We had a dream too!
26 September 2013
Following the hallucinations in HKEx non-elected director and CEO Charles Li Xiao Jia's blog yesterday, Webb-site had a dream last night, in which HK investors signed a declaration calling for a new regulator to remove HKEx's conflict of interest between profit and regulation, inspired by the events of 1776:
"We hold these truths to be self-evident, that all shareholders are created equal, that they are endowed by their Articles of Association with certain unalienable Rights, that among these are limited liability and 1 vote per share. That to secure these rights, Regulators are instituted among markets, deriving their just powers from the consent of the governed, That whenever any Form of Regulator becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute a new Regulator, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect fair and orderly markets. Prudence, indeed, will dictate that Regulators long established should not be changed for light and transient causes; and accordingly all experience hath shewn that investors are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the Stock Exchange Listing Division to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Profit evinces a design to reduce regulatory standards, it is their right, it is their duty, to throw off such Listing Division, and to provide a new Listings and Takeovers Authority for their future security. Such has been the patient sufferance of this former Colony; and such is now the necessity which constrains them to alter their former Systems of Regulation. The history of the present Stock Exchange is a history of repeated injuries and usurpations, all having in direct object the establishment of more listings at the expense of regulation. To prove this, let Facts be submitted to a candid world."
© Webb-site.com, 2013