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Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 10/8/2006 4:33 AM

My last blog was devoted to tearing apart the hypocritical and biased piece by an ex-SEC staffer, inexplicably published by the NY Times.

By one Richard Sauer.

The article stank to high heavens, and I smelled a big fat rat. As I dug around, I saw his appearance with Marc Cohodes back in 1999, in an interview. The rat meter spiked off the chart.

I saw the references to prominent and well known Rocker Partners short plays in his bio, and read with astonishment about how short sellers provided great info to him, and were heroes, friends of the SEC, etc. The meter now was pegged in rat zone.

So it was with no surprise that the NY Post did what I call a "soft break" of what was coming my way as well - that Richard Sauer is employed by Rocker Partners/Copper River.

Suddenly the characterization of those suing miscreants (alleging unfair business practices) as being anti-short-selling is clear. This wasn't a factual piece at all. It was a hit and smear piece, thinly veneered, along with a piece of rather clumsy hedge fund propaganda, by one of the funds that shows up in a surprising number of the SHO list stocks.

Huh.

Does it bother anyone that certain hedge funds seem to have an unusual sway within the SEC, and with prominent NY papers? Does it give anyone pause over what the subpoenas this ROCKER EMPLOYEE was denigrating under the imprimatur of the NY Times, could well have turned up? Does it not connect a lot of dots for anyone doubting that some hedge funds can get their spin published by the same papers that are so against any modification of naked short selling rules, and are so quick to call critics of the funds or the system the funds use, "kooks" and "loons?"

Everyone, perhaps we should let the NY Times know how much we appreciate them allowing Rocker/Copper to run full page propaganda pieces in that noble publication, sans the revelation that the guy slamming the companies suing a couple of hedge funds is IN one of the hedge funds!

How much more intellectually dishonest does this have to get for one to completely give up on the NY press as a whole? This is about the shiftiest episode yet - more shifty than when Herb "mistakenly" said that PMI was suing NFI, causing their stock to drop $4 or so before that "mistake" was corrected, at the height of a massive short attack - and where Rocker had bought millions of put options just a week or so before the huge article in the WSJ, AND THE SEC PROBE that amounted to nothing, gave the stock a 60% haircut.

This might as well have been written my Marc Cohodes, and been titled, "Why regulations that could land hedge fund asses in prison for years are bad."

No, instead, it went under the byline of a "former SEC" attorney, presumably highly credible and relatively unbiased.

Except that Cohodes is his new boss, and the spin being spewed was self-serving horse poop.

I either have an amazing instinct for duplicity, or just got lucky, because I actually have emails wherein I placed the odds in the higher end of the range that Sauer either had gone to work for SAC, or Rocker/Copper, given the agenda he was trying to advance, and the way he made a special point of attacking the issuing of subpoenas, and suing of alleged bad guys. There just wasn't any logical way to get to the destination he seemed hell-bent on getting to.

And now we know why. Follow the money. He is paid by the hedge fund that prompted the subpoenas being issued in the first place, and is being sued.

This is jawdroppingly slimy. Really. Unbelievable.

But not at all surprising.

They really must believe we are all dolts, and that these sorts of sophomoric attempts will have anything but a negative long term impact.

Let's review some of the statements by Rocker/Copper's employee now, in the new light of understanding:

"But if short sellers are friends to the S.E.C., the commission has been no friend to short sellers. The agency has saddled short sellers with trading restrictions and has looked the other way when companies have taken potentially illegal actions to silence short sellers’ criticism." 

So why characterize a suit alleging unfair business practices - essentially writing and front-running biased research reports, and timing them to make illicit profits from your having advance knowledge of the timing and content - as potentially illegal actions to silence short sellers' criticism?

BECAUSE YOU NOW WORK FOR THE GUYS ACCUSED OF DOING IT!!!

""In addition, the S.E.C. staff has been willing, indeed eager, to pursue investigations against short sellers based on complaints from companies that the shorts have said mean things about them. One recent case made national news: the S.E.C. staff sent subpoenas to financial journalists suspected of using short sellers as sources for their articles — as if that were somehow improper."

