TraderJohn Susa: That may very well be what happens.
[18:16] Cadence Juran: specifically
[18:16] TraderJohn Susa: what you should understand is there is no spin involved here
[18:16] TraderJohn Susa: I said exactly what I mean and believe
[18:16] Cadence Juran: noited and thank you :)
[18:17] Cadence Juran: excuse my typos..lol
[18:17] TraderJohn Susa: it's ok - I type with a lisp too
[18:17] TraderJohn Susa: see, I want the Ideals to live on
[18:17] TraderJohn Susa: I want you to understand that those Ideals are your rights
[18:18] Cadence Juran: indeed
[18:18] Cadence Juran: as long as the are enforced with objectivity and impartiality
[18:18] Bogart Beck: TJ - may I have the floor for a moment?
[18:18] TraderJohn Susa: and it really does not matter what happens to the SLEC just hold those dreams
[18:18] TraderJohn Susa: feel free, this is an open meeting
[18:19] Bogart Beck: TY... I'm not convinced that the concern of most parties here is really a vote of no confidence for your contributions
[18:19] TraderJohn Susa: would be pretty shallow if it was
[18:20] Bogart Beck: what is necessary is a sincere dialogue as to what behavior is appropriate for any member Elected or otherwsise
[18:20] Cadence Juran: I agree
[18:20] Guardian Market: I agree as well - but I ask everyone to remember that we have only read one side of the story.
[18:20] TraderJohn Susa: Yes, that is quite an agreeable point
[18:21] TraderJohn Susa: that does not concern any one story
[18:21] Bogart Beck: and what measures are available and reasonable, be it censure or otherwise ehen a member of this body decides of their own accord to use this organization as their own pawn for their self interests.
[18:21] TraderJohn Susa: it's a request to review polocy
[18:21] Cadence Juran: indeed
[18:21] Cadence Juran: and a review of all confilcts of interests within the SLEC
[18:21] Cadence Juran: andf its management
[18:21] Guardian Market: Ah - I see. My mistake
[18:22] TraderJohn Susa: fair points
[18:22] Bogart Beck: is it the STORY that's of Interest here or the METHODS utilized by a member here that ultimately compelled "the story?"
[18:22] TraderJohn Susa: that is afer all the real reason for this tonight
[18:22] TraderJohn Susa: Dialouge
[18:23] TraderJohn Susa: it is more, in my opinion, eagerness
[18:24] TraderJohn Susa: I really believe Int said the correct thing in his WSE communication.
[18:24] TraderJohn Susa: No, I would have said it different
[18:24] TraderJohn Susa: and I would have definately picked a different messenger
[18:25] TraderJohn Susa: but it was a lact of forethouht by the Board
[18:26] Cadence Juran: so what steps are goign to be taken to rectify the issues that currently are at hand?
[18:26] TraderJohn Susa: so - where do we go from here?
[18:26] IntLibber Brautigan: How about more than one side gets heard?
[18:26] TraderJohn Susa: goodQ, was just about to ask that very question.
[18:27] Connie McMahon: Pehaps now any member of the board who wishes to speak should have the opportunity?
[18:27] TraderJohn Susa: Crah?
[18:27] Bogart Beck: yes
[18:27] Cadence Juran: i really believe regardless of the story and the incidents that took place.. the foundation to this entire ordeal.. is the fact that you have a severe conflict of interest within your management of the SLEC
[18:27] TraderJohn Susa: ah, almost crashed
[18:28] TraderJohn Susa: Int, you deserve the opp to be heard
[18:28] TraderJohn Susa: please go ahead
[18:28] Dwight Wilber is Offline
[18:29] IntLibber Brautigan: Firstly, the story you think youve heard has been spun by a professional, just as much of BNT's reputation has been spun by those who have sought to bring it down
[18:30] Marc Attenborough: !
[18:30] IntLibber Brautigan: I founded the SLEC in february at the news conference where Luke closed the WSE for recoding, I announced it then because in the previous three months I'd seen the seeds of abuse and corruption and felt that if SL's capital markets were to survive without government regulation, we needed a market drive solution created by the investors to set standards.
[18:30] Nobody Fugazi: Having known about JuiceTrading for some time, I have no idea that Arbitrage would think you important enough to up his schedule. :-)
[18:31] IntLibber Brautigan: I also knew that as a board member of HCL at the time, i was the wrong person to chair the SLEC due to perceived conflicts of interest
[18:31] IntLibber Brautigan: I was set to resign from HCL instead
[18:31] IntLibber Brautigan: but Luke convinced me that he was committed to the same ideals of transparency and standards
[18:31] IntLibber Brautigan: that commitment was eroded over the coming months
[18:32] IntLibber Brautigan: especially when he lied to me about the supposed actions of Shaun Altman and Anshe Chung
[18:32] IntLibber Brautigan: and manipulated me into going along with his deal to expand HCL stock
[18:32] IntLibber Brautigan: as a means of protecting the WSE from being taken over by someone I believed was only interested in allowing her friends to have access to capital
[18:33] IntLibber Brautigan: when it started to become evident to me that I'd been hoodwinked, I realized the SLEC needed to be put into action and by someone uninvolved in management of the markets
[18:33] IntLibber Brautigan: after searching for someone like that, Madelena Rossini recommended TJ
[18:34] IntLibber Brautigan: when I gave him the chairmanship to the group, I left the group entirely
[18:34] IntLibber Brautigan: and was only asked to come back to be elected to the board at the board request
[18:34] MystiTool HUD 1.0.21-freebie: Entering chat range: Kaddan Yue (10m)
[18:34] IntLibber Brautigan: I have never felt that exchange heads should have significant influence on the board of the SLEC
[18:35] IntLibber Brautigan: the problem has been in getting enough public interest and participation, it seemd like for quite a while that only the exchange heads had an itnerest in keeping their peers honest
[18:35] IntLibber Brautigan: When Arbitrage Wise took over AVIX
[18:35] IntLibber Brautigan: I was given allegations by someone claiming some things about Arb's past history that could have been damaging
[18:36] IntLibber Brautigan: I felt that they should be investigated only to determine truth or falsity, if he was innocent, then Arb should not be subject to such rumors.
[18:36] IntLibber Brautigan: I discussed this at SLCC with TJ, and was overheard by Reina Ferraris, who misunderstood the conversation and assumed I only intended to slander Arb
[18:37] IntLibber Brautigan: Arb later said that he decided then to get rid of BNT
[18:38] IntLibber Brautigan: after SLCC, the management of SLCapex aided individuals in trashing BNT on the capex forum, and hid IP information about a person who used griefing against our estate to purchase large amounts of BNT stock at a very low price
[18:38] IntLibber Brautigan: this person later hacked my SL account
[18:38] IntLibber Brautigan: and stole an ACE ATM
[18:38] IntLibber Brautigan: however in the mean time, SLCapex chose to delist BNT for absolutely no reason other than to deny BNT access to the capital markets and to damage our reputation.
