Herb Greenberg is shocked, shocked I tell you, over the idea of people compromising his privacy by getting his cell records. Shocked as a "journalist" and shocked as an American.
Read all about his shock here.
Of course that is the sort of selective shock and outrage you can expect from Mr. Greenberg. His acquaintance Mr. Rocker expresses the same shock and outrage that anyone would try to stifle his free speech. But when Rocker sues message board posters to stifle their's, that's different.
And when Herb doesn't make a peep over cell records and bank statements being stolen from NCANS and used to try to track my identity, well, let's just say there's no outrage at all. So I think what Herb is saying that when these things happen to HIM, they are shocking and outrageous. When they happen to critics of his little camp, they are just par for the course.
How do you spell hypocrisy? When Eisinger is calling private unlisted numbers, that isn't a big deal - nobody should be fired for that. When he obviously has confidential bank records, no big deal. But wow, Herb gets his bills stolen in exactly the same way, and it should be a capital offense.
Chris Byron at the NY Post also is shocked over the same behavior. But again, not when one of his colleagues in the NY press accesses the same sort of ill-gotten info. None of these brave freedom fighters made a peep when a PI did the same to NCANS.
Here is a self-evident excerpt that proves my point about selective outrage:
"Weeks later, my phone records were stolen from an AT&T subcontractor. When the SEC subsequently charged Thomas with running a pump-and-dump swindle and subpoenaed his phone records, they were found to contain the numbers of confidential sources I had called in researching my story."
Wow. Just like Eisinger did to NCANS, calling all those confidential numbers and citing confidential banking info. I wonder if we can expect an article about how certain journalists should be fired and brought up on criminal charges? No? Didn't think so..
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There are a number of great comment letters now making their way onto the SEC website.
This one from the Governor of Utah is short and sweet.
This one from a Canadian broker/dealer is a must read.
Kind of amazing that all these apologists are out there insisting that the practice doesn't happen, or isn't a big deal, and yet so many industry insiders and such understand it to be a big problem. What is the disconnect? It couldn't possibly be that the scumbags abusing the markets have mounted a Milken-like PR campaign using every hack in NY to create a sense that there is no problem, could it? I mean, that would be so, well, historically consistent with every other time the industry's royalty get caught stealing....
I hear there is an OSTK letter that is coming down the pike that is also a great read. I'll link it when it goes up.
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Dr. Trimbath is hosting a panel discussion on Naked Short Selling, which should be a knockout. Here's the full text of the release:
"On October 19, STP Advisory Services, LLC, will present a rare look into the damage done to investors and companies by short selling and settlement failures. The event will include remarks by three speakers with special insights.
Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, will discuss the trading of “phantom shares” that appear to far outnumber those officially issued and outstanding in OSTK. Portfolio manager and financial writer Arne Alsin will reveal insights gained as an investor in large-lot trades in markets systemically flawed by settlement failures. Dr. Susanne Trimbath, an economist with operations management experience at DTCC and the Pacific Clearing Corporation, will illuminate how trading practices take advantage of loopholes in the settlement system to the detriment of both public companies and investors.
A preliminary agenda and speaker list is available through our website at www.stpadvisors.com under “Events.” Mark your calendar now and plan to join us for this important event, the first of its kind being held on the West Coast.
Presented by: STP Advisory Services, LLC
Event name: Naked, Short and Greedy: Is Wall Street Fleecing Investors?
Date: October 19, 2006
Location: Park Hyatt Los Angeles, 2151 Avenue of the Stars, Los Angeles, CA 90067
Registration fee: $45 in advance, online secure credit card payments only. $60 at the door, cash or company check only
Breakfast: Included with registration
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'lilGW's ill-followed blog has another attack on the market reform movement, this time because the NCANS comment letter lacks a signature or an address. Note that Gary's blog contains neither. It also doesn't contain anything that rebuts even one single point articulated in the NCANS comment letter, which has been endorsed now by hundreds of folks.
So why is an obscure author so desperately trying to paint an issue that the SEC, as well as the state securities regulators, as well as prominent politicians, as well as broker/dealers, as well as noted academics, as well as even the hedge fund industry suing the prime brokers, all recognize as a significant problem...as a smokescreen being used by stock fraudsters? His line of reasoning is a classic bit of "Chewbaca defense" - from Southpark. He claims that NCANS is advancing some sort of corporate agenda...what would that be, sweetie? Settle the frigging trades? Observe the securities laws? Adhere to the 1934 Act? Wow. What sneaky corporate touts we are. Hey, I know, when 27 million shares of FTDs happen with a company which has 1 million shares outstanding, and their market cap is cut by 99.7%, that is a meaningless statistic. So is OSTK's climb from a few thousand FTDs to many many millions.
I couldn't imagine a more venomous bit of drivel if he was being paid to write this pap. Not that I believe anyone would compensate 'lilGW for his marginal talents, given his minuscule following and the lack of any coherence to his arguments, such as they are.
He dismisses the growing mountain of FOIA data as meaningless statistics, and makes false and misleading claims about those of us working for investor protection, yet never explains why those are meaningless, or how we are being tricky. Classic Chewbaca. Albeit not particularly skillful. But you have to work with what you have, I suppose.
This is the brave defender of investors? Please. It couldn't be more transparent if he was inventing aliases and engaging in back and forth dialogs, both on his blog, as well as message boards, as well as in his book reviews - which we have been assured he doesn't do.
I find it spectacularly funny that his blog, which I haven't looked at for some time (and apparently few others have, either) contains glowing words from Herb, who writes missive after missive attacking the targets of a cabal of hedge funds, and was recently subpoenaed over his role in the Gradient/Rocker Overstock suit.
Huh.
So let me see if I understand this. 'lilGW attacks those who are fighting to end an illegal manipulative technique - and is supported by those aligned with those believed by many to be the driving force behind the manipulations.
Huh again. If only there were some sort of a sign. Something that could make it clear for us....