| | Register
Who is Bob O'Brien?
Sanity Check Archive
Click Here to see Bob's Old Sanity Check articles.
About our Blogs

Blogs found on this website represent the opinion of the author. For more information please visit our terms of use.
Funny Bunny
Looking for something a little lighter?
Catch Bob's more irreverent and amusing pieces in his Funny Bunny Blog.

In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright....

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 3/15/2006 12:00 AM

Update: Breaking news - Refco was just caught with over half a billion in flat-out fake bonds, misbehaving with Caribbean shell companies, and our old Austrian friends lurking in the background, and what is Spitzer all fired up about? Hundred dollar overcharges in IRA accounts. Is it just me, or does it seem like the big thieves are committing billion dollar crimes and it's a massive cover-up, while political hacks try for headlines over parking tickets?

------------

Apparently the stock price got away from someone over the last few days, which brought out the yapping of the lapdog, right on queue.

How unexpected.

This morning, on CNBC, subpoenaed “financial journalist” Herb Greenberg accused Dr. Byrne of a Reg FD violation – essentially of giving people inside information, and allowing them to front-run it.

Ahhh ha ha ha ha ha ha ha ha ha ha ha ha…

That is too funny.

Herb, Babe, were you ever on CNBC to talk about your buddy buying millions of dollars of puts just a hair before the WSJ article came out that tanked NFI’s stock by 50%?

No?

Why not?

How about this article analyzing front-running your articles? Anything to say about that?

No?

For the record, I spoke with Byrne, and the big news he is expecting has nothing to do with OSTK. Except in the sense that naked short selling has something to do with it.

Hey, Herb – how much does naked short selling have to do with OSTK?

There’s a question, huh?

I just heard that Spitzer is going to launch an investigation into the financial services business – ya think that might be it? Could be, but I doubt it.

Hey, maybe Byrne got GEICO insurance? Please. Stop. You're killing me...

I like the desperation that drove the yapping on CNBC – the palpable flop sweat. That makes me think they might be starting to appreciate that this time is different…

So Herb? Sweety? Not about OSTK. So no Reg FD. So come back again anytime, me love you longtime, but this time no happy ending…

Too funny. Really.

And just for the folks at home…cartoons!

Herb1.GIF

Herb2.GIF

Herb3.GIF

Herb5.GIF

Herb4.GIF

Herb6.GIF

Herb7.GIF
Copyright ©2006 Bob O'Brien
Permalink  |  Trackback
Comments (49)
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By rvac106 on 3/15/2006 8:10 AM
You are way too bad.

Could this chart of miscreant brokers be the proof?

Did Patrick read my fervent request?

This is waaay good.

Carry on.

RVAC
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Cramer on 3/15/2006 8:19 AM
I don't know how you can accuse journalists of being unbalanced in their reporting. We have just run a positive article about overstock - which probably caused the stock price spike.

http://www.thestreet.com/_yahoo/markets/activetraderupdate/10273359.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By rtway1 on 3/15/2006 11:50 AM
Spitzer will do anything to get his name anywhere, he is running for office. He gives a rats ass about your IRA. This is Cramers old roomie don,t forget. Does anyone know if he ever sent anybody to jail?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Granny on 3/15/2006 11:56 AM
I am thinking there should be a board game for the children so they learn from our mistakes.
Maybe call it “Where’s My Stock?”.

