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Senate Judiciary Committee To Evaluate SEC Effectiveness

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 11/21/2006 7:31 AM

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

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Specter is holding another hearing, this time on Dec. 5, to evaluate the SEC's effectiveness.

You can read all about it here.

You can read my response here: Ha ha ha ha ha ha ha.

Senator, rather bluntly, the SEC has lied to the country's face about Reg SHO "working."

They have stalled meaningful reform to rules that we now know provably aren't "working" - in this case, for years. And we see no solution in sight.

The staff misleads Congress whenever it likes - Dave Patch has plenty on that with Brigagliano's testimony to Sarbanes.

The Commission doesn't know who has paid the anemic fines it levies, or even whether they are ever paid.

The SEC routinely violates the 1933 and 1934 Acts, passing rules that are in direct conflict with the plain language of the Acts.

Staffers are regularly hired for large multiples of their government salaries by Wall Street - the folks they are supposed to be policing.

The SEC favors the interests of Wall Street, again and again, over those of investors.

The SEC is a regular launcher of pointless probes that yield nothing but windfall profits for anyone massively short the companies investigated.

Now, I've been counseled to try to expand my horizons, and capture a broader-based audience with my blog. That left trying to frame things in a pop-culture-accessible way, or start a porn site. Porn requires far too much bandwidth and investment in infrastructure, thus I will instead glom onto the Borat craze, and imagine for my readers that the SEC is honestly represented by the Kazakhstany sensation at the hearing:

"Mr. Borat, the SEC is chartered foremost with investor protection - how would you say they are doing?"

"Eh, not so much. In my country, the gypsies, they steal everything if you no have them in a cage, yes? Wall Street, they are like the owner of the cage, and the SEC is the newspaper in the bottom. You have that here? You know what I am saying to you?"

"I think I catch the drift. So the statements that they are protecting the public, trying to enforce the rules, and promote fair markets, is an exaggeration?"

"These are filthy fabrications promoted by insurgent factions bent on destroying our reputation. There is no truth to any of these disgusting lies."

"Then how would you summarize the SEC's role in the equities markets, as viewed by the participants?"

"In my country, everything but red light district is prostitutes, yes? I like - why not..? My countrymen would go mad for SEC - they appreciate good workers that sell the sexy time, yes? The SEC is like number 4 best girl, and Wall Street is like a sailor with jug of whiskey, you understand? Very nice."

"And you see no chance that the Commission in its current form will do anything to improve the markets for investors?"

"Wall Street-employed Yale professor Dr. Andrei Kalashnirev have shown that investor's brain is size of squirrel, yes? At SEC, we know is no way to help dim investors but to put them in circus and laugh at them. SEC will continue these important reforms with Wall Street guidance, until investors wallets are emptied and hang open like mouth of tired dog."

How is the SEC doing? Please. Get a special prosecutor into the mix, or just admit that nothing is ever going to change. I don't know what else to do when an agency is this badly compromised.

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

Speaking of the effectiveness of the SEC, this just in from the WSJ:

"Capital One Ex-Officer
Settles SEC Charges
November 21, 2006; Page C3

WASHINGTON -- The former chief financial officer of Capital One Financial Corp. will pay $1.8 million and accept a five-year ban on serving as an officer or director of a public company to settle insider-trading and fraud charges, the Securities and Exchange Commission said.

David Willey had been accused of making about $3 million on inside information. His wife, Joy Willey, a former Capital One vice president, had also been named in the SEC's lawsuit. The SEC said it was dismissing its claims against Joy Willey. Mr. Willey settled without admitting or denying wrongdoing. His lawyer, Richard Morvillo, couldn't be reached to comment."

Now, does everyone understand the math?

He made $3 million. He paid $1.8 million. Without admitting anything.

Simple, really. Crime pays handsomely. The SEC is a bad joke. This is an example.

And that is assuming that he ever even pays the fine. No guarantees there. None that the SEC would know, either.

Someone should forward this piece to Specter's staffers, and indicate that no hearing is necessary. They might as well hold a meeting to explore the flotational properties of lead.