[18:38] Bogart Beck: Excuse me Mr Brautigan... can you PROVE DEFINITIVELY these ALLEGATIONS?
[18:39] IntLibber Brautigan: Yes I can
[18:39] Bogart Beck: Then DO SO...
[18:39] IntLibber Brautigan: Now, Charles Granville, former partner in M2B with Thor Columbia
[18:39] ClaudeVon Streeter accepted your inventory offer.
[18:39] Bogart Beck: yer conjecture is once again APPALLING
[18:39] IntLibber Brautigan: whose alt is Charles Gantenbein
[18:39] TraderJohn Susa: Bo, let him finish please
[18:39] IntLibber Brautigan: was the person who committed this stock manipulation
[18:40] IntLibber Brautigan: Arb and Bo lied to me and claimed when I asked for his location, in asserting that this person was thousands of miles from the Los Angelse area
[18:40] Sando Haller: This is such BS. Intlibber you threw a hissy fit at the initial meeting that announced the purchase of avix by arb. You were way more than a "concerned" memeber of the financial community from day 1.
[18:40] IntLibber Brautigan: I was concerned Sando at that time because of what I'd seen with Arb extorting the original VSE out of Van Ames
[18:41] IntLibber Brautigan: and his attacks against who I believed at that time to be an innocent man, Investor Allen
[18:41] Cadence Juran: OK.. I have to ask.. is there ANY evidence of any of the claims?
[18:41] Cadence Juran: and I don't mean hearsay
[18:41] Cadence Juran: I mean hard core proof
[18:41] Cadence Juran: ?
[18:41] IntLibber Brautigan: yes cadence, and you saw some the other night too, so dont act like you dont know about it
[18:42] Cadence Juran: no what I saw was a screen shot
[18:42] Cadence Juran: which provred nothing
[18:42] Cadence Juran: and alot of he said she said
[18:42] Cadence Juran: I need to see proof
[18:42] Cadence Juran: I asked this of yo ulastnight
[18:42] Cadence Juran: and yo ukept giving me names
[18:42] IntLibber Brautigan: My staff is willing to testify to the veracity of this screen shot
[18:43] Cadence Juran: I strongly believe that if you are going to make claims.. there needs to be proof
[18:43] Nobody Fugazi arches an eyebrow. A prim!
[18:43] Pilot Schroeder is Online
[18:43] Cadence Juran: ahh yes
[18:43] IntLibber Brautigan: rather than heckling, try listening
[18:43] Nobody Fugazi: full bright please.
[18:43] Nobody Fugazi: ty
[18:43] Bogart Beck: Sando, if you will, please send me a transcript of this session. The SLANDER will STOP. I have other duties to attend to - this has again turned into a bully pulpit for a delusional pathological iar - good evening folks.
[18:44] IntLibber Brautigan: as the managers of SLCapex know, since they run the same software
[18:44] TraderJohn Susa: Let's be Civil
[18:44] IntLibber Brautigan: this is a record of an ATM's attempt to access our website, and the owner
[18:44] Cadence Juran: can you walk us through this screenshot
[18:44] Nobody Fugazi: a Drupal derivative?
[18:44] Cadence Juran: and tell all of us HOW this ties back to your claims
[18:44] IntLibber Brautigan: Charles Granville's IP address was identified by LL as the IP address used to hack my SL account on the same day as this ATM tried to access our exchange website
[18:45] IntLibber Brautigan: it therefore follows that he stole an ATM from my inventory
[18:45] IntLibber Brautigan: since ATMs only work if they are authorized by the admin backend
[18:45] Nobody Fugazi: Linden Lab gave you his IP address?
[18:45] IntLibber Brautigan: this attempt failed
[18:45] IntLibber Brautigan: yes
[18:45] Cadence Juran: can they do that?
[18:45] Connie McMahon: Yes they can
[18:45] Nobody Fugazi: that is a breach of privacy, actually. Interesting.
[18:45] Connie McMahon: Read the TOS.
[18:45] IntLibber Brautigan: LL gave me the IP address in the course of investigating why I was having problems logging onto SL successfully
[18:45] Shaun Altman: Wow, we should get some clarification from LL on the policy of giving our IPs to other residents.
[18:46] Travis Ristow: Yes they can
[18:46] IntLibber Brautigan: they rattled off the IP on my account login history
[18:46] Shaun Altman: That's downright scary.
[18:46] IntLibber Brautigan: this accounts login history is MY property
[18:46] Nobody Fugazi: The TOS and law are quite separate. ;-)
[18:46] IntLibber Brautigan: therefore I am entitled to see what IP addresses are used to log into this account
[18:47] Cadence Juran: so how does this tie back to Arb & the SLCX?
[18:47] Shaun Altman: That's not the part I was talking about. I meant the part where LL gave you another resident's IP to crosscheck.
[18:47] Shaun Altman: I gotta run though, see u all soon.
[18:47] IntLibber Brautigan: SLCX knew Charles was manipulating the market with some others to buy up BNT stock cheap
[18:47] Mike31 Dawes: the IP address in concern would be one that accessed his account. not just a random IP from another resident
[18:47] Nobody Fugazi nods at Shaun.
[18:47] TraderJohn Susa: Ladies and Gentlemen
[18:47] IntLibber Brautigan: they refused to identify him to me
[18:48] IntLibber Brautigan: and lied in claiming he was thousands of miles from where he really was
[18:48] TraderJohn Susa: I AM VERY GLAD TO SEE THIS DISCUSSION
[18:48] TraderJohn Susa: I SUGGEST WE CONTINUE IT AFTER THIS MEETINGIF YOU PLEASE
[18:48] Cadence Juran: indeed TJ
[18:48] Cadence Juran: we are way off course here
[18:48] IntLibber Brautigan: this hack of my SL account and attempted hack of ACE was on Oct 30th
[18:49] TraderJohn Susa: lol - thank you
[18:49] Cadence Juran: and hearsay and speculation without proof is rather time wasting
[18:49] TraderJohn Susa: I do like the enthusiasm
[18:49] IntLibber Brautigan: on Nov 1 DOS attacks started against ACE
[18:49] TraderJohn Susa: Ahem
[18:49] IntLibber Brautigan: mostly through proxies in Austin and elsewhere
[18:49] Cadence Juran: Move Out Of My Way, BITCH!!!