Why try to change the reason for the subpoenas being issued - suspicion that some supposedly unbiased reporters were timing their articles and the content to help in stock manipulation-like trading - to "using short sellers as sources?"

BECAUSE YOU WORK FOR THE FUND ACCUSED OF DOING IT!!! And you are trying to rewrite history, and make this about something it was never about, to deflect the real reason the subpoenas were issued!

And people don't understand why the public doesn't trust the supposedly unbiased writing of those gracing the pages of the NY Times and the other fine, ethical, upstanding papers there. Gee. I wonder if that is because the guys involved in doing the writing WORK FOR THE HEDGE FUNDS? And as the subpoenas were intended to discover, the SEC wanted to know if any of the journalists subpoenaed also were working for hedge funds, one way or another... How dare they persecute those unbiased freedom fighters...

Nah. Who would be paranoid enough to believe that major financial icons would allow subpoenaed hedge funds to write propaganda pieces and place them in their pages, masquerading as expert commentary? Why, that would NEVER happen.

Right?

And it highlights why some hedge funds are untouchable by the SEC - they are the Commission's retirement employers. Who would go after the folks that will be paying you 10 times what you made at the Commission? But there isn't anything untowards going on.

I wondered aloud as to whether Sauer was writing about the bogus TASR SEC investigation, or bogus NFI probe, when he was discussing how helpful short sellers had been to the SEC, in my last blog. Now it appears that question really is a serious one. Who initiated those? Interesting question, no?

Did I mention what a farce this was becoming?

 
Copyright ©2006 Bob O'Brien
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Comments (71)
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By InTheKnow on 10/9/2006 7:44 AM
Am I missing something or is there a link between the SEC and the crooked lying scumbags that sell their soul to the devil and suck the blood of every investor that puts a nickel in the stock market.

Where is the f*cking SPECIAL PROSECUTOR or is congress as corrupt as it seems!
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By teacheric on 10/8/2006 8:24 AM
Do Specter and Hatch have this info?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By ticktock on 10/8/2006 5:44 PM
Has anyone ever dealt with http://www.whistleblower.org/template/index.cfm?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Patchie on 10/8/2006 5:52 PM
Brain fart on that one...It was sent but I have a copy of the correspondance and they have 30 days for the initial response.
ACLN halted by NYSE ( first halt since 1975 ) Greenberg does the HATCHET JOB.. Sauer @ SEC requests TRADING HALT and INVESTIGATION By soldhibotlo on 10/8/2006 6:04 PM
ACLN halted by NYSE ( first halt since 1975 ) Greenberg does the HATCHET JOB.. Sauer @ SEC requests TRADING HALT and INVESTIGATION

Richard Sauer, SEC assistant director of the division of enforcement, said that the halt shouldn't be construed as a verdict of guilt. Rather, the SEC has decided that the information available on A.C.L.N. is too foggy for investors to know exactly what's going on. "At this point there isn't verifiable public information about it that would support a public market stock," he says.

The last time the SEC ordered a halt on a New York Stock Exchange-listed stock was 1975.

http://www.thestreet.com/markets/justinlahart/10013472.html

let me get this STRAIGHT SEC has NOT halted an NYSE stock since 1975 BUT LO and BEHOLD Greenberg starts some shit on ACLN.. and Richard Sauer @ the SEC .. to the rescue and halts ACLN

ps ROCKER had HUGE short position ACLN
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By A Friend in PA on 10/8/2006 6:09 PM
Arlen Specter may be the man for the job. He is a maverick who wants to be remebered for doing the right thing. Last year that he underwent brain surgery for cancer.