Inside I'm laughing. Really.
Copyright ©2006 Bob O'Brien
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Comments (49)
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By bbhindyou on 11/21/2006 8:23 AM
I feel I must be mad.
Laughing in the middle of a field of carnage of unbelievable scope.
The pain and loss all around me so intense.
My rights taken, my property violated,
yet our blood flows invisibly and no one can see the dead.
My laughter frightens them.
They think I must be mad.
Perhaps I am.
Because this can't be real.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By sedona on 11/21/2006 8:52 AM
Look at the fines in the Sedona case:

http://www.rgm.com/articles/sedona2.html

- Carl Icahn's "I can" Ladenburg Thalman agree to arrange $17.5 million in financing. A third party is to fund the deal, which throughs through a clearing brokerage (National Financial Services?) and is guaranteed by publicly owned Ladenburg.

- in a classic bait and switch, they get $2.5 million in financing convertible into stock at what seemed like a reasonable 15% discount to market price

- the drive the stock from $10 to less than a dollar (kind of like dovp, $25 - .25 on a similar deal) funneling sell orders through our buddies at Refco, who to my knowledge have never been charged.

- they sue to get shares issued at a 15% discount to the sub dollar price. The discount was only because they were expecting to get $17.5 million

This is a blatant, criminal theft from the retailers who were buying when they thought the stock was on sale as it fell. These bastards should be in jail.

http://www.sec.gov/litigation/complaints/2006/comp19639.pdf

#45 is that they committed interstate wire fraud

The prayer for relief isn't a long jail sentence.

The prayer for relief is that they will be required to stop committing offenses, that they will get the "appropriate" penalties and that they will disgorge all profits.

The way these things work is this will never go to court. They will settle with an agreement to not admit guilt, but to pay a fine of a half million dollars. If the fine is not paid, there will be no further collection efforts.

Can't you see them there snubbing us "Nya nya - nya, nya, nya".

We need someone good with utube or flash to run with the absurdity of some of this.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By bobo on 11/21/2006 8:01 PM
Wicked: No need. Every company has overvoting. It is known as fact. Just as it is known that by delinking clearing and settlement, you are creating a system with cronic oversupply of shares beyond what the company authorized.

It is known, and your regulator is assisting in the sham.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By I was playing golf on 11/21/2006 9:33 PM
Private consultants hired by the Department of Homeland Security have found widespread problems with its contracting operation, including nearly three dozen contract files that could not be located. Files that could be found often lacked basic documentation required under federal rules, such as evidence that the department negotiated the best prices for taxpayers, according to a copy of the consultants' report obtained by The Washington Post.

http://www.washingtonpost.com/wp-dyn/content/article/2006/11/21/

AR2006112101314.html?nav=rss_print/asection
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Y on 11/22/2006 4:10 AM
I urge you to read these 2 posts by Paul_1149 to see just how far reaching the problem goes. Yahoo message board people organized to help get a medicine approved for MS patients when the non profit organizations that are set up to be patient advocates dropped the ball, I assume due to conflicts to their wallets.
If the links don't work these are posts 16742 and 16751 on the Investorvillage dndn board. Somebody else has told a story of a biotech company with a better aids treatment that was put out of business in order to stop it.

http://www1.investorvillage.com/smbd.asp?mb=971&mn=16742&pt=msg&mid=877559

http://www1.investorvillage.com/smbd.asp?mb=971&mn=16751&pt=msg&mid=877948
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By bryedge on 11/22/2006 5:44 AM
The Irrelevant SEC
Edward Siedle 11.27.06, 12:00 AM ET

http://www.forbes.com/free_forbes/2006/1127/040.html?partner=rss

"In bed with the industry it's supposed to regulate, it needs a shakeup."

"Here's what's wrong with the SEC.......

Political pressures......

Reliance on self-regulation.......

Transparency.....

Follow-through.....
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Sean on 11/22/2006 7:35 AM
FYI!!!

Global 1 Investments Holdings Corporation Announces New Record Date for Dividend of December 29, 2006 and Designs a Forced Buy-In Litigation Strategy
Business Wire - November 21, 2006 12:22 PM ET


Related Quotes
Symbol Last Chg
GOIH Trade 0.051 +0.001
Quotes delayed at least 15 minutes

Global 1 Investment Holdings Corp. (OTCBB: GOIH), www.global1inc.com, changes name to Global 1 Investment Holdings Corporation to reflect new business model. We have published the acquisition structure for the Reg. E Funds at on our website, www.global1inc.com, Acquisition Structure using Reg. E Funds.

