Maybe if we don't talk about the SEC cover-up, it never happened?
That seems to be the way our venerated NY press corps is treating the FOIA data on Global Links - the topic of the last two blogs, and of a Forbes article on Friday.
This is playing out like the Dan Rather incident, but times ten. Bloggers and a few mainstream pubs get it and break the story, while the media circles its wagons and goes into denial mode.
Anyone surprised? Note that there is nothing from the WSJ, nothing from the NY Times, nothing from Barron's, nothing from the NY Sun, nothing from TheStreet.com or Marketwatch, nothing from CNBC, nor Bloomberg, nor AP, nor Reuters...not even from the Post.
All those hard hitting investigative journalists seem to have suddenly discovered something else to cover besides the largest financial fraud in the history of the markets, and hard evidence of the SEC being on the side of the bad guys..
You know, like it's every day that the SEC is caught and exposed in a cover-up of stock manipulation, which it condones to this day. Oh....that.
What's wild is that nobody should even be slightly surprised by now.
The SEC, top cop, regulator of the markets, aiding and abetting stock fraudsters to defraud investors and a company, with the proof in black and white?
Um....did we mention how bad Vonage is? Or Cramer's latest picks?
What is truly shocking is how uniform the lack of coverage is. The cone of silence has descended on Wall Street, and there will be NO discussion of last week's shocking revelations - all except some vague generalities by some has-been blogger, whose audience is slightly smaller than one composed of Nigerians interested in marrying a fish.
Nobody wants to touch it. Nobody. Elizabeth Moyer's article in Forbes has been completely ignored by one and all, a study in groupthink by the supposed defenders of journalistic integrity and freedom.
I don't think I can recall a lower moment in the history of American journalism, with the exception being the Spanish American war, where Hearst basically contrived the entire media campaign accusing the Spanish of attacking one of our warships - later shown to be a complete invention.
We sure have come a long way, huh? Hundreds of periodicals and channels, all dedicated to bringing you the latest news of import, and none seem to be interested in exposing actual fraud by the SEC and Wall Street. Why is that? It is as big as though the FDA was hiding data that eating chicken causes cancer, or that had killed a medicine that could have stopped heart attacks. And yet, nobody wants to touch it.
Charlie Gasparino? Dead silent. Nocera? Nary a word. "Award-winning" "journalist" Carol Remond? Nothing - that isn't a shock, as she has been the main mouthpiece used by Wall Street to plant the now provably false info that there is no naked short selling problem, and that Reg SHO is working. Any of the other brave freedom fighters in the press, who manage to churn out 3 or 4 hatchet jobs against short targets like FFH, or Biovail, or OSTK, or the others? Nope? Too busy covering imagined scandals in those companies, which read amazingly like the latest PR from the hedge funds that are short the issues.
Everyone has something else to do, than cover this shocking development in the NSS crisis.
Here's a challenge to those brave journalists, several of whom have reassured me again and again that they are not the instruments of hedge fund or Wall Street interests.
Cover this latest FOIA info and the obvious fact that the SEC is assisting Wall Street to defraud investors, and also cover how many of the token fines Wall Street is slapped with ever get paid by the firms that are fined.
Seems pretty simple.
Not that we don't need a 15th article on how bad Biovail or FFH are, or how loco Byrne is. But just try to do a reasonable reporting job on the single most alarming evidence yet, that our securities regulator is a sham, and part of the problem rather than the solution.
Want to bet we hear nothing - that nobody accepts that challenge?
Send this to your favorite reporter. Ask them directly why they aren't covering this story - at the very least, to debunk it or refute it.
And then share their responses with us.
You might also want to drop your favorite Senate Judiciary Committee member, or Senate Banking Committee member, a line, and ask them why they haven't gone ballistic over this evidence of massive regulatory fraud.
And then share the result with us.
This really begins to look like Wall Street owns most of the press, one way or another, as well as the relevant Beltway watchdogs.
Surprised? You are the food, and they are the predators. It is now just obvious, rather than theorized.
Any questions?