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NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures

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Posted by:   bobo 9/18/2006 9:55 AM

The final revision of the NCANS comment letter to the SEC on Reg SHO has been submitted at the SEC site.

You can read the finished product here.

And here is the confirmation:

"Thank you for taking the time to comment on this release.

Your comments for file number S7-12-06 were received on September 18, 2006.

Please save this page for your records.

Comments received from:

Mary  Helburn
Executive Director, NCANS.net

Email: NCANS.Mgr@Gmail.com

Comments:

Comments Attached

 Attachment 1: NCANS Sept 18.pdf

http://www.sec.gov/cgi-bin/ruling-comments"

Folks, this is a remarkable document, and I am proud to have been able to make a contribution to it. It neatly summarizes the deficiencies in the current rule, and proposes solutions. The addition of the NYSE data just confirms what we already know - any improvement due to Reg SHO is at best wishful thinking and ass covering by bureaucrats. The NYSE didn't see any inprovement, and investors have been robbed for the last 21 months while the SEC pretended their new non-rule was doing anything at all besides helping the bad guys steal more of our retirements. No data is available for the NASDAQ through the same date yet, but if it tracks the NYSE, FTDs are likely as high or higher now then when they started this idiocy. What is known is that the number of issues is higher now. I think we can probably do a fair extrapolation, and call the SEC bald-faced liars. In my most charitable spirit, I would say that the SEC folks who have been chastising us for our concern over being fleeced by Wall Street while they assist have been actively misleading in their reporting of any progress. Last time I checked, staying flat isn't much progress. Increasing the number of affected issues isn't progress.

You can see the raw FOIA data from Dave here. It is also attached as an exhibit in the letter.

Good job, everyone. And thanks to the 1100 folks who submitted their names and info in one week, to be affixed to the letter as an endorsement of its sentiment.

Feel free to print it out, or email it, to your favorite elected officials and journalists.

Copyright ©2006 Bob O'Brien
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Comments (46)
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By kevin on 9/18/2006 10:19 AM
What are the odds that this submission makes front page news in the Wallstreet Journal and CNBC tomorrow?

Say a 0% chance?
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By bobo on 9/18/2006 10:27 AM
Is there a number lower than 0%? Hey, what's newsworthy about a grassroots organization getting over a 1000 signatures in a week, and crafting an in-depth white paper that lays out the cracks in the system, and proposes solutions? Especially one containing proof that the SEC and DTCC misled the American public as to the efficacy of Reg SHO? Nah. No news here. Just more business as usual.

Kinda sickening, if you ask me. I think I'll take a break for a few days after the last 72 hours.

I cannot recall a lower moment in American journalism, nor in the modern American regulatory scheme. It is a farce, and the bad guys seem emboldened by their ownership of the cops. And the cops seem unconcerned with being exposed as being co-opted.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By cynabear on 9/19/2006 10:57 AM
A kool aid toast to y'all
Thank you thank you to all courageous characters with the intellect and perserverence to get this letter out with the 1100 signatures....
I'll wear a tee shirt that says
"to You-Know-Who
settle the trades or death by hanging"
it will look good with a pair of bunny slippers and a tin foil hat while i sip my kool aid....
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Fined 400k for violating reg-sho! Hahah oh wow. I on 9/19/2006 12:34 PM
NYSE Hits Big Firms in September Disciplinary Actions By Aaron Seward
September 19, 2006

The NYSE has announced its monthly disciplinary actions for September, censuring and fining member firms for books and records violations, and operational and supervisory deficiencies, among other things.

The NYSE levied the heftiest fines against three firms that were careless in managing their electronic communications. It fined Wachovia Capital Markets, Wachovia Securities, and First Clearing $2,250,000 each. The firms consented to the fines and censures without admitting or denying guilt of the NYSE’s findings.

NYSE hearing panels found that the three firms failed to adequately back-up emails on the computer servers that controlled their communications systems. As a result, the firms couldn’t ensure that certain records could be retrieved. The firms also failed to review their email and instant messaging systems. The regulator said that supervisory deficiencies were at the heart of their failures.

In addition to fines and censures, the NYSE required the firms to bring their policies, procedures, and practices into compliance with NYSE Rules and federal securities laws, and to prevent a recurrence of these violations. The regulator also offered to waive $1,650,000 of each of the fines if the firms are already paying that amount in regulatory settlements concluded under the auspices of the NASAA relating to email communications.