Then for the adults how about “Liquid Opportunity” The Art of the Hedge.
The goal is to acquire a sac of money and move into the opaque zone. The winner is the first one to turn a half a billion dollars of phantom bonds into real money and disappear with the cash.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By n-tres-ted on 3/15/2006 12:01 PM
Is the blog still taking posts?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Niel Storts on 3/15/2006 12:18 PM
You people treat herbie so badly. Don't you all feel ashamed? Poor herbie is just trying to spread some of the truth. That might be a good nick name for him going forward.... "herbie the spreader".... Seems to be fitting somehow.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By hwh on 3/15/2006 1:14 PM
When does Jeff Mathews get HIS subpoena?...hwh
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Just Someone on 3/15/2006 1:48 PM
To those that will be swiftly off to jail after a few appeals are through. Remember to throw out those threats you use on some of us to those big tattooed mofos in the pen. You'll be a real good girl friend to some lonely guy in the pen for life!
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By dave on 3/15/2006 3:05 PM
Identify the compliance officer at the brokerage, then ask the company CEO to send a letter to the compliance offer explaining that the company transfer agent issues shares promptly and that such and such investor requested the cert. on such and such a date, but a request hasn't reached the transfer agent yet.

Even the owner of the firm is afraid of the compliance officer.

This will usually get the cert. in a couple days.

Finding the name and address of the compliance officer can be tricky - you may need to do some googling. Also, make sure the letter to the compliance officer goes by courier or it might get intercepted in someone's in box.

Patrick should be able to get his certs. more quickly by writing to the brokerage compliance officer than by writing his broker.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By dave on 3/15/2006 3:06 PM
The compliance officer job description:

http://www.ache.org/newclub/career/comploff.cfm

The Chief Compliance Officer oversees the Corporate Compliance Program, functioning as an independent and objective body that reviews and evaluates compliance issues/concerns within the organization. The position ensures the Board of Directors, management and employees are in compliance with the rules and regulations of regulatory agencies, that company policies and procedures are being followed, and that behavior in the organization meets the company’s Standards of Conduct.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Wonder Boy on 3/15/2006 3:19 PM
AGN---Allergan Inc. is a must buy. Why? These are the guys that make BOTOX. You know, that stuff that paralyzes the muscles around the injection site, usually used around the face to reduce wrinkles. With all the questions that are going to be asked to the hedge funds, broker/dealers, DTCC, press, etc., they will all want it to avoid showing any emotions---like FEAR!
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By mfairview on 3/15/2006 3:22 PM
Are there any questions we could ask that our Brokers to answers to insure they're not FTD'ing our shares? Perhaps we could assemble a list and have people go and query their brokers and report back.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By dave on 3/15/2006 3:44 PM
I honestly think the only way to make sure you have real shares is to ask for your cert.

I'm told you can do it in an IRA by setting up a trustco ($100 or so) and having the cert. pulled in that. No, I don't know how to do that, but someone else here probably does.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Tcoop46567 on 3/15/2006 3:49 PM
CMKX!!!!!
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By starseed on 3/15/2006 4:34 PM
Anyone know anything about the CMKX cert pull and the DTCC discussions? Huge NSS story...
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By anon on 3/15/2006 4:56 PM
Another piece of the iceberg breaks free

GM Bankruptcy Risk Exposes Imbalance in Booming Default Swaps

March 14 (Bloomberg) -- Time is running out for the $12.4 trillion credit derivatives market to clean up its act as the potential for history's biggest corporate debt default looms.

The possible bankruptcy of General Motors Corp. has exposed flaws in trading of so-called credit default swaps because the number of contracts has outstripped the bonds they insure. The market's trade association, meeting this week in Singapore, is working to prevent disruptions by computerizing recordkeeping and permitting contracts to be settled with cash instead of bonds.

The Federal Reserve Bank of New York last year warned deficiencies in credit-derivatives trading could threaten the stability of financial markets in the event of a major default. The 10 biggest U.S. banks, including Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase Inc., have about $600 billion of credit derivatives, according to the Fed.

``If there was a major credit event, or a series of credit events, it could really cost them,'' says Tanya Azarchs, managing director of financial institution ratings at New York-based Standard & Poor's. ``It's considered dubious risk management to build a market without setting up an infrastructure to cope with the volumes traded.''