[18:49] Cadence Juran: can we on to the matters at hand
[18:49] Cadence Juran: oopo
[18:49] TraderJohn Susa: Int, later
[18:49] Cadence Juran: sexcuse me
[18:49] Cadence Juran: lol
[18:49] IntLibber Brautigan: I am not done
[18:49] Nobody Fugazi: well, I think that the security of user IP addresses is something the SLEC should explore for its own purposes - perhaps in a separate meeting.
[18:49] TraderJohn Susa: there will be time after
[18:49] IntLibber Brautigan: the public has a right to know why what happened happened
[18:50] TraderJohn Susa: this meeting is also regarding the SLEC's future
[18:50] TraderJohn Susa: Int, they will
[18:50] IntLibber Brautigan: the other night, one of my Vice presidents reported to me that JTF management had harassed her and tried to bribe her to leave BNT
[18:50] IntLibber Brautigan: that was the last straw
[18:51] Marc Attenborough: thats competition for ya
[18:51] Nobody Fugazi bribes people at coffee shops.
[18:51] Cadence Juran: LOL
[18:51] Travis Ristow: LOL
[18:51] IntLibber Brautigan: last week I had given what I knew about juice trading to TJ and Patrick and they said they'd take care of it
[18:51] Marc Attenborough: i get offered jobs all the time...thats not illegal
[18:51] IntLibber Brautigan: instead SLCapex stepped up their agressiveness
[18:51] TraderJohn Susa: Int, that is enouh
[18:51] TraderJohn Susa: you can have a conference after this one
[18:51] TraderJohn Susa: ok?
[18:51] IntLibber Brautigan: ok
[18:51] Cadence Juran: LOL
[18:51] TraderJohn Susa: TY
[18:51] IntLibber Brautigan: now
[18:52] TraderJohn Susa: I'm not stepping on you
[18:52] IntLibber Brautigan: I have always stood for the ideals of the SLEC
[18:52] IntLibber Brautigan: even when cadence and bogart have trashed it
[18:52] IntLibber Brautigan: and tried to obstruct it
[18:52] TraderJohn Susa: but we are getting to deep at this moment
[18:52] Cadence Juran: ok.. enough
[18:52] Cadence Juran: i never trashed the SLEC
[18:52] IntLibber Brautigan: sure right
[18:52] Cadence Juran: i said that yo uare a direct conflict of interest and your actions are reckless and have compromised the SLEC
[18:52] Cadence Juran: please quote me correctly
[18:52] Cadence Juran: thank you
[18:53] TraderJohn Susa: Stop or you will be ejected - my only warning
[18:53] Kaddan Yue: IntLibber cut it out
[18:53] IntLibber Brautigan: I and BNT have stood up for standards and ethics in the SL capital markets, and BNT has played fair in this economy all the way, while it seemd everybody else was using us as their punching bag and playing dirty
[18:53] Cadence Juran: lol
[18:53] Aldon Huffhines: I must admit, I'm new here and I haven't figured out what the ideals of SLEC exactly are...
[18:53] Cadence Juran: this is rich
[18:53] Cadence Juran: lol
[18:53] IntLibber Brautigan: because it seems like few actually want to have any rules
[18:54] Cadence Juran: Move Out Of My Way, BITCH!!!
[18:54] Cadence Juran: can we on now TJ?
[18:54] Cadence Juran: excuse
[18:54] Cadence Juran: ;p;
[18:54] Cadence Juran: let me turn that thing off
[18:54] Aldon Huffhines: TJ, I respect the way you started the meeting, and I hope we can focus on what the ideals should be and how we can promote them... Because so far, I haven't seen much about ideals or how they get promoted.
[18:54] Cliff Eclipse: Please.
[18:54] Cliff Eclipse: If I may interject.
[18:54] IntLibber Brautigan: Am I being told to sit or do I get to defend myself?
[18:54] Cadence Juran: TJ please take control of this meeting
[18:55] Cadence Juran: time is of the essence for all of us
[18:55] TraderJohn Susa: You are being told to sit down
[18:55] Cadence Juran: :)
[18:55] TraderJohn Susa: TY
[18:55] TraderJohn Susa: as I said I will ensure you have a proper forum
[18:55] Kaddan Yue: Question
[18:56] TraderJohn Susa: sure kadden, then marc
[18:56] Kaddan Yue: I am not understand, this meeting, what ever happened to Robert's rules of order
[18:57] TraderJohn Susa: Kadden, this is not a board meeting....
[18:58] TraderJohn Susa: and frankly a little brawling helps keep things clear
[18:58] TraderJohn Susa: A LITTLE brawling
[18:58] Cliff Eclipse: No it does not.
[18:58] Kaddan Yue: bawling should not consist of cursing
[18:58] Kaddan Yue: not in a public forum
[18:58] TraderJohn Susa: agreed
[18:58] TraderJohn Susa: that, was not a little in my opinion as well
[18:59] TraderJohn Susa: so, yes, I do owe you all an appology for not maintaining control
[18:59] You: I think Cadence was accidentally hitting gestures, Kaddan.
[18:59] You: If I may interject.
[18:59] Kaddan Yue: 3x's
[18:59] Cadence Juran: yes
[18:59] TraderJohn Susa: let's see if we can keep things forward facing
[18:59] Cadence Juran: that was my bad
[19:00] Cadence Juran: everythime I hit the letter 'M'
[19:00] Cadence Juran: i deactivated that geasture
[19:00] Cliff Eclipse: Thank you
[19:00] Cadence Juran: so my apologies if I offended anyone
[19:00] TraderJohn Susa: lets move forward
[19:00] TraderJohn Susa: we're adullts
[19:01] Connie McMahon: Not until we are verified
[19:01] TraderJohn Susa: Marc, you IM'ed with a point?
[19:01] Cliff Eclipse: hehehh
[19:01] Marc Attenborough: yes, i would like a couple of minutes to make 2 statements, if now is a good time
[19:02] TraderJohn Susa: lol - depends on the statements
[19:02] TraderJohn Susa: go on please
[19:02] Marc Attenborough: G-Rated, i promise
[19:03] Marc Attenborough: lag is killing me
[19:03] Kaddan Yue: Markc is moondancing
[19:03] TraderJohn Susa: get down with your bad self
[19:03] Marc Attenborough: Thank you TJ.... I have 2 statements to make. The first is about business and the second is tonight's vote. Please do not interupt and hold your questions until the end.
[19:04] Marc Attenborough: First of all, let me remind everyone that the goal of any public company is to provide value for the stakeholders of that company. Some companies are doing this and others are not.
