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Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 6/1/2006 3:19 PM

This sounds like a great meeting - in Los Angeles, next week. June 6. I wish I could make it - I'd be there in a NY minute, so to speak.

From the press release:

The panel will address the following questions: Are hedge funds and banker/brokers conspiring to swindle ordinary investors by failing to deliver shares sold short? Are self-regulatory organizations such as NASD ignoring concerns while industry-wide organizations like Depository Trust & Clearing Corporation (DTCC) aid the illicit activity? Are investors already exposed to such large losses that the SEC is frozen into inaction?

I would encourage as many of you as possible to attend, and to send this to your favorite West Coast journalists. The message is getting more traction, and the NY financial community's efforts to bury the market reform movement's issues are failing. This is just the latest in a series of visibility boosts that are occuring, as America's investment community wakes up to the growing crisis.

Sounds like an amazing forum.
Copyright ©2006 Bob O'Brien
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Comments (33)
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By Freddo Cazzo on 6/1/2006 4:31 PM
Thank God and sweet baby Jesus!
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By where is all the MONEY on 6/1/2006 4:34 PM
amd who sold all the fake shares? The SEC and DTC have no clue who is doing it. Lets discuss who are these CROOKS
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By InTheKnow on 6/2/2006 8:29 AM
Just look at the Vonage IPO rippoff. The Refco IPO rippoff. ThePpipes ripoffs. When the hell is the small investor going to realize that the SEC and the DTCC will cut your balls off. You're just a barrel to them!

Wall street is out to fuck you anyway they can!
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By clearthinker on 6/2/2006 8:33 AM
Problem is, the average person knows that the casino has the odds and walks in anyway, their head filled with the dream of beating the system....Wall St. counts on human nature....and so far, the casino is way ahead....
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By mhatmccane on 6/2/2006 12:11 PM
I sent Emails to both of my CA Senators and suggested someone in their LA office should attend. I also sent Emails to Business Editor of LA Times and Orange County Register suggesting they might see an eye opener if they attended. Four more snowflakes.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By sealman on 6/2/2006 3:33 PM
Just left www.cfala.org web site. The meeting has been cancelled. No reason. If and when it is rescheduled, anyone can attend for $40 reg. fee. Damn it. This was going to be a good day. I smell a big rat.
Bobo, what do you make of this?
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By sealman on 6/2/2006 4:01 PM
Sorry, CFALA meeting has been "postponed" not cancelled. Am anxious to learn the reason and reschedule date.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By mhatmccane on 6/2/2006 6:56 PM
Well, so much for the four snowflakes. Might still be a story here for the digging.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By FreddoCazzo on 6/2/2006 9:04 PM
What in the phauck just happened? I leave for a few hours, and all the sudden the meeting is "postponed?" What in the phauck? How do you announce something like this, then suddenly postpone........I really want to know what Dr.Byrne et al have to say about this. Please, please clue us in if you are able to do so.................................
............I am so phauckin cornfused all of the sudden.........no wait....a moment of clarity..........maybe just a weak attempt at trying to shove this viscous pussy back in the bag......i dunno.........


its still sickening either way....unless someone died all the sudden..........maybe we shouldn't have been talkin garbage trucks, and bats..........


phauck that......meeting or no meeting......this bitch is coming out of the bag, and if the criminals need systematic cleansing....then so be it.....



................still Freddo...............................waaaaaaaayyyy more Cazzo!
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By InTheKnow on 6/1/2006 5:42 PM
I've met them both and these are two smart cookies. This is huge. If you're anywhere close in CA this is a must attend.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By rtway1 on 6/1/2006 5:44 PM
It,s a shame you can,t make it, you would be in Herb,s area. You could send him an invite and stop for beers afterwards. I,d pay big money to see that happen.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By anon on 6/1/2006 5:47 PM
Is Roddy or Carol being assigned to this one, or both, and will they be in wigs and mustaches in disguise (which wears which to be decided)?
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By CHRIS "LIMPY" COX on 6/1/2006 6:14 PM
"Are investors already exposed to such large losses that the SEC is frozen into inaction?
We are not "frozen" we are studying the problem! We should have an answer for you in about 5 years after we allow Wall Street to completely strip you of all your assets. Then we will grandfather all of the money that they stole during this time. Grandfather the money from you not for you. P.S. Annette Nazareth Says "Hi Losers"
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By Paladin on 6/1/2006 6:35 PM
From a link within the story comes this about the discussion items...