The next largest fine went to Citigroup Global Markets, which the NYSE censured and fined $500,000 for supervisory, control, and books and records violations. The problems concerned the firm’s proprietary trading of precious metals, and related futures, forwards, and futures options. Citi consented to the penalty without admitting or denying guilt.

An NYSE hearing officer found that from January 2002 through January 2003, Gail Edmonds, the firm’s sole precious metals trader, engaged in proprietary trading in excess of her authorized limits, which resulted in unrealized losses for the firm. Edmonds concealed her unauthorized trading and losses from Citigroup by concealing some of her forward positions, mis-marking the value of her precious metals positions, which caused the net exposure resulting from her futures options positions to be miscalculated.

When a 2000 Citigroup internal audit and risk review report identified certain control weaknesses with respect to the firm’s precious metals trading desk, the procedures implemented by management were insufficient. As a result no one performed periodic independent price verifications and Edmonds’ misconduct went unnoticed for another year.

In July, the NYSE censured and barred Edmonds for four years for her misconduct.

NYSE Regulation also censured and fined J.P. Morgan Securities $400,000 for operational deficiencies concerning regulation SHO, violating NYSE order rules, and books and records and supervisory violations.

According to the NYSE, a number of programming and other systems errors caused Morgan to incorrectly designate transactions and improperly enter orders. This led to a failure to adhere to NYSE’s “up tick” rule on numerous occasions over a nearly five-year period. The errors also resulted in inconsistencies regarding the computation of positions arising out of various aggregation units. Furthermore, the firm failed to report trades as short sales after January 3, 2005, the date of compliance with the SEC’s Regulation SHO, which established uniform “locate” and “close-out” requirements in order to address problems associated with failures to deliver.

Technological deficiencies and trader errors also led Morgan to violate NYSE requirements governing entry and cancellation of Market "At-The-Close" and Limit "At-The-Close" orders. Morgan also failed to submit complete and accurate program trading data on the firm’s Daily Program Trade Report.

Morgan cooperated with the Division of Enforcement's investigation, the NYSE said, and self-reported nearly all of the initial violations, going so far as to hire an outside consulting firm to audit the trade reporting systems and procedures used by their equity desks. Furthermore, Morgan changed its systems and procedures and created a new compliance technology department.

http://www1.cchwallstreet.com/ws-portal/content/news/container.jsp?fn=09-19-06
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By newspaper on 9/19/2006 1:25 PM
Opponents are always espousing the fact that “bad scam” companies are the only ones affected by SHO.
We know the list global, eagle, ostk, CMKM

They are always asking for us to provide evidence of market manipulation on a so called good stock.
What about PGWC 3 month performance it is down 85% and 28% for this week alone. Again they will say this stock does not have enough profit or the Ceo had a less than ideal past. We know how it works if there is no profit they will ask for that. If there is profit they will ask for more.
If there is enough profit they will ask for a dividend. If there is a dividend they will ask for the world and not be satisfied with that.

http://www.sec.gov/comments/s7-12-06/s71206-146.pdf
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Y on 9/19/2006 1:31 PM
"The SEC has often taken the position that meaningful reporting of delivery failures to investors and issuers would violate “trade secrets” or “proprietary trading strategies” – again holding the interests of certain participants as superior to those of investors."

Can somebody explain to me why, if these funds have such guarded secrets from each other, why are they always going to parties, meetings, fund raisers etc with each other?

http://www.nypost.com/business/big_names_on_wall_st__burned_by_big_loes_business_roddy_boyd_and_zachery_kouwe.htm
WoW that dude made 75 to 100mil last year! woah. By newspaper on 9/19/2006 1:52 PM
NEW YORK (Dow Jones)--Amaranth Advisors LLC, the Greenwich, Conn.-based hedge fund manager hurt badly by natural gas bets gone sour, is exploring strategic options including a possible sale of some or most of its assets, a person familiar with the fund said Tuesday.

One option is a sale of assets to Citadel Investments LP, the person said. A Citadel spokesman declined to comment. Like Amaranth, Citadel built an energy trading desk after the collapse of Enron Corp. (ENE).