[19:04] Marc Attenborough: Let me also remind everyone that companies should strive to gather marketshare and set themselves apart from the competition in a positive way.
[19:04] Marc Attenborough: The amount of mudsliging that goes on here sickens me because quite frankly.... NO company here is SO important that there would be a consorted effort to "sink" it. So please check your ego at the door.
[19:05] Marc Attenborough: Anyone who can't handle managing a challenging business shouldn't be in business. End of discussion.... now on to the next topic.... The vote.
[19:05] Marc Attenborough: As for the vove of no confidence.... TJ, I have to say that I should smack you for even thinking that.
[19:06] TheDon Kohnke: lol
[19:06] TheDon Kohnke: easy
[19:06] Marc Attenborough: I've been in the financial industry for a long time and I 've seen a lot of things.
[19:06] Marc Attenborough: In a world full of selfishness and greed, its extremely rare to find someone with strong convictions to help others and the strength to stand up for those convictions when there is no personal upside.
[19:06] Marc Attenborough: TJ, you have your flaws, but you have no conflicts of interest here, and I believe you whole-heartedly care about these people.
[19:07] Marc Attenborough: You must, because you have dealt with nothing but drama for months even though there is no incentive for you to make this work other than a "Thank You"
[19:07] Marc Attenborough: Ladies and Gentlemen, there may be some organizational adjustments that need to be made within the SLEC, however, I can think of no other resident who can chair this organization with as much objectivity and integrity as Traderjohn Susa.
[19:07] TraderJohn Susa: s I'll take that as a yes from you - lol
[19:08] Marc Attenborough: Thank you, I've said my piece
[19:08] TraderJohn Susa: Thanks Marc
[19:08] TraderJohn Susa: I'll pay you tomorrow
[19:08] Kaddan Yue: lol
[19:08] Kaddan Yue: better be careful
[19:08] TraderJohn Susa: seriously, I feel that vote is important
[19:09] Marc Attenborough: I dont take checks
[19:09] TraderJohn Susa: it's important, if for no other reason, to let the members remember that THEY own the SLEC
[19:09] TraderJohn Susa: and NO BODY is above their wishes
[19:10] Nobody Fugazi nods :-)
[19:10] TraderJohn Susa: Travis, you wanted to say something?
[19:10] Travis Ristow: Yes and I will make it brief - But for the record LOL
[19:11] Travis Ristow: More of a statement then a question from me. I have to say that I agree with the action regarding the wse, Just not the wording prcisely and the bearer of the news should have been someone else.
[19:11] Travis Ristow: Regarding the latest "news" It came from an slec member but was not an official act of the slec.
[19:11] Travis Ristow: Reform is MOST definetly needed within the slec if it is going to move forward. Attacking each other is going to get us no where - we all know that there are 2 camps here pro intlibber and pro ANYTHING else.
[19:12] Travis Ristow: This meeting is not specifically about Intlibber it is about the slec moving forward - do we want it or not? and if so lets figure out how in the heck to repair it and make it stronger.
[19:12] TraderJohn Susa: TY, yes
[19:12] Travis Ristow: Thats it.. Off my soap box.
[19:12] Cadence Juran: indeed
[19:12] Cadence Juran: I agree with Travis
[19:13] TraderJohn Susa: Does any one else want thier say?
[19:13] Mike31 Dawes: i have a single comment
[19:13] TraderJohn Susa: Mike
[19:13] TraderJohn Susa: didn't see you here - go on
[19:14] Mike31 Dawes: i've always felt it a conflict of interest for any director of an exchange to be a board member of the SLEC. It should be investors only
[19:14] Mike31 Dawes: That is nothing personal towards anyone
[19:15] Mike31 Dawes: that is all i had to add. ty
[19:15] TraderJohn Susa: Thanks
[19:15] TraderJohn Susa: Mike, I can only state what I believe
[19:16] TraderJohn Susa: The exchanges need to be part of the discussion
[19:16] TraderJohn Susa: what's more...
[19:16] Mike31 Dawes: yes as members
[19:16] TraderJohn Susa: with the type of setup we are working with in sl....
[19:16] Cadence Juran: I have to agree with Mike TJ
[19:16] TraderJohn Susa: the only hold we have is volentary....
[19:17] Mephistopheles Thalheimer accepted your inventory offer.
[19:17] Cadence Juran: all conflicts of interest MUST be dissolved in order for the SLEC to be effective
[19:17] Mike31 Dawes: I personaly would not run to be elected as my goals in business would be potential to control the process or that view could be put on me
[19:17] TraderJohn Susa: the concern was that an exchange would take the position that they were not in agreement and decide not to play
[19:18] TraderJohn Susa: yes there is a lot of pressure we can push if we decide to as a group....
[19:18] Kaddan Yue: yes then you would be saying you don't trust your self to hones and fair
[19:18] Connie McMahon: Which is precisely what has happened.
[19:18] TraderJohn Susa: it would have been easier with the exchanges assent
[19:18] TraderJohn Susa: that, however, may have been a mistake
[19:18] Connie McMahon: !
[19:18] Mike31 Dawes: no i'm saying that that viewpoint could be layed against me
[19:19] TraderJohn Susa: See people, you are the teeth
[19:20] TraderJohn Susa: how many pulled out of WSE when Luke started doing unusual things?
[19:20] TraderJohn Susa: not many
[19:20] Kaddan Yue: yes I did
[19:20] Cliff Eclipse: yo
[19:21] TraderJohn Susa: Yes, I know
[19:21] TraderJohn Susa: the point is that we need to be a MEMBERS association
[19:21] TraderJohn Susa: what we were ment to be
[19:22] TraderJohn Susa: and that because we are mirroring our members opinions and stances....
[19:22] TraderJohn Susa: we have the strength to make a difference
[19:22] TraderJohn Susa: otherwise we're just annoying
[19:22] Mike31 Dawes: I don't want the SLEC to be able to be percieved as a group thatcould favor one exchange over anyone based on the board members relationships with particuliar exchanges
[19:22] TraderJohn Susa: and I have 6 kids
[19:23] TraderJohn Susa: I'm annoyed enough as it is
[19:23] TraderJohn Susa: I agree Mike
[19:23] Mike31 Dawes: perception is key
[19:23] Mike31 Dawes: especialy with what the ultimate goal is
[19:24] Kaddan Yue: so is assumed because I work at ACE I am not fair
[19:24] Kaddan Yue: and i lean towards ACE
[19:24] Mike31 Dawes: by other exchanges and ivestors that can be the case
[19:24] TraderJohn Susa: would be a bad assumption from my expirence
[19:24] Mike31 Dawes: Kaddan i'm not saying anythign personal towards you
[19:25] Kaddan Yue: so forget how much I have lost in other places and not care about how it is exchanges are ran
[19:25] Kaddan Yue: just because I work for one, on way
[19:25] Kaddan Yue: no
[19:25] Kaddan Yue: i have a right to be here
[19:26] Kaddan Yue: I have a right to fight for what is right
[19:26] Mike31 Dawes: you ahve a right to choose a position
[19:26] Cadence Juran: indeed
[19:26] TraderJohn Susa: EVERYBODY has a right to be here
[19:26] Mike31 Dawes: yes
[19:26] Cadence Juran: I believe the issue is
[19:26] Cadence Juran: if you are management of an exchange.. then it is a conflict to be management of the SLEC
[19:26] Kaddan Yue: i disagree
[19:27] Cadence Juran: thats a direct conflict of interst
[19:27] Aldon Huffhines: May I make a few observations?
