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Great Article On NSS Featuring Dr. Byrne

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 9/10/2006 12:21 PM

It seems like only a handful of NY-published journalists are able to write a coherent, impartial story on the naked short selling issue. Is it really that difficult? Apparently not.

Here is a good one from Las Vegas.

The writer quotes the DTCC's Thompson, who misleadingly argued that shares aren't lent in a serial fashion - of course his argument was that the same broker couldn't relend the same share, not that the new owner, who had been delivered the share to settle a failure, couldn't redeposit it with the NSCC to be lent again. Sort of a lawyerly way of framing the question so that it appeared to address the issue, but in fact, didn't.

Anyhow, it is clear to me that more folks are figuring this out as we go along.

Now, let's get some more signatures for the NCANS letter to the SEC , huh? If you haven't already faxed me your signature at 702 946-0934 or emailed me a statement indicating I can affix your name to it, please, do so. Just send me an email with your name and contact info, and I will affix your name to the PDF sent to the SEC as support for the letter - but keep your contact info private.

NCANS.MGR@Gmail.com

We only have a few more days. Do your part. Take out 20 seconds and make a statement.
Copyright ©2006 Bob O'Brien
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Comments (41)
Re: Great Article On NSS Featuring Dr. Byrne By davidn on 9/10/2006 5:45 PM
It's time to do away with the NSCC group and the concept of clearing brokerages as they serve no useful purpose to the investment community. This duplicitous self serving for profit criminal organization is the main source of the problem. They say they aren't responsible for policing the system. If that's true, then why do we need them?

Cede is unnecessary as ownership can be registered directly to the buying brokerage.

The DTC is unnecessary as this registration can be done directly on the company transfer agent's records.

A non profit, investor controlled NSCC replacement could continue as a "matching service" only. They would run the computer that keeps track of moving beneficial ownership records. The key is that they would do it on behalf of the company transfer agents rather than on behalf of the DTC / Cede. There is no need for many tiers of clearing. With the advent of the internet, this can all be done on one central NSCC computer.
Re: Great Article On NSS Featuring Dr. Byrne By Clearthinker on 9/10/2006 6:57 PM
When this first broke, I thought it would be prudent to give the SEC the benefit of the doubt and give them a chance to clean up the mess. Like most scandals, the crime is dwarfed by the coverup in its scope. If the Senate Judiciary does not immediately assign a special prosecutor to deal with the obvious issues of the Aguirre case, I don't know what we have to do to get our government to protect its people.

Senator Specter, Senator Hatch....please speak up.....

Signed

an American Patriot
Re: Great Article On NSS Featuring Dr. Byrne By gnomon on 9/12/2006 11:18 AM
Just wanted to point out that Overstock now enjoys the dubious distinction of having been on the Reg SHO list longer than other other stock, 349 days (accoring to buyins.net). Not that any major publicaton will take note of the fact and link it to Patrick's stalwart defense of fair markets. . . .
Re: Great Article On NSS Featuring Dr. Byrne By in_fusion_productions on 9/11/2006 12:49 PM
In case anybody is interested, in the forums of this site I have posted my refutation to the skewed antisocialmedia.net article. Thanks,

James Cummins
Re: Great Article On NSS Featuring Dr. Byrne By oldfeller on 9/12/2006 10:32 AM
I added my name to the list. I like rocking this boat. I HAVE been negatively affected by ftd`s and I think I can prove it in court. Lots of people have sacrificed everything to give me the opportunity to stand up for my rights and I`m not going to let a bunch of faceless unethical assholes intimidate me.
Re: Great Article On NSS Featuring Dr. Byrne By Jeff Mitchell on 9/12/2006 10:11 AM
Mr. Cummins, thanks for confirming the obvious, that you exist, thus debunking the first and likely last "expose" by antisocialmedia.net (who now owe Mr. Weiss an apology). To sum it up using your words: "The writer of this article is incorrect, I did participate in this conversation and I have now written a full account as to the actual reality of the situation." Would it be wrong to conclude, given Bobo posted your guest blog, that he also knew you were a real person? IntheKnow, a regular poster here, surely knew you existed. Is there any reason not to also conclude that Bobo faked his ignorance as a desperate means to discredit Mr. Weiss, not to mention call him a "scumbag", by endorsing and perpetuating the myth Weiss had falsely set up a strawman alias on his blog? Thanks again.
Re: Great Article On NSS Featuring Dr. Byrne By robelita on 9/11/2006 3:29 PM
rtway,