<< Event Description: Item: SEC discloses data showing as much as 12.5% of trading in NFI (NYSE) on dates in 2004 (as much as 6.5% in 2005) were Failures To Deliver (FTDs) shares sold short.

Item: Two class-action lawsuits are filed by hedge funds against eight of the largest "prime brokerage" firms in the U.S., alleging damages arising from fraudulent practices in charging high fees for lending securities while failing to provide the securities sold short by client hedge funds.

Item: Brokers enter share ownership in client accounts electronically as "entitlements," without actual delivery of shares, giving rise to proxy voting in excess of shares issued and outstanding.

Query: Do investors own shares of corporate stock, or "entitlements" to such stock? U. S. financial markets claim unmatched transparency of information and integrity in law enforcement. But mounting evidence, including such reports as listed above, is raising concerns some call systemic risk threatening stability of markets. >>

Awesome stuff!

Here's link: http://www.cfala.org/cfmfiles/cal/eventlist2.cfm?id=632&t=g&d=Z
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By dave on 6/1/2006 8:21 PM
Is it just me or have the lapdogs been very quiet lately?
webcast it By clearthinker on 6/1/2006 9:23 PM
they should webcast it...charge $10 pay for view and open it up for everyone to "attend"....let's get some tekkies on this now....
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By SteveM on 6/2/2006 2:33 AM
Exactly! It needs to be webcast! Hopefully there will be REAL MEDIA in attendence.
I can't wait to see a transcript of this meeting.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By stormchaser on 6/2/2006 2:57 AM
Are you guys nuts...the bunny CANT GO!!!!....there would be a dozen guys with bats waiting for him lol.....
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By interested on 6/2/2006 3:25 AM
At least record the session and then put it on the web!!!!

Bunny could be there as the parking valet in the dark glasses with the top hat - just watch for the hip hop ....
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By bbhindyou on 6/2/2006 4:18 AM
I wanna go!!! Darn it!!!!Somebody web cast it or at least sneak in a recorder.I want to see the end of the rats.I want to watch them squeak and scurry.I 've been rat bit too much to miss this.Somebody PLEASE post this event for all of us who can't be there.THANK YOU in advance. P.S. if the Bunny goes tell him to please watch out for garbage trucks.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By gregcable2002 on 6/2/2006 4:33 AM
Senator Jim Talent of Missouri kicks off his re-election bid today,I'm calling on all good citizens of the state to contact Jim about the NSS problem.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By zimmer on 6/2/2006 4:52 AM
to contact Senator Jim Talent of Missouri (home of NFI)

http://talent.senate.gov/Contact/default.cfm
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By opcowboy03 on 6/2/2006 5:22 AM
Hey Bobo,

None of us really know how this whole saga will conclude but we all can't thank you enough for getting it this far. You must work 48 hours a day on this. It amazes me that you, Dr byrne, Patchie, and all of the others have been able to get so much exposure. I'm sure Dave Rocker and all of his associates are just as pleased as punch (or KOOL-Aid as it were) Bless you and all of your "compadres" for making this happen. Next up: A self damning article in the WSJ???

op
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By Jasper on 6/2/2006 5:59 AM
Charge ten dollars for web cast or transcript. The money can go to further the issue.

Jeepers

Jasper
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By rtway1 on 6/2/2006 6:45 AM
I,m with all the others and second the motion for charging and using the proceeds for NCAN or whatever comparable entity to further the cause. I would love to see this.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By rtway1 on 6/2/2006 6:46 AM
I would love to see Dave Patch on that list also.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By FreddoCazzo on 6/2/2006 6:56 AM
..........what i find so interesting also, is what follows.....

