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Patrick Byrne radio interview now up and live

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 11/13/2006 7:09 AM

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Sign the Market Reform Petition Now!: View it here.

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So, last week, Patrick did an interview for MN1.com wherein he discussed his feelings about NSS, his company's saga, etc. etc.

It's a good listen, as he has never sounded more common-sense. There are some startling revelations about the international community's take on things, which differs dramatically from the US press (wow, where have we seen that before?).

It goes by pretty quickly, and doesn't require a lot of time, so if  you can, check it out.

---------------

In other news, a lawsuit was just filed against PGWC.

The press release detailing the suit can be read here.

Why is this newsworthy? Well, if you recall, a large class action was filed against NFI predicated entirely upon the largely false and misleading information contained in a WSJ article.

This suit is predicatedupon the questionable info contained in a Motley Fool article written by Seth Jayson - who has also been critical of a surprisingly large number of companies shorted by Rocker Partners and SIA, as well as of Patrick and anyone daring to comment about NSS.

Now, I'm not saying that Seth is a compromised quisling being used as a foil to influence the trading in targeted companies, nor that he is now stooping to releasing "news" solely to create an event for class action ambulance chasers to use to sue, creating "headline value" negative news.

No, I'm just saying that we saw the identical tactic used against NFI two years ago - WSJ regurgitates a bunch of false info (NFI pays more than it earns in dividends being my favorite) and Milberg is ready to go within 24 hours, right after Rocker bought many millions of put options set to expire worthless just a few weeks later, barring a serendipitous event like a 50% reduction in value caused by the aforementioned article and suit.

The SEC has fortunately never bothered to explore that remarkable timing/windfall profit generation by Rocker for any evidence of stock manipulation. No, they instead were busy prosecuting Martha, and delisting companies which had failed to make filing deadlines.

I will readily admit that having to use MF rather than the WSJ is a big move downstream, but ever since Milberg took some felony bullets to the chest it's been hard to get the same bang for the buck. Still, if you can cobble together articles "reporting" on accusations and innuendo and disseminate them via even slightly credible channels (I will leave it up to the reader to decide whether MF falls into that category), apparently you can work the same sort of scheme, if scheme it is.

Some things never change. Why would they? It's not as though anyone is doing anything about it...
Copyright ©2006 Bob O'Brien
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Comments (29)
Re: Patrick Byrne radio interview now up and live By Mosses on 11/13/2006 9:03 AM
Patrick says in the interview he knows nothing about CMKX Diamonds.

Does Patrick read Mark, Bud's and Davids Bloggs or listed to CFRN?
Re: Patrick Byrne radio interview now up and live By sgaah on 11/13/2006 9:51 AM
The SEC requires clearing brokerages to file "Financial and Operational Combined Uniform Single Report" (FOCUS). The summary shows the fail to deliver peaked at $131 billion in Q2 03 and is currently $25 billion.

http://www.sia.com/research/pdf/dbug.pdf

http://www.sia.com/research/other/qrt_res.xls

90% of brokerages keep YOUR stock at third party clearing brokerages.
Re: Patrick Byrne radio interview now up and live By steele has v.good mega pix on 11/15/2006 8:22 AM
http://www.rense.com/general74/listen.htm
Re: Patrick Byrne radio interview now up and live By Sean on 11/15/2006 8:27 AM
Maybe you guys should follow this one..very interesting to our cause!!!

GLOBAL 1 INVESTMENT HOLDI (GOIH: OTC BB)
Financial : Misc. Financial Services
Last Price Today's Change Bid size Ask size Volume Trade
0.082 +0.015 (+22.39%) 0.081 x5,000 0.082 x5,000 5,231,138
OTC BB Real time Quote
Last Trade as of 11:19 AM ET 11/15/06
< Return to Previous

Global 1 Investments Addresses Several Frequently Asked Questions Regarding Failure to Deliver and Short Squeeze Questions with Investors Newsletter
Business Wire - November 15, 2006 10:40 AM ET


Related Quotes
Symbol Last Chg
GOIH Trade 0.083 +0.016
Quotes delayed at least 15 minutes

Global 1 Investment Holdings Corp. (OTCBB: GOIH), Traders Nation, www.tradersnation.com/sssu.shtml, changes name to Global 1 Investment Holdings Corporation to reflect our new business model. Our IR site www.global1inc.com is active today, see our investors newsletter, Investors Newsletter: 11-15-06.