"Well, a bigger question than my health, Gwen, is how is my hair? I see pictures of myself and I don't recognize myself. I have been a victim of identity theft. I have completed the chemotherapy. And during the course of the chemotherapy from February through July, I've been able to keep all my duties. I haven't missed a beat, and as I've said in the past, I've beat a lot of tough opponents. I beat a brain tumor. I beat bypass surgery. I beat a lot of tough political opponents. And I'm beating Hodgkin's cancer as well. I'm fine."
http://www.pbs.org/newshour/bb/politics/july-dec05/specter_8-24.html

Specter is not resting on his laurels. His agenda is dominating Senate business. He is presiding over a Judiciary investigation of the National Security Agency’s controversial terrorist surveillance program. And his asbestos reform bill, an effort to clean up a mountain of debilitating litigation, is atop the legislative calendar put together by Majority Leader Bill Frist (R-Tenn.).

People who know Specter rarely make the error of underestimating him. They are even less likely to do so following his performance in the past 12 months.
http://thehill.com/thehill/export/TheHill/Comment/Editorial/020806.html
No One can now edit the WIKI article on NSS. By newspaper on 10/8/2006 6:46 PM
Wiki article has been locked to prevent changes. It has been reverted back to the old one-sided propaganda version.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By ticktock on 10/8/2006 7:13 PM
Amazing how Gary Weiss's name appears multiple time in the wiki article.
Naked Shorters have Star Chamber Mentality By Craig on 10/8/2006 7:49 PM
Below is the one review from Amazon of the 1983 Movie - "The Star Chamber" with Mike Douglas. I saw this movie in my high school government class in 1984.

Abusive manipulation of the stock market is trying to act like judge and jury that a company is bad. How often do you have to get it wrong to let us question why you can do it at all?

Buy or rent the movie:

http://www.amazon.com/Star-Chamber-Peter...

Who died and made you God?


"As anyone who has ever read Plato's REPUBLIC will tell you, the concept of justice is not nearly so straightforward as we would like to believe. In a perfect world, all the bad guys would go straight to the slammer and all the good guys would be set free and exonerated. We live, of course, in what is far from a perfect world.

There are two extremes to the equation. On the one hand, a police state where you're guilty until proven innocent and deprived of rights that could prove that you are, in fact, guiltless.

On the other hand is a legal system that is so complex that there are thousands of loopholes every step of the way by which clever lawyers may get their client(s) off on a technicality - regardless of how absurd the technicality is.

The present movie asks an intersting question: what if a group of judges got together to do something about the latter situation and correct in-justice? What if, being the incarnation of the "law," they dispensed justice in a manner that was more beneficial to society (or so they hoped)?

This premise leads them into the Star Chamber where they review cases at their leisure. Of course, the obvious question arises: what if they mis-fire? To complicate matters, what if the people they want to whack are guilty of other egregious crimes, but innocent of the crime they've been accused?

Herein lies the premise of THE STAR CHAMBER. It's too bad I waited until just recently to see this movie as I'm a fan of Michael Douglas and Hal Holbrook. But, it was certainly worth the wait. I'll see YOU in court"
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By rtway1 on 10/8/2006 7:51 PM
It would be nice if the boys at TASR started to request some FOIMA request. There probably afraid of loosing out on any gov't. contracts. The more people to put pressure on this phony SEC the faster it will unravel.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By clearthinker on 10/8/2006 9:08 PM
none of this should be a surprise. Patrick illustrated long ago that the system was totally compromised. All we are seeing is the ongoing physical evidence of it. Already, more than enough has taken place to prompt action by regulators and law enforcement officials. The only question that remains is does anyone have the cahones and the poitical will/clout to stand up to the crime. If yes, then we will see evidence of that will soon. If not, then what..............
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By WTF on 10/9/2006 12:36 AM
The Rocker JC Penney Fiasco

http://www.sec.gov/rules/other/4-476/washlegal052203.pdf
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By market watcher on 10/9/2006 1:46 AM
Didn't the NYT give information on the author? His name and his job?
If not, that is really bad. It's like an article say on how talking on a mobile phone cannot be a hazard to your health. By a medical expert, who turns out to be currently a sales manager for one of th mobile network operators. Or how smoking is not unhealthy, etc., etc..
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Congress Sucks on 10/9/2006 3:49 AM
The whimps in Congress would rather take on HP and girls rather than show some balls and investgate the biggest fraud currently going on down on Wall Street.

