To secure a loan, Rubin pledges stock that he represents as being marketable and worth approximately $1.7 million. In fact, the stock is nonmarketable and practically worthless. He is charged with violating the Securities Act of 1933. He claims that because no sale occurred, he is not guilty. Is he correct? Why or why not?

No

Explanation:

No. "sale" or "sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy a security or interest in a security for value. Obtaining a loan secured by a pledge of stock unmistakably involves a "disposition of..interest in a security. Although pledges transfer less than the absolute title, the interest thus transferred is and "interest" in a security. It is not essential under the terms of the act that full title passes to a transferee for the transaction to be an "offer" or a "sale"

a. money supply  

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answer; break-even analysis;