The move comes one day after Amaranth, founded in 1999 by Nicholas M. Maounis, told investors that it had lost billions of dollars in the natural gas market.

In the letter, Amaranth said its performance might decline by as much as 35% once it finishes unwinding positions. The fund, which had more than $7 billion under management at the start of the year and $9 billion at the start of September, according to The Wall Street Journal, has seen its assets dwindle to less than $5 billion.

Ken Griffin's Chicago-based Citadel, which manages more than $12 billion, is up 12% for the year, according to the Journal. Last year, Citadel was up 7%, a number that would have been much higher had it not been for huge energy losses of its own, mostly after Hurricane Katrina.

Amaranth natural gas trader Bill Hunter was listed second on a list of top energy traders in a U.S. Senate Committee report into the role of speculation on rising oil and gas prices.

The report, citing Trader Monthly, said Hunter made between $75 million and $100 million in 2005 and was rumored to have made Amaranth $800 million.
--------------

I wonder if this hedgie will go under?
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Miss Quackfaster on 9/19/2006 2:43 PM
The world has also become more sanguine about the risks posed by hedge funds since the LTCM crisis. One of the features of financial connectivity is that the market compensates for failure. In Amaranth’s case, the winners are likely to be as big as the losers. Centaurus Energy, a trader in Houston run by an ex-Enron executive, is reported to have been on the other end of Mr Hunter’s disastrous bets on natural gas and profiting handsomely from it.

http://business.timesonline.co.uk/article/0,,8210-2366367,00.html
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By InTheKnow on 9/19/2006 3:12 PM
Hey take the 5 billion and split it up among the partners as a bonus and fuck everyone else. That's what they all do anyway!
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By InTheKnow on 9/19/2006 3:21 PM
and another thing, if I were a Senator and some CEO called me a ganster on the public airwaves I would have the press surrounding me and let them know the situation, but then again...
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By kevin on 9/19/2006 3:39 PM
If your stock falls, get a refund.

http://patterns.litigationdataservices.com/?m=200608
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By kevin on 9/19/2006 3:43 PM
http://www.theledger.com/apps/pbcs.dll/article?AID=/20060826/NEWS/608260371
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By jcline on 9/19/2006 3:52 PM
Great work by everyone...and our thanks goes to out everyone who has supported ITS, this effortby NCANS, and all the work each and everyone has contributed. It has been a massive effort. Together this has been a fantastic undertaking I for one would never have dreamed could be coming to fuition. It takes a dream.... it takes committment....and it takes great people like all of you to make it happen.

InvestigatetheSEC.com
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By geni on 9/19/2006 3:55 PM
Adnan Khashoggi Charged by SEC with Securities Fraud
April 14, 2006

Saudi financier Adnan Khashoggi and Ramy El-Batrawi, former CEO of telemarketing firm GenesisIntermedia, Inc. (GENI), were charged with securities fraud by the SEC in a civil complaint (here) filed in U.S. District Court in Los Angeles. Khashoggi is best-known as the arms dealer in the Iran-Contra scandal in the 1980s, and he and El-Batrawi were controlling shareholders of GENI before its collapse in 2001. They are accused of manipulating the stock price and misappropriating over $130 million in transactions that led to the collapse of several brokerage firms, resulting in the largest bailout in the history of SIPC. According to the SEC’s Litigation Release (here):
According to the complaint, Ramy El-Batrawi, GENI’s Chief Executive Officer at the time, and Adnan Khashoggi, with the assistance of Richard J. Evangelista, Wayne Breedon, and Kenneth P. D’Angelo (a stock loan broker previously charged by the SEC and criminal authorities), developed a manipulation scheme by which they could profit from lending GENI shares (rather than selling them). The complaint alleges that El-Batrawi and Khashoggi, through an offshore entity called Ultimate Holdings, loaned approximately 15 million shares of GENI stock to Evangelista’s employer at the time, Native Nations Securities, a New Jersey broker-dealer, and more than a dozen other broker-dealers in exchange for cash based upon the market value of the shares.
According to the complaint, Ultimate Holdings loaned stock through Native Nations (and other broker-dealers) to Breedon’s employer at the time, Deutsche Bank Securities Limited in Canada, and received the current market value of the stock in cash. As GENI’s stock price fluctuated, the loaned stock was marked-to-market by the broker-dealers. Ultimate Holdings received additional cash when GENI’s price increased, and was obligated to return cash when the stock price dropped. By lending the shares in this manner, El-Batrawi and Khashoggi raised approximately $130 million without giving up control of the stock or depressing the market price for the stock.
The manipulation caused GENI’s stock price to increase approximately 1,400%, from a low of $1.67 per share (split adjusted) on September 1, 1999 to a high of $25 per share on June 29, 2001. After the scheme collapsed in September 2001, GENI’s stock price plunged to pennies per share. El-Batrawi and Ultimate Holdings then defaulted on their obligations to repay the approximately $130 million they had obtained from the stock loans, which caused several of the broker-dealers in the stock loan chain to go bankrupt.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By geni on 9/19/2006 4:01 PM
Reducing the public float is illegal? Isn't that just pulling certificates? Lending stock is the same as selling it? Really? Promoting stock is illegal?