Who in Congress will take on this job or are they all busy Emailing or IM-ing Pages. This whole fiasco stinks to high heaven and the government is too busy sucking each other off!
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By concerned citizen on 10/9/2006 4:26 AM
soldhi, that is some blatant manipulation you uncovered there. bobo,Patch, soldhi, please answer me this: The hedge fund accounting needs to be investigated. Seems that the pattern is clear. With MOST short sales, a profit isn't booked until the short is covered. MANY of these naked shorted companies just go away. The positions never get covered. How are hedgies "booking profits"??? Is it in the options market?? what happens to all those outstanding positions?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By concerned citizen on 10/9/2006 4:57 AM
bobo, do you have a link/transcript of his interview with Cohodes in 1999?? and maybe the bio you refer to?? that would be great.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By virakiller on 10/9/2006 7:47 AM
enough with the talk people
get the BATS
these american taliban are robbing OUR COUNTRY BLIND

IF CONGRESS WONT ACT - AMERICA WILL

F*CK YOU CONGRESS
F*CK YOU GOV'T

if you wont represent us we will take matters into our own hands
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bbhindyou on 10/9/2006 7:09 AM
Dear concerned citizen,
The entire dot com bust ,enron,Kmart, worldcom,and so many small companys I won't list them all had been COUNTERFITTED/NAKED SHORTED heavily.
When they were declared null and void none of the shares/our money EVER had to be COVERED it just went right in to the right pockets.
The record of ALL the dtcc's stock LOAN/COUNTERFITTING operations back to the inception in the 80's would show a damning picture and probably was why the sec had a office in the world trade center.
Time to lay down being a loyal citizen the government does NOT want what is best for YOU.
ORDER ALL CERT'S
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By MADAME DEFARGE on 10/9/2006 7:39 AM
Sadly just another example of why the guillotine becomes the only answer. When all checks and balances fail(SEC, NASD, CONgress, DOJ, FBI, etc) because they are all complicit in these crimes Joe Sixpack has only one option left.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bobo on 10/9/2006 7:51 AM
Hello folks. If I may request that, unbridled outrage aside, we limit the use of expletives to what you would use in a polite discussion, that would go a long ways to maintaining our credibility. In the future, discussions of putting hits on regulators, or use of the F word, will be automatically deleted. Seems reasonable. I am always forgiving of the use of a good expletive now and again, but it diminishes our message. Thanks for tuning in.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bobo on 10/9/2006 7:54 AM
As an aside, the law firm that Sauer went to after leaving the SEC was Rocker's law firm. So the chinese wall, in this case, was virtually non-existent.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Iona Hogbin on 10/9/2006 8:09 AM
So how sick is this:

The Best Lawyers in America 2007! The year ain't even here yet!!

On page 11, is this our man Sauer??

http://www.velaw.com/pdf/resources/bestlawyersinamerica2007.pdf
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Iona Hogbin on 10/9/2006 8:22 AM
Yes, it is our man Richard Sauer. Seems like he also goes by Rick Sauer.

Looks like we should hire this firm to represent us. Oh, no they represent the other side.

V&E lawyers are active in all major areas of securities litigation and enforcement...

Enforcement Matters V&E frequently defends companies and individuals in securities enforcement actions and investigations brought by the Securities and Exchange Commission, the Department of Justice, state securities regulators, and state boards of public accountancy. We have substantial experience with substantive claims alleging fraud, insider trading, improper accounting, and other securities law violations, both civil and criminal. We have drafted successful “Wells submissions” and white papers to the SEC and are also experienced in trying cases brought by the government. Our securities enforcement practice in Washington is enhanced by the recent addition of Richard Sauer, former Assistant Director of Enforcement at the SEC and by the active involvement of Paul Maco, former Director of the Office of Municipal Securities and attorney in the Division of Enforcement and Office of General Counsel at the SEC, and three partners who were federal prosecutors. We are currently defending several companies and individuals in investigations of alleged accounting fraud.