As many as 150 bankers and investors have been meeting since December to develop new rules for credit derivatives, the fastest growing part of $270 trillion derivatives market. The New York- based International Swaps and Derivatives Association plans to have a cash settlement system in place by June 20.

http://www.bloomberg.com/apps/news?pid=10000085&sid=ajZmEd0TdAKo&refer=europe
see full article
Re: In The Jungle, The Mighty Jungle, Dave Patch Screams We're Right.... By InTheKnow on 3/15/2006 5:20 PM
Friends,

Today was one of those days where you really had to wonder whether you were watching a stock trade or whether this was just some April Fools Joke. The blatancy in which the price manipulation transpired demonstrates not only a callous disregard for the laws but also illustrates a sense of surety that a regulator would never have the courage to do anything about it.

Today in Jag Media (JAGH) the market control between HDSN and UBS was near comical. That is unless you actually were the issuer or investor in the company.

Before I illustrate, I want to remind you of two things.

1. The stock trades on the pink sheets unsolicited where Market's are not always represented and the trades being represented MUST be based on a client order.

2. Just last week I ran a test case where I offered up shares to sell in between the gap identified by UBS. I offered up a large enough block (10,000 shares) that I expected my order to be represented. It was not as had been the case with every other buyer and seller I was aware of in the stock.

Today, the pre-market was set at a gap of $0.21 UBS/TDCM X $0.39 UBS. At 9:29 that market was changed to $0.25 UBS X $0.38 HDSN. From here all hell broke loose.


Time MM Bid MM Offer Volume Price
7:30 UBS/TDCM $0.21 UBS $0.39 0
9:29 UBS 0.25 HDSN 0.38 0
10:14 UBS 0.25 HDSN 0.33 0
10:15 UBS 0.25 HDSN 0.32 0
10:20 UBS 0.25 HDSN 0.32 5030 0.32
10:21 UBS 0.25 HDSN 0.38 15428 0.3
10:23 UBS 0.3 HDSN 0.38 15248 0.3
10:24 UBS 0.3 HDSN 0.37 15428 0.3
10:27 UBS 0.25 HDSN 0.37 20,428 0.3
10:31 UBS 0.25 HDSN 0.36 20,428 0.3
10:33 UBS 0.25 HDSN 0.32 20,428 0.3
10:37 UBS 0.21 HDSN 0.32 22,428 0.25
10:39 UBS 0.3 HDSN 0.32 22,428 0.25
10:44 UBS 0.21 HDSN 0.32 27,428 0.3
10:46 UBS 0.22 HDSN 0.32 27,428 0.3
11:05 UBS 0.25 HDSN 0.3 27,428 0.3
12:40 HDSN 0.28 HDSN 0.32 27,428 0.3 ORDER FOR 30,000 Buy @$0.30
12:41 HDSN 0.28 HDSN 0.32 47,428 0.3
1:17 HDSN 0.28 HDSN 0.32 54,428 0.32
1:53 UBS 0.25 HDSN 0.31 97,428 0.3 ORDER COMPLETED
2:05 UBS 0.25 HDSN 0.3 97,428 0.3
2:19 UBS 0.25 HDSN 0.29 97,428 0.3

At the close (3:55) the previous buyer came in again and took another 30,000 shares at $.30.

Total Volume reported 121,426 of which 60,000 was a pure buyer accounted for.



So the Obvious question would be how a client with an unsolicited order status gets such instantaneous market responsiveness that they can respond instantly to every trade executed? Certainly the reactions presented were more that of a market maker controlling a stock or of an institutional client being given all the opportunity to dictate every trading event and controlling any stock valuation. As Orders come into the market a buyer suddenly became accessible to sell

Now if this was a singular day event that would possibly be one thing but this is the standard mode of trading everyday with the exact same players involved. This trading appears to represent more of a market control in wash trading shares between accounts to manufacture volume than it is a normal client looking to buy or sell. No individual client changes their price target that frequently and with such volatility. To only exacerbate this issue, firms like Charles Schwab have prohibited their clients from even purchasing the stock even though it trades through the DTCC and is fully reporting.

