Honest Money

Charts & Numbers has some interesting comments on the death of Mr Hazem Khalid Al-Braikan, CEO financier of Kuwait’s Al-Raya Investment Co
http://chartsandnumbers.com/2009/07/26/indepth-albraikan-and-the-sec/

peteyb says:
July 26, 2009 at 17:44
its an unfortunate incident for sure but lets wait until all the facts are out, i suggest.

Enquiring minds says:
July 26, 2009 at 20:19
What kind of a country releases a murder assessment before a full investigation? On what basis? What proof and who investigated this?
Who says its suicide and on what basis?

As I said, interesting comments!

The more an I reading about this,
and giving some reports of my reading under the post (1)
which I posted before the death
in order to, as peteyb says, ascertain the facts,
the more I get convinced that Al-Braikan did do no harm to any body and was thus prosecuted for a victimless crime.

This happens barely a fortnight after the SEC’s top inspector, Lori Richards, was forced to leave the agency after a year in which her office and the enforcement division was accused of failing to spot Mr Bernard Madoff’s US dollar 65 billion fraud. (2)

And if you didn’t know, Madoff made many victims.

The SEC now also made a victim.

As Enquiring minds says:
Who says its suicide and on what basis?

Here’s one of the latest reports of my reading:

Al-Braikan did no harm to any body.
The SEC is not happy with only having killed him.

The SEC may still sue Al-Braikan’s estate, said Jacob Frenkel, a former SEC lawyer now with Shulman, Rogers, Gandal, Pordy & Ecker PA in Maryland.
“It’s not the same as a criminal matter, where the death of the individual means the government folds its case entirely,” he said. “Because it’s a civil suit, the SEC can still continue its efforts to pursue collecting the alleged ill- gotten gains.”, says Bloomberg  (3)

TO REPEAT
Al-Braikan is the victim of having been suspected by the SEC of having committed a victimless crime.

The SEC did not say that Al-Braikan was making money at the expense of somebody else.

No, the SEC’s only complaint that he made money.

This is envy. (4)

The SEC only wanted “dis-gorge-ment” of ill-gotten gains, says AFP. (5)

“Gorge” in French (6) means “throat”. “Keel” in Dutch, a Germanic language like English, also means “throat”..

I will refrain from black humour.

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

NOTES

(1)
Al-Braikan versus Madoff
Posted by Ivo Cerckel on July 26th, 2009
http://bphouse.com/honest_money/2009/07/26/al-braikan-versus-madoff/
[if the link does not work, try to copy it and to paste it in your browser.]

(2)
SEC top examiner Richards to leave agency
Reuters – Thursday, July 9
http://asia.news.yahoo.com/rtrs/20090709/tbs-business-us-sec-richards-7318940.html
SNIP
WASHINGTON – The U.S. Securities and Exchange Commission’s top inspector, Lori Richards, is leaving the agency after a year in which her office and the enforcement division was accused of failing to spot Bernard Madoff’s $65 billion fraud.

(3)
Al-Braikan Dies in Likely Suicide, Official Says (Update3)
By Zainab Fattah and Maher Chmaytelli
July 26 (Bloomberg)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4.R9HiI25kc

(4)
AYN RAND LEXICON
verbo “Envy/Hatred of the Good for Being the Good”
http://aynrandlexicon.com/lexicon/envy-hatred_of_the_good_for_being_the_good.html
SNIP
Envy is regarded by most people as a petty, superficial emotion and, therefore, it serves as a semihuman cover for so inhuman an emotion that those who feel it seldom dare admit it even to themselves . . . . That emotion is: hatred of the good for being the good.
This hatred is not resentment against some prescribed view of the good with which one does not agree . . . . Hatred of the good for being the good means hatred of that which one regards as good by one’s own (conscious or subconscious) judgment. It means hatred of a person for possessing a value or virtue one regards as desirable. UNSNIP

(5)
Kuwait broker facing US lawsuit found dead
KUWAIT CITY, Jul 26, 2009 (AFP)
http://www.zawya.com/Story.cfm/sidANA20090726T120725ZPUZ39/Kuwait%20Broker%20Facing%20US%20Lawsuit%20Found%20Dead
and
http://www.google.com/hostednews/afp/article/ALeqM5i1FVzPD2lMlfcpaq6tOxh01TZf0A
SNIP
The SEC said it was seeking “a permanent injunction, disgorgement of ill-gotten gains with prejudgment interest, and financial penalties.”

(6)
The etymological origin of  “dis-gorge-ment” is also French
(and thus, in second degree, Latin -
the Latin prefix “dis-” meaning ”apart, separately” or “differently”)
of course.

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