"As a participant of the CFA Institute Approved Provider Program, CFA Society of Los Angeles, Inc. has determined this event qualifies for professional development credit for the CFA Institute Professional Development Program. Eligible for 1 credit hours. CFA Institute PDP TIPs: Financial Markets - Other"

That is music to my ears, and I hope to shake hands, or at least be in the presence of Dr. Byrne et al!!!!

hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity hippity hoppity.................bunny man...i know you get the point! lol....No garbage trucks or guys with bats could scare you


.............still freddo............even more cazzo!

Black Friday 04-14-06!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! buhlieve it! write it down, take a picture! i dgaf!
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By browntrout on 6/2/2006 7:26 AM
"The court's decision and the forceful statements made by the SEC underscore what DTCC has been saying since this misguided litigation campaign began," said Thompson. "Short selling and naked short selling are trading strategies and are not connected to the post-trade clearance and settlement of securities transactions. There is nothing in DTCC's operating procedures, activities or conduct that justifies these frivolous suits."

What a lying sack of shit at the DTCC. If this was true people would be able to get delivery in a timely manner.
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By cynabear on 6/2/2006 7:32 AM
Yippee ky yo ky yeah! Can we get a CD made of this so that we can send it to all our legislators to help galvanize them to action???? We need this taped!!!!!!!!
c
OT Federal Court Dismisses Lawsuit against DTCC By short seller on 6/2/2006 7:48 AM

June 02, 2006 09:41 AM US Eastern Timezone
Federal Court Dismisses Lawsuit against DTCC
NEW YORK--(BUSINESS WIRE)--June 2, 2006--The Depository Trust & Clearing Corporation (DTCC) announced today that by order entered May 31, 2006, the United States District Court for the District of Nevada, Las Vegas, has dismissed Whistler Investment, Inc.'s lawsuit against DTCC and its subsidiaries. The dismissal was "with prejudice," meaning that Whistler may not seek to amend its complaint.


In granting DTCC's motion to dismiss, the court agreed with DTCC that clearing and settlement rules promulgated by DTCC's subsidiaries and approved by the U.S. Securities and Exchange Commission (SEC) cannot be challenged under state law. Because DTCC's Stock Borrow Program (SBP), the target of the lawsuit, is explicitly approved by and subject to the ongoing oversight of the SEC, the legal challenge is barred by the Supremacy Clause of the U.S. Constitution, on grounds of both "field" and "conflicts" preemption.

This order is the fourth time in the last year that a court has ruled that plaintiffs are not permitted to sue DTCC or its subsidiaries for carrying out functions that are regulated and overseen by the SEC. These are among a number of suits that have been brought, largely by bulletin board traded companies, who seek to blame their poor stock performance and failed business models on DTCC and the national market system for clearance and settlement. To date, except for one case where DTCC's dismissal motion is pending, all of the cases either have been dismissed by the courts or withdrawn by the plaintiffs.

"We are very pleased that judges across the country continue to reject these meritless claims," said Larry Thompson, DTCC's General Counsel. "Last year, DTCC settled more than $1.4 quadrillion in securities transactions. We play a pivotal role in the U.S. capital markets by providing the capacity, certainty and reliability required to clear and settle today's enormous trading volumes and maintain the integrity and soundness of the U.S. capital markets. All of our operations and activities are carried out under SEC-approved rules and are subject to strict federal regulatory oversight. This arrangement ensures uniformity and accountability in clearing and settling securities transactions and, in turn, provides the stability that is essential to the efficient functioning of our capital markets."

In ordering the dismissal of the Whistler case, Judge Robert C. Jones explicitly adopted the reasoning of Judge Kenneth L. Ryskamp of the United States District Court for the Southern District of Florida in the case of Capece v. DTCC. In that case, which was dismissed by the court on October 11, 2005, Judge Ryskamp specifically found that, "Allowing Plaintiffs to assert a state law cause of action against Defendants (DTCC and its subsidiaries) would require Defendants to tailor their practices with regard to the SBP (stock borrow program) to satisfy each state's formulation of the standard of care in a negligence action. Such a result would destroy the Congressionally-mandated uniform system governing securities trading."