Short Positions and Failure to Delivery of Shares:

We have been informed that certain brokers are informing shareholders GOIH has not delivered shares to the transfer agent and the transfer agent has not delivered shares to the DTC. This information is not correct.

GOIH is not required to deliver any shares to the DTC nor is the transfer agent required to deliver any shares to the DTC or to your broker. The shares of SSSU automatically converted into shares of GOIH upon beginning of trading on November 13, 2006. See link NASDAQ symbol change verification from SSSU to GOIH.

We believe if your broker is telling you the above statement, your broker sold you shares and the shares were never delivered by the seller of the shares and your broker does not have your shares, and cannot get shares now that the name, CUISP number and symbol has been changed. Online Naked Short Selling Seminar.

Failure to Deliver of Shares:

Your broker will be forced to go into the market and purchase the shares at the current market price and then deposit the purchased shares into your account.

Your broker will attempt to delay this process as long as possible and will attempt to drive the price of GOIH down to purchase the shares as cheaply as possible before crediting your account. Your broker is now in a failure to deliver position and cannot deliver your shares. See our newsletter for more information, Investors Newsletter: 11-15-06.

REG. E Funds:

We have been informed we will receive our audit for our Reg. E Funds and we can officially launch the Funds to raise $10,000,000.00. We will immediately implement our new business model and initiate the dividend and share support strategy.

About Global 1 Investments:

We have officially converted SSSU to Global 1 Investment Holdings Corporation and received a new trading symbol GOIH. Our new business focus will be a diversified financial services conglomerate. Our business model is based on Berkshire Hathaway (NYSE: BRK.A), Sears Holdings (NASDAQ: SHLD), the investment bank of Goldman Sachs (NYSE: GS) and the entertainment unit of Time Warner (NYSE: TWX).

Disclaimer: The below disclaimer is incorporated by reference as if fully set forth herein this as well as all media releases on Global 1 behalf. The statements contained in this released are forward looking and may or may not occur due to forces beyond the company's control.

SOURCE: Global 1 Investment Holdings Corp.

Global 1 Holdings, Atlanta
Barry Thomas, 404-255-0400
Investor_Relations@mindspring.com
Re: Patrick Byrne radio interview now up and live By malberry bush players on 11/15/2006 8:55 AM
yes, that is the program. repeat after me, I am rich I can buy my way out of anything, anytime...... anyone important have the balls to stop me? no, because I pay them and we all play....
here we go around the malberry bush....... show me who has the balls to stand up for truth.......

but they wave their hands, spin around three times and tell everyone the shares no longer exist. Then the counterfeiters keep their money without paying taxes as the capital gain transaction never closed. (They sold, but never bought.)
Re: Patrick Byrne radio interview now up and live By sgaah on 11/13/2006 9:54 AM
I use brokerage A and buy 1,000 shares from brokerage B.
Someone else use brokerage B and buys 1,000 shares from brokerage A.

We are owed 2,000 shares, but the fails to deliver and fails to receive cancel out.

Brokerage A doesn't owe brokerage B and B doesn't owe A.

They don't get the cash from their trade that doesn't settle, but they don't care as they get their own customers' cash.
Re: Patrick Byrne radio interview now up and live By sgaah on 11/13/2006 9:57 AM
If you read regulation SHO, it says that having a contract to buy stock is the same as being long.

In the old days, they used to lend shares, but now they do "REPO" agreements.

Mary wants to lend Bob shares, but instead, she sells him the shares and signs an agreement to buy them back in the future at a price that reflects a small amount of interest.

Bob is long because he owns the shares, but get this, Mary is also long as she has a contract to buy the shares back.

War is peace.
2+2 = 5
Mary is long when she sells her shares to Bob.
Re: Patrick Byrne radio interview now up and live By sgaah on 11/13/2006 10:00 AM
Great interview. Patrick is very articulate.
Re: Patrick Byrne radio interview now up and live By sgaah on 11/13/2006 10:13 AM
Woops, wrong link.

Use this one http://www.sia.com/research/other/NYSEFirmsTotals.xls

Note it is NYSE only.
Re: Patrick Byrne radio interview now up and live By otc on 11/13/2006 10:58 AM
Patrick repeated the myth that the OTC is the "wild west".