http://www.velaw.com/practices/practices_detail.asp?pracid=000320818601&grpid=000320815701
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Little Bo peep on 10/9/2006 8:28 AM
mr/mrs/ms "squirmy" running from mr/mrs/ms "stinkey" now.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By floatingpoint on 10/9/2006 8:47 AM
bbhindyou: That is exactly correct. Here, for example, are two short articles that discuss selling call options.

http://tinyurl.com/jpasd

http://tinyurl.com/kcvt3


Who is it that sells most call options? The big banks. How many trillions were they about to lose in 2000 if the Nasdaq were not wiped out? What were the dollar values of all those call options for new era companies like Broadcom (cable modems, gigabit ethernet) and Qualcomm (CDMA cell phones)? Remember that options are monthly and can extend forward in time by a year or two (or more).

The banks now create liquidity in stocks just like they have done for years with cash. They print it up electronic stock widgets out of thin air just like they print electronic cash widgets out of thin air. For cash widgets they charge interest and for stock widgets they get a pile of cash widgets.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bbhindyou on 10/9/2006 9:28 AM
Floatingpoint the masses WILL find that they are the proud owners of nothing.
It has to come out.
To keep the masses from being able to punish those who stole it all the guilty partys aren't above ANYTHING to make a getaway.
The crime is done.
The money is gone.
Now how do you think they will try to destroy the evidence AND the victims crying for blood?
That is what scares me.
Desperate people do desperate things.
Desperate people with all the power and money are SCARY.
PULL ALL CERT'S
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By davidn on 10/9/2006 9:45 AM
We need to keep naming names.

Richard Sauer is an arrestable name. There are others.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By concerned citizen on 10/9/2006 10:04 AM
the arrogance that his past would not be discovered is what amazes me. Writing an Editorial in the NYT is as brazen as it gets. Almost as brazen is Elgindy's STAR defense witness Peter Michaelson writing an SEC comment letter opposing tougher SHO. Has it become obvious to the crooks that no one seems to be fixing the problems?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Iona Hogbin on 10/9/2006 10:09 AM
Considering what Patchie said:

Sauer works for the SEC and is "courted by Rocker" by promising future employment at a high salary. Sauer initiates investigations on behalf of Rocker, some that yielded results for the SEC and all that yielded results for Rocker. Sauer then leaves the agency and does a smokescreen by first moving to a firm (Vinson & Elkins) to not appear conflicted in his departure vs. cases conducted.

Well, it looks like Sauer has worked for VE at least since 2003:

SAUER, RICHARD C. WASHINGTON
DC 20004 07/14/2003 395.00 VINSON AND ELKINS L.L.P./ATTORNEY 23991695907

http://query.nictusa.com/cgi-bin/com_ind/2003_C00032797
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bobo on 10/9/2006 10:11 AM
Herb was just on CNBC touting Sauer's piece. So if anyone has any confusion or doubt whatsoever as to whether Herb is a part of the Rocker network that is being sued by OSTK, consider that Sauer works for Rocker now, and left the SEC to spend a brief stint at Rocker's lawfirm. And herb is trying his best to get the article more attention.

I wonder if any journalists would be interested in exposing this obvious propaganda?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By searrows on 10/9/2006 11:26 AM
The bolden arrogence that this cabal operates makes me think that we are a very long way from getting where we need to get. With the see no evil monkeys at the SEC and their virtual inability of theto do a serous investigation into the Hedgs Funds is and has been truely alarming. Getting this fire started has been like trying to light wet wood. Sometimes I think we need to start a magazine devoted to this issue and go on run commercials away from the financial press. Here is an idea, Lets expose the concept as a money making idea that the public can participate in. If large profitable companies start imploding too quickly it might prove the point we have been trying to make. After all if the little guy starts doing it they always close the loop holes.

