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Casey At The Bat...Fated to Strike Out?

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 5/17/2006 6:12 PM

Kathy Casey is going to become an SEC Commissioner, if Shelby has his way.

Which is bad news for everyone except for Wall Street insiders.

Picture the same lightning-like responses that Shelby possesses - able to delay and then cancel hearings on naked short selling with an alacrity seldom seen in politicians these days, a studied indifference to any and all complaints over centi-billion dollar systemic risk...my kind of guy, old Shelby is....my kind of guy...

And now Kathy Casey, who presumably is equally adept at understanding which side of the toast has the butter, will be taking over an important seat at the SEC.

Wow.

Maybe we can see the same sort of stonewalling that we've seen from everyone but Bennett on the Senate Banking Committee? Oh, wait, we already are seeing that.

Hmmm.

Is it just me, or does it seem like this problem just keeps spinning more wildly out of control, and the damage squad keeps stuffing the ballot boxes to ensure that no Mr. Smiths ever turn up in Washington?

Could you imagine what the SEC meetings would be like with Bobo sitting in? Or Patch, or Burrell, or Faulk?

Maybe we could kick it off with, "Settle the GD trades before we talk about anything else."

I suspect that would put a "chill" on the rest of our tenure.

Maybe Casey will be brilliant in her role. Or maybe we will simply continue to see the same sort of mindless obfuscation that we have thus far seen with the SEC subpoenas of the media - where Cox cut the legs out from under his enforcement division, and for all the rhetoric, has yet to let them do their jobs.

I'm going to go with, if Shelby thinks this is good, it is bad for investors.

But don't quote me on that. I don't want to get a reputation as a cynic or a skeptic...
Copyright ©2006 Bob O'Brien
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Comments (36)
Re: Casey At The Bat...Fated to Strike Out? By BUILD the ARMY on 5/18/2006 6:43 AM
Start the email campaign we all want to fight to end this,, lets expose these clowns one at a time with thousands of emails all IN 1 DAY.. Pick the dope and post his email address and number and let the peopel VOICE their concern and horror story.. NOT 1 email that they can discard,, start the offensive
Re: Casey At The Bat...Fated to Strike Out? By clearthinker on 5/18/2006 6:48 AM
More of the same....another "stay in bed" day..I think a week's worth of full page ads demanding settlement of trades in the Washington Post would be a good start.....
Re: Casey At The Bat...Fated to Strike Out? By Cogi on 5/19/2006 4:23 AM
Frontline. I like that idea. What can we do to incourage Frontline to do an hour long episode on the topic?

Cogi
Re: Casey At The Bat...Fated to Strike Out? By Gordo on 5/19/2006 4:26 AM
I like the idea of Frontline. What can we all do to encourage Frontline to do a story on market abuse and NSS?
Re: Casey At The Bat...Fated to Strike Out? By n-tres-ted on 5/19/2006 8:41 AM
I may be wrong, but I have a hard time seeing Sen. Shelby as a shill for Wall Street hot shots of any stripe, particularly crooks. An Alabaman carrying water for the billionaires of Upper Manhattan and Greenwich? I doubt it. Maybe a dupe, but we shall see.
Re: Casey At The Bat...Fated to Strike Out? By Pez on 5/19/2006 8:47 AM
Does anyone have contact information for someone high up at Frontline?
Re: Casey At The Bat...Fated to Strike Out? By Jeff on 5/19/2006 12:16 PM
If someone is stealing from you, are you allowed to shoot them?
Re: Casey At The Bat...Fated to Strike Out? By ginger on 5/19/2006 12:56 PM
Journalism & Democracy ...

“ … During the past three and a half decades, I have learned that the job of trying to tell the truth about people whose job it is to hide the truth is almost as complicated and difficult as trying to hide it in the first place. Unless you're willing to fight and refight the same battles until you go blue in the face, to drive the people you work with nuts going over every last detail to make certain you've got it right, and then to take hit after unfair hit accusing you of having a "bias," or these days even a point of view, there's no use even in trying. You have to love it, and I do …”

http://tinyurl.com/kyrpt
Re: Casey At The Bat...Fated to Strike Out? By ginger on 5/19/2006 1:00 PM
Posts are out of sequence again. Why?
Re: Casey At The Bat...Fated to Strike Out? By ed manfredonia on 5/19/2006 1:43 PM
Several years ago I wrote to Senator Shelby concerning the refusal of the Securities and Exchange Commission to investigate the American Stock Exchange. Senator Shelby wrote to Chairman Donaldson.
In a letter to me, Senator Shelby assured me that Chairman Donaldson would look into the matter.
The result: The fourt Wells Notices delivered to the American Stock Exchange executives.
But with Chairman Donaldson gone, the SEC Commissioners have been hellbent on covering up crime at the American Stock Excxhange- especially money laundering and narcotics smuggling.
Good luck.
www.WallStreetScandals.com
Ed Manfredonia
Re: Casey At The Bat...Fated to Strike Out? By n-tres-ted on 5/19/2006 4:22 PM
piddly_sum, keep us informed about your communications with your congressman. Maybe you'll do something good.
Re: Casey At The Bat...Fated to Strike Out? By bobo on 5/19/2006 11:39 PM
Cynabear: A PAC isn't a bad idea, but with it lies the belief that if you work the system hard enough, you can beat the guys with trilions at their beck and call at the game they invented and control...