[19:27] Kaddan Yue: have been sitting at the table for a bit
[19:27] TraderJohn Susa: 1 sec Aldon, please
[19:27] Aldon Huffhines: I am a small investor... I am here more as a blogger... I do not consider myself part of SLEC....
[19:27] Cadence Juran: the SLEC should be a regualtory body
[19:27] Mike31 Dawes: From ace's standpoint it should not want it's members on the board. simply for reasons that others cannot contend favortism
[19:27] Cadence Juran: with no perceived conflicts
[19:28] Mike31 Dawes: percieved is the key word to all this
[19:28] Cadence Juran: indeed
[19:28] Cadence Juran: Mike
[19:28] Kaddan Yue: but then you are staying I don't know how to think to protect my investment
[19:28] Kaddan Yue: and I should not be allowed to
[19:28] Kaddan Yue: come on
[19:28] Cadence Juran: but its not just about you Kaddan
[19:29] IntLibber Brautigan: Cadence, by that measure, shouldn't CEOs also not be on the board?
[19:29] IntLibber Brautigan: thats a conflict too
[19:29] Mike31 Dawes: actually quite the opposite. i'm saying that people may feel you work to hard to protect your investment over their's
[19:29] Cadence Juran: we are speaking of the SLEC
[19:29] Cadence Juran: lets stick with the tyopic
[19:29] Marc Attenborough: CEO's dont control markets
[19:29] Kaddan Yue: Yes and I am
[19:29] IntLibber Brautigan: that is the topic
[19:30] IntLibber Brautigan: CEOs are also regulated by the SLEC
[19:30] Cadence Juran: the topic is how to eleminate the conflict of interest at the SLEC
[19:30] Mike31 Dawes: I have woundered if CEO's should be excluded as well. Hence I have not offered myself
[19:30] IntLibber Brautigan: therefore its a conflict for them to sit on the board
[19:30] IntLibber Brautigan: the fact is that politics is about reaching compromise between all the conflicts of interest
[19:30] TraderJohn Susa: OK, one thing you must remember is that an exchange has a feduciary duty to its investors
[19:31] TraderJohn Susa: to protect their interests
[19:31] Mike31 Dawes: although CEO"s play a lesser role in dictating the rules in which an exchange opperates
[19:31] TraderJohn Susa: frankly, putting myself in a exchanges shoes....
[19:31] Marc Attenborough: 5 CEO's cannot manipulate the other 100
[19:31] TraderJohn Susa: I would feel very uncomfortable with no say
[19:31] Mike31 Dawes: correct Marc
[19:31] Travis Ristow: AMEN Marc
[19:31] TraderJohn Susa: an exchange gets ! vote
[19:32] Cadence Juran: the exchange should be a member
[19:32] Cadence Juran: the SLEC is a regualtory body
[19:32] Cadence Juran: and we have already SEEN what kind of influence has been applied
[19:32] Cadence Juran: by a manager of an echange
[19:32] Marc Attenborough: yes, the exchange should be a member, i agree
[19:32] TraderJohn Susa: they are out weighed by the other members
[19:32] Cadence Juran: still
[19:32] Cadence Juran: the echange shoudl be a member
[19:32] Cadence Juran: MANAGEMENT
[19:32] Cadence Juran: of the SLEC
[19:32] Mike31 Dawes: It would kinda like having a judge also be The DA in a legal case
[19:33] Cadence Juran: shoud be objective and impartial members of the community
[19:33] Cadence Juran: particualry business leaders of the SL community
[19:33] Kaddan Yue: I feel that is unfair after one was voted in by the public
[19:33] Cadence Juran: with NO ties to the exchanfges
[19:33] Marc Attenborough: if you eliminate the CEOs and the exchnages than you will never get buy-in from them
[19:33] Aldon Huffhines: I disagree Marc.
[19:33] Kaddan Yue: I will disagree a exchange does not make me who I am
[19:34] Travis Ristow: So you would like to see no CEO's involved then Cadence?
[19:34] Connie McMahon: Depends how it is doine.
[19:34] Cocky Dagger accepted your inventory offer.
[19:34] Connie McMahon: And if the exchanges decide its an advantage or not.
[19:34] Cadence Juran: I said business leaders
[19:34] TraderJohn Susa: Aldon, you've been patient
[19:34] Cadence Juran: a business leader doesnt have to be an CEO
[19:34] TraderJohn Susa: go on, then Mephist
[19:34] Mike31 Dawes: Kaddan the public view will always be that you would not vote against the wishes of ACE
[19:34] Aldon Huffhines: As it stands right now, SLEC has no power to enforce anything...
[19:34] Mephistopheles Thalheimer: Let me start with a brief summary
[19:35] Aldon Huffhines: I think we've already seen some of the issues that this causes...
[19:35] Cadence Juran: indeed
[19:35] Aldon Huffhines: Instead we get bickering between exchange heads....
[19:35] Aldon Huffhines: To have more power, the SLEC most influence a wider set of investorts...
[19:35] Marc Attenborough: That is corect Aldon, which is why Buy-in from the exchanges and from corporations is crucial to the SLEC's success.
[19:35] Aldon Huffhines: Regular day to day investors, not the big players...
[19:36] Aldon Huffhines: However, Marc, SLEC currently has no credibility with investors, at least as I can see...
[19:36] Mike31 Dawes: if the investors control the SLEC then it regulates the exchanges
[19:36] Aldon Huffhines: So, investors will look at it, shrug at best, more likely just chuckle and walk away.
[19:37] Aldon Huffhines: So, you need to get more influence of regular investors and less influence of the heads of either companies or exchanges...