Now it would certainly be easy for these trades to be evaluated as to who the clients have been that seem to have been controlling the markets these past weeks. The following chart will match up the time and sales to these tock activities identifying that these two members not only controlled the market but also accounted for all sales.

As Always,

Dave Patch
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By ginger on 3/15/2006 5:35 PM
I don't think removing the date corrected the problem .... did it?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By ginger on 3/15/2006 5:38 PM
No... it didn't.

" ... I don't think removing the date corrected the problem .... did it?"

Now is 8:38 PM EST
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By ginger on 3/15/2006 5:41 PM
OK ... the following posts are all March 15 (today) ... the ones ahead of this are tomorrow ... the 16th of MARCH !!!

The sorter is on Z to A, not A to Z
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Molon Labe on 3/15/2006 6:42 PM

Hey, guess what...No more commenting allowed at Gary Weiss' site.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By jcline on 3/15/2006 6:45 PM
DTCC statement today March 15th, 2006

Media Statement on Robert Shapiro’s Report on Naked Short Sales

Robert Shapiro has admitted to DTCC he is a paid consultant for the John O’Quinn and Wes Christian legal firms, which have been suing DTCC with respect to naked short selling.

• Robert Shapiro’s report is replete with errors, baseless numbers (e.g., estimated fails), faulty analysis that we believe mischaracterizes and misinforms.

• He ignores authoritative statements by SEC on these issues, which are readily available on the SEC Web site and reinforced in an amicus brief the SEC filed in support of DTCC in a recent legal proceeding. We believe he does this intentionally.

• Mr. Shapiro continuously misstates our role in the industry. DTCC does not regulate the industry and is not an enforcement agency. We are highly regulated by the SEC.

Thus for example, Mr. Shapiro states, “At any time, the DTCC could fully clear and settle every extended naked short sale or failure to deliver by doing what it once did routinely in such cases: Buy the shares itself in the market (“buying in”) and charge the account of the naked short seller’s broker.”

Mr. Shapiro is wrong; the SEC has stated publicly that we do not have such authority:

“NSCC does not have the authority to execute buy-ins on behalf of its members. Moreover, forcing close-outs of all fails can increase risk in clearing and settlement as well as potentially interfering with the trading and pricing of securities.”

• His use of the terms “fails to deliver” and “naked short selling” interchangeably throughout this report is intended to confuse reality and we believe he does this deliberately.

The SEC has stated, “There are many reasons why NSCC members (a subsidiary of DTCC) do not or cannot deliver securities to NSCC on the settlement date. Many times the member will experience a problem that is either unanticipated or is out of its control, such as (1) delays in customer delivery of shares to the broker dealer; (2) an inability to borrow shares in time for settlement; (3) delays in obtaining transfer of title; (4) an inability to obtain transfer of title; and (5) deliberate failure to produce stock at settlement which may result in a broker dealer not receiving shares it had purchased to fulfill its deliver obligations.”


• In truth, failed transactions (whatever the reasons) represent less than one-tenth of one percent of the more than 26 million average daily transactions handled by DTCC.

• Mr. Shapiro asserts that Reg SHO has not reduced the total number of outstanding fails. However, in his own report, his numbers demonstrate a 10% reduction in aggregate fails (nearly 58 million shares) and a 32% reduction in companies on the threshold list–and this was within the first three months under Reg SHO (see table 1, pg 5).

• Mr. Shapiro is absolutely wrong in saying DTCC “tracks the precise number of fails for every stock, including all threshold companies, yet refuses to release those data to anyone, even affected firms.”

DTCC provides data on the volume of fails daily to the regulatory bodies responsible for policing and enforcing broker conduct, including the marketplaces (NYSE, NASD, etc.) and the SEC. In addition, this data is used by these regulatory bodies for reporting on and the policing of Reg SHO compliance.