You have hit the nail on the head. We ARE a nation of selfish cowards-(most anyway). This is how the minority is able (& willing) to lead the majority. People are so enamored with their personal lives and prosperity they have put off their civic responsiblitites-not only to themselves but to the country they so cherish (sic). The self-wallowing masses will have only themselves to blame when they are irreversibly
and fatally economically and politically shackled. We are Rome in our own decline. The upcoming election will not yield significant change with EITHER party. The ONLY solution is to rid government of these parasites and elect people who have the nation's best interests in mind and not big moneys.
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/12/2006 11:21 AM
Know what I don’t get about GL? I know what some posters are saying why did they accept .004 cents post split instead of 1.50?

Well In my experience when a company performs a reverse split they get short to death immediately.

Market Cap especially on the OTCBB is destroyed almost instantaneously post R/S. No OTC stock post split retains the same market cap and pps right after a split.
Market cap is always lower on the same day of the split than the day before the split.

Now I always thought this was because the company was issuing (diluting) millions and millions of shares at the higher pps post split and new shorts were getting in at the higher pps hoping to ride it back down for the next anticipated R/S. This coupled with old sellers selling in disgust at the R/S leads to a depressed share price.

Now posters are asking why did GL accept the depreciated PPS?

But what if GL did not sell (dilute) any shares immediately after they split?

If they did not issue any shares they probably just stood by and watched what looked like typical bear raid carnage.

They would have seen the R/S and the PPS adjusts upwards for 1 second and then they would have seen the PPS completely obliterated on extremely high volume.
But they would have accepted it because this is par for the course or a normal day at the office.

Couple of things I am not sure about.
Did GL PPS adjust upwards after the split even if just for a second?
When I look at the charts for GL I don’t ever see a PPS higher than .08 cents in the last few years.
Did GL sell shares immediately post split?

Of course the most obvious things that no one mentions is maybe if there were no counterfeit shorts perhaps share prices for honest companies would not depress as much as they do; and small companies would not need to dilute R/S as often as they do to raise capital. There is no way to measure or quantify how much money naked shorts leech away in both real and theoretical value.
Re: Great Article On NSS Featuring Dr. Byrne By Wonder Boy on 9/12/2006 11:22 AM
rebelita---

My view is a Congress that actually 'represents' US! They actually READ the bills that they vote on! Frankly, I think we need a STRONG third party----one that actually comes up with logical bills, the cost, and puts them out for the public to see------no attachements! You vote on 'the bill' with no 'entitlements' or any other crap involved. Wouldn't it be interesting to see how the current parties would react to a third party that had more of a 'commercial' atttiude!??!
Re: Great Article On NSS Featuring Dr. Byrne By rtway1 on 9/11/2006 8:51 PM
My problem with you robelita is that you dance to a different tune at different times .When one puts their finger in the wind the prediction or weather can change. I feel the same about you and I hope I am wrong, but I would be re-missed to say that I think you follow the main stream media. Time will tell. At least I would like more info on GW as he depicts the parasitical world we live in. My faith in a GW news article would be like watching the Simpsons.
Re: Great Article On NSS Featuring Dr. Byrne By Little Bo peep on 9/12/2006 11:24 AM
Who told the IRS the secrets?

How the wall street "EGO's" avoid paying taxes?

uh oh.

IRS hungry.

Deficit?

What deficit?

Welcome to America......Now Speak English!
Re: Great Article On NSS Featuring Dr. Byrne By in_fusion_productions on 9/12/2006 8:57 AM
Again, for anyone who is interested, a second addending post to my primary response is in the forums of this site. It contains the full dialogue that antisocialmedia.net has pursued with myself.
Re: Great Article On NSS Featuring Dr. Byrne By gregcable2002 on 9/12/2006 9:46 AM
I see antisocialmedia is sticking to the story,oh well.The NSS crooks are on the ropes now,the light of day has shown on this major problem and theres no turning back,hiding places are getting harder to find in this small small world we call the world wide web.
Re: Great Article On NSS Featuring Dr. Byrne By bobo on 9/12/2006 10:06 AM
It simply isn't fiar to leave it up to a handful of people to see this through...there must be numbers
Re: Great Article On NSS Featuring Dr. Byrne By bobo on 9/12/2006 11:05 AM
BBhind, I haven't listed the signatures due to privacy concerns. They will go to the SEC as a PDF attachment.