What happens if we can not get this fixed and it continues ?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Sour Sauer on 10/9/2006 11:43 AM
Ask anyone that reads body language to review the CNBC tape and see if they think Herb Greenberg is lying.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By InTheKnow on 10/9/2006 12:37 PM
We have friends!
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Little Bo peep on 10/9/2006 1:18 PM
InTheKnow says:
We have friends!

and they do not have fake testicles.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By cynabear on 10/9/2006 1:44 PM
I hope to God/ess that InTheKnow and Little Bo peep are correct, because this criminal behavior that has been exposed by Bobo et al. runs deep....the ivy league mafia.... almost infinite money/connections.....and the average joe can't believe it is happeniing....all too complex.......easier to watch tv , drink a couple and start the day again.... modern day bread and circus routine....I so admire Byrne.....wonder if he has personal security guards... poisen tasters?....hope so...
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By x. trapnell on 10/9/2006 3:42 PM
Of course, the finest hour of the firm Sauer joined, Vinson & Elkins, was serving as counsel to Enron. . .
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By msucog on 10/9/2006 5:22 PM
who actually has to see herb to tell if he's lying about something? however, it is rather funny to see the cartoon depictions of herb and cramer "defending" themselves...
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Tyler on 10/9/2006 8:57 PM
Is it an Ivy League mafia or a Jew mafia ... honest question: are any of these guys NOT Jews?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By rtway1 on 10/9/2006 9:13 PM
I have it from good sources that they were the Irish mafia and actually faked their names to throw us all off. Another source said that they were actually part of the Amish mafia and no one knows how big they number. Watch your ass never know who can be creeping up on you. Of course if we settled all the trades legit we would not be having this dumb ass conversation. Use your head.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Tyler on 10/9/2006 9:38 PM
I don't buy the politically correct nonsense. If they happen to all have something in common - you know, like the terrorists at our airports, for example - then that deserves to be looked at carefully.

BTW here's an article that might relate to all this:

http://www.northcountrygazette.org/articles/100506AgentImprisoned.html
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bobo on 10/10/2006 6:50 AM
Tyler: It is sort of amusing that even while you try to ascribe a racial/religious assignation to "all" the manipulators, the article you cited discusses Egyptian Elgindy, one of the only stock manipulators involved in naked short selling to have been convicted and sent to jail in the last 20 years. I'm sort of torn between deleting your post, or responding to it. If I delete it, it looks like I am censoring non-PC views. If I respond, it could look as though I support your views, and that this movement is a hotbed of anti-semitism.

So I will address it this way. Elgindy? Not Jewish. In fact, sold all his stock on 9/10, the day before 9/11, and tried to wire the proceeds to Lebanon, after telling his broker that the Dow would fall 3000 points the next day. Doesn't sound to me like that supports your case. Hilary Shane? Also being prosecuted for naked short selling related offenses, also not Jewish. I could go on, but my point is that making careless generalizations that are easily countered by factual rebuttals makes for a bad example of reasoning. Your stance, that this is some Jewish conspiracy, falls flat with even a cursory look. I have long maintained that this is a criminal enterprise that cuts across all ethnic and racial and religious lines. Call it the cult of crookery. You are welcome to play, Jewish, Muslim, Christian, agnostic. Doesn't matter - all you need is a sincere desire to rip off your fellow man, regardless of persuasion.

The anti-semitic thing is as silly as the anti-Italian thing when considering the mob. It's not just a .000000001% slice of the Italian race that is crooked and organized, it is a .000000001% of the Russians, the Malaysians, the Afghanis, the Asians, the Latinos.......