Dividend Record Date:

We are announcing a new record date of December 25, 2006 as the record date for our dividend. You must have purchased and own shares of GOIH on that date to be included in the dividend distribution. The procedure and the structure of the distribution will be shortly announced. We are timing our dividend to coincide with our litigation strategy to enable our investors to exercise their right to buy our shares.

Force Buy-In Litigation:

Our legal counsel has designed a legal strategy to force a buy-in at the market price by online brokers and market makers who have refused buy orders for our shares.

Based on emails we have received and market intelligence, we estimate more than 500,000,000 shares have been refused buy orders in the market by online brokers since buying restrictions were imposed on our shares.

We are instructing investors to document their attempts to purchase our shares via online brokers and the number of shares they attempt to purchase and forward the information to us at investor_relations@mindspring.com for use in the injunction litigation and class action suit. Please place Buy-in Litigation in the subject line.

Share Exchange Strategy:

We have developed options for the exchange of shares of GOIH for free trading shares of our Reg. E Offerings. We have in development five additional Reg. E. Funds. The Funds will take interests in developing companies with high growth potential. We have developed several strategies to increase the book value of GOIH to a range of $2.15 to $4.77 per share. Any share exchange will reflect this increase in book value, and be structured as a tax free exchange under the internal revenue code section 368.

About Global 1 Investment Holdings Corporation:

The family of funds we construct will have equity, fixed income, real estate securities, mortgages, affordable housing and commercial assets as investment opportunities for different classes of investors.

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
Barry Thomas, 404-255-0400
Investor_Relations@mindspring.com
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By anthony kalantzis on 11/22/2006 9:54 AM
(RTTNews) - Universal Express Plans To Withdraw Listing Of Its Common Stock From NYSE Arca


By otc on 11/21/2006 11:09 AM
Since OTC stocks aren't marginable, how can a non market maker short them?

The NYSE offers that service:

http://www.nyse.com/productservices/arcaedge/1157538334929.html

You can click for the spreadsheet to see if your favorite penny stock is on the list for non market makers to naked sho


maybe this is why usxp wants out of arca
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By ted on 11/22/2006 10:37 AM
Tony, you thieves are making a mistake to believe you can look to history to predict the future.

I don't know if you have a brother in law that is a counterfeiter, you are on the take or what your deal is, but it isn't believable that you post as much as you do because you lost money in an investment where the insiders blamed naked shorting when they were selling.

A word to the wise, don't make yourself the poster boy to represent counterfeiters that are ripping off hundreds of millions of people around the world. They will want to personify the crime when they seek revenge.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By InTheKnow on 11/22/2006 10:50 AM
STOCKGATE TODAY
An online newspaper reporting the issues of Securities Fraud


Where's the Orderly in Market Makers - November 22, 2006
David Patch

While I typically refrain from addressing specific companies in these newsletters, today must be made an exception. Today, the evidence attacks the quality of the system itself.

As regulators waste precious time seeking alternatives to protecting the investing public while maintaining critical loopholes in the financial services operations, companies and investors continue to pay the price. In June the SEC presented the public with a concept to reform the short selling regulations once again with final consideration to evaluate the exemptions afforded member firms in bona fide market making activities.

Comment responses from such industry moguls as Knight Capital, one of the leading market makers of the NASDAQ, requested the SEC seriously consider doing nothing to stop the identified abuses stating:

"The elimination of the grandfather provision will lead to increased volatility in these securities, created by short squeezes as individuals attempt to cover positions. Importantly, the elimination-of the grandfather provision will negatively impact bonafide market making and the ability of market makers to provide liquidity."

This sentiment was repeated by each market participant commenting with each identifying the significance of bonafide market making in maintaining an efficient and less volatile market.

But how are words put into action in the real world?

Jag Media is a small developing company undergoing the financial struggles that accompany such public companies. It is not a Tier I public company by any stretch of the imagination. It is a public company however and with such comes public shareholders deserving of a safe and efficient marketplace to invest.

On August 30, 2006 my ETRADE account was hacked into and the perpetrator executed an 80,000 share market sell order for Jag Media. The stock at the time of the order placement was at $0.22/share but 72 seconds later, and 80,000 shares later the stock was reduced to $0.053/share. The 80% loss was not sustaining for the day but did change the market thereafter. The Bids and offers both fell based on a perception of a massive selloff in the security.

