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DMC Requests Naked Short Selling Probe

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 5/17/2006 2:01 PM

Folks, this continues to increase in importance: the system is broken, the miscreants have no fear, and companies are being eviscerated while the regulators twiddle their thumbs and our elected officials grandstand, or stick their heads in the sand.

The latest?

DMC.

Read all about it here.

I'm running out the door, but I will ask a pointed question - how many more investors need to be wiped out so Wall Street miscreants can book record profits using illegal trading techniques? How many more companies are going to get mugged by the bad guys so that their G-5's can afford the higher cost of jet fuel?

What the hell is going on in our markets that thievery and blatant abuse are regular parts of the scenery?

What's it going to take to get these parasites to settle the trades, as the rules require?

What's it going to take?
Copyright ©2006 Bob O'Brien
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Comments (25)
Re: DMC Requests Naked Short Selling Probe By clearthinker on 5/17/2006 2:29 PM
what will it take? Clearly more than a blog..............
Re: DMC Requests Naked Short Selling Probe By bobo on 5/17/2006 3:17 PM
But you have to start somewhere...
Re: DMC Requests Naked Short Selling Probe By rtway1 on 5/17/2006 3:24 PM
I said it before and I,ll say it again. The only way Cox and his political friends will ever go after the counterfeit ring will be if the miscreants volunteer a signed confession along with the terrorist funders, as to their illegal acts and how they pulled them off. If the DTCC were to send a signed confession to any kind of complicity it would probably be refused or destroyed.
Re: DMC Requests Naked Short Selling Probe By teacheric on 5/17/2006 4:07 PM
we need a concerted effort to get the information out there so that the elected officials know that their jobs are on the line if they dont confront the issue. Before elections, can't we start asking questions like what are you going to do about "naked shorting" in our markets if (re)elected? If we all made a thousand flyers and posted them places and passed them out, and put them on windshields, basically telling Joe sixpack what is going on in laymen's terms, and then steered him to this website, that should help bring more light to the matter. How many people did you tell today? I know it sounds like an Amway pitch or Primerica pitch, but we have nothing to lose but a few bucks for the flyers. What we gain is possibly a more educated public, one that only watches the news on tv. And as we know, the news is not going to uncover this scandal, at least not until many more voices are heard.
Re: DMC Requests Naked Short Selling Probe By teacheric on 5/17/2006 4:11 PM
By the way, I'm clicking on all those interesting Google ads on the sanity website to help fund whatever it is the easter bunny needs money for to further the cause.
Re: DMC Requests Naked Short Selling Probe By BoneStorm on 5/17/2006 4:11 PM
The last line in the article:
"The Securities and Exchange Commission banned naked short selling in October 2003 to protect thinly traded stocks that could be targeted by traders or hedge funds engaging in the practice."

I guess your work is done now Bobo. They cleared this all up over 2 years ago...
Re: DMC Requests Naked Short Selling Probe By jj on 5/17/2006 4:33 PM
It's going to take a new administration before we see any changes!
Re: DMC Requests Naked Short Selling Probe By robelita on 5/17/2006 4:37 PM
An epiphany has occured-what we are witness to is nothing less than the engineering of the NEXT Great Depression and consolidation of wealth. It all makes sense now.
Re: DMC Requests Naked Short Selling Probe By majordanger on 5/17/2006 5:45 PM
To paraphrase " the SEC banned naked short selling in 2003.....AGAIN "
Just like in the 1930's .... only this time they really mean it!

I guess it's time to buy a 100 lbs sack of rice and 2000 rounds of ammo.
then head for the hills and live off of squirrel n rice stew.
Re: DMC Requests Naked Short Selling Probe By bobo on 5/17/2006 5:54 PM
robelita - I don't know about that -doesn't seem like anyone will need a depression to take all our money, the market is doing that quite well as is...
Re: DMC Requests Naked Short Selling Probe By everyone on 5/17/2006 6:43 PM
we must target one person at a time and BLAST them with emails and phone calls. 1 person a day BOBO start it up. list the clown and I will get the Troops and go Medieval on them ONE at a TIME,,
Re: DMC Requests Naked Short Selling Probe By mhatmccane on 5/17/2006 6:47 PM
The blurb in Briefing.com did indicate Company officials had asked for an inquiry - it did not mention if the request had been granted. Open question to anyone that knows: what does it take to request an "inquiry"? Would a stockholder with FOIA information be able to request an "Inquiry" ?
Re: DMC Requests Naked Short Selling Probe By swea pea on 5/17/2006 6:57 PM
I'm with everyone. We need someone to start this contact campaign. How about it BoBo?
Re: DMC Requests Naked Short Selling Probe By robelita on 5/17/2006 7:29 PM
bobo,