While it is true that many companies are undercapitalized or rely on risky business plans, the regulations on the companies are very heavy. The companies need to file detailed, audited financials and next year will be fully subject to Sarbanes Oxley. Insiders are subject to short swing rules and full form 4 disclosures.

Anything over a million in financing requires a full prospectus.

It is the mm's, brokerages and the massive counterfeiting that are not regulated. They are allowed to take your money and give you nothing in return. Since the MM's regularly collude, they can set the share price whereever they want, even refusing to fill incoming buy orders.
Re: Patrick Byrne radio interview now up and live By piddly_sum on 11/13/2006 3:32 PM
Hedge Funds On Regulators’ Agenda
The Securities and Exchange Commission is acutely interested
in the growing influence of the hedge fund industry, and more
SEC activity relating to the industry can be expected in the future.
That was one of the points SEC enforcement director Linda
Thomsen made during a panel discussion at the fall compliance
seminar of the Securities Industry Association’s compliance
and legal division here.
Re: Patrick Byrne radio interview now up and live By Mosses on 11/13/2006 5:33 PM
Well alright!! Patrick finally going to talk about CMKX Diamonds.

posted on 11/13/06 at 11:53

The Debi Show Tuesday at 3 - Patrick Byrne Guest

Patrick Byrne will be my guest tomorrow at 3 PM on CFRN. The subject will be market reform with an emphasis on naked shorting.

I am planning on opening the phone lines at 3:30 +/- depending on how the conversation is going.

I am excited about having him on the show. Patrick is a great communicater and brings needed credibility to the issue. The issue is bigger than CMKX and we shouldn't reduce it to this one stock alone.


www.CFRN.net


-Debi

http://forums.christiantraders.com/viewthread.php?tid=7979
Re: Patrick Byrne radio interview now up and live By POEMSAYSITALL on 11/13/2006 5:40 PM
THE CORRUPT WALL STREET THIEVES WILL FEEL THE WRATH WOULDNT WANNA BE IN THEIR SHOES ON JUDGEMENT DAY...ITS TIME FOR THE SCUM OF THE EARTH TO GET THEIR DUE.........................
The following is a poem written by Judge Roy Moore from Alabama. Judge Moore was sued by the ACLU for displaying the Ten Commandments in his courtroom foyer. He has been stripped of his judgeship and now they are trying to strip his right to practice law in Alabama. The judge's poem sums it up quite well.
America the Beautiful,
or so you used to be.

Land of the Pilgrims' pride;
I'm glad they'll never see.


Babies piled in dumpsters,
Abortion on demand,
Oh, sweet land of liberty;
your house is on the sand.


Our children wander aimlessly
poisoned by cocaine,
Choosing to indulge their lusts,
when God has said abstain.


From sea to shining sea,
our Nation turns away
From the teaching of God's love
and a need to always pray.


We've kept God in our temples,
how callous we have grown.
When earth is but His footstool,
and Heaven is His throne.


We've voted in a government
that's rotting at the core,
Appointing Godless Judges
who throw reason out the door,


Too soft to place a killer
in a well deserved tomb,
But brave enough to kill a baby
before he leaves the womb.


You think that God's not angry,
that our land's a moral slum?
How much longer will He wait
before His judgment comes?


How are we to face our God,
from Whom we cannot hide?
What then is left for us to do,
but stem this evil tide?


If we who are His children,
will humbly turn and pray;
Seek His holy face
and mend our evil way:


Then God will hear from Heaven
and forgive us of our sins,
He'll heal our sickly land
and those who live within.


But, America the Beautiful,
if you don't - then you will see,
A sad but Holy God
withdraw His hand from Thee.


~Judge Roy Moore

Pass this on and let's lift Judge Moore up in prayer.
He has stood firm and needs our support.

IN GOD WE TRUST!
Re: Patrick Byrne radio interview now up and live By Bobo on 11/13/2006 8:37 PM
I think Patrick said that the pink sheets and such are the wild west because they are essentially lawless. I don't think he believes they are lawless due to the companies deciding to be lawless. I think he believes that there is a significant absence of regulation for the participants in that venue.

As to CMKX, I believe that Patrick's stance is likely much like mine - I don't know a whole lot about the saga, and recognize there is a lot of contention about the situation, thus prefer to leave it to the experts like Mark Faulk.
Re: Patrick Byrne radio interview now up and live By otc on 11/13/2006 8:50 PM
The OTC and pink sheets are different. The pink sheets is a bit wild, but the OTC is regulated.