Figure it out. The "blame one segment" card is an easy one to debunk, and it does you no good to advance - too facile to refute. If I didn't know better, I'd almost have to wonder aloud if this is a plant to advance some sort of agenda...the old race defense....
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By davidn on 10/10/2006 7:34 AM
Patchie, it's amazing how the same names keep coming up. I bet his leads were coming from David Rocker.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By rick on 10/10/2006 7:48 AM

" in which a short seller or Hedge Fund employee was used as a source in providing insight into the SEC formal or informal investigation conducted"

Patchie,
If Sauer initiated his investigations without documenting his source, the SEC will be obliged to provide nothing. Can you tailor your request to include every investigation by Sauer?


rick
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Tyler on 10/11/2006 1:24 PM
It was a question, not a statement. I think when a group of people are all doing something illegal together, it's natural to wonder what's the connection. People with common sense use that information, not to be racist, but to establish a connection and see it for what it is - people with similar backgrounds who trust one another and engage in fraud together. You've made a small case that this may not be the case (and frankly, I have no idea if it is or not except that the names I see popping up one after another seem to have this connection). But if it IS the case, I actually think you do a disservice if you are trying to cover it up because it would paint a much clearer picture for the general public, congress, etc. But since nobody has really answered my question specifically and maybe nobody will, I'll consider myself still in the dark on this subject.
Patchie, & Bobo By Millerd1 on 10/11/2006 6:53 PM
Patchie,

Would you like to bet what new clients and/or cases Sauer's brought into VE, and on who were his major clients were for his full duration? sure would be interesting to get that list.

Patchie, you would be wise to also ask for all the cases he has forwarded to the SEC from outside now. Also include names of his supervisors, and all his subordinates in all requests, for his full duration. He could not push everything through without some help. Ask for the names of all his secretaries and admin assistants as well. They had to carry some pails for him.

Ask for proof the SEC checked for off shore funds with his name on them, unknwon sourced income, large sums paying for items with his name on them but not coming from his accounts and any he has funds he has acquired in the time window up to and past joining Cooper River.

One SEC information item from outside will justify such a request that the SEC checked and had him sign he had no vested interest in the information he was offering. If he signed such a statement and Rocker has interests, he committed fraud.

This whole thing might be an attempt to get the statute of limitations clock running.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By InTheKnow on 10/12/2006 3:42 AM
Tyler:

Robert Shapiro, Dr. S Trimbath, Patrick Byrnestein are any of them not Jews? How stupid a bigot are you?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Tyler on 10/18/2006 8:23 PM
Have no idea what you're talking about and if I am a bigot, everybody is a bigot.
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By bobo on 10/8/2006 8:27 AM
No. But they should. It really is sort of too obvious for words.
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By InTheKnow on 10/8/2006 8:36 AM
He ain't the first and maybe congress is hoping to get hired by the hedge funds as well.
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By danpal396 on 10/8/2006 8:39 AM
Seems like a great follow up story for Leslie Stahl. I share the outrage of my fellow reformers. We need to continue to find more media expore, and explain to the masses that the greatest financial downfall is happening before their eyes.
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By What? on 10/8/2006 8:46 AM
All one can say is WTFF! WTFF! WTFF!
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By mhelburn on 10/8/2006 8:57 AM
Is there anyway to investigate how many "inquiries" and "investigations" went through this guy's pipeline? I'm sure other people would like to know exactly what he did at the SEC and if he had any authority to put certain inquiries at the front of the queue or the timing of them? It is obvious from his letters that he has been in bed with these guys for years. There is no investor protection when people like SauerDoe are working for a regulator. I wonder if he left of his own volition or if this is another case where wrongdoing was recognized and it was covered up. Doubt that he got fired... only people who do their job get fired at the SEC.
*** Forum in Los Angeles Oct 19, 2006 *** By A Forum on 10/8/2006 9:06 AM
Naked, Short & Greedy: IS WALL STREET ABUSING THE PRACTICE OF SHORT-SELLING STOCKS?
Presented by: STP Advisory Services, LLC

October 19, 2006

Park Hyatt Los Angeles
2151 Avenue of the Stars
Los Angeles, CA 90067
Phone: 310-277-1234


The largest U. S. prime brokers stand accused in federal court of conspiring to defraud clients and investors by uniformly failing to deliver loaned securities for short sales to institutional and retail investors. DTCC accommodates large-scale failures-to-deliver (FTDs) by clearing buyers’ funds to sellers without actual delivery of shares. NASD and NYSE see no transgression. The SEC runs interference by permitting short sales based upon “location” of shares by the short seller, as distinguished from actual borrowing and delivery of shares to the buyer. Buyers get electronic entry of “entitlements” in their brokerage accounts.