Knight Securities was a market maker in the stock that day in August but Knight was not market making. The firm did not step in and address this sudden, and out of character trade. Instead 5 consecutive trades were kicked off in a 72 second stretch as the Bid was systematically hit at $0.19, $0.16, $0.14, $0.14 and finally 53,000 shares at $0.053.

Regulators are aware of the breach to my account but regulators did not take a look at why a market maker did not prevent this out of character volatility.

Events like this continued over the months but escalated only this past week.

On November 20 more than 1 million shares were traded in a stock with a 3-month daily average of only 90,000 shares. On this day, buyers were lifting the Offer with purchases but the offer was not moving. With a previous day close of $0.25, the stock opened at $0.22 before over 200,000 shares traded at $0.25. Somebody or some firm was willing to take every buy order thrown at them never once attempting to seek a better deal.
By the end of this day the stock reported nearly 1 Million shares traded and closed at $0.32 with a high for the day reaching $0.35. The volume reported was far short of the total volume traded as over 200,000 shares (20%) were reported and cancelled throughout this day. The biggest block cancelled being for 75,000 shares.

And with such enthusiasm from the prior day, one could only wonder what November 21 would bring. Boy were the shareholders in for a shocker.

November started out with a bang as the pre-market box on the stock of $0.32 Bid X $0.35 Offer adjusted itself at the open to a $0.29 Bid X $0.32 Offer. With no trading at the open the first trades took place near 10:00 with 10,000 shares hitting the $0.29 Bid leveling both bid and offer into new and lower territories. Orders on the Offer quickly re-adjusted and within by 10:19 the stock was trading at $0.35 on 28,000 shares.

Then came the event that could only be described as the parting of the red sea.

Trades at $0.32, $0.31, and $0.29 and $0.30 came in succession and in a flash; with 8000.shares trading into the falling bid over a span of 90 seconds a final trade of 2500 shares dropped the stock to $0.12. The difference between the last trade at $0.30, on the offer, and the $0.12 trade was 0.11 seconds and 0.14 seconds for the last 3 trades.

Nearly 63% of the market cap was lost in fractions of a second on a $300.00 order only 2 hours into a trading day that followed a day in which more than 10 times volume traded on the buy side for much of the day.

Knight Securities once again appeared as a market maker in the box for Jag Media.

Where was the bona-fide market making that maintained order and reduced volatility?

The market reaction to this event was clear. The market makers parted the red sea and allowed one rogue trade to come in and alter the perception of the market. The once $0.31 Bid X $0.32 Offer just prior to the raid was quickly re-adjusted this time to $0.21 X $0.28 by the time the sea resumed it's normal state.

In response by the shareholders, another 300,000 shares traded over the course of the remaining 5 hours that the market was open. All 300,000 shares were being posted between the price range of $0.28 and $0.29 with most being entered on the up tick. In addition, more than 100,000 additional trades posted to the market but were cancelled for some inexplicable reason. Those trades as well were being posted between $0.28 and $0.29.

Suddenly there is a commitment to control volatility - more literally no volatility. The commitment dedicated to simply reduce buy side volatility by selling everything a buyer will buy at a constant market. The results of course being a 10% loss for the day on buy side volume.

And to close out this most bizarre week, November 22 could not be a disappointment either.

Market Makers shuffled bids and offers like this was Google but the shuffle was only reaction to 100 share and 100 share buys.

With the previous day again closing to buy side interests, the market sellers started early and with an opening Bid of $0.28 and Offer of $0.30 the market quickly collapsed to $0.25 Bid by $0.28 Offer after opening trades of 2970 shares at $0.30 and 100 shares at $0.28 were executed at 9:31. Imagine that 30 times more shares into the Bid than the Offer yet both collapse and collapse hard. By 9:58 it was now a $0.24 stock resting in a market represented by $0.21 Bid and $0.25 Offer.

Talk about volatility. No relative volume sells down a market and heavy volume can't pick it back up. sounds like a sellers market and sellers with special exemptions can make a mint in this game.