[19:37] Aldon Huffhines: IMHO
[19:37] Cadence Juran: i have to say, you must widen your scope
[19:37] TraderJohn Susa: :-) you made a good point, the SLEC has no power. Our members do. Our power only comes when YOU are willing to back us
[19:37] Cadence Juran: to beyond investord
[19:37] Cadence Juran: s
[19:37] Aldon Huffhines: Which is why I think TJ started off the meeting so well...
[19:37] Cadence Juran: in order for the SLEC to be effective yo uNEED the cvommunity
[19:37] Cadence Juran: meaning
[19:37] Mike31 Dawes: investors won't give backing if they feel the SLEC is controled bythe exchanges
[19:37] Aldon Huffhines: We need to focus on what SLEC stands for... That will unite a community behind it.
[19:37] Aldon Huffhines: So far, I still have no idea what SLEC stands for or why I should care.
[19:38] Cadence Juran: you HAVE to reach outside the current demographics..
[19:38] Cadence Juran: thats why I recommend the business leaders of the community
[19:38] Marc Attenborough: Well, investors get nothing if the exchanges tell the SLEC to jump off a bridge.
[19:38] Cadence Juran: and you do not have to be a CEO
[19:38] Aldon Huffhines: And, as such, I will invest however I please and listening to one exchange head rant about some other exchange head isn't going to affect my investing...
[19:38] Cadence Juran: to be considered a buisness leader
[19:38] Aldon Huffhines: Other than view both exhcanges with much more suspicion
[19:38] Mike31 Dawes: the investors can tell the exchanges the same thing
[19:38] TraderJohn Susa: Yes mike we can
[19:39] Marc Attenborough: yes, the public votes with their wallet
[19:39] Travis Ristow: Right but say I was a business leader Cadence & I want to be involved. I am on 3 seperate exchanges though this is my point. You state no ties to the exchange then where would that leave a person like me?
[19:40] Cadence Juran: no thats not waht i meant
[19:40] Cadence Juran: i stated..
[19:40] Cadence Juran: that its a conflict to be management for an exchange
[19:40] Cadence Juran: and maangemtn at the SLEC
[19:40] TraderJohn Susa: Mephistopheles, you have been very atient, TY
[19:40] TraderJohn Susa: please make you statement
[19:40] Tatey Bonetto: Yes Marc, that is what I was getting ready to say....We as investors can have power by voting with our money...I think that IS our power and may be the only power we will ever have to regulate
[19:41] Mike31 Dawes: I simply stated. at least my position. multiple companies with many more to follow. i would not want myself to have any appearance of setting the regulations.
[19:41] Cadence Juran: Hey fellas can we let Mephistopheles speak :)
[19:41] IntLibber Brautigan: lol
[19:42] Mephistopheles Thalheimer: I shall start with a summary
[19:42] Mephistopheles Thalheimer: which you all know
[19:42] Mephistopheles Thalheimer: Approximtely three weeks ago the SLEC issued a recommendation with respect to the WSE & Midas bank. The final paragraph of the recommendation as given was:
[19:42] Mephistopheles Thalheimer: "As such, should Luke refuse to pay the dividend, it is the duty of all investors and listed companies to divest from HCL and delist their companies from WSE. Companies that refuse to delist from WSE should likewise be divested from by the investing public. Listed Companies have 1 week from the 48 hour deadline to complete a delisting and relisting upon another exchange."
[19:42] Mephistopheles Thalheimer: This statement issued by the SLEC was met with ENTIRELY PREDICTABLE statements by Luke of clash of interests etc... and the fact that these statements by Luke had a possible grain of truth was enough to make the rebuttals to some degree effective. It blurred the conflict.
[19:43] Mephistopheles Thalheimer: So, there are two immediate concerns/criticisms...
[19:43] Mephistopheles Thalheimer: 1. how will the SLEC address this clear and present danger of credibility?
[19:43] Mephistopheles Thalheimer: 2. how will the SLEC change it's decision making process to better analyse it's released statements so as not to discredit itself.
[19:44] Mephistopheles Thalheimer: Clearly the SLEC must weight the interests of the entire investing community including exchanges. Exchanges need to give input because they know the peculiar circumstances associated with running echanges. SImilarly with CEO's.
[19:44] IntLibber Brautigan: Can I respond? I promise I'll stay to the point
[19:44] Mephistopheles Thalheimer: Remember, Exchanges and CEOs, via their companies, are the wealth builders of an economy.
[19:44] Mephistopheles Thalheimer: Let me summarize with 2 recommendations..
[19:44] TraderJohn Susa: go on Int
[19:44] Mephistopheles Thalheimer: then questions/comments Int
[19:45] IntLibber Brautigan: ok
[19:45] Mephistopheles Thalheimer: 1. The SLEC license exchanges as members. Exchanges that maintain compliance with SLEC regulations and recommendations will stay licensed. Exchanges may leave at any time. SLEC maintains a gazette.
[19:45] Mephistopheles Thalheimer: 2. Exchange members of the SLEC be given a special class of representation, advisory but not regulatory.
[19:46] TraderJohn Susa: TY, very insitefu
[19:46] TraderJohn Susa: Frankly you have made a very good point
[19:47] TraderJohn Susa: as to your first point
[19:47] TraderJohn Susa: I'd have to say that censure is not something to be taken lightle
[19:48] TraderJohn Susa: lightly*
[19:48] TraderJohn Susa: there needs to be a better defined mech than "hey, see what he did?"
[19:49] TraderJohn Susa: and again, this is the dialouge we need
[19:49] TraderJohn Susa: the imput that makes this YOUR SLEC
[19:49] TraderJohn Susa: and through that, will enjoy you real support
[19:50] TraderJohn Susa: as for now I believe a reccomendation to the Board to take that up for immediate action
[19:50] TraderJohn Susa: see, I'm pretty cynical
[19:51] TraderJohn Susa: I get nervous when people start talking exclusion
[19:51] TraderJohn Susa: who makes those decisions?
[19:51] Mephistopheles Thalheimer: the rules
[19:52] TraderJohn Susa: Ah yes, rules.
[19:52] TraderJohn Susa: They don't magically appear, you know
[19:52] TraderJohn Susa: PEOPLE with agendas make the rules
[19:52] TraderJohn Susa: and people are human
[19:53] TraderJohn Susa: rules are dangerous things that are to be made with caution
[19:53] TraderJohn Susa: because every rule can be subverted
[19:53] TraderJohn Susa: so the ones that exclude?
[19:53] TraderJohn Susa: those are the most dangerous of all
[19:54] Mephistopheles Thalheimer: there is nothing wrong with evolving rules based on events.. I suggest the SLEC took a hit here. Perhaps a rule: When voting on a censure motion to an existing unlicensed exchnage, exchange members are recused from voting.
