I was pumping iron in River Oaks this morning when  I bumped into an old friend from law school.  First, he had a 20 year career in the FBI but has been practicing securities fraud/shareholders derivative law suits for the past 15 years.  He is getting ready to lower the boom on not only the shale players but the brokers who facilitated the frauds.

I asked him how the Shale players were allowed to squander/ lose over a trillion dollars.  He told me the shale players followed 4 simple rules:

1. Never follow the rules;

2. Never pay in cash (thinking  of the 180 day drafts, I gasped);

3. Always demand cash in payment; and

4. Never tell the truth.

That about sums up what we've seen, don't it folks?