Worth a shot. Why not? Anyone got any more info on PACs? Send me an email...
Re: Casey At The Bat...Fated to Strike Out? By browntrout on 5/18/2006 6:59 AM
I have sent Senator Shelby about twenty pieces of correspondence concerning naked shorting. I have yet to receive a reply on any of them. For Shelby to recommend anyone means another doer of nothing at the SEC along with COX and Nazareth. The fleecing will continue until investors revolt.
Re: Casey At The Bat...Fated to Strike Out? By Lisa on 5/18/2006 7:04 AM
Yes, we need to start picking these people off one at a time. You can't take down rotten institutions unless you seperate and illiminate the people who collectively make the filth.

Yes, the best place to start is the media. Get it out amongst the masses before we go after the crooks. Please, pick a person and lets start doing this. My vote is for Charlie Rose. Followed by Don Imus.
Re: Casey At The Bat...Fated to Strike Out? By clearthinker on 5/18/2006 7:07 AM
Charlie Rose would be a good choice.... at this point, someone with political aspirations in the mid-term elections could carry this ball a long way
Re: Casey At The Bat...Fated to Strike Out? By jza4 on 5/18/2006 7:30 AM
how about Heraldo Riveria(sp)?? :-)
Re: Casey At The Bat...Fated to Strike Out? By jojo8 on 5/18/2006 7:43 AM
start step by step...with blogger browntrout's statement...
this kathy casey should have to answer for that. let's investigate her record before nomination. and that gets to let's investigate shelby's record.
every policy, oversite or regulation or lack of must be investigated before appointment. step us to the flashlite, all politicos
Re: Casey At The Bat...Fated to Strike Out? By piddly_sim on 5/18/2006 8:17 AM
Here is what I plan to do:

My congressman has an office less than a mile from here.

In the year that I have been on his case about doing something about the problem he has A) referred a letter to the SEC to which I received a reply from that liar Brigagliano and B) referred a letter to Oxley who chairs the house financial services committee and I got one of those Reg SHO is working so well replies.

I will go back over to his local office today and explain to the people there that if he does not give Chris Cox a call (they must know eachother having served together in the Congress) and let Cox know that if he does not take postive action right away then my poor congressman will have an angry constituent calling many other constituents on behalf of his opponent come election time to let them know how he has failed at his job and should not be re-elected.

Maybe that is how to get them one at a time.
Re: Casey At The Bat...Fated to Strike Out? By rtway1 on 5/18/2006 8:17 AM
Geraldo would be a great choice because he is far more intelligent than most of his peers and has the guts to go against the establishnent. The media is the only engine that can get to the masses and educate them as to how they are being effected in their pensions, IRA,s and investments. I think this is the logical choice, to get the masses aware so they can vote their feelings. I think Shelby is a disgrace and should be thrown out of office.
Re: Casey At The Bat...Fated to Strike Out? By old duffer on 5/18/2006 8:19 AM
more incest. what else would you expect from this narrow headed pack of inbreeders?

didn't shelby marry his cousin?
Re: Casey At The Bat...Fated to Strike Out? By clearthinker on 5/18/2006 9:14 AM
Geraldo works for Fox now.....Fox is a BIG supporter of the administration....g'luck with that one....I think that the CEO's of all companies on the SHO list should put together a pool of $ to go directly to the American people, via newspaper ads. The media is too compromised. Take 100 companies, if they each put up $100,000 that will buy a PILE of ad space to clean this up....
Re: Casey At The Bat...Fated to Strike Out? By piddly_sum on 5/18/2006 10:18 AM
hmmmm, now all of a sudden I am to expect a call from the Congressman's chief of staff, or maybe even the Congressman himself...


And I am not afraid to make cold calls for his opponent in the fall. I am that mad.