Why did Sept. 11th make this "scheme" unravel?

"Their illegal manipulative activities included reducing the supply of GENI stock to control the public float, promoting a short squeeze without disclosing to GENI shareholders that El-Batrawi and Ultimate Holdings had effectively already sold their stock through the stock loans and were attempting to prevent their stock loans from unraveling, and making trades through nominee accounts."

http://www.sec.gov/litigation/litreleases/2006/lr19655.htm
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Little Bo peep on 9/19/2006 8:21 PM
Hedge funds -
telecom
airlines
energy
Is automotive next?

Lip service will not get results. The handle broke off of the SEC.
Someone better get it FIXED or this is going to get very nasty.

Talk about hot buttons.
Every time the American public read about the
bubble gum fines and allowing the crooks to get by without admitting guilt.

Horns start growing and the ugly side will be forced to act.

They all have clear images of the scapegoats that have been
belittled and laughed at by the media.
Some guilty and some set up.

Now, my sheep and I up to this point have really not put any effort into bringing the middle class and poor into this rotten thread of fraud.
We do not want to create a panic, sooooooooooo
we expect our government to protect us.

What are you going to do now?
I still have confidence that the honest man
and woman will fix this.
Many tangled in this shit had no idea what was going
on other than some "EGO's" were making them money.

So, mr/mrs/ms "elected official"
Are you going to do what is right? I think you will.

Again, THANK YOU to all of those who are working their asses off to get to the bottom of this fraud.
We see the progress that is being made daily.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Goofy on 9/19/2006 9:20 PM
“They lost $4.5-billion. If I am an investor, do I feel comfortable in this hedge fund?” he asked. “The real story of Amaranth is traders gone wild. Here's leverage and gas options, two sticks of dynamite and trading.”
At the same time, he doubts that politicians can ever effectively police these funds, since much of the kind of trading that caused problems at Amaranth was either done offshore or through Internet trading.

http://www.theglobeandmail.com/servlet/story/RTGAM.20060919.w-amaranth-main20/BNStory/Business/home
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Y on 9/20/2006 1:58 AM
"The first hedge fund was created in 1949 by Alfred Winslow Jones, a financial journalist. His strategy? He used half his investors' capital to buy stocks. He sold the other half "short"

http://www.usatoday.com/money/perfi/funds/2006-09-18-hedge-cover-usat_x.htm
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By gregcable2002 on 9/20/2006 4:43 AM
When will the sec post the letter?
Big BIG Bigger profits at MS By newspaper on 9/20/2006 6:03 AM
MORGAN STANLEY 3Q NET SOARS ABOVE EXPECTATIONS
Wall Street investment bank posts 3Q earnings of $1.85 billion, or $1.75 a share, in its fiscal third quarter, compared with $144 million, or 13c a share, a year ago. Revenue rises 15% to $7.99 billion. Analysts polled by Thomson First Call expected the company to earn $1.37 a share on revenue of $7.82 billion. Shares add 1%.

REFINANCING ACTIVITY SOARS TO EIGHT-MONTH HIGH
Number of applications for loans to refinance existing mortgages increases to the highest level since early February and overall, mortgage applications rise 2% from the week before to the highest level since April, the Mortgage Bankers Association says.