DTCC’s subsidiaries do not disclose confidential information to the marketplace, including data on fails, since it could potentially be used in market manipulation.

And while we have data on the volume of fails, we have no information on the underlying causes of those fails. As noted above, there are many causes of fails.

http://www.dtcc.com/ThoughtLeadership/keyissues/robert.htm
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By bphaere on 3/15/2006 7:35 PM
**He ignores authoritative statements by SEC on these issues...**

Fer shurr... Do authoritative statements hold sway over legal concepts in Judge Judy's court...

First "the Enterprise" now "the Machine"...
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By majordanger on 3/17/2006 8:28 AM

I love how Herb's glass keeps getting lower & lower.. I imagine the next slide will show Herb's glass empty and gone and the bottle getting lower & lower.

Herbys self righteous attitude and body language just SCREAM.. Defense & Guilty

Thanks for the blog Bob.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By bbhindyou on 3/22/2006 6:30 AM
Is that subpoena STILL being sat on?After the way it was treated on national T.V. that has to hurt to sit on
!Poor S.E.C.
!
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By aldigit01 on 3/15/2006 8:19 AM
Bob,

You slay me. Thanks for everything and the humor; just awesome! My prediction today as posted to one of the yahoo boards is that overstock will be filing suit against all the brokerages listed on page 24. Somehow I think that just might get through to Discovery with the information in the presentation.

Rocker throws Herbie under the bus. Brokerages throw Rocker under the bus. Does the SEC throw the brokerages under the bus?

All IMO.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By PPS Big story breaking next 24 hours. Stay tuned. on 3/15/2006 8:25 AM
Author: Hannibal100 Number: of 6939
Subject: Re: The Fool jumps ship Date: 3/12/06 11:24 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!

Recommendations: 15
Trash,

Do you and your ilk really not understand yet that your simpering "Oh my god people are laughing at you don't you know what are you going to do they're laughing oh my god people are laughing" could never affect a man like me? Has that really not sunk in on you guys yet? Have you been paying attention at all? Have I shown any evidence of caring what a poodle like you laughs at?

As far as the multiple-lending argument: the DTCC swears they do not let it happen. They will not describe the mechanism that they would need in place for it not to happen, and no one believes them when they say it anyway, but just for the record, your whole multiple-lending argument falls flat because it misses that point.

In fact, I should point out that it is my argument, not your argument: though it is against the law and their stated rules, the whole NSS movement takes one of its main points to be precisely that such multiple-lending does occur, and hence, the number of share entitlements can grow far in excess of actual shares. The actual number, incidentally, is not really, "infinite": according to some, however, it is 15-20.

"Bed & breakfasting" shares: are you familiar with that term, ET?

Oh, by the way: you keep using the 19 million outstanding shares in your arguments, which is one of the things I consider them so dumb I do not respond normally (someone emailed me this tonight, with a message that "ET sure seems to hate you"). In any case, returning to the real world for the moment, the DTCC only has 8.7 million OSTK shares in its vault. We now have a reported short interest of 8.9 million: short interest is thus 103% of float. As far as the stated rules of the DTCC are concerned, we have accelerated through the speed of light. They have said that this situation is impossible. Now it has happened.


Now think up some more simpering statements about my math, Trash. If any observer thinks there is one that is not bonehead enough that it deserves a response from me, just let me know.

Patrick

PS Incidentally, I don't believe the 8.9 million either: I think that the failed short sales plus the failed long sales + ex-clearing and overseas fails bring our true short interest up to 22 million: some smart observers say I am nuts, and that it really is 60-80 million. We'll see if I can ever get the DTCC to get in the ring with me.

PPS Big story breaking next 24 hours. Stay tuned.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Scott on 3/15/2006 8:25 AM
I just posted this in the last article's comments:

Check out the institutional ownership for a lot of the heavily shorted stocks - You might see a trend with Goldman Sachs. Me thinks GS knows they are headed for a trainwreck and they are trying to protect themselves..