So the question here folks is simple. Where is this orderly market these market makers are creating that justifies special exemptions by the securities regulators? If the industry is claiming that the ability to sell what they do not have in inventory is a necessary tool to maintain order, how is it these same members do not uphold the responsibilities of maintaining a market on the down side?

The aforementioned trading is well documented and in the hands of the regulators as is the evidence of the account breach in which this stock was directly involved. How it will be handled will be as all other complaints are handled - slowly if at all. But there are tens of thousands of similar events (mini bear raids) that take place every year and go un-noticed or undocumented which is precisely the way Wall Street and regulators want it. They even put in public record that this is exactly how each wish the markets to operate.

Regulators rely on the people to do nothing. I suggest instead that you do everything necessary to protect your financial future which starts with a call to your regulator each time such abuse is witnessed. Become the squeaky wheel or suffer the consequences of a captured system willing to steal your future away from you

Have a Happy and Safe Holiday.

Under full disclosure: I continue to hold a position in Jag Media and do not recommend any individual buy or sell a position in this security without conducting their own due diligence.



For more on this issue please visit the Host site at www.investigatethesec.com .
Copyright 2006
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By hackers number soon to be up on 11/22/2006 11:14 AM
Hot on them, watching and tracking. Show us how smart you are now.
If you are a hacker or one that paid to have the accounts hacked.
Enjoy it while you can, not much longer before the party is OVER.
sleep well.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By otc on 11/22/2006 12:46 PM
Patchie:

Why do we need these parasites? Why can't I buy directly from the seller? If there are no sellers, why I can't I post a bid and wait?

Given the choice between liquidity and a fair market, I'll choose the fair market.

Think of the friction that the market makers suck out of the system. In your example where it is bid .21 and ask .25, the market maker is getting four cents. If I sell at .21, he is getting .04 / .21 or 19%. Why can't this process be computerized like it is in Canada?
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By scorching fury on 11/22/2006 3:17 PM
Hurry-scurry turmoil.

Bird-dog doing the turkey trot.

OOOOOOOOh my!

This crowd is getting BIG.
remain united : stand by one another

put on your gummy waisted pants tomorrow.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Gobbling Chris "Turkey" Cox on 11/22/2006 3:30 PM
Please Mr Senators and Mr GAO don't cut my head off for Thanksgiving. I promise to attack a token naked shorter by Christmas. 'Course we will let him off scott free but we will make lots of gobbling noises so as to make the public think we at the SEC are actually doing something. I can't wait for Christmas to come so we can give all of the little bad boys and girls that commit security frauds amnesty in their stockings. Then right after Christmas we stop the issuing of paper certificates. No certs, no proof of ownership; no proof of fraud. Let the good times roll, right Annette Nazareth? We won't have to listen to those losers that lost money crying anymore. The American public is soooooo stupid. Gobble, gobble!
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By turn out the lights on 11/22/2006 5:05 PM
Hedge fund manager David Felman, who ran into trouble three years ago at Andor Capital Management, is shutting down his onetime $600 million fund.

Felman is in the final stages of "liquidating" his Phinity Capital fund, says an employee, who answered the phone Tuesday at the Fort Lee, N.J., shop. The employee, who declined to give his name, would not provide any more details.

A formal liquidation order for Phinity's offshore fund, which is registered in the Cayman Islands, was signed on Oct. 31. Felman, who could not be reached for comment, is listed as the fund's liquidator


http://www.thestreet.com/_tscs/newsanalysis/wallstreet/10323718.html
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By lightbulb out, what up? on 11/22/2006 6:10 PM
Citadel Investment Group, one of the world's largest hedge fund managers, said on Wednesday that its head of global stocks has resigned.

Citadel spokesman Bryan Locke confirmed the departure of Anand Parekh, earlier reported by The New York Times. He declined further comment.

http://today.reuters.com/news/articleinvesting.aspx?type=mergersNews&storyID=2006-11-22T162808Z_01_N22276608_RTRIDST_0_FINANCIAL-CITADEL.XML


Anand Parekh, head of global equities at Citadel Investment Group LLC, left after posting below-average returns for the $12 billion hedge-fund firm, two investors said.