MAN GROUP HAS LARGE EXPOSURE TO LOSSES AT AMARANTH
Man Group, the world's largest manager of funds of hedge funds, is among the firms with a large exposure to heavy losses at U.S. hedge fund Amaranth Advisors, according to regulatory filings and people familiar with the matter.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By crazy lil gw on 9/20/2006 7:45 AM
Crazy Lil' GW - is it wise to make your face the focal point for all of us extremely angry, ripped off shareholders.

First, you show your IQ when you spell words like "floundering" without the "l", but more importantly, you know it is slanderous to make public accusations that aren't backed by fact.

Second, why would you publish such crap:

http://www.dealbreaker.com/2006/09/gary_weiss_reads_sec_comment_l.php

For example, you say that NCAANS is a "phony grassroots" organization, then imply it is set up by pump and dump promotors and crooked penny stock CEO's.

Did you go through our signature pages and get a big intersection with a list of known felons? If not, how could make such smarmy sweeping generalization?

Wouldn't it make more sense for you to spend your time making a rational argument as to why it is in my best interest to allow you to sell me something, then not deliver it?

You've given up on saying that doesn't happen. You were 100% WRONG when you said that. Your new strategy is to say it happens and people that don't like it are smarmy, but you don't explain exactly why you think it is a good idea.

As you lock your doors before you go to sleep tonight, think of us pissed off shareholders and remember there is more to life than money.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Miss Quackfaster on 9/20/2006 8:17 AM
Coup and riots leave traders wary
Financial markets were rattled by the bloodless coup in Thailand yesterday and continuing riots in Hungary but the impact has been limited so far.
Martial law in Thailand, imposed yesterday, forced the stock market and banks and government to close today. Yesterday the baht, the Thai currency, suffered the steepest one-day fall in three years, jolting other Asian currencies.
In Japan, the Nikkei stock market index ended down 1% today, the lowest in five weeks.

http://business.guardian.co.uk/story/0,,1876956,00.html


Goldman Sachs fund exposed to stricken Amaranth

http://today.reuters.co.uk/news/articlebusiness.aspx?type=businessNews&storyID=2006-09-20T154552Z_01_L20301628_RTRUKOC_0_UK-ENERGY-FUNDS-AMARANTH-GOLDMAN.xml
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By kevin on 9/18/2006 10:32 AM
Sometimes I think I am living in a bizarro world where criminal conspirators have gamed the financial market, taking people's cash and giving them nothing in return except diluted share prices, but then I realise it must all be a dream.

After all, regulators and politicians would never allow that to happen in a country with a free press...
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By newspaper on 9/18/2006 12:43 PM
This says it all. The SEC thinks all broker-dealers are incapable of fraud or deceit on any level. Is it any wonder they let them all off without admitting wrongdoing? They only make “mistakes”

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.

The U.S. Securities and Exchange Commission, the top federal regulator for the nation's public companies and financial markets, says it has no tolerance for companies that exploit the lack of a verification system to exaggerate trading data

One in five of the shares traded in the U.S. during the second quarter bypassed the exchanges and were matched either internally among brokers' own clients or through anonymous electronic markets, according to Aite Group LLC, a Boston-based consulting and research firm. That proportion will increase to about 25 percent by 2010, Aite Group estimates.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a4Iy3J2GROBk&refer=home
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Make No Mistake About It on 9/18/2006 12:55 PM
The hedgies are on the run and I attribute it all to the great work by you, Patrick , Patch, Mark, Bud, Mary, & the rest of the vocal minority. The crooks are under the microscope and the bunsen burner is lit. A heartfelt thanks to all of you from the sheeple.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By ginger on 9/18/2006 1:30 PM
I don't dream, I am convinced I am living in a bizarro world where criminal conspirators have gamed the financial market, taking people's cash and giving them nothing in return except diluted share prices.

Where are the lawsuits?
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By bobo on 9/18/2006 2:20 PM
Now that the letter has been sent, we can stop faxing and emailing authorizations, folks. We are now over 1100, but the letter is sent. Thanks for your support.

I do think we are making progress. But the bad guys have a lot of cash to throw at the problem. Think about how long the S&L crooks were able to buy the system's cooperation. And that is peanuts compared to this. Really.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By marc81 on 9/18/2006 2:54 PM
Bravo, on an outstanding effort! When you get a chance, Bob, I would welcome hearing your thoughts on the likelihood of the recommendations in the NCANS letter being implemented by the SEC.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Sean on 9/18/2006 3:26 PM
OSTK Brought this manipulation to public attention.These Miscreants took the stock down from $47 to $16.