Companies on the OTC are fully reporting and subject to most of the same regulations as bigger companies.

That's what's unfair. The SEC cracked down on the OTC companies and implemented a ton of expensive new regulations in 1999 while taking away their ability to raise money (because counterfeiting could push their stock into the sewer).

Sorry to be picky, but it is important to know that the market makers have almost NO regulation or enforcement, but the companies have regulations very similar to what you'd see on the NYSE or Nasdaq.

The Nasdaq has this weird rule that if your stock price (which has nothing to do with market cap as the number of shares isn't relevant) goes below $1, they kick you to the OTC or pinks. The company is the same company in terms of corporate governance, but they find themselves thrown to the wolves as there is almost no limit to the counterfeiting.

For what it is worth, I think the short / SHO disclosures for the OTC and Pinks are total bull. Big funds invest in the NYSE and Nasdaq, but ma and pa tend to look for the pennies and wallstreet has taken it upon itself to throw ma and pa to the wolves.

They don't want companies stealing from ma and pa, so they regulate the companies.

They want wallstreet to steal from ma and pa.

CMKX is a good example as the company was delisted and the officers investigated, but the market makers got to keept the public's money and no one investigated them.
Hot off the presses: Hedge Funds and Wall St. Are Warned to Be Vigilant on Misdeeds By RMR on 11/13/2006 10:53 PM
ass covering

THE NEW YORK TIMES
November 14, 2006

Hedge Funds and Wall St. Are Warned to Be Vigilant on Misdeeds

By BLOOMBERG NEWS
The Securities and Exchange Commission expects to file more lawsuits aimed at hedge funds accused of illegal trading and violating their clients’ trust, the agency’s chief enforcer said yesterday.

At the same time, a senior official at the New York Stock Exchange said that Wall Street’s prime brokerages, which lend to hedge funds and process their trades, might be held accountable if they failed to catch illegal conduct.

The S.E.C.’s enforcement director, Linda C. Thomsen, said that federal regulators were concerned about illegal trading and the potential for harm to hedge fund investors.

“I expect to see activity in connection with both,” she said yesterday at a securities conference in Manhattan.

Lawmakers and regulators have grown more concerned about hedge fund oversight of the funds, which are pools of private capital. The largely unregulated funds now have more than $1.3 trillion in assets worldwide, more than double the amount under management five years ago, according to Hedge Fund Research in Chicago. Hedge funds allow managers to participate substantially in the gains of the money invested.

Regulators have repeatedly learned to “follow the money,” Ms. Thomsen said. “These days, the money is in hedge funds, so the potential for abuse, the potential for securities law violations is there because there is so much money there.”

The stock exchange’s enforcement chief, Susan L. Merrill, said that prime brokers might be held accountable if they failed to detect signs that hedge funds were conducting improper trades, like selling a company’s stock short and intending to cover the transaction with shares to be purchased in the company’s secondary stock offering.

If the prime broker is among banks underwriting the offering, Ms. Merrill said, then it has enough information to detect that the hedge fund is intending to cover the short sale illegally.

Wall Street’s prime brokers lend securities, process trades and hold assets in custody to help managers run their hedge funds.


Copyright 2006 The New York Times Company
Re: Patrick Byrne radio interview now up and live By kevin on 11/14/2006 11:33 AM
Fax numbers for members of congress.

http://www.visi.com/juan/congress/

Patrick mentioned they regularly talk about the faxes and letters they get and take them seriously on determing how important an issue is.
Re: Patrick Byrne radio interview now up and live By national security no shit on 11/14/2006 12:42 PM
could you get cuff on the naked short selling fraud also?

time somebody was concerned!

"I am concerned about potential transfers of technology or sensitive information to other countries with which Alcatel has business dealings, which have included Burma, China, Iran, North Korea, Sudan and Syria," Hunter wrote in an Oct. 26 letter to President Bush.
Re: Patrick Byrne radio interview now up and live By Cross My Palm on 11/14/2006 4:02 PM
http://blogs.abcnews.com/theblotter/2006/11/abramoff_report.html

Abramoff Reports to Prison Tomorrow; Offers Testimony on Democratic Senators

November 14, 2006 4:13 PM
Brian Ross and Rhonda Schwartz Report:

Convicted lobbyist Jack Abramoff is scheduled to report to federal prison tomorrow, over the objections of federal prosecutors who say they still need his help to pursue leads on officials he allegedly bribed.
Re: Patrick Byrne radio interview now up and live By Mosses on 11/14/2006 4:36 PM
You and Patrick are the experts Bob.