Meanwhile, I'm trying to get my certs of OSTK from eTrade - 14K of them. It's been seven weeks and they just told me it would be 3-6 weeks more. The first request failed and seems to have just vanished. Guess I'm gonna be on the phone a lot with those guys..
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By hey gary weiss and herb buttbuddies on 3/15/2006 8:30 AM
The news is rumored to be about Pat's hobby, not Pat's Overstock, and the breaking news is late as it isn't coming from him

But nice try, you pair of hatchet job experts. You're good! LOL.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Popped Eye the Sailor Man on 3/15/2006 8:33 AM
re: refco & offshore hedge funds....wonder what discovery might find in helmsman and compass.

It's all about the discovery they say. Life is about learning new things.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By cynabear on 3/15/2006 8:38 AM
I wonder if any partners @ GS might be quietly unloading a few of their GS shares these days...especially after their "blow out" numbers and profits and all..........naaaaaaah.......probably not
love the cartoons bunny
next set could be the domino effect of who throws who first under the bus.......or maybe the game is musical chairs??? last man sitting...wonder who that will be...the masked man/woman/group behind this brilliant ripping off of the american public for let's say ....10...20 ...50...more?? years......hmmmm can't wait to find out
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By rtway1 on 3/15/2006 8:40 AM
If they took Herbie and Jimmie away in cuffs, Cnbc would probably play re-runs of Mary Tyler Moore instead of showing any bad news on either of these two. Screw CNBC, watch Bloomberg or write the advertisers of Cnbc and tell them your thoughts. We should have a designated CNBC watcher to report once a day, and spare the rest of us the paid for opinions of so called "ANALYSTS". Herbie reminds me of BAGHDAD BOB when he was reporting all was going well and the tanks were two blocks away.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Project142 on 3/15/2006 8:40 AM
Scott,

You should correspond through e-mail. The written record seems to make them respond faster. The can really give you the runaround on the phone. Ask them who their compliance officer is in your e-mail. That also seems to help.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By n-tres-ted on 3/15/2006 8:48 AM
On the matter of getting certs from OSTK, do I understand PB correctly to be saying that essentially all 19 million shares are already accounted for as being in the hands of knows holders? Or are there still 8 million at DTCC whose holders are in street names? When OSTK issues certificates for the 19 million, they will stop issuing certs. JMO
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Granny on 3/15/2006 8:54 AM
Is it time to short the brokerages?
Just askin.
re: Inthe jungle.... By cynabear on 3/15/2006 9:08 AM
hmmmmm short the brokerages.... a wo/man after my own heart....just pondering...
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Granny on 3/15/2006 9:35 AM
And don't go mistaking Paradise
For that home across the road.
Dylan

FBI's sting on mortgage fraud produces arrest
Homeland Security employee charged with falsifying data

By PATTI BOND
The Atlanta Journal-Constitution
Published on: 03/15/06

The Federal Bureau of Investigation has crashed in on the closing table again, this time arresting a Department of Homeland Security employee who allegedly falsified his mortgage applications to purchase a multimillion-dollar house in metro Atlanta.

Brinson Allen, 38, of Alpharetta, was charged with attempting to commit bank fraud and conspiracy to commit wire fraud after he allegedly used false qualifying information — including that he made as much as $62,000 a month and had $1 million in various banks — to obtain $2.5 million in mortgage loans.

His arrest is part of an ongoing sting operation targeting metro Atlanta's massive mortgage fraud problem, said Assistant U.S. Attorney Gale McKenzie. DeKalb and Fulton counties lead the nation in mortgage fraud, she said.

"We've convicted several hundred [people] in the last five years, and that's just the tip of the iceberg," McKenzie said.

FBI recently nabbed another accused mortgage fraudster in the process of closing on a loan for a house in Atlanta.