Gains by Citadel's equity portfolio have lagged behind other investments this year, said one investor who was notified of the departure by the Chicago-based firm. James Yeh, chief of global markets and quantitative strategy, will now be actively involved in the equities group, said the investors, who asked not to be identified because the information is private.


http://www.bloomberg.com/apps/news?pid=20601087&sid=a.M9bIBDjbXU&refer=home
** A special thanks to the scumbags in Boca *** By Go to Hell on 11/22/2006 6:21 PM
I'd like to wish those scumbags in Boca Raton a Happy Thanksgiving! We know who you are and what you are doing. Squirm baby, squirm.

Enjoy it while you got it. Easy come easy go!
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By juicy on 11/22/2006 6:37 PM
Parekh is the former head of the North American structuring group at Deutsche Bank.

On the day Parekh departed, Citadel was forced to deny rumors that it was on the brink of collapse due to bad energy trades.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Now Hiring: white knights on 11/22/2006 7:37 PM
Citadel and JP Morgan Chase became white knights after taking over the energy division of Amaranth Advisors , which had suffered a 65% ($6 billion) loss in assets.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By oldfeller on 11/22/2006 11:14 PM
Remember the song "Only in America, land of opportunity"? The good thing about the internet is that other countries are watching and learning. While our own market crumbles (disregarding artificial dow highs} others are realizing what to watch out for and how to make their own markets stronger and more attractive to investors. Hopefully this sort of rampant theft from the fast growing online investing public will happen only in America. We still have a very good standard of living. We can watch crooks steal our money before our very eyes and see that our elected officials take no action to prevent it and shrug it off. At least for now.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By anthony kalantzis on 11/23/2006 3:04 AM
ted ...if you think im a shorter your nuts ....read my post again
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Granny on 11/23/2006 3:07 AM
Happy Thanksgiving Bobo and all the good guys and may all you crooks choke on a bone.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Art Scams on 11/23/2006 5:42 AM
http://www.nytimes.com/2006/11/22/business/22hedge.html?_r=1&oref=slogin

"Mr. Griffin started trading in his Harvard dorm room and founded Citadel in 1990, not long after graduating, with $4.6 million. He has become a big name in monied circles: his second wedding took place at Versailles in 2003 and this month he spent $80 million for ”False Start” (1959), a painting by Jasper Johns, from David Geffen, co-founder of DreamWorks, the Hollywood studio.

Citadel was the source of a wide range of market rumors on Friday, including speculation that the fund had lost money in the energy market."

http://images.google.com/imgres?imgurl=http://www.moma.org/exhibitions/1996/johns/jpegs/johns.false.start.jpeg&imgrefurl=http://www.moma.org/exhibitions/1996/johns/pages/johns.false.start.html&h=381&w=297&sz=66&hl=en&start=1&tbnid=CvBSSk1ONwEh9M:&tbnh=123&tbnw=96&prev=/images%3Fq%3Dfalse%2Bstart%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DG
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By ted on 11/23/2006 5:45 AM
Tony, I was referring to Tony Ryals. I think his post was taken down.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By InTheKnow on 11/23/2006 10:00 AM
Happy Thanksgiving to all who enjoy this blog!

I love it!
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Selene on 11/21/2006 9:59 AM
Bob

My favorite line: "Wall Street-employed Yale professor Dr. Andrei Kalashnirev have shown that investor's brain is size of squirrel, yes?"

That's too funny...

Selene
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By plunge on 11/21/2006 9:59 AM
The plunge protection team also goes short, as need be.

http://www.safehaven.com/article-721.htm

The goal is to manipulate the stock and bond market to keep exchange rates and interest rates right where they want them.

Isn't that what capitalism is all about? Central control by government beuracrats who use loopholes in clearing to game the system?
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Ranger on 11/21/2006 10:57 AM
Too funny! The markets are not going to change period. Too much money is being made by the folks in charge to change anything. The next step in the process is to create a market crash. The real money has not been made yet, just wait till 07 when the hedge funds take the next step. I just heard that the options maket doubled in the past 12 months. The creation of the ETF funds in addition to the options market expansion is going to by pass the SHO regulation stuff and open another door to control the dark side of the markets. The folks making money in the markets are already three steps ahead af anything the SEC may of maynot do to correct the problems of the past. Yesterday is the past in the markets folks. Until the markets collapse under the corruption nothing is going to change. Join in and follow the dark side and make money. When the end comes you will have enough money to get in the mix for writing the next set of rules. If you are broke when the markets crash you will not get a seat at the table.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By otc on 11/21/2006 11:09 AM
Since OTC stocks aren't marginable, how can a non market maker short them?

