Erik Gholtoghian's  Instablog

If I was the legal judge in place at the SEC, and I set all of the rules and punishments that individuals would get in this country when tampering with the securities laws, the exact punishment I would enact over George Economou would be that his entire position in Dryships be forfeited.

His flagrant abuses of the securities laws, his absolute total disregard for the safety and securitiy of the United States based investors which placed faith in him, if I were a judge, I would take pleasure in announcing to the court, "Ladies and Gentleman... Mr. Economou, your sentence is complete loss of investment, with the proceeds to be distributed to the shareholders of date.  You are no longer in control of this company anymore; you are a shameful man, a con artist, a thief, and should live in shame for eternity.  No further punishement.  Get the hell out of my courtroom, and take your goons with you...

This would transfer control of the ownership interests in the company from another country into the United States.  If the international jurisdiction had a problem with my decision, I would immediately enact emergency powers and halt trading in the stock and investigate options for a complete ban on ADRs, American Depository Receipts.  The very chance that international criminals are able to plunder the United States through continual share dilutions and fraud reaches well beyond the law.  The issue reaches all the way into the currency markets.  The United States should be tough enough that the securities markets should always be regulated closely enough such that at all times investors should be able to rely on their own currencies never being used against them at the international level.  Meaning, no investor in the US should have to worry about international robber barons holding the keys to their retirement plans. 

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.