Scoff at Take-Two's Delisting Notice

This column was originally published on RealMoney on Jan. 22 at 8:28 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Take-Two(TTWO Quote) may be delisted by the Nasdaq. That's the headline. You read it, you get nervous.

Me, I say don't even bother getting nervous. It doesn't matter. It has never mattered. The company's financials and its executives seem to always live on the edge, somehow getting away with it.

Take-Two's not alone. Have you seen any real results from Krispy Kreme(KKD Quote)? Does the market care? Do you care? I'm even saying Krispy Kreme can be bought, have been since Howard Penney from Prudential gave it the go-ahead.

One of the most bizarre aspects of the market is that you don't really need honest, regular financials to trade. Stuff that would never be allowed if you were filing to come public doesn't even seem to matter once you are public.

To me, at a certain point the SEC should have stepped in and suspended trading in these stocks, just banned them as public securities. But the SEC's mantra is just "full disclosure," even if full disclosure means only "full disclosure that we are real screw-ups and our financials mean nothing. Don't count on them."

In fact, as much as I hate the fact that Take-Two has gotten away with it, on this news -- bad news to me -- I will take a hard look at it because it's what the shorts want to see and they will have to cover if the usual gang of mutual funds comes in and takes it up.

We all know this stuff goes on. We take up stocks that don't deserve to go up we do so on non-existent financials or falsified ones. It's become no big deal.

How ridiculous that stocks like these could be opportunities. They are just shams to the long side.

I'd rather bet in the more honest NFL gambling parlors.

But then again, I guess I am just a stickler for principle and am old-fashioned. Someone's probably buying Take-Two on this news right now.

And will probably be right.

Random musings: If you love following stocks as much as I do and want to help me help people make money, you're someone I need. I'm looking for an experienced research assistant based in the New York metro area to help me out. (CFAs welcome.) Please send your resum and cover letter to [e-mail], with "research assistant" in the subject line.