Jeff: The blog identified postulates that 'lilGW is posing as a number of the folks on his blog. I thought it was amusing. Still do. Don't know if Cummins is genuine (has anyone checked the organizations he lists in his CV as being genuine or not?) or is in fact a real person, anymore than I know if you are a real person, or any of the other bits and bytes that hit this site are real people, but will take it at face value. In point of fact, you could be someone other than "the" Jeff Mitchell. How would I know? So Cummings (maybe) posts an explanation which is basically "Gary edited my stuff and that is why the URL is what it is" - which is the same explanation that was proffered when the basher welbutrin (or whatever) was exposed with the same url. Maybe you believe that. Maybe you don't. It is all pretty wildly unimportant.

Still don't really care. Yawn.

Greg: Please don't post long excerpts - just post a link.

I'm out again until Wed. evening. See everyone then...
Re: Great Article On NSS Featuring Dr. Byrne By gregcable2002 on 9/12/2006 10:35 AM
Oh, did I mention we still have a lot of honest people working for what is right,who are employed by the federal government.The wheels of justice turn slow but sure.
Re: Great Article On NSS Featuring Dr. Byrne By gregcable2002 on 9/12/2006 11:33 AM
Sorry,won't do it again.
Re: Great Article On NSS Featuring Dr. Byrne By in_fusion_productions on 9/12/2006 2:56 PM
Ha, this is so funny Canadian. O'Brien, I've emailed you several times about your posts and we've discussed how to query your book. I've also had telephone conversations with people you know. I enjoy your sarcasm, but watch what you say about other peoples credentials. Where did you get a copy of my CV anyways? My site lists very few companies, all of which are in good order. That's plain insulting. Please watch that your insinuations are backed up by something in the future. However I doubt O'Brien did anything malicious, he was just following his instincts as usual.
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/10/2006 6:58 PM
September 6, 2006
Pegasus Wireless Rumors Circulate as Stock Tanks
Conspiracy theories, pumper talking points, spin stories and the like are all part of what the financial media believe to be a part of the minds of investors who believe naked short selling is a real and dangerous issue damaging the financial marketplace. But a small publicly traded Nasdaq company, Pegasus Wireless Corp. (Nasdaq: PGWC), is going after the short sellers not with mere propaganda, but by accumulating shareholder records with a recently issued property dividend. After gaining coverage on Motley Fool and Barron's, due in part to controversy over insider buys and some management shake up, the stock has fallen off a cliff. All the while, Pegasus has remained silent. A call to the company was made in order to determine when Pegasus might issue an update on the dividend, but no one could be reached for comment. Shares are bouncing slightly, up $.23 to $1.74 on continued heavy trading.

http://www.antandsons.com/2006/09/pegasus-wireless-rumors-circulate-as.html

Another good unbiased article. Notice the difference between this and mainstream NY press? The neutrality in this piece is refreshing. Especially when you compare it to all of the articles that bashed Pgwc from NY times, NY post, Barrons, and Motley Fool?
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/10/2006 6:59 PM
This may be old but it is an excellent example of an unbiased article that just presents the facts. Something most of the NY press won’t do when they release an article about short selling. The facts support OSTK, REG-SHO supports overstock position that there is something fishy going on. But the media will NEVER mention REG-SHO. EVER! They wont mention the short position in ostk. BUT they WILL all mention sith lords Jihad and Lil GW. Demean PB, bring up unprofitability, paint PB as a loon. Why wont they mention REG-SHO- Why wont they tell us that ostk has more shares short than the available float? That NY times article about PB was a smear job. And disgustingly slanted for NOT brining up reg sho or shares shorted.

Look for a more recent example and you will find pgwc. Same MO paint the ceo as a crazy- the company is profitable so put emphasis on the fact that the company does not make enough profit. Dig into the past to find ANY material that might undermine his character. But do not under any circumstances provide any facts. Never utter the fact that pgwc has been on REG-SHO for 16 days and counting with no forced buyin.

Nope no facts in the major NY press only negative innuendo
-----------------
Overstock and Patrick Byrne Continue Naked Short Selling Jihad


Thomas Catino
March 28, 2006

Overstock.com (Nasdaq: OSTK) President, Dr. Patrick Byrne, has continued a vocal public battle against a coordinated campaign of short sellers who have allegedly targeted his company's shares. After a summer appearance a CNBC Street Signs segment with anchor Ron Insana, where Byrne claimed that his "company has been attacked and I'm not going to take this lying down," Overstock's battle has continually stirred up controversy.


