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Sign the Market Reform Petition Now!: View it here.
To view the SIA NYSE member firm spreadsheet showing $63 billion in delivery and receipt failures as of Q2, 2006, click here.
Visit the new "SEC/Gary Aguirre Cover-Up" section of this site for a compilation of Mr. Aguirre's efforts to expose the SEC's alleged obstruction of justice and whitewashing of insider trading by some of the biggest names on Wall Street.
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Is it bad when you basically withhold critical evidence from thousands of cases, lying, and blaming a national tragedy for your obstruction of justice?
I mean, these days, I don't know, but would that be bad, when you cheated thousands of folks who went into arbitration against you by withholding emails that would have damaged your case, claiming they were destroyed in 9/11 when if fact they weren't - and you later got busy destroying them yourself so as to make sure that the evidence stayed buried in perpetuity?
Or would that only bad if someone not brimming over with Wall Street "juice" did it?
Let me put it this way: How bad does this have to get before a special prosecutor is named and both the SEC, as well as their Wall Street masters, get a serious proctology exam?
This is so reminiscent of the Pecora hearings now as to defy the imagination. It has all the elements of classic Wall Street malfeasance. Cheating retail clients, destroying data, lying, obstructing justice, fraud...you name it. The only thing missing is a mass grave. And yet, oddly, it is business as usual for the SEC and Wall Street.
Read all about it here.
I have lost my capacity for shock at these sorts of things. It merely confirms my observations about Wall Street made manifest in this blog these two years past.
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Our brave SEC is taking on the Kazakhstanis, or Uzbekistanis, or someone from over there, in another brave move to keep America safe from those evil, scheming, er...foreigners with thick accents and not so much money with which to buy the SEC's favor. They missed the above story involving a Wall Street giant, involving thousands of acconts, and spanning years, but have clamped down on what they are calling a "pump and dump" scheme run out of lower nowhere.
The only problem is that it wasn't just a pump and dump scheme.
Dave Patch had 80K shares of JAG sold out of his account. Sold. Not pumped and dumped. So it appears that this fraud was aimed at creating liquidity in massively shorted stocks by selling legitimate shares, as is what happened to Dave. That's quite a difference from the official story, huh?
Read all about it here.
Again, what we are told and fed differs markedly from the truth. Ask Dave. He was a victim of this, and it no more resembled a pump and dump then I resemble Cindy Crawford.
Although there is that troubling mole on my face with the irregular bleeding border....
Ho ho ho, one and all. It just keeps getting better, no? |