PGWC Sought to put the squeeze on the Miscreants with a Certificate only dividend..the stock hase been reduced from $7.60 to .93cents today( all within a space of 3 weeks)

CSHD Call outT.D. Ameritrade last week...I wonder where the stock will be trading in a month or so!!

Any CEO that has tried to battle these shorters/manipulators have been shown "Whose boss" and it is NOT the CEO!!!!

Today the Hedge Fund Amaranth (sp) announced that it has lost close to 4 billion in less than 20days because of a bad bet on Natural Gas. LOL!! I sincerely doubt it it just NG that these guys were messing with but 4 bill in 20 days.. soon these guys are going to start losing real money!! Did'nt someone say that these guys were the smartest in the room? Or was that the Enron management team. Bob we can only affect the system so much..the ones with the power choose to ignore this issue and only when the rich start becomming affected will this problem take hold in our beloved media. You should have seen the concern on the CNBC analysts faces when they had to announce this. There was no positive spin..this was bad. Rich people lost almost half their money!!This HIT HOME!!!
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By InTheKnow on 9/18/2006 3:30 PM
Heard that a conference today where Dr. S. Trimbath was keynote speaker and Harvey Pitt (former SEC Chariman) was the afternoon keynote speaker was a huge success for us naked short fighters. Harvey Pitt distinguished between legal short sellers and naked short sellers and agreed that naked short selling must stop.

Liz Moyer attended as did Bloomberg News. Stay tuned.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By carnival of fraud on 9/18/2006 3:43 PM
Clowns are lost because the ring leaders are asshole deep in bribery and corruption.

Who are you gonna call?

Milwaukee Alderman Michael McGee Jackson?
Tag.
U are it.
Better hope you have more than one freezer full of ca$h,
cause the lawmower is headed your way.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By kevin on 9/18/2006 3:52 PM
Free online stream of Freedom to Democracy on the banking and income tax system.

http://www.truthstream.org/?cat=212
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By courts will be flooded with suits on 9/18/2006 4:16 PM
Ginger,
Yes we are gamed, but take heart. We are slowly winning. Some lawsuits have had to amend filings due to much more evidence being uncovered. This all takes time. The wheels of justice take time, but we will win. Remember, the turtle won the race.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Bugs on 9/18/2006 4:31 PM
Nooooooo! This time we are going to win by a hare.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By bobo on 9/18/2006 4:47 PM
That's very funny, bugs.

A good laugh.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Ball less on 9/18/2006 5:08 PM
A guy goes to the U.S. Post Office to apply for a job. The interviewer asks him, "Have you been in the service?"

"Yes," he says. "I was in Vietnam for three years."

The interviewer says, "That will give you extra points toward employment" and then asks, "Are you disabled in any way?

The guy says, "Yes . . . a mortar round exploded near me and blew my testicles off."

The interviewer tells the guy, "OK I can hire you right now. The Hours are from 8 am to 4 pm. You can start tomorrow. Come in at 10:00 am."

The guy is puzzled and says, "If the hours are from 8 am to 4 pm then why do you want me to come in at 10 am?"

"This is a government job" the interviewer says. "For the first two hours we stand around scratching our balls...no point in you coming in for that."
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Little Bo peep on 9/18/2006 5:57 PM
What an excellent letter.

It is so refreshing to see a group of people from
all walks of life join hands and make things happen.

This is the group of people that walks into the room
and says I'm here.

A reminder that no matter how high on a throne one sits,
it is still a butt that they are sitting on.

I am certainly proud to wear my "tin foil hat"

Job well done.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By n-tres-ted on 9/18/2006 7:23 PM
Mary and Bobo,

The letter really reflects intellect and integrity at the most solid level. You and all those who worked with you are to be congratulated for service to the nation and to the economy. I'm hopeful that those with political position such as Senator Hatch, Senator Specter and others will make clear to SEC and its chairman Cox that these matters are serious and must be cleaned up at once. SEC faked it in 2004. Now Cox must lead the charge for integrity or go down with the ship and every rat on it.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Millerd1 on 9/18/2006 7:34 PM
I'd be proud to own one of those tin hats, do you suppose we could put them on sale?