Now if everybody who owns part of a threshold security does the same thing, maybe something will get done.
Re: Casey At The Bat...Fated to Strike Out? By sealman on 5/18/2006 10:45 AM
Let the investor revolution begin!
Ladies and Gentlemen, START YOUR EMAILS!
Re: Casey At The Bat...Fated to Strike Out? By john on 5/18/2006 1:34 PM
Frontline just did a program on the shifting of retirement burden from pension plans to 401ks. They play on PBS and it seems like they have an independence that would suit this topic well.
Re: Casey At The Bat...Fated to Strike Out? By aldigit01 on 5/18/2006 1:43 PM
Does Shelby have competition in his next election campaign? Might be interesting to contact and or help finance any serious alternative candidate. Heck, maybe sponsor all the local ads the competition wants if they relate to naked shorting and Shelby's lack of response to the issue. "Is Senator Shelby allowing Wall Street to pillage your retirement income?" "Is your pension plan being sabotaged by Wall Street insiders while Shelby does nothing?"
Re: Casey At The Bat...Fated to Strike Out? By Kiko on 5/18/2006 1:49 PM
Bob, How about you talk to Byrne and see if he can get Gayle Essary to get coverage for Overstock?
====================================

Global Standards Of Practice For Research Providers Unveiled At National Investment Banking Association Meeting By FIRST Research Consortium; Reform Includes Ban On Stock Ownership / Home
Comprehensive new global “Standards of Practice for Research Providers” were introduced and promulgated March 18 by the FIRST Research Consortium (http://www.firstresearchconsortium.com), a three-year old association that previously promulgated the “Standards for Independent Research Providers,” during a keynote luncheon speech at the meeting of the National Investment Banking Association (http://www.nibanet.org).in Denver.

The speaker, James A. (Drew) Connolly III, Director of Corporate Development for FIRST Research Consortium member Investrend Research (http://www.investrendresearch.com), said the biggest reform, and perhaps the most resisted in the financial community, is the outright ban on adopters of the new “Standards” to accept, own or trade equities of companies research providers or analysts cover, in a move to further eliminate conflict and provide transparency.

The single exception is for regulatory-compliant broker-dealers with an in-house or contracted research department.

Other speakers at the Denver event included Michael Mayhew, Founder and CEO of Integrity Research (http://www.integrity-research.com), and a Director of Investorside, and Dirk Koerber, Chair of the newly-founded not-for-profit Shareholders Research Alliance, Inc. (http://www.shareholdersresearch.com), an independent organization that monitors research providers’ procedures and analytics output. Brian Tang, CEO of Fundamental Research Corp. (http://www.fundamentalresearchcorp.com) is Chair of the FIRST Research Consortium.

The ban on stock ownership carries more weight now, in part due to the recent final report of the U.S. Securities and Exchange Commission Advisory Committee on Smaller Public Companies (http://www.sec.gov), on which Connolly served, that has now aggressively endorsed, for example, sponsored research, but only if the research providers follow a disclosed set of standards and provide full transparency, language that had been advocated by the FIRST Research Consortium in SEC testimony.

The new Standards cover adopting institutional, subscriber-based and sponsored research providers and analysts. Other provisions include greater emphasis on the identification of the credentials and qualifications of analysts, fuller disclosures, an emphasis on further shielding of analysts from outside influences, monitoring and peer review.

The new “Standards of Practice for Research Providers” also prohibit any research provider or closely-related entity, with the possible applicable exception of regulatory compliant broker-dealers, from providing promotional, investor relations, consulting or funding to covered companies, to avoid compromising the integrity of research “or bring disrepute” to the industry.

Spokespersons for the organization said it intends to launch an investor-awareness program to educate the public about problems associated with “look-like” research reports from non-adopting providers, including so-called “reports” distributed by junkfaxes and spam emails.

Connolly will call upon the NIBA members and other ethical financial community organizations to join in the effort.

Already 13 Research Providers have adopted the new “Standards of Practice for Research Providers.” These are:

Advanced Investment Mechanics India Private Ltd., Mumbai, http://www.aim-india.biz

Burritt Research, Lake Park, FL, http://www.burrittresearch.com

EquityNet Research, Los Angeles, http://www.equitynet.net

eResearch, Toronto, http://www.eresearch.ca

Fundamental Research Corp., Vancouver, http://www.fundamentalresearchcorp.com

Howlett Research Corp., Sechelt, British Columbia, http://www.howlett-research.com

Investrend Research, Forest Hills, NY, http://www.investrendresearch.com

Laguna Research Partners, LLC, Irvine, CA, http://www.lrponline.net

Objective Capital, London, http://www.objectivecapital.com

Shoreline Utility Advisors, New York, http://www.shoreline-utility.com

SISM Research & Investment Services, Zurich, http://www.sism.com

ValueNotes, Pune, India, http://www.valuenotes.com

VEReports, Miami, http://www.vereports.com



--------------------------------------------------------------------------------
Go directly to NIBA
Go to FIRST Research Consortium
Go to Shareholders Research Alliance



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ABOUT US | CONTACT US | CALENDAR | SITE SEARCH Thursday, 05 / 18 / 2006 | © 2004, Investrend.com, Inc.


