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Brilliant Pieces of Journalism Today

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 4/22/2006 11:00 PM

Check this out - an honest piece of journalism by a non-NY press member. How surprising. The Philadelphia Inquirer delivers the goods.

http://www.philly.com/mld/inquirer/business/14405833.htm

The article speaks for itself, and is one of the better ones I've seen covering the topic of naked short selling.

For those who dispute that it exists, or is predatory, I would suggest that you read this twice.

Disseminate this far and wide, people, and congratulate the reporter on a job well done.

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

And here's some fun reading on why Spitzer is not taking any action against hedge funds in spite of their obvious impact on Wall Street and alarming penchant for larceny:

http://www.nydailynews.com

"Eliot hedges bets
By DAVID SALTONSTALL
DAILY NEWS SENIOR CORRESPONDENT
Sunday, April 23rd, 2006

Attorney General Eliot Spitzer may be known as the "sheriff of Wall Street," but there's at least one group of high rollers - hedge fund managers - that he's happy to ride sidesaddle with, records show.

The Democrat's campaign for governor has collected nearly $1 million from hedge fund honchos in the past year, according to a Daily News review, drawing complaints from GOP foes that he is taking money from a rarefied Wall Street subset over which he has regulatory oversight.

"An attorney has an ethical duty to avoid even the appearance of impropriety," said Andrea Tantaros, a spokeswoman for Bill Weld, one of Spitzer's Republican rivals. "Revelations that Mr. Spitzer is raising money from firms that he is arguably regulating seems to raise serious issues about his ethics."

There is more, but you should probably go to the site to read it...

And you should also read this piece:

http://www.forbes.com/forbes/2002/1209/072_print.html

Why anyone would believe a word that comes from anywhere near Wall Street is really the question, no?
Copyright ©2006 Bob O'Brien
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Comments (22)
Re: Brilliant Pieces of Journalism Today By Lisa M. on 4/23/2006 11:41 AM
Wow. Holy cow.
Re: Brilliant Pieces of Journalism Today By InTheKnow on 4/23/2006 11:55 AM
I thank God for people like Ralph Liambiase. Amen.
Re: Brilliant Pieces of Journalism Today By Jasper on 4/23/2006 1:04 PM
Jeepers.
Re: Brilliant Pieces of Journalism Today By bobo on 4/23/2006 1:48 PM
Exactly. Jeepers.
Re: Brilliant Pieces of Journalism Today By stormchaser on 4/23/2006 1:50 PM
No Shittee...Spitzer is in bed with the Hedge Funds....Damn...and here I thought we may have a knight in shining armour....ITS THE MONEY CHILDREN....THE FUC$#@ MONEY...this country is bought and paid for....and guess what....SHITTE ROLLS DOWN HILL.......
Re: Brilliant Pieces of Journalism Today By ditty bopper zed on 4/23/2006 1:58 PM
Fabulous reading, and for once the title wasn't an attempt at sarcasm...
Re: Brilliant Pieces of Journalism Today By Y on 4/23/2006 2:02 PM
Here is the list of the 1000 "liquid" stocks that can be shorted on a downtick for an SEC sanctioned death spiral.

http://www.sec.gov/rules/other/34-50104.htm

http://www.sec.gov/rules/proposed/34-48709.htm#V
Re: Brilliant Pieces of Journalism Today By Concerned Citizen on 4/23/2006 2:20 PM
Y is OSTK on this list????

Great point by ammass on a DNDN board:

"There is a remedy for selling through the (highest) Bid so that the Bidder is always garunteed that his bid will obtain a fill that is, his Bid will not be ignored. OTOH, allowing Sellers to hit Bids on the "downticks" is a remedy for nothing but producing a "DEATH SPIRAL" in a stock.Joe Kennedy knew this when he adopted and implimeted the Rule in 1938.What is the SEC trying to learn that is already known? This is Knowledge Apriori,it is common sence! "
Re: Brilliant Pieces of Journalism Today By anon on 4/23/2006 2:47 PM
google for article

Spitzer Campaign Getting Money From Sources Spitzer Disavows
By MICHAEL COOPER
Published: February 7, 2006

"ALBANY — In his run for governor, Attorney General Eliot Spitzer has called for ending the "pay-to-play culture that exists in Albany" and pledged not to accept contributions from anyone with business pending before his office.