In Allen's case, the loans were connected to the purchase of a house at 320 Longvue Court in Duluth, according to a criminal complaint filed in federal district court in Atlanta. The purchase price was $3.3 million, which the FBI says Allen's co-conspirators inflated. (Allen is the only one who has been charged.)

In these types of mortgage scams, investigators say, criminals recruit people, like Allen, to act as borrowers to obtain cash at closing, with no intent to repay the loan. Allen and his co-conspirators intended to walk away from the closing with approximately $800,000 in cash, according to the complaint.

Allen, who allegedly pretended to be an FBI agent, was arrested by the FBI on Monday. He was released Tuesday on $10,000 bond.

The woman arrested for mortgage fraud last month is accused of stealing the identity of a disabled Florida retiree to close on a $1 million mortgage refinancing loan. Donna June Baker, 60, from Kalamazoo, Mich., was charged with attempting to commit bank fraud by allegedly using a stolen identity, a fake address and false employment and financial information to obtain the loan.

Baker, who also was arrested at the closing, stood to take $100,000, according to the FBI.

http://www.ajc.com/business/content/business/stories/0315bizfraud.html
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By AWS on 3/15/2006 9:36 AM
So Spitzer reports he's investigating HRB for screwing IRA holders with fees.

A letdown, no?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By InTheKnow on 3/15/2006 9:40 AM
Why is Herb using GW schtick about Reg FD violations? Too funny, maybe he posts there or likes the TR and Wonderpup posts?

Scum all of them!
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By clearthinker on 3/15/2006 9:47 AM
Mail fraud - remember the movie "The Firm".....all of the statements sent out by mail for ownership of fake shares consititute...mail fraud.......All of the brokers who are KNOWINGLY covering up the fraud shopuld think about this
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By old duffer on 3/15/2006 9:53 AM
Looks like the wimp Cramer is trying a kiss-en-makeup with Pat.

Good Luck but don't think it will work Jim.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By pinkice on 3/15/2006 10:14 AM
Spitzer lawsuit against HRB - nice diversionary tactical move. AG Spitzer trying to divert main street public interest away from the hegies/tutes/broker dealers/Wall Street issue of FTD/NSS. Spitzer move gets a big F. Going for the trees intead of the forest, isn't going to cut it anymore IMHO. Going after HRB, may have some validity, but heck that is just small potatoes. We want the meat SEC & AG, anything less, nonacceptable.

DTCC - open up the books, if you have nothing to hide, you would welcome an audit for independent verification to restore trust and credability in the markets. Anything less, not acceptable.

Bobo, PB - keep the pressure, keep turning the heat higher. Main Street America wants Wall Street brought to justice regarding FTD's and NSS.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By CMElec on 3/15/2006 10:16 AM
"""Is it just me, or does it seem like the big thieves are committing billion dollar crimes and it's a massive cover-up, while political hacks try for headlines over parking tickets?"""
Couldn't agree more, it seems like the penny ante crowd is trying to steal the show and avoid the real hard issues that need to be dealt with. But corect me if I'm wrong here, isn't that the way it always works.... or has workeed?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By mhelburn on 3/15/2006 10:18 AM
What's ole Herb drinking in the cartoon?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Granny on 3/15/2006 10:41 AM
Where did the ashtray go?
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By bobo on 3/15/2006 10:44 AM
Here's a link to Herb's little slap. Note that he uses the interrogative: "I was wondering if there wasn't a Reg F violation there...."

http://www.vmsdigital.com/MyFiles.aspx?Onum=C1CFB670-1AC9-48A8-944C-43251ADFC500

I was wondering if there aren't offshore bank accounts and such going on. We all have our speculations. Have a nice day, Herb, looking forward to discovery...
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By nabrum on 3/15/2006 10:59 AM
Haven't heard much on Carol lately, or at all, since the subpoenas. Wonder if she broke and is squealing her insides out with the hope of getting a better deal from the prosecutors.
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By Carols' "OSTK UNDER SEC INVESTIGATION" Headline on 3/15/2006 11:03 AM
Read my name and wonder why she's not been heard from since the sibpoena....that was a mid-day whopper, tanked a stock rally after the sith lord presentation.

and it was wrong of course.