The NYSE offers that service:

http://www.nyse.com/productservices/arcaedge/1157538334929.html

You can click for the spreadsheet to see if your favorite penny stock is on the list for non market makers to naked short.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By FRAUD IS GOOD FOR USA, help yourself on 11/21/2006 11:48 AM
Charges against 5 ex-NYSE traders dropped: govt
Tuesday November 21, 2:35 pm ET

NEW YORK (Reuters) - The Manhattan U.S. attorney declined on Tuesday to prosecute the five former New York Stock Exchange specialists that faced criminal fraud charges.
"Having undertaken individualized assessments of the evidence in five 'specialist' cases, including evidence obtained subsequent to the filing of the indictments, the government has concluded that the continued prosecutions in these cases are not in the interests of justice," U.S. Attorney Michael Garcia said in a statement.

The government originally charged 15 former NYSE specialists, or floor traders, with fraud in April 2005 for violating securities law by trading ahead of -- or in between -- customer orders.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By NameNames on 11/21/2006 1:19 PM
Come on, Elliot. Say it isn't so.

http://www.oag.state.ny.us/bio.html

Michael is reachable if you want to ask him why it is not in the interest of justice to get thieves of the street. Maybe he has a good reason...

http://www.usdoj.gov/usao/nys/
http://www.whitehouse.gov/government/garciam-bio.html
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By NameNames on 11/21/2006 1:28 PM
Report a crime:

http://www.usdoj.gov/usao/nys/reportacrime.html

Bank and Financial Institution Fraud ---- FBI Manhatten or Secret Service
Counterfeiting ---- Secret Service

https://tips.fbi.gov/
http://www.treas.gov/usss/financial_crimes.shtml
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Iona Hogbin on 11/21/2006 1:35 PM
This is all making me sick to my stomach. I am ready to fall into one of my hogbins.

I am ready to break every law there is and I will cite these kinds of judicial rulings as my defense. Yes, Your Honor, I plead the Michael Garcia decision, prosecuting me would not be in the interest of justice since they stole my money. Oh, I forgot, I have a squirrel's brain and they're all nuts! There's no hope.

But we got to keep fighting and hoping.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By kevin on 11/21/2006 1:41 PM
Too bad they didn't have the internet in 1865.

http://www.prolognet.qc.ca/clyde/pres.htm

"The London Times" printed the following:

"if that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in th history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe."
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By bobo on 11/21/2006 1:44 PM
Fraud is Good:

It really is amazing, isn't it? Seems like every day now we see more evidence of a system completely out of control, with no rule of law in sight. If you have enough juice, you can get away with anything - that's the new morality, I suppose.
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By bobo on 11/21/2006 2:01 PM
Everyone, Dr. Suzanne Trimbath's forum, "Naked, Short and Greedy" is now available for a free audio download. Check it out.

http://www.stpadvisors.com/Audio/STP2006Oct.php
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By browntrout on 11/21/2006 2:13 PM
Florida Judge looking for job at SEC. Meets basic requirements of see no evil, hear no evil.

Judge: The Paxil made him do it
TAMPA, Fla. (AP) — The Paxil made him do it.

A federal judge in Tampa is agreeing with the claim of a business executive who says the anti-depressant drug Paxil prompted him to embezzle one-point-eight million dollars from a former employer.

The judge granted a reduced sentence — sending Patrick Stewart to a year of home confinement and five years of probation. He did so partly because defense lawyers produced studies and experts that said the drug sometimes causes arrogant and uncontrollable behavior in people with bipolar disorder.


http://www.tampabays10.com/news/local/article.aspx?storyid=44134&s=f
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By poor dumb american on 11/21/2006 3:07 PM
examination of a course of study = degree

Profession, a paid occupation.

Accountants
Lawyers
Judges

Does their training cover the topic.
"LEGAL OBLIGATION" or do they skip that and focus on
"TAKE BRIBES AND BLOW SMOKE UP SOMEONE'S ASS"

we see that years are spent training on
DENIED RESPONSIBILITY, BLAME,
NO COMMON SENSE, NO DEPENDABILITY, NO RELIABILITY.

