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New Article On Dr. Byrne and NSS - Great Read

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 4/19/2006 4:00 AM

Everyone should read the latest piece here:

http://www.connect-utah.com/article.asp?r=1689

It is a really compelling and well written article about Dr. Byrne, his history, and the ongoing war he is waging on behalf of American investors.

I can't really add a lot to it, as it is pretty much all there. But your comments are always welcome. Read it, distribute it, and discuss it.
Copyright ©2006 Bob O'Brien
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Comments (18)
Re: New Article On Dr. Byrne and NSS - Great Read By virakiller on 4/19/2006 10:36 AM
Patrick Byrne is this naked short sellings Paul Revere
He really has done so much here as has Bobo Dave Patch, Mark Faulk,Bud Burrell
Tom Ronk,
But we are all sadly "b team" players at the moment and Paul Revere/Patrick
is giving us GREATOPPORTUNITY to hit the "show"
We really got these traitors scared because they are FINALLY talking about naked short selling
Thanks to all here we will all be big leaguers soon
Re: New Article On Dr. Byrne and NSS - Great Read By canada on 4/19/2006 10:39 AM
Read this article on the guys who regulate the brokerages in Canada that allow shorting. I wonder who's pocket that money comes from...

http://www.canada.com/vancouversun/news/business/story.html?id=c6d0d6c4-d3d7-4baf-8b26-e55e9f523a91&k=92600

The author of this article is pit bull and can be reached:

http://www.canada.com/vancouversun/columnists/davidbaines.html
Re: New Article On Dr. Byrne and NSS - Great Read By edwardb_3 on 4/19/2006 11:16 AM
It's nice to see all the publicity about FTDs, but let's remember who the real miscreants are: not the hedge funds that game the system, not the brokers that pocket money for services not delivered, but an SEC which has, despite having al the evidence has faled to enforce the existing settlement regulations and a bought-and-paid-for Congress that refuses to put the SEC's feet to the fire. Regulation of financial markets is a government function, and our government has failed us. What was that about taxation and representation??
Re: New Article On Dr. Byrne and NSS - Great Read By x. trapnell on 4/19/2006 11:17 AM
The link for the main article on Patrick Byrne is:

http://www.connect-utah.com/article.asp?r=1688&iid=43&sid=3
Re: New Article On Dr. Byrne and NSS - Great Read By J on 4/19/2006 11:31 AM
Is this the wrong link? Not about history of Byrne
Re: New Article On Dr. Byrne and NSS - Great Read By captspell on 4/19/2006 11:33 AM
Great article. Now that NSS is getting some well deserved exposure I am still wanting to put some pressure on "where did he NFI FTD's dissappear to" and how exactly was that done. Anything new on that topic ?
Re: New Article On Dr. Byrne and NSS - Great Read By Chris "Limpy" Cox on 4/19/2006 11:35 AM
edwardb_3- You think I am not doing my job? Look what I did for those poor subpoenaed journalists. Huh? What about me taking care of Frank Quattrone within four days of his case being kicked out. How about that trip to China to tell them how to run their market. What about me telling the elderly that their investments are safe. Ya you forgot about that. FTD's, Reg SHO who cares about that? I am too busy planning the FIRST ANNUAL MISCREANTS BALL for all of my buds. Now leave me alone. Shoo I say. Shoo.
Re: New Article On Dr. Byrne and NSS - Great Read By mfairview on 4/19/2006 12:21 PM
Anyone else notice a recent rash of positive news on the FTD thing recently? I mean we went from virtually nothing to a positive article every other day. Are people starting to honestly get it or are people starting to honestly getting nervous?
Re: New Article On Dr. Byrne and NSS - Great Read By clearthinker on 4/19/2006 1:01 PM
until your local newspaper's business section has this as the leading story on a regular basis, we have accomplished nothing...the general public is still completely in the dark
Re: New Article On Dr. Byrne and NSS - Great Read By General Public on 4/19/2006 1:53 PM
Hey did someone here mention my name? Yawn. FTD's? Yikes! I need to get back to watching Deal or No Deal. Don't be talking about me unless it is in the same conversation as Budweiser.
Re: New Article On Dr. Byrne and NSS - Great Read By edwardb_3 on 4/19/2006 3:31 PM
Dear Limp Cox,
Forgive me for suggesting that you're not doing the job you swore to, namely protecting individual investors. Don't forget to invite "Bye me" Shelby and the rest of the Senate Banking Committee to the ball! Not to mention all those "representatives" of both houses who've punted requests for action from their constituents to you for (round) filing.