Raising ANOTHER toast to jobs well done by all. Thank yuou Tommy, EB, Lynetta, David, Patrick, Mark, and Bud.

THANK YOU

PS This space is limited to comments of 500 characters, please raise the count to over the 1100 in recognition of the characters that have sent you their signatures.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By Y on 9/19/2006 2:45 AM
From the NY Times article on the Amaranth Blow Up.

"In 2004, Amaranth protested a new rule proposed by the Securities and Exchange Commission that would have required certain hedge funds to register with federal regulators and undergo greater scrutiny.

“Contrary to media stereotypes of hedge fund managers, Amaranth does not ‘operate in the shadows’ outside of regulatory scrutiny,” its general counsel wrote. “We do not understand why the commission is proceeding so urgently with this rulemaking when the public policy problem to be addressed remains poorly defined and the proposed regulatory response is so burdensome.”

The rule, which was issued in late 2004, was struck down in June by the United States Court of Appeals for the District of Columbia. Last month, the S.E.C. declined to appeal the ruling."
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By mhelburn on 9/19/2006 5:23 AM
I'm printing up the letter to take to a local banker today. Folks, keep a copy for those who can readily absorb what is going on. I told Bob that I'm embarassed because my name is first and I will get credit for all the work. Even if I had been able to create such a document, it is far more meaningful with all the support. Each of you who signed understands how important this letter is. Thank you for standing up and putting your "John Henry" on the comment letter.

How about a commemorative t-shirt? A bunny with a shiny hardhat pushing a broom under a streetsign that reads "Wall Street".. or EB on a really big streetsweeper...




Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By newspaper on 9/19/2006 5:54 AM
GenesisIntermedia and Ramy El-Batrawi Attacked By Illegal Shorters and the SEC Fails to Take Action
Friday September 8, 9:00 am ET


LOS ANGELES, Sept. 8 /PRNewswire-FirstCall/ -- From mid 2000 till the end of 2001, GenesisIntermedia (OTC: GENI - News) and Ramy El-Batrawi attracted the attention of a group of aggressive short sellers intent upon artificially depressing GENI's stock price. These short sellers hoped to reap tremendous profits by shorting increasingly larger amounts of GENI stock without first borrowing it, an illegal practice commonly called "naked shorting", states Mr. El-Batrawi.

The practice of defrauding investors by taking their money and refusing to deliver the product they paid for has many names...

Good Read click here to get the whole read
http://biz.yahoo.com/prnews/060908/laf002a.html?.v=1
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By kevin on 9/19/2006 5:55 AM
More bizarro world.

Hedge funds manage trillions of dollars, moving and manipulating markets around the world, but they don't think there should be any rules for them to obey and they don't think anyone should regulate them.

Is it just me or does that sound ridiculous? Why do I work for a living if the real money is made in the wild west of the hedge fund casino?
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By newspaper on 9/19/2006 5:58 AM
Organized Short Sellers Use Media to Disseminate False Information on GenesisIntermedia and Ramy El-Batrawi
Friday September 15, 9:00 am ET


LOS ANGELES, Sept. 15 /PRNewswire/ -- In early 2001, GenesisIntermedia (OTC: GENI - News) was heavily shorted by what appears to be a group of organized shorter sellers. Having established a sizable short position, the short sellers began disseminating negative publicity about GENI and Ramy El-Batrawi in an effort to drive down the stock price, states Mr. El-Batrawi.

http://biz.yahoo.com/prnews/060915/laf002.html?.v=59
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By hhawes on 9/19/2006 6:16 AM
"How about a commemorative t-shirt? A bunny with a shiny hardhat pushing a broom under a streetsign that reads "Wall Street".. or EB on a really big streetsweeper... "

Mary, great idea, and a good way to promote the topic as well as serving as a fund raiser to cover some of your costs. Let's do it.

ALSO, THANK YOU, THANK YOU........VERY, VERY NICE JOB.
Re: NCANS Comment Letter Submitted to SEC With Almost 1100 Signatures By hhawes on 9/19/2006 6:18 AM
We could have EB draw some of his funny stick cartoons on the back.

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