Saudi Stock Market

This is regarding Dr. Khalid Batarfi’s article (April 23) about the Saudi stock market. I am not an expert in investments and stocks but I do read about them sometimes and know the history of many frauds and manipulations from the 1930s until the present. All stock markets have one objective and that is to maximize the profits of companies. I also believe that investing in the stock market is a form of gambling. What happened in Saudi Arabia has happened in many other countries and a few people have gone to jail for that kind of behavior.

The problem in Saudi Arabia is very easy to solve. Get all the leaders of the companies, put them in jail until they return the money to the investors. It seems to me that some individuals in these companies took advantage of the people who want to get rich fast. After I read Dr. Batarfi’s article I was saddened and decided to do a few minutes’ research. I found this article that I think is simple to understand and in support of Dr. Batarfi’s effort. (www.angelfire.com/ca6/asiavest/stock_fraud.html)

What I have learned from this research is that there is something called “Pump and Dump Scheme.” The common pump and dump is to take a stock and through a variety of fraudulent actions, manipulate the price to an inflated value. Once the price has reached its maximum potential, it is sold off in large blocks. Once this happens, the price of the stock immediately drops by double-digit percentages leaving innocent stockholders with dramatic losses. So the next time you see a company making claims that appear unrealistic or if you go to a public message board and see postings such as “New Contract Being Signed” or “This Stock is Going to Go Through the Roof” consider that as nothing more than a red flag.

Now I would suggest establishing a watchdog organization that protects the public by offering free information or establishing a website to expose fraudulent companies.

Rashid M. Alhomaid, Tucson, Arizona,US, published 27 April 2006

Saudi Stock Market - 2

By your description, nothing is wrong with your stock market. It sounds like it’s working flawlessly. No, I’m not being sarcastic.

George A. Booth, United Kingdom, published 27 April 2006

Unemployed Youth

This refers to the item, “10,000 Turn Up for 500 Job Vacancies” (April 21). Thousands of jobs can be created if officials in the Kingdom use and process their natural, financial and human resources properly. All these unemployed youth can be trained to work in new refineries if refined petroleum is exported instead of raw petroleum. Exporting unrefined petroleum at low prices is not in the interest of any country.

M.A., Jeddah, published 27 April 2006

Joseph Grant

I read Michael Saba’s article about Joseph Grant, an American who helped launch Saudi Arabian Airlines (April 22). Most of the times Americans are great people; they open up their country to foreigners irrespective of race, color or religion. This is more than can be said of most of the rich Muslim countries.

Mohammad Arshad, Riyadh, published 27 April 2006

Iran and US

Based on observations by the US government, the only way to stop them from annexing Iran is to have a balance of power. If the US feels that it is superior militarily, it will attack, invade, and occupy Iran to control that country’s oil reserves. In 2010 the United States may run out of domestic oil.

The behavior of the US government shows that it is very worried about the dwindling world supply of oil. In order to secure more oil reserves for domestic US consumption, the United States will need to secure the Caspian Sea oil fields, Iraqi oil, and Iranian oil. If it does not, the American economy will begin to contract and collapse in 2010.

Reid Vinette, United States, published 27 April 2006

Iran and US - 2

Does anyone really think George Bush cares about what happens to the Middle East, either now or after his presidency? Let me assure you he does not! The only people who genuinely care about what happens to the Middle East are the people who live there! As with any other aspects of life, “No one is interested in anything unless they have a personal stake in it.”

This means Iran is genuine and does want to build a sustainable development program for the region and take Iran and the region forward! America, on the other hand, is only interested in getting what it can from the region for its own self-interest! I would therefore suggest that any country relying on America for development, support, democracy, etc. is either seriously deluded or is led by leaders consumed by self-interest.

FT, United States, published 27 April 2006

Iran and US - 3

Russia must be commended for making it clear to the United States it would not be a party to the neocon scheme to hijack the United Nations and use it as a fig leaf to cover up America’s coming destruction of another Muslim country.

Iran should stand in the UN dock if it has committed a crime that others have not. Have not these hypocrites — France, Britain and America — who are shrieking about Iran’s nuclear program, enriched uranium? They have, and they are planning to upgrade their nuclear capacities even while trying to haul up Iran before the Security Council. No one can prevent aggression against Iran by one or more evil powers, though the consequences are hard to predict. But the invaders should be identified as invading for their own benefit, not for that much-prostituted “international community.”

Naveen Ram, Riyadh, published 27 April 2006

Sino-Saudi Relations

The pattern of growing relations between China and Saudi Arabia, economic as well as political, speaks for the success of the wise policies of the far-seeing leadership of the Kingdom. It is high time the Kingdom reviewed its immigration laws and harmonized employment laws and rules to benefit from the brain drain from Muslim countries.

At this moment, overwhelming numbers of highly qualified and competent Muslim professionals head West. A sound immigration policy and harmonious employment rules would attract more competent and highly qualified professionals to the Kingdom that it really needs.

Rashid Hassan, Riyadh, published 27 April 2006

Impasse Over Hamas

I read Marc Gopin’s article, “Saudi Plan Can Help Break the Impasse Over Hamas” (April 23). Perhaps the professor is unaware of the list of parties who take part in Israeli elections and their policies. Some of them believe in completely driving out all Palestinians from Israel. By the way what rights do Muslims have in Israel in reality, not on paper?

Mohamed, Jeddah, published 27 April 2006