Extrapolate-the operative feature is the consolidation of wealth. The first depression was also engineered. Wilson figured it out-albeit too late. Hoover was the fall guy. Roosevelt the hero. Look at history. The Federal Reserve was "born" just a scant decade before the crash. The wheels were by then set into motion. Today is no different-just more complex and insidious. They covered all bases too with the confiscation of gold and silver. All principle means means of wealth were kept from the ordinary citizen-quite ingenuous and rather effective-no.
Re: DMC Requests Naked Short Selling Probe By Kuma on 5/17/2006 7:30 PM
I agree. Have the person of the day. It gives everyone a plan and something to get motivated and follow through on. It just seems like we are drifting aimlessly watching on the sidelines as we each take our turn in the barrel. You need the person of the day right at the bottom of your new blog, right when one is super angry and willing to send an email.
Re: DMC Requests Naked Short Selling Probe By Bobo on 5/17/2006 8:08 PM
OK, person of the day. I'm going to be occupied for the next day or two and not really online much, so perhaps you can suggest and agree on a person to target communications to? Rather than bitching and moaning to folks who won't do anything (shelby, the SEC) let's try for influential journalists or communicators - radio is good, TV better.
Re: DMC Requests Naked Short Selling Probe By robelita on 5/17/2006 8:21 PM
I nominate Bob Woodward.
Re: DMC Requests Naked Short Selling Probe By rtway1 on 5/17/2006 8:42 PM
Go for the gold and get Oreilly. If you can get someone to reach him,I,ve tried but not hard If ever there is someone with Gonads it is he and with the right person presenting the the program in a expeditive way full of proof, you might tweek his interest and show him whAT HAPPENS TO jOE sIX pACK, BACKED BY ACCURATE CHARTSAND ALSO HIS FAMILY AND RETIREMENT. Oreilly is always under a time limit so you must get to an effective point that spurs future appearances and makes headlines. Books are big with him, so Bobo now might be the time, i know I can,t wait for yours to come out We need a big media person thai is overflowing with facts for the press entourage that will follow. Or we push for Mark if he is up to it
Re: DMC Requests Naked Short Selling Probe By whosyouruncle on 5/17/2006 10:29 PM
bobo

1) As you were "running out the door" did you perhaps mistitle this blog? As I understood the Business Wire, it was the Document Security System Co (DSS) that suspected uncovered short sellers were driving the decline in its stock price, and was asking the regulators to ascertain whether so-called NSS was being done AT the DMC.

2) Perhaps a good pulpit to bring our problem to are the the PBS channels, and the Lehrer Report. He is probably the least likely to be co-opted, AND not have a built-in "axe-to-grind" reputation.

Bob L.
Re: DMC Requests Naked Short Selling Probe By stem_999 on 5/17/2006 10:50 PM
bob........ on your side, but if "miscreants" are selling endless lots of stock, who is buying it from them? Surely they now represent a large % of ostk.
Re: DMC Requests Naked Short Selling Probe By BUILD an ARMY on 5/18/2006 3:42 AM
work thru states starte with Utah, all levels. Gain press in local areas, like San Fran, Denver, CHICAGO,, BUILD a ARMY,, people will all email to save their investements .
When someone gets thousands of emails and phone calls in 1 DAY, trust me they will get the point and in the email let him know he is on record about the knowledge of the FRAUD. Like the Civil War, Turn their own Cannons on their own troops
Re: DMC Requests Naked Short Selling Probe By jojo8 on 5/18/2006 7:32 AM
follow the dirty money...news, CALPERS just auctioned their big fat funds AS LOANS!!! now these big fat pension monies are in whose dirty little financial pro fingers to cover up shorting problems. CALPERS got too critical of financial shenanigans so they got brought to the table. now they can play banker...money lender. so how can the individual 401K employee compete with this david & goliath supply & demand saga?
…We believe CalPERS superior pension assets are a terrific addition to our robust securities lending platform," said Tom Tesauro, co-head of Equity Finance at Citigroup.>
yes we should hold our tax paid politicos accountable for policy failures. most IRAs & 401Ks are for future needs- retirement, housing needs, education needs. since they took away our retirement guaranteed pensions (unlike govt pensions!!!) & threw us to the wolves of the marketplace, let's squeeze them to CLEAN UP THE MARKETPLACE OR GIVE US BACK YOUR GOVT FUNDED SALARIES!
Re: DMC Requests Naked Short Selling Probe By sealman on 5/18/2006 10:40 AM
I agree we need a media leader as our mouthpiece and that mass emails to those who want to represent us in Congress might get some actiion. O'Rielly knows how to get attention and Woodward has the respect of all Americans. Clearly there are others too.
Shucks, I receive gobs of garbage emails daily for everything from Viagra to virgins. Surely we can mount our own email campaign and bombard the net with our message. I will pay my share of the costs too.
Re: DMC Requests Naked Short Selling Probe By brokeflat on 5/18/2006 12:57 PM


O'Reilly lost a bundle on an investment in Enron. If Enron was heavily naked shorted, and that was something that drove the price into the ground prior to it being delisted, then that might be a way to get his attention. If Enron had 200 million shares outstanding, but at the end of day there were say 800 million shares naked (a not at all out of line number), then one might indeed get his attention. Of course, as was said, a book would help. He may indeed give gravitas to authors; deserved or not.
Re: Cloggers unite By mhatmccane on 5/19/2006 9:13 AM
The idea of everyone jumping on one person a day with letters, emails, etc is, IMHO, way out of line. I share the frustration of many here but I do not believe "flaming" people is going to win friends and influence people. BTW, how many here sent a Thank You to 60 Minutes back on March 27th when they ran the segment about gradient ? Email address is 60m@cbsnews.com

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