Why the Securities and Exchange Commission fails to take any enforcement action against those failures to deliver still remains puzzling. In a November interview that Ant & Sons conducted with the President of Overstock.com, Dr. Patrick Byrne, he wholeheartedly believes that "this is not a hard problem to solve," yet "it is just a hard problem to solve without a couple hundred guys on Wall Street getting their asses handed to them." While this may be considered blunt and extreme, it is Byrne's way of calling things as he sees them. However, intelligent investors could argue that Byrne's opinion on the lack of enforcement is quite accurate and is often seen as the unspoken truth on Wall Street. When asked about a potential solution to the problem, Byrne said in his plain spoken style that all that simply needed to be done was to "force settlements."

The Overstock Naked Short Selling Jihad Timeline


March 24

Overstock.com reported that per the DTCC's March 10 Security Position Listing, there are 8,970,394 Overstock.com shares on deposit at the DTCC and that the NASDAQ reported short interest in Overstock.com of 9,578,481 shares for the same week. Therefore, Overstock's short interest is now 107% of the shares available to be shorted. Overstock CEO Patrick Byrne said that "the decimal is not misplaced -- we have cracked the speed of light." In a knock to the Depository Trust Company, Byrne commented that the "DTCC continues to maintain that their Stock Borrow Program does not permit the creation of new or counterfeit shares:

http://www.antandsons.com/therealdeal/overstockpatrickbyrne_032806/
Re: Great Article On NSS Featuring Dr. Byrne By rvac106 on 9/10/2006 3:32 PM
I can't believe everyone isn't faxing their signatures. How many thousands of people read or post on this site, Investors Hub, Investor Village, Raging Bull, and Yahooey? Read the letter, gather your outrage, and do some good. Fax your name, address, and signature to the people who have written an excellent letter in response to the SEC request for information. Consider it a vote for the future of the Stock Market. 702 946-0934 is the fax number. NCANS.mgr@Gmail.com is the email address. Do it!
Re: Great Article On NSS Featuring Dr. Byrne By Throw Em A Bone on 9/10/2006 7:00 PM
http://money.cnn.com/magazines/fortune/fortune_archive/2006/09/18/8386204/index.htm?section=money_latest
"Connections also provide Robin Hood with access to the world's hottest hedge funds. At the end of 2005 it had $177 million invested in funds run by board members Jones, Dubin, and Steven Cohen of SAC Capital as well as Eddie Lampert's ESL, Citadel, D.E. Shaw, and others.

Is it prudent or a conflict of interest for a philanthropy to invest in risky hedge funds, some managed by its own board members, many of which would be inaccessible to other charitable organizations? David Saltzman says no, and that these decisions are carefully reviewed to make sure they are consistent with regulatory guidelines.

Robin Hood's powerhouse board meets regularly four times a year at grantee sites. "When we get in a board meeting, everyone is a peer," says board member and hedge fund manager Lee Ainslie. "The people from the media, entertainment, nonprofits, and finance. No one dominates the discussion."

The vetting of grantees is painstaking and continual, in part because of the way Robin Hood's funding and disbursement works. For instance, all the money raised in one year, which in 2004 was $81 million, is doled out in the following year, in our example 2005. Yes, there is a reserve fund (the money invested with the hedgies), but there is no endowment. "Why put away money for a rainy day when it's pouring out?" asks Saltzman."New York City is arguably the richest city in the history of the world, and yet the majority of babies were born into poverty last year. Why would we keep powder dry under those circumstances?"