[19:54] TraderJohn Susa: because it's to easy to exclude your oppision
[19:55] TraderJohn Susa: There is EVERYTHING wrong with rules being evolved from the heat of an event
[19:56] TraderJohn Susa: rules are to be involked because they make sense, not to sooth the media
[19:56] Mephistopheles Thalheimer: well, I mean now.. after the event and response from the previous action. A quality control mechanism
[19:56] TraderJohn Susa: that said, I agree you suggestion should be taken up with the board
[19:56] TraderJohn Susa: I am not the SLEC after all
[19:57] Mike31 Dawes: sometimes an unforseen thing pops up that makes someting come to light. something has to be doe to prevent future occurances
[19:57] TraderJohn Susa: sometimes that is true, Mike....
[19:58] TraderJohn Susa: but most times history shos it's just a knee jerk to the momentary public whim
[19:58] Mike31 Dawes: this is more an internal rule than external one.
[19:58] TraderJohn Susa: all I am saying is consider HARD b4 making a rule you have to lve with
[19:59] IntLibber Brautigan: Well I would like to apologize to EVERYONE for being the one who put out the SLEC notice on the WSE ruling. I was the wrong person to make that statement, and left the SLEC open to attack because of that. All I can say is that TJ and Fiona had both been absent for weeks without word and Pat and I had been struggling to keep things together. Pat asked me to put it out, and I did. I'm sorry about that.
[19:59] Cadence Juran: TJ who i son the SLEC Board?
[20:00] TraderJohn Susa: TY, Int. I appreciate that
[20:00] Cadence Juran: or who has voting rights should be my question
[20:00] TraderJohn Susa: The elected board has voying rights....
[20:00] Mike31 Dawes: I believe in a system of checks and balances. A senator cannot also be president. I feel the exchanges duty it to regulate it's CEO's the SLEC is to regulate the exchanges and possible disputes between exchanges and CEO's. Now when the SLEC makes a decisive move against one exchange will a competing exchange has a director on the SLEC board the favortism or conflict card can be used to defend itself. that is counter productive.
[20:01] Cadence Juran: and who currently sits on the board of the SLEC?
[20:02] TraderJohn Susa: TY, I am double checking my list - fact is due to health and a few other reasone I have been out most of the last two months....
[20:02] IntLibber Brautigan: I can tell you
[20:02] You: TJ Sousa - President Patrickj Ah - VP BaliusCaleb Ashley – Tmp S/T Fiona Szondi – Exec Director Intlibber Brautigan - Replaced by Kaddan Yue on 11/19/07 Cocky Dagger – ISE Bogart Beck – SLCAPEX added 9/24 New Directors just elected Kadden Yue – ACE - added 11/19 Travis Ristow – Public – added 11/19 Skyranger Hammerer – Public – added 11/19 Chester Capalini – Public – added 11/19
[20:03] TraderJohn Susa: one of the reasone I took responsibility for everything that has happened since that time....
[20:03] TraderJohn Susa: I dropped the ball, Cadence.... hence the confidence Vote
[20:03] IntLibber Brautigan: correction
[20:03] IntLibber Brautigan: Fiona
[20:03] You: Yes?
[20:03] IntLibber Brautigan: You have kaddan twice
[20:03] Cadence Juran: OK.. let's take a closer look at your board
[20:04] Cadence Juran: and lets identify those conflicts of interests
[20:04] TraderJohn Susa: No Cadence, it's our board or you have no business being here
[20:04] TraderJohn Susa: the SLEC is the members.
[20:04] Cadence Juran: isnt that the point of all of us being here
[20:04] Cadence Juran: to talk about the SLEC
[20:04] Cadence Juran: and HOW to fix it
[20:04] Cadence Juran: ?
[20:04] Mike31 Dawes: It may also be appropriate to setup a system in which in case of a extended absence duties or powers are moved to the next person until that absense can be resolved
[20:05] TraderJohn Susa: That it's MY board, no
[20:05] Cadence Juran: and YOUR board is the board of the SLEC correct?
[20:05] TraderJohn Susa: THat was in play, Mike
[20:05] Mike31 Dawes: ;-)
[20:05] TraderJohn Susa: No Cadence - I appointed 1 person
[20:06] You: I believe the point being missed is that the board is the SLEC's not TJs.
[20:06] TraderJohn Susa: that is sitting on the board
[20:06] TraderJohn Susa: the members elected the majority
[20:06] TraderJohn Susa: Your point though?
[20:07] Cadence Juran: ok.. i'm tired of beatng a dead horse... here;s some free advice.. if you want the SLEC to be effective.. then place poeple on the management and board that do not have perceived conflicts of interests.. AND who do do not compromise the integrity or image of the SLEC
[20:07] Cadence Juran: otherwise the SLEC will remain ineffective
[20:07] Cadence Juran: and you will not have the support of the majority
[20:08] TraderJohn Susa: :-) why Cadence you sweet talker.... you are right, however I do not place people - I have 1 vote just like yopu
[20:08] Cadence Juran: start over
[20:08] TraderJohn Susa: really, why?
[20:08] Cadence Juran: wash it all away and start over with the community
[20:09] TraderJohn Susa: How will that serve the members?
[20:09] Cadence Juran: it will serve the community
[20:09] IntLibber Brautigan: define the community
[20:09] Cadence Juran: and it may even win back many that left
[20:09] TraderJohn Susa: It's easy to say and makes a good sound byte but why?
[20:09] IntLibber Brautigan: SLEC membership has never been higher
[20:09] Cadence Juran: i also recommend that you expand your demogrpahics
[20:10] Cadence Juran: form just investors
[20:10] IntLibber Brautigan: anybody can join SLEC
[20:10] IntLibber Brautigan: there are no admissions limits
[20:10] Cadence Juran: reach out to the entire SL community
[20:10] Aldon Huffhines: How many members are there in SLEC? How do you become a member? What are the rules for joining, for voting? When are votes for board members? ( I know it is a lot of questions, but I still wonder if SLEC is at all relevant, and how its membership relates to the investing public)
[20:10] Cadence Juran: there are soooo many great business leaders
[20:10] Cadence Juran: put your PR and marketing teams to work
[20:10] Cadence Juran: grassroots approach
[20:10] Cadence Juran: talk to business owners
[20:11] Cadence Juran: outside the financial/investment sector
[20:11] Mike31 Dawes: to be quite frank most investors are oblivious to the SLEC at this point
[20:11] You: 245 members.
[20:11] Aldon Huffhines: Thank you Fiona
[20:11] TraderJohn Susa: Cadence - a lot of info but WHY?
[20:12] TraderJohn Susa: WHAT BENEFIT?