Re: Casey At The Bat...Fated to Strike Out? By rwesley on 5/18/2006 3:20 PM
Why isn't the SEC concerned that Rocker missed his filing deadline that was May 14th, and has still not filed. More details in the open debate thread under Forums. If this was a company that missed the SEC would have delisted their stock already!
Re: Casey At The Bat...Fated to Strike Out? By hwh on 5/18/2006 4:12 PM
It is obvious the small investor has the same cross-hair on their back as did the family farm in the 80's. Government wants cheap labor. Period. They can't have otherwise adept/productive people staying home to monitor their investment portfolios.

If we all just buy their bonds they would not have to negotiate from such a deficit position v China, Japan, & the EEC & we would all work to the official retirement age of 85 before they have to pay a nickel in benefits...hwh
Re: Casey At The Bat...Fated to Strike Out? By mig on 5/18/2006 4:25 PM
rwesley

He did not miss it. Do another search, but this time for/under Marc Cohodes and you will find it.

or just go here
http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=7077803&tid=navr&sid=7077803&mid=179881
Re: Casey At The Bat...Fated to Strike Out? By mig on 5/18/2006 4:28 PM
I forgot links get cut...
Yahoo Navr msg board...msg #179881
Re: Casey At The Bat...Fated to Strike Out? By gregcable2002 on 5/18/2006 4:37 PM
Making it sound as if they did this to obtain lawyers fees illegally?
Grand Jury Indicts Law Firm, 2 Partners By ERIC BERKOWITZ, Associated Press Writer
2 hours, 41 minutes ago



One of the nation's highest profile class-action law firms, two of its top partners, and two other individuals were indicted Thursday by a federal grand jury on charges alleging a scheme that paid millions of dollars in illegal kickbacks to plaintiffs and others.

In a 102-page indictment, New York-based Milberg Weiss, Bershad & Schulman, and attorneys David J. Bershad and Steven G. Schulman were charged with secretly paying about $2.4 million to co-defendant Seymour M. Lazar, a Palm Springs lawyer, and others to act as plaintiffs in class-actions since 1984 and concealing the payments. Paul L. Seltzer, another lawyer in Palm Springs, was also charged.

The indictment's charges included conspiracy, money laundering and mail fraud.

The charges follow years of investigation into the way Milberg Weiss conducts shareholder lawsuits against major corporations, which the indictment alleges generated hundreds of millions of dollars in attorneys' fees.

The indictment alleged that "unlike other class members in the lawsuits, the paid plaintiffs purchased the securities at issue anticipating that the securities would decline in value, in order to position themselves to be named plaintiffs in securities fraud class actions and to obtain kickbacks" from Milberg and the others.

The firm was a lead plaintiff in more than half the federal shareholder suits settled from 1997 to 2004.

On Tuesday, the firm announced that Bershad and Schulman were taking leaves of absence
MILBERG-WEISS GOT INDICTED By The Midas Touch co-author on 5/18/2006 4:40 PM
My apologies Bobo. My email is down. I thought you and everyone would be interested. Milberg-Weiss just got indicted.

http://news.yahoo.com/s/ap/20060518/ap_on_bi_ge/lawyers_investigation
Re: Casey At The Bat...Fated to Strike Out? By Mark Faulk on 5/18/2006 5:01 PM
Thorw in Patrick Byrne as Chairman, and we could BE the SEC commission. How long do you think it would take for us to fix the whole damn system?

One year tops....if we didn't get "offed" first.
Re: Casey At The Bat...Fated to Strike Out? By cynabear on 5/18/2006 6:00 PM
Ok all is it time to form a PAC? bobo what about transforming NASCANS into a PAC?

"Political Action Committees (PACs) are an important element in financing election campaigns. They consist of groups of people with similar interests and concerns that pool their resources to elect candidates to public office. This ensures their voices are heard in the political process and offers candidates additional campaign support in conjunction with individual and political party donations.

"PACs were formed in the 70's in response to a very corrupt and abusive campaign finance system that flourished throughout nearly three quarters of this century. State laws now require the contributing groups and the candidates to file periodic reports of all receipts and expenditures to the Ethics Commission. As a result, the election campaign process is open for public inspection to see how much individuals, political parties and PACs are giving to political candidates.

"PACs at the federal and state levels play a positive role in strengthening representative government by getting more people involved in the political process. PACs also provide the public, including many individuals who have never been politically active beyond voting, with a convenient and meaningful way to exercise their citizen rights." Source

Although most political action committees would be considered either conservative or liberal -- Republican or Democrat -- many are non-partisan, favoring neither political party, and focus on issues rather than party affiliation.
Re: Casey At The Bat...Fated to Strike Out? By anon on 5/19/2006 12:02 AM
http://tinyurl.com/pukxr
Re: Casey At The Bat...Fated to Strike Out? By Paul on 5/19/2006 4:18 AM
We need to create a new market. Reform is impossible. Just start a whole new market.

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