Thompson concluded, "By dismissing the Whistler case, Judge Jones has reaffirmed the importance and value of having clearly delineated authority in the area of market operations. We completely agree with this result, as does the SEC which has weighed in unequivocally on this issue."

In February 2006, the SEC filed a "friend of the court" brief in support of DTCC in one of the dismissed cases, Nanopierce Technologies Inc. v. DTCC, urging the Supreme Court of Nevada to affirm the lower court decision dismissing the case. The Nanopierce case, which makes identical claims to those in the Whistler action, is pending on appeal before the Supreme Court of Nevada. The SEC brief can be accessed at: http://www.sec.gov/litigation/briefs/nanopiercesecbrief.pdf. Additionally, in a May 12, 2006 follow-up letter to the Supreme Court of Nevada the SEC wrote, "Plaintiffs' claims are preempted because evaluating these claims of alleged defects has been entrusted by Congress to the (SEC), not to state courts."

In its letter to the Nevada court, the SEC stated, "The (SEC) found that the clearance and settlement system complies with the requirements of the Exchange Act when it approved the system more than twenty years ago, and it has continued to be of that view as it has exercised oversight responsibility ever since."

The SEC also stated that it "has adopted Regulation SHO for the purpose of preventing abusive naked short selling, and if it concludes that further steps are required, it will take them."

"The court's decision and the forceful statements made by the SEC underscore what DTCC has been saying since this misguided litigation campaign began," said Thompson. "Short selling and naked short selling are trading strategies and are not connected to the post-trade clearance and settlement of securities transactions. There is nothing in DTCC's operating procedures, activities or conduct that justifies these frivolous suits."

In the Whistler case, DTCC has sought to impose monetary sanctions against the plaintiffs' counsel for having brought frivolous litigation. That application will be pursued vigorously before Judge Jones.

About DTCC

DTCC is the parent company for the nation's principal clearing and settling firm, National Securities Clearing Corporation (NSCC) and the nation's principal securities depository, The Depository Trust Company (DTC). NSCC is registered with the SEC to record, clear, and settle equity, bond, money market, government, mortgage-backed, insurance, and other security transactions. NSCC's services are utilized by the country's major brokerage firms, the U.S. government, the New York Stock Exchange, NASDAQ, the American Stock Exchange, and other markets. DTC is the nation's principal securities depository. DTCC's clearing and settlement subsidiaries are regulated by the SEC, which approves the rules under which they operate.

Contacts
DTCC
Stuart Z. Goldstein, 212-855-5470
sgoldstein@dtcc.comAt A Glance
Depository Trust & Clearing Corp.
Source: via Business Wire
Updated 02/15/2006 by company
Headquarters: New York, New York
Website: http://www.dtcc.com
CEO: Jill Considine
Employees: 2,500
Organization: Private
Revenues: $1.279 billion (2005)
Net Income: $16.9 million (2005)
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By InTheKnow on 6/2/2006 8:01 AM
"The court's decision and the forceful statements made by the SEC underscore what DTCC has been saying since this misguided litigation campaign began," said Thompson. "Short selling and naked short selling are trading strategies and are not connected to the post-trade clearance and settlement of securities transactions. There is nothing in DTCC's operating procedures, activities or conduct that justifies these frivolous suits."

If this is a trading strategy then why can't I and every investor be allowed to naked short any stock or is this strategy reserved for hedge funds, brokerage houses, specialists, market makers and all the other thieves on Wall street?
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By teacheric on 6/2/2006 8:25 AM
Since when is fraud a legit trading strategy?
Re: Dr. Byrne, Dr. Trimbath and Arne Alsin to Speak about NSS at Los Angeles CFA Symposium By IntheKnow on 6/2/2006 8:25 AM
and besides if naked shorting is a trading strategy then you have to be a fucking brain dead moron to invest one red cent in a stock!

Larry Thompson of the DTCC is the small investors worst nightmare.

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