Public companies and investors complain of share prices depressed and diluted by heavy selling of phantom shares created by DTCC settlement procedures. Votes cast in excess of outstanding shares on corporate ballot issues are becoming commonplace.

Are naked short selling and concerted FTDs by prime brokers and their hedge fund clients creating systemic risk, undercutting the rigor of investment analysis and victimizing portfolio management?

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 FTDs. 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.
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By trader on 10/8/2006 9:08 AM
You have to wonder how much money was made by his future employer by being short in companies' stocks before he started inquiries that led nowhere, but crushed the stock prices of the companies that were targeted. Want to bet that his future employer made more money off specious inquiries than investors were actually paid on investigations that found something?
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By bobo on 10/8/2006 9:29 AM
trader: Nobody on Wall Street would take that bet.
Re: Richard Sauer, Short Apologist in NY Times, Joined Rocker Partners/Copper River By rtway1 on 10/8/2006 9:56 AM
A lot of government agencies have been farmed out to private industry because the temptation for fraud was so great. Case in question was the plumbing industry in a lot of Illinois susurbs that were quite affluent and did not need the bad press that would embarass the community and the managers of the community. If they were to give these SEC attorneys a very formidable salary and great bennies would anyone reading this care if they had to pay a few cents more per trade to pay for their service. This would make their job one of stature and desire and they would have to sign a contract eliminating them from working for the man for the next ten years.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Paladin on 10/8/2006 9:57 AM

And just think of the "friends" Sauer still must have at the SEC. What a direct pipeline! Copper River now has the inside track with the SEC. Sauer's got their phone #'s, e-mail addresses, pager #'s, you name it. Now ain't that convenient!
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By mhelburn on 10/8/2006 10:11 AM
What amazes me is that this dufus doesn't see the conflict of interest and makes no bones about it. World's dummest criminals... finalist!
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By Patchie on 10/8/2006 10:47 AM
Lets take this one step further.

Sauer works for tehe SEC and is "courted by Rocker" by promising future employment at a high salary. Sauer initiates investigations on behalf of Rocker, some that yielded results for the SEC and all that yielded results for Rocker. Sauer then leaves the agency and does a smokescreen by first moving to a firm (Vinson & Elkins) to not appear conflicted in his departure vs. cases conducted. Now is payoff time. After a short stint with Vinson Rocker Partners/Copper Rivers hires in Sauer at a nice pay increase. The pay is not based on qualifications but for past support. A post activity bribe so to speak.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By hwh on 10/8/2006 10:52 AM
Fact is: The FED wants to keep pushing interest rates down to refinance the Federal Debt at low long term rates. The shorts assure no unforseeable prosperity in the economy. SEC & FED are now ONE...hwh
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By mhatmccane on 10/8/2006 11:12 AM
I wonder if anyone at the SEC is wondering why NYX, NYC, and NY are on the Reg SHO list. Could this explain why the drop in IPOs.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By nabrum on 10/8/2006 12:11 PM
"Do Specter and Hatch have this info?"

Guys, as much as I'd like to see the Special Prosecutor, it's probably not going to happen, at least not until after the elections. With the Foley mess, both Repubs and Dems will be concentrating on that, and other things, to get re-elected. EVERYTHING else is not important them Congress until after 11/7. And since the SEC is a political hack of the Legislative and Executive branches, they're not going to do anything at all.
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By msucog on 10/8/2006 12:26 PM
i would say "SHOCKING!"....but i've come to expect it these days...
Re: Richard Sauer, Short Apologist in NY Times, Employed By Rocker Partners/Copper River By rvac106 on 10/8/2006 12:38 PM
This ma