Some Robin Hood staffers are paid quite well-Weinstein, for one, earned some $300,000 in 2004 - although hardly what they might earn at one of the board members' hedge funds. Still, Robin Hood has attracted all manner of high-powered execs, such as Susan Sack, a former lawyer at Sullivan & Cromwell and a onetime Goldman Sachs employee, who now helps grantees navigate the devilish New York real estate market. Others come from firms like McKinsey, PricewaterhouseCoopers, and Accenture. "These are people who could have incredibly high-paying jobs anywhere, and yet they chose to do this," says David Saltzman. "And believe me, the quality of employees here is the same as at a Tudor or a Goldman." "
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/10/2006 7:01 PM
People are afraid to give personal info. Many people have told me this when I asked them to sign. To tell the truth I was afraid to add my name to the list. There are powerful forces on the other side...
Re: Great Article On NSS Featuring Dr. Byrne By bobo on 9/10/2006 7:03 PM
Newspaper: What a neat country we live in, huh? Where people are afraid to put their name on a document that simply requests that the SEC uphold the 1934 Act? Hey, but everything's just fine. Really. Keep consuming, and don't bother us about where all your savings went...
Re: Great Article On NSS Featuring Dr. Byrne By rtway1 on 9/10/2006 7:20 PM
Newspaper , I am afraid to admit this but I am forced to after your post.I have said for years that we have a new generation of Americans called "The whats for me society and screw everyone else because they may take some of mine away from me". Charity and good will are a chump game and standing up like a man and fighting for what you believe in is even dumber because it takes time away from the "I want it all, screw you". We have become a country of selfish cowards afraid to stand up against our enemies. Sad, real sad.
Re: Great Article On NSS Featuring Dr. Byrne By clearthnker on 9/12/2006 10:07 AM
It simply isn't fiar to leave it up to a handful of people to see this through...there must be numbers
Re: Great Article On NSS Featuring Dr. Byrne By bbhindyou on 9/12/2006 10:14 AM
I still don't know if my name is on the letter.I tried to confirm by going to the ncans e mail and it required me to enter my e mail address and my PASSWORD.The password for my e mail account? is it supposed to ask for that? How about my social security number address and bank account numbers as well? No wonder not too many people are signing in on this.Where can I find out if my information is listed as supporting the letter , I have no fax,I have tried to find out where to look on this site but the information is not jumping out at me here, Please help.
Re: Great Article On NSS Featuring Dr. Byrne By bbhindyou on 9/12/2006 10:10 AM
Help.Please.I have printed a copy of the letter and signed and sent it to the proper authoritys,I have printed and distributed the letter to several close associates including the teachers pension fund representative locally ,a retired neighbor[FBI] and a union rep that deals with the autoworkers unions.Don't tell me it's not generating signatures they were all mad as hell.WHERE DO I FIND THE SIGNATURES? INEED TO KNOW.PLEASE.
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/12/2006 10:24 AM
Hey, I did sign. But I was apprehensive about it for 1 minute. And I got mad at myself for being a coward for even one minute.
So many people told me “yeah I hate naked shorts - but I wont sign no way.”
I believe in what you guys are doing here so I gave my J-Hancock.
Re: Great Article On NSS Featuring Dr. Byrne By I Me My Mine on 9/12/2006 10:26 AM
Hey, I sit on my fat ass all day posting on message boards. Anybody can see I am way too busy to fax my name.
Re: Great Article On NSS Featuring Dr. Byrne By Concerned Citizen on 9/12/2006 10:27 AM
So if Stevie "Greedy" Cohen is on the board of the Robin Hood Fund with those other greedy capitalists (nothing wrong with capitalism but there is a problem with greedy capitalism) that just means they are pooling their money to move the market even more in their favor? Am I understanding this correctly?

And, about people not caring to stand up and do something, what a shame. I often hear it starts with just one person, well here we are. Let's hope we can get it done.
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/12/2006 10:28 AM
The magazine Active Trader October issue has a good NSS article in it.

SEC tightens short-selling rules
By closing a loophole in existing legislation, the Securities andExchange Commission hopes to cut down on illegal short selling.

http://www.activetradermag.com/toc.htm
Holy crap By newspaper on 9/12/2006 10:08 AM
Bob, Did you read Lil GW's new blog? Dude it sounds like he want to KILL you.
Re: Great Article On NSS Featuring Dr. Byrne By mhatmccane on 9/11/2006 10:22 AM
I cannot afford to live in fear. You have had my signature since day 1.

Interesting comment letter up on SEC letter site - Research Capital Corp in Toronto had a FTR in OSTK on 2/24/06; they tried 39 seperate buy ins which also failed to deliver. Still have not had delivery as of 9/6/06. There ought to be a law!
Re: Great Article On NSS Featuring Dr. Byrne By davidn on 9/12/2006 10:29 AM
Thomson Kernaghan was a Canadian brokerage that went bankrupt after the FBI arrested Mark Valentine in "Operation Bermuda Short". They were involved in a number of Pipes / Naked shorting. There was a law library in Texas that was one of the first to sue because of involvement with TK.

Anyway, TK sold their assets to Research Capital. Presumably, the huge volume of counterfeit stock at TK is now sitting on the books of Research Capital in Canada.

As far as I know, there are no rules outside the US to stop a foreign brokerage from counterfeiting US stocks. The foreign depository just doesn't deliver to the American buyers. SEC and NASD rules are tough to enforce outside of US jurisdiction.