SEC AND GOV. ELECTED OFFICIALS
NOW ACCEPTING APPLICATIONS!
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By paxil me on 11/21/2006 3:17 PM
browntrout:
Does that mean that if I gets me some paxil, I can rob a store and blame it on the paxil and keep the goods? I could say I didn't know any better, I was mixed up. huh? LMAO
only in the USA
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By cynabear on 11/21/2006 3:39 PM
New T shirt

Fraud Pays! Ask the SEC....
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By innocent logic and reason on 11/21/2006 3:40 PM
get some paxil or prozac and repeat after me.
I am not responsible for my actions.
if you are rich don't worry, you can pay off anyone you need to,
admit no guilt or wrong doing, works like a charm.

join the fight for what is right.
http://www.petitiononline.com/mrktrfrm/petition.html
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By davidn on 11/21/2006 4:11 PM
Bobo, 6-12 states to copy the Utah law? That's great.

If it is cookie cutter, it should be possible to get all the states.

I asked before. What is the process to get rid of federal regulators altogether? It makes sense to have a standard set of rules across the country, but can't it be enforced at the state level with depositories and custodial services local to the state?
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By tossin, turnin, on 11/21/2006 4:50 PM
ask: senator@shelby.senate.gov
If he is going to switch to a Democrat now? OR
thank him for the fine job he has done taking care of you.

Two of the most powerful incoming chairmen of the U.S. House of Representatives are vying for the ability to write laws affecting Wall Street and the U.S. Securities and Exchange Commission.
U.S. Representative Barney Frank of Massachusetts, 66, in line to lead the Financial Services Committee when Democrats take control of the House in January, wants to retain power over the securities and insurance industries, as well as the federal agencies like the SEC that regulate them.

http://www.bloomberg.com/apps/news?

pid=20601070&sid=aY0VwXi_nsJw&refer=politics
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By liberty on 11/21/2006 6:16 PM
$20 million liberty dollars in circulation.

http://en.wikipedia.org/wiki/Liberty_Dollar

The privately owned US Federal Reserve doesn't like competition over the creation of new money.

http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=press_release&ID=710
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By liberty on 11/21/2006 6:20 PM
http://www.libertydollar.org/ld/press-kit/usmint-allegations.htm
*** A Holiday Wish *** By Gobble Gobble on 11/21/2006 6:47 PM
Turkeys soon roasting on an open fire
T-calls nipping at their toes
Naked shorts being hung by a wire
and everbody knows....

Happy Thnaksgiving to All!
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By kick ass FFH on 11/21/2006 6:48 PM
next?

Fairfax Financial , the Canadian insurer, launched a $5bn civil racketeering lawsuit against a group of prominent hedge funds, it seemed a company at the end of its tether at the aggressive short-selling that was driving down its shares. the lawsuit, launched last July, halted what they claim was a dirty tricks campaign against the company by hedge funds including SAC Capital Management and Exis Capital.

Fairfax Financial Holdings Ltd.'s (FFH.TO: Quote, Profile, Research) (FFH.N: Quote, Profile, Research) credit spreads may have room to further rally if the Toronto-based insurance holding company can post improved earnings in the coming quarters.
The company's debt has rallied in the past few months on sentiment the company may be turning a corner after a year of weak results, earnings restatements, regulatory investigations and class-action law suits.

http://today.reuters.com/news/articleinvesting.aspx?

type=bondsNews&storyID=2006-11-21T210515Z_01_N21574660_

RTRIDST_0_MARKETS-CREDIT-ANALYSIS.XML
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By what up? on 11/21/2006 6:59 PM
David Felman
Phinity Capital
Re: Senate Judiciary Committee To Evaluate SEC Effectiveness By Wicked World on 11/21/2006 7:06 PM

Bobo, thanks for the heads up on the STP conference audio! The quality is excellent and I highly recommend listening; especially the Susan Trimbath and Wayne Jett and Arne Alsin segments. Really good stuff.

As I was listening to the final segment there was a comment made by Arne regarding proxies (overvoting and vote allocation, etc.) that caused me to wonder something. Would it be beneficial for a shareholder "advocate" to organize an effort on a company specific basis to encourage the shareholders to send a copy of their proxy directly to the CEO? As kind of an unofficial indicator of overvoting.

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