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NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street

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Posted by:   bobo 9/18/2007 5:35 AM

The NCANS comment letter on the market maker exemption is now live at the SEC site. It's pretty simple in concept - the SEC shouldn't be exempting activity that actively harms investors and is contrary to the public interest, shouldn't be encouraging trafficking in unregistered securities, nor should it be giving a hall pass to market makers to ignore at least 4 sections of the Securities Acts.

Special thanks to Tommytoyz for driving this effort, and to Mary Helburn for her unflagging work on behalf of investors.

NCANS is going to be incorporated into this site over the next few weeks, as this site is the de facto hub now for issues NCANS is grappling with.

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The GAO issued a report that basically says that 80% of the billions collected from Wall Street (or at least that Wall Street was fined - we have no idea how much, if any, was actually paid) haven't made it to those who suffered the harm at the hands of the bad guys. What a surprise. Also, it concluded that the SEC launches investigations, then leaves them open for harmful durations, which largely aids anyone short those stocks, and harms the companies and investors therein. See a pattern here? And yet, after report after report shows the SEC is at best completely incompetent, and at worst a tool of Wall Street's worst elements, nobody is calling for heads on a platter or for the elimination of the agency. If this were the group responsible for air traffic control, planes would be colliding every few hours and the nation's infrastructure would be a wreck, however apparently our market system can handle that sort of thing as part of a day's work. Anyone that doesn't believe the SEC is as crooked as Lindsay Lohan's walk during a sobriety stop needs to get their head examined.

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Famed litigator and relentless persecutor of companies targeted by some of the larger NY-based short selling cartels Bill Lerach is pleading guilty to being a lowlife scumbag. All news relating to that is being buried as far back in the non-news sections of the papers as humanly possible.

Just another week of sifting through the most badly corrupted market system and regulatory network I've ever seen. Makes me want to take a shower after writing about it.
Copyright ©2007 Bob O'Brien
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Comments (7)
Re: NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street By Honkytonker on 9/18/2007 3:17 PM
A beautiful job. Factual, consistent, and persuasive.
Re: OT but WAY ON TOPIC! By Ed on 9/18/2007 3:18 PM
This is the Matrix it is real as soon as secret societies are mentioned the tasers come out! Student speaking the truth with some passion gets it.

http://www.youtube.com/watch?v=SaiWCS10C5s&feature=bz301

Spam this sucker!
Re: NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street By Ditty_Bopper on 9/18/2007 3:18 PM
Actually, it's Lindsay LOHAN--but sober or not, would she be any less effective than Annette Nazareth or any of the other sellouts employed at the SEC?
Re: NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street By bobo on 9/18/2007 3:21 PM
Ooops. Fat fingers. G next to h translates into a hysterical laff-riot of mistaken identity - the zaniness never ends at club Lapin.

I think it is fair to say that they are paid to ignore all wrongdoing. Seems that way to me.

As to the matrix comment, maybe it just seems that we as a society are increasingly being fed a diet of illusions as our resources are sucked out of us. Maybe most of the money fined by the SEC actually is paid by Wall Street as stipulated, and maybe investors screwed by miscreants are getting the lion's share, and maybe we will all live in a happy, flowery place where the rivers run with chocolate and Annette isn't an unpleasant character from the Wizard of Oz....
Re: NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street By Rtway on 9/18/2007 9:58 PM
I wouldn't be suprised that GAO is as corrupted as the SEC. Whatever conclusion they draw from this doesn't mean a rats ass as far as what happens next, because there is no next. They print a report, it gets filed and no one reads it especially the public, there to concerned about O.J. and what is the next reality show. At about this time in our history they could throw out the constitution because it is meaningless unless a hedge fund could sell it.
Re: NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street By Fake Bull on 9/19/2007 8:59 AM
If a foot was redefined as nine inches, would everything get 30% longer? For example, 108 inches would be 12 feet instead of the old 9 feet. Anything measured with the new rulers would seem to be 30% longer.

The dollar has been getting smaller so if you measure something with a 2002 dollar and again with a 2007 dollar, you will get two different measurements. It has fallen 30% against the Euro over the last five years. A stock that has traded flat and is priced the same today as five years ago in Euros would appear to be up 30% as expressed in new dollars versus old dollars.

THIS IS HOW THEY STEAL FROM YOU FOLKS.

1. Lower interest rates. This causes the number of dollars in circulation to increase as lending money is the same as printing money (because the banking system nets obligations to zero). Every time you (or the government to finance the war) borrows money, it allows the banking system to print it out of thin air.

2. The banksters use the cheap money supply they can print out of thin air when there is lots of borrowing to get control of hard currencies equivalents such as oil, gold and silver. (See http://www.gata.org/ or http://www.911review.com/motive/gold.html) while the rest of us invest in real estate and stocks. Most countries will export in exchange for gold, silver or oil rather than a fiat currency. Gold, silver and oil compete with bankster controlled currencies.

3. Drop the value of the fiat currency (the dollar in