[20:12] Cadence Juran: to see a standard established
[20:12] IntLibber Brautigan: if your not an investor whats the point of joining the group?
[20:12] Cadence Juran: but a standard that is built upon objectivity
[20:12] IntLibber Brautigan: people only get 25 groups in SL
[20:12] TraderJohn Susa: hat the standard of slash and burn?
[20:13] TraderJohn Susa: I am asking a simple question
[20:13] Aldon Huffhines: ISE, which I believe is the smallest of the exchanges has 1521 members... So, the 245 members of SLEC represent at best 16% of ISE, and I suspect by extention a much smaller percentage of the trading public in SL
[20:13] TraderJohn Susa: You said to whipe the board clean and start over - aside for a good sound byte WHY
[20:13] Cadence Juran: why?
[20:13] Cadence Juran: very simple
[20:13] TraderJohn Susa: What service will that do for the members?
[20:14] IntLibber Brautigan: People have memberships in groups they are interested in, you can't make people join, so what is the interest to a person who has no investments in SL to be an SLEC member?
[20:14] Kaddan Yue: Question
[20:14] Cadence Juran: to show the community that you are serious about repairing the damaged image of the SLEC and to dissolve all internal conflicts of interests
[20:14] Kaddan Yue: have we solved anything yet
[20:14] Travis Ristow: question also
[20:14] IntLibber Brautigan: how does that accomplish that?
[20:14] Cadence Juran: look the bottom line is the SLEC has lost support
[20:15] Cadence Juran: so how do you go about gainaing that support back
[20:15] Cadence Juran: thats the question y9ou all shoudl be asking yourselves
[20:15] TraderJohn Susa: and the answer is right here
[20:15] Travis Ristow: In My opinion Not by wiping everything out and asking newbies to get involved - the fact is many of them have NO clue about what happens with financial markets
[20:16] Cadence Juran: its called COMMUNITY OUTREACH
[20:16] Cadence Juran: you cant just hold a meeting and excpect people to come to you
[20:16] IntLibber Brautigan: which community Cadence?
[20:16] Travis Ristow: The you have arbitrary requests
[20:16] Cadence Juran: you have to go to the community
[20:16] IntLibber Brautigan: you haven't stated what community has the interest
[20:16] TraderJohn Susa: lol - that is no served by starting over
[20:16] TraderJohn Susa: sorry but I disagree - just my opinion
[20:16] IntLibber Brautigan: so please make a valid point somehwere
[20:16] Cadence Juran: look I'm not the one here doing dsmage control
[20:16] Mike31 Dawes: we don't need the general commmunity. we need to develop relationships with the investment community
[20:17] Cadence Juran: i'm only making recommendations
[20:17] Cadence Juran: and yes they are extreme
[20:17] Cadence Juran: but quite franky the SLEC is at that point
[20:17] IntLibber Brautigan: recommendations should have a purpose and be expected to produce results
[20:17] Cadence Juran: your support has eroded away
[20:17] Travis Ristow: Not completely Cadence
[20:17] TraderJohn Susa: Yes it has.
[20:18] TraderJohn Susa: and for good reason - we dropped the ball.
[20:18] Travis Ristow: Many of us still believe that with reform we can regain
[20:18] Cadence Juran: out of all the exchanges who's left other than ACE?
[20:18] SexyJade Echegaray is Online
[20:18] Travis Ristow: what we had and grow
[20:18] TraderJohn Susa: wiping it all clean as you suggest does not make it better it makes it worse
[20:19] Tatey Bonetto: Well, as just a lowly investor, I feel alienated from the SLEC and just don't see the point....It has turned into just another forum for exchanges and CEO's to stick their claws into each other
[20:19] Tatey Bonetto: Just my two cents
[20:19] SexyJade Echegaray is Offline
[20:19] Cadence Juran: I'll repeat my question... out of all the exchanges who is left other than the ACE?
[20:19] Aldon Huffhines: Exactly! Tatey
[20:19] TraderJohn Susa: Your two cents are valued, TY
[20:19] Tatey Bonetto: Thanks
[20:19] TraderJohn Susa: You really don't know Cadence?
[20:20] Cadence Juran: please dont asnwer my question with a question
[20:20] IntLibber Brautigan: lol
[20:20] TraderJohn Susa: Then just make you point without the theatrics
[20:20] TraderJohn Susa: Please, that is
[20:20] Cadence Juran: does the public here and now at this meeting currently know how many exchanges support the SLEC?
[20:21] Cadence Juran: thats a fair question
[20:21] Cadence Juran: please lets not start getting defensive :)
[20:21] Connie McMahon: I think her point is that 94% of the listed companies and 95% of the share volume is now on non-SLEC affiliated exchanges.
[20:21] Connie McMahon: Seems like starting over isn't much different.
[20:21] IntLibber Brautigan: wrong
[20:22] TraderJohn Susa: Cadence, not defensive just tired of games
[20:22] IntLibber Brautigan: 3 million shares a week is not 1 %
[20:22] IntLibber Brautigan: pr 6%
[20:22] Cadence Juran: there are no games.. just the hard cold facts
[20:22] IntLibber Brautigan: rhetorical questions are games
[20:23] Kaddan Yue: Question
[20:23] Kaddan Yue: wil there be a second open forum
[20:23] Kaddan Yue: because it will soon be 3 hrs of this
[20:23] TraderJohn Susa: Yes, I would like that - believe it or not....
[20:23] TraderJohn Susa: this is quite healthy
[20:24] TraderJohn Susa: Would you all like to continue this next week?
[20:25] TraderJohn Susa: ok then, Next week same time - optional
[20:25] TraderJohn Susa: Int I promised you time
[20:25] TraderJohn Susa: give me 1 more min please first
[20:25] TraderJohn Susa: I want to thank you all.
[20:26] TraderJohn Susa: and I mean that
[20:26] TraderJohn Susa: you particiated
[20:26] Cadence Juran: THank you TJ for hosting this meeting :)
[20:26] TraderJohn Susa: you showed fire and passion
[20:26] TraderJohn Susa: and show more than anything else that you care
[20:26] TraderJohn Susa: as I said up front....
[20:27] TraderJohn Susa: the SLEC is not what's important....
[20:27] TraderJohn Susa: what is is that passion for the Ideals we all believe in - and EVERY body deserves to be heard - even if I do disagree with them....
[20:27] TraderJohn Susa: especially then, in fact
[20:28] TraderJohn Susa: I will put the confidence vote out tonight or tomorrow
[20:28] TraderJohn Susa: and I'll leave it up to you all to decide.
[20:28] TraderJohn Susa: thank you and good night