You need to speak up for CMKX and $40,000 shareholders strong.
Re: Patrick Byrne radio interview now up and live By beast on 11/14/2006 5:14 PM
The two parties are part of the same wallstreet beast.

http://rense.com/1.imagesH/deesvote.jpg
Re: Patrick Byrne radio interview now up and live By hacksters ass will burn on 11/14/2006 5:29 PM
you hacksters are not as smart as you thought.

Assholes. your day is near.
guys check out EFUT something dirty is going there. By newspaper on 11/14/2006 5:55 PM
guys check out EFUT something dirty is going on there. tiny float and that thing has some crazy wacky high volume.
man oh man they both get away with it becasue no one cares and no one does anything to stop the dirty dirtbags.
Re: Patrick Byrne radio interview now up and live By money & hacksters save your ass now? Not. on 11/14/2006 5:55 PM
For decades, few things have inspired as much fear and loathing in the executive suites of corporate America as the law firm of Milberg Weiss and the two outsized personalities who ruled the place, Mel Weiss and Bill Lerach. Through creativity and ruthlessness, they transformed the humble securities class-action lawsuit into a deadly weapon.
Always, Milberg Weiss cast itself as the champion of the little guy. In media interviews Lerach has spoken evocatively about fighting for the honest, struggling blue-collar worker who, through no fault of his own, had lost his hard-earned savings to corporate perfidy. The firm boasts of having collected $45 billion for cheated investors since its founding in 1965.

http://money.cnn.com/magazines/fortune/fortune_archive/2006/11/13/8393127/index.htm
Re: Patrick Byrne radio interview now up and live By thugs, liars, scum on 11/14/2006 6:06 PM
your ass is grass and the law mower is coming.
does not matter what you try to burn up to collect insurance on.
understand?
Re: Patrick Byrne radio interview now up and live By bobo on 11/14/2006 8:11 PM
Mosses: Thanks so much for your recommendations on what Patrick and I "need" to do.

I may not know much, but I do know that it is 40K shareholders, not $40K.

So that is a start.
Re: Patrick Byrne radio interview now up and live By ted on 11/14/2006 8:28 PM
It's a freudian slip. These guys see the world and other people in terms of money.
Re: Patrick Byrne radio interview now up and live By Mosses on 11/15/2006 6:21 AM
Sorry about the type-o Bob. I just believe that you and Patrick have not done enough with regards to CMKX. I assume you have read David, Mark, and Buds bloggs about CMKX so don't tell me you know nothing about the subject.

Bud wrote that CMKX alone could bring down the entire financial system and that the Fed will have to bail out the system.

Debi who interviewed Patrick is one of our leaders in the CMKX cause.

Got CMKX?

Mosses
Re: Patrick Byrne radio interview now up and live By ted on 11/15/2006 7:45 AM
Mosses, from your other posts, I don't trust you...

Bobo, I can understand why you would want to avoid talking about a particular company, but much of the fraud is microcap as those companies are easier to bankrupt.

It is irrelevant whether the management of a company are thieves or even if the products are real. The money those 40,000 investors put in is real and no one told them they wouldn't receive real shares.

Many bought in precisely because they thought a short squeeze was possible. They were buying in based on their belief on how the rules of the system worked and couldn't care less about the company.

It is patently unfair to tell investors that the system works one way (you receive real shares for your money and it is an auction market), then bet against them knowing it works differently (you can counterfeit an unlimited number of shares and market makers can cellar box).

Imagine a market maker is short at $.001. If the stock only goes up marginally to $.002, he is down 100% on his investment. Instead, for stocks like CMKX, they all agree to never let it rise up, no matter how much buying comes in. If they get really stuck, they get the SEC to delist the company.

In theory, the DTCC still owes shares to the beneficial owners as shares in a delisted, non trading puiblic company, but they wave their hands, spin around three times and tell everyone the shares no longer exist. Then the counterfeiters keep their money without paying taxes as the capital gain transaction never closed. (They sold, but never bought.)

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