The NASD had a fix and that was to fine the brokerages in the US that knowingly bought from foreign brokerages that were known to fail to deliver. I believe it was April 2004 that that rules was to come into effect and the rule was working. A number of stocks started rising in value as the offside funds started to cover.

Suddenly, the SEC killed the rule, saying it would duplicate rule SHO which was to be much more effective. Victims only had to wait nine months to Jan. 2005 and the panacea of rule SHO.
Re: Great Article On NSS Featuring Dr. Byrne By virakiller on 9/12/2006 10:41 AM
there is a law they just believe they are ABOVE ANY LAW

AND THE SEC rides "shotgun" for them

America is growing wiser by the minute to this problem
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/12/2006 11:07 AM
Merrill, Morgan, JPMorgan Stock Trades Conflict With Exchanges

By Yalman Onaran and Edgar Ortega

Sept. 11 (Bloomberg) -- In July, Merrill Lynch & Co., the world's biggest brokerage firm, said it traded 2 million shares of Houston-based pipeline operator Kinder Morgan Energy Partners LP. The New York Stock Exchange said Merrill traded barely a sixth of that amount, or 351,000 shares, for the month.

Phony Bids

``It happens all the time,'' said James Monaghan, 42, a trader at AIG SunAmerica, which oversees $49 billion for clients. ``You're drawn into a bid or offer that's not real although it's advertised.''
`Herman the German'

Unlike the U.S. stock market, the bond market has never had transparent reporting of trading. In ``Liar's Poker,'' Michael Lewis's 1989 bestseller about his career as a bond salesman, ``Herman the German,'' had to take him at his word on the prospects for AT&T bonds because there was no publicly available data on prices or volume. While some of that information is available today, it still isn't listed by broker.

It's also a long-running practice in the equity market for brokers to hide their identities, said Mike Epstein, who became a finance professor at the Massachusetts Institute of Technology in Cambridge, Massachusetts, after 35 years trading stocks.

International Markets

Most stock markets outside the U.S. have only one national exchange where stocks trade, making data more transparent. In at least 11 countries, including Canada and Norway, broker trades are recorded and published by the national exchange for all transactions as they occur.

``In places like Canada, what you have to do is put in a broker ID number and you know who is trading,'' said Thomas Garcia, who runs the equity trading desk at Thornburg Investment Management in Santa Fe, New Mexico, which has about $23 billion of assets. ``Over here, you don't know who is trading what. The transparency isn't there.''

read the whole thing

http://www.bloomberg.com/apps/news?pid=20601109&sid=a4Iy3J2GROBk&refer=home
Re: Great Article On NSS Featuring Dr. Byrne By piddly_sum on 9/12/2006 11:11 AM
The Research Capital comment letter is very interesting. Great to see a letter from Governor Huntsman (I see they misspelled his first name on the main page).

http://www.sec.gov/comments/s7-12-06/s71206.shtml
Re: Great Article On NSS Featuring Dr. Byrne By newspaper on 9/12/2006 11:13 AM
The SEC expects that broker-dealers ``won't lie or mislead prospective clients in any way, including about their underwriting, sales and trading experience,'' said Lori Richards, director of the agency's office of compliance inspections and examinations in Washington.
------
says it all huh?

Making a Market

In June, Morgan Stanley, the biggest securities firm by market value, said it traded 687,000 shares of Conor Medsystems Inc., a Menlo Park, California-based developer of drug-delivery systems. The Nasdaq Stock Market has no publicly disclosed record of any trading in Conor by Morgan Stanley.

Morgan Stanley CEO John Mack declined through a spokeswoman to explain the gap between the advertised data and Nasdaq's figures. The trades went through other market centers, including ECNs, which reported them to the appropriate exchanges, said a person with knowledge of the transactions.
---------
Just how dirty is MS? Imagine what the unregulated Hedge funds get away with? I mean if MS gets caught red handed breaking every imaginable trading rule and regulation known to man can you imagine what the Hedge Funds are doing?
great great comment letter. By newspaper on 9/12/2006 11:17 AM
http://www.sec.gov/comments/s7-12-06/ggwhitlam6371.pdf
Re: Great Article On NSS Featuring Dr. Byrne By James Cummins on 9/12/2006 10:51 AM
For those who care, I posted my response to the false charges against my involvement with Gary Weiss at the end of the last blog. When Mr. O'Brien clears the comment it will hopefully go up.

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