But in Albany, where campaign donations gravitate toward power, Mr. Spitzer's early lead in the polls has translated into contributions from lobbyists and special interest groups in amounts that are usually not seen except when incumbents are running.

When Mr. Spitzer held a gala fund-raiser that added $5 million to his campaign in December, the invitation, which listed some big donors along with members of the host committee, read in places like a who's who of powerful Albany lobbyists."
Re: Brilliant Pieces of Journalism Today By jcline on 4/23/2006 4:43 PM
Perhaps an email campaign is in order to ask Mr. Spitzer why he did not take up the fight against the biggest fraud on Wall Street....NSS... but rather chose to go after H&R Block instead. Discovery might well prove interesting.
Re: Brilliant Pieces of Journalism Today By testtest on 4/23/2006 5:05 PM
Read the following online in Globe&Mail ... more potential fraud:

http://www.globeinvestor.com/servlet/story/RTGAM.20060421.wxrtrader21/GIStory/
Re: Brilliant Pieces of Journalism Today By harriet on 4/23/2006 5:14 PM
Testtest, we need to dig into MJK Clearing. Adnan Kashoggi (of Iran Contra fame), Sept. 11th... I know Bobo doesn't want to get political, but read this article about men from mars:

http://www.madcowprod.com/index6012.html

I believe naked shorting DOES fund terrorism so it is hard not to make the political links.

Normally investors lose money hand over fist when a clearing house goes down, but for some reason, they made most investors good in this case.

I stirring up MJK Clearing would reveal a lot of secrets. The status quo would sooner fix the wholes in the clearance system than have us understand how naked shorting funds terrorism.
Re: Brilliant Pieces of Journalism Today By Niel Storts on 4/23/2006 5:27 PM
I've been saying for years that spitzer was working in tandam with certain hedge fund managers that we all know and love. I also believe that he is going after companies that our buddies have a short interest in. Just my humble personal opinion of course.
Re: Brilliant Pieces of Journalism Today By rtway1 on 4/23/2006 8:16 PM
Anyone going on Cramers to promote himself and claims to be the the best of buds speaks volumes to me. We are usually judged by the company we keep, need I say more.
Re: Brilliant Pieces of Journalism Today By Jasper on 4/23/2006 8:28 PM
I thought Cramer and Elliot were actually roomates at Harvard. Anyone know? I mean nothing could be more criminal than the booyah show. Nothing could be more harmful to the small investor. No? Jeepers...
Re: Brilliant Pieces of Journalism Today By dennis on 4/23/2006 10:04 PM
Naked shorting stops tulip bulbs

http://www.sec.gov/spotlight/hedgefunds/hedge-efficiency.pdf
Re: Brilliant Pieces of Journalism Today By stormchaser on 4/24/2006 3:18 AM
Jcline...Judy....When the AG's office returned my call they stated that Mr Spitzer was waiting to see what Mr Quinns lawsuit would result in.Have to admit it's a great excuse.....
Re: Brilliant Pieces of Journalism Today By InTheKnow on 4/24/2006 4:09 AM
Like these guys will do anything to upset their buddies. They have no ethics or moral convictions. All for show.
Re: Brilliant Pieces of Journalism Today By gregcable2002 on 4/24/2006 4:39 AM
You know this assures a republican win if anyone can show collusion,and we have the best detectives in the world,so if anything can be found out about Eliot it will.Only problem is that the republicans are taking money also.Time for a independent.
Re: Brilliant Pieces of Journalism Today By gregcable2002 on 4/24/2006 4:44 AM
Everyone has their hands in the cookie jar except the retail investor.Time for a boycott of wall street.We need a national day of prayer for our financial markets and maybe not trade for a couple days.That will get some attention.
Re: Brilliant Pieces of Journalism Today By cynabear on 4/24/2006 1:59 PM
Good idea Greg, i like the idea of a day boycott of Fraud Street....maybe longer...
settle the trades
Re: Brilliant Pieces of Journalism Today By gregcable2002 on 4/24/2006 2:06 PM
The boycott could coinside with election day,wouldn't that be a blast up the crooks a##.

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