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?
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