Seriously though, let's put the blame for this scandal fair and square where it belongs.
Re: New Article On Dr. Byrne and NSS - Great Read By MarionPolk on 4/19/2006 5:49 PM
My email to the author:

There are hundreds, possibly thousands of individual investors who have been fighting Wall Street corruption and SEC apathy for a number of years. Patrick actually came to the party quite late, but has accomplished much more than any other individual.

As a 30+ year subscriber to The Wall Street Journal, it was a deep disappointment to me to realize that several Dow Jones employees were directly involved in market manipulation, and that senior management at Dow Jones did know, but didn't care.

Patrick has suffered a huge amount of undeserved personal attacks. I hope he is aware that thousands of honest investors will forever be deeply in his debt.
Re: New Article On Dr. Byrne and NSS - Great Read By InTheKnow on 4/19/2006 7:59 PM
WASHINGTON, April 19 (Reuters) - U.S. Securities and Exchange Commission Chairman Christopher Cox will testify to the Senate Banking Committee on Tuesday on a range of securities industry issues, the committee said on Wednesday.

At a 1000 ET hearing, Cox is expected to be asked by lawmakers about issues ranging from stock exchange oversight and mutual fund governance to regulation of credit rating agencies and corporate auditors, committee aides said.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-19T200200Z_01_N19285174_RTRIDST_0_CONGRESS-SEC-COX.XML
Re: New Article On Dr. Byrne and NSS - Great Read By Chris "Limpy" Cox on 4/19/2006 8:46 PM
See, I am doing something I am testifying. I will testify that everything here at the SEC is hunky-dorky. I am a shill for the Senate Banking Committee so what did you expect? I won't be talking about naked shorting, FTD's or Reg SHO. I am not that stupid! I will tell them I am assuring seniors that their investments are safe. I do that because most of the senior groups are senile and are more worried about when the potty break is than anything I have to say so I can tell them anything and they nod their heads in approval. At the conclusion of my meeting with the Senate Banking I will invite them all to the First Annual Miscreants Ball since they all qualify to attend. Ain't it grand?
Re: New Article On Dr. Byrne and NSS - Great Read By blackbart on 4/19/2006 8:50 PM
Great post from NFI board on Yahoo tonight: Yet another letter to SEC
by: josephavenius
Long-Term Sentiment: Strong Buy 04/19/06 10:03 pm
Msg: 424138 of 424161

Linda Chatman-Thompson Wednesday, April 19, 2006
Securities & Exchange Commission
Division of Enforcement
100F Street NE
Washington, DC 20549

Dear Ms. Thompson:
I am trying to understand just how clear things have to be for the SEC to take action. How flagrant do crimes have to be for you to move? This is one of many letters about ‘naked short selling’ and fails to deliver. I wrote you last year about this and you have done……………..
Nothing!
Lets take one company Overstock.Com; it has 19,430,000 shares officially outstanding. However there are now another 16,000,000 shares existing in people’s accounts for a total of over 35,000,000 shares!
Shares holders voting rights? I guess you can’t be bothered. Small investors getting wiped out by illegal hedge fund trading? Give us a few more years, and maybe we will take a look. How about the law? Does that matter to anyone there?

a) It shall be unlawful for any person, directly or indirectly, by the use of the mails or any means or instrumentality of interstate commerce, or of any facility of any national securities exchange, or for any member of a national securities exchange--

1. For the purpose of creating a false or misleading appearance of active trading in any security registered on a national securities exchange, or a false or misleading appearance with respect to the market for any such security,
1. to effect any transaction in such security which involves no change in the beneficial ownership thereof,

This would open the Specialist firms, Options Market Makers, NSCC and all other broker dealers that ever failed to deliver through the markets - up to liability for violating the 1934 Act.
There are no exceptions in the1934 Act for anyone.

Of course this is in addition to the NSCC not complying with 17A of the same act to link all settlement and clearing facilities rather than divorcing them as they have done, which makes FTDing possible through the NSCC and also "ex-clearing", clearing agencies.

You know about this loophole, and you know some people are making a killing with it (at other people’s expense). Perhaps you are waiting for the problem to get bigger? Or are you just waiting for your golden parachute and land yourself on Wall Street. Just please don’t try to say you don’t know, or you are going to look into it. No one could be that ignorant.
Either you enforce the laws of this country, or stop pretending you are – just let everyone know “We gave up enforcement because some rich people who are stealing would get hurt”. You can pretend there are other reasons, but in you heart you know there is not. All you have to say is “deliver the shares – or buy them in!”

Re: New Article On Dr. Byrne and NSS - Great Read By Millerd1 on 4/19/2006 8:53 PM
There is more blame here than the SEC. I personally have an NYSE letter saying they check on my complaint for Jan 28, there was no problem with manipulation ( presumed by me) naked shorting or the specialist or market maker. Well now we SEC provided evidence about the size of just some of the FTD. I believe that letter to now be a fraud. How many letters do we now have from the NYSE, NASD and SEC said there was no problem on a day we now know how big just a piece of the FTD manipulation really was. Those responding letters can be law suit evidence.

Another thought line (from somebody else, not mine) for the SEC signatures and public servants in general:
"With the Deputy Undersecretary, I calmly informed him of court cases that say
someone not doing his job not only should be fired, but because he is not doing his job, he is collecting a paycheck fraudulently and has to pay it back. Within 10 seconds in that phone call, I got what I was after."

"As part of a "60 Minutes" segment years ago that I watched being filmed, I noted a number of factual errors. When it was aired, I taped it and outlined the errors, 16 of them in a 16 minute segment. I wrote CBS and they terminated the reporter (it took her over a decade, but she now is back on the air... as a game show host)."

"the local chief of police stole something
from my brother. My dad was afraid of the guy and did not want to press
charges. I called the mayor and told him I was 21 and would sign the
papers to press charges, at great embarrassment to the village, unless
it was returned. The mayor informed me that was impossible as the chief
just left on a fishing trip to Canada where there was no phone. The
mayor completely changed his tone after he found out I knew the law and
how to use it, when I told him I would have trouble pressing charges if
not done so in 3 days (back then), so if it was not returned in 3 days,
I would go to the state police. I advised the mayor to contact the
chamber of commerce in the town in Canada nearest to the fishing lodge
and pay someone to deliver the message to the chief, which he did. The
chief returned in time and returned the stolen goods, then the mayor
fired him.

To be blunt, the ideas that have worked very well for me:
1) Public officials hate it when someone exhibits knowledge of how to
discipline them and knowledge of laws in play. It really gets action,
so much so that I have never had to follow through, because they always
do what is right when faced with odds stacked against them.
2) Public officials, from local through state to federal, know how far
they can go without being criminal and how far they can go with being
criminal but getting away with it. When you also know and they
understand that, they always give in because they understand you would
fry their fannies.
3) Act altruistic and that you aren't doing this for yourself. Modern
public officials can't live with that and feel a need to placate you
and get rid of you. Act selfish and they completely understand you and
have years of practice sidestepping your wants and needs, so you would
get no satisfaction.
4) It's really fun to find a case of a public official in a job like
theirs who actually went to jail and/or paid a huge fine or repaid
wages. Mentioning it quietly works fine."
Re: New Article On Dr. Byrne and NSS - Great Read By virakiller on 4/20/2006 6:22 AM
Posted: Apr 20, 2006 6:54 AM

WARNING TO AMERICAN ENTREPRENEUR

DON'T GO PUBLIC !!

DO NOT GO PUBLIC !!!

You got an "idea" want to take it to next level ?

Bring it "public/I.P.O" ?

You feel this idea is "break through" and you can beat the odds ?

Cool your jets !

Wait until our current trading markets=

TRADE
FAIR

Call that Criminal in charge Chairman Cox at S.E.C
[202] 551-2100

Ask him why he ALLOWS the rich and powerful to sell the weak and poor
a "phoney share of American paper/stock' ?

Ask him why he makes it impossible to bring an idea to market to trade fairly
with these counterfeit BANDITS controling their new markets with phoney shares
of their new stock offering ?

MAKE THAT CALL NOW.

[202]-551-2100

Your future and the future of our American markets depends on it !!!

your friend,
Darren

Re: New Article On Dr. Byrne and NSS - Great Read By Dave on 4/20/2006 9:10 AM
It is possible the SEC doesn't fully appreciate the scope of the problem as it can be hidden in level two clearing houses outside the country which they don't have the authority to look at.

For example, if broker A sells to broker B, but they both trade through the same tier 2 clearing house, there is no net change in that clearing house's position at the DTC.

If broker A is selling fictitious shares and the tier 2 clearing house A and B trade through allow it, then that clearing house just keeps an internal IOU. Again, the DTC and SEC have no idea that the trade was fictitious.

The bad guys know who the bad guy friendly clearing houses are, so they just have to route their trades there.

I've watched stocks like NFI go on and off the SHO list willy nilly. I've seen pennies trade no volume for a week, then suddenly go off SHO. How do you cover a short without a trade?

The rule is that the IOU has to exceed a threshold at a clearing house. All that clearing house to do is split the IOU with another clearing house and they get it below the threshold.

90% of US brokerages trade through a tier 2 clearing house rather than directly through the DTCC system.

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