Way to go, Carol!
Re: In The Jungle, The Mighty Jungle, The Lapdog Howls With Fright.... By blast from the past on 3/15/2006 11:10 AM
remember this chuckler, folks?
------
rottyguy
Report



Joined: 23 Jan 2005
Posts: 12


PostPosted: Wed May 04, 2005 4:35 am Post subject:
a bit tongue in cheek but not too far from the truth Wink

---


PROFILE:

Syndicate: Rocker Partners

David Rocker aka The Dwarfy Don
the mastermind behind the trading strategy of Rocker Partners, David is a known large short seller in the stock market community. it is rumored he once naked short sold his mom to an undercover SEC agent, but all charges had to be dropped when Reg SHO was introduced and grandfathered in all his prior violations. lucky (censored).

Marc "Canary" Cohodes aka Lawsuit
still visibly upset from his parents misspelling of his name, Marc would turn you over to the fedz faster then you could say "are you kidding me?". in fact, he is not kidding. he purportedly once filed a lawsuit on a man that simply asked him if he had the time. get your own rolex you bum, he scoffed, as the poor individual was taken away in handcuffs!

Dow Jones
Carol "Hedgefund Honey" Remond
don't bother buying this vixen a drink, she'd just assume bash your head in with her keyboard and a few choice words. unless, of course, you belong to a hedgefund. in which case she'll turn over faster then a french poodle on graduation day of her obedience course.

Barrons
Bill "Weatherman" Alpert aka ALPO
simply put... stay clear of this joe. it's difficult to know how your words will be interpretted by bill. a simple phrase like "how's the weather", depending upon the day, could be interpretted as "hey your zipper's down" or "you f'ing cock-a-roach... i'll kill you with my bare hands."

Street.com
Jim "The Grocer" Cramer
after graduating from harvard with a law degree, Jim enrolled in a 6 month course on debating taught by famed comedian Sam Kinison (god rest his soul). EVER SINCE, JIM HAS HAD A DIFFICULT TIME KEEPING HIS VOICE DOWN. "THE GROCER", CLAIMED TO HAVE MET MR. ROCKER ONLY ONCE AT A LOCAL SUPERMARKET IN THE PRODUCE SECTION. AN ODD ADMISSION, SINCE MR. ROCKER HOLDS 2 MILLION SHARES OF STREET.COM, A COMPANY STARTED BY JIM. DAVID WAS ALSO, AT LEAST ONCE, INTERVIEWED BY JIM ON HIS SHOW.

Marketwatch
Herb "lapdog" Greenberg
this guy is a real jewel. his story can be bought for a tootsie roll and a bag of m&m's. this guy would half-truth his grandmother for a nintendo system. fortunately for the syndicate, he's in bed with more newsrags then a 2 bit hooker. his specialties are drive-by journalism, in which he tosses a grenade in the direction of an unsuspecting company and speeds away screaming "and don't bother with the hate mail; they all go to my trash box!"


Ram Partners
Jeff "Backspace" Matthews
having once worked at Rocker Partners and Street.com, Jeff is no stranger to the syndicate. don't cross paths with him on his blog, Jeff will wipe your comments clean faster then a underpaid mcdonalds employee. his affinity towards bashing Overstock's CEO, Dr. Patrick Byrne is widely known where one can expect a barrage of banal observations from Jeff about every 3 days.

Your name:
Title:
Comment:
Please limit your comments to 500 characters. For longer comments, use our forums.
Subscribe via Email
Get This Blog via Email:


Powered by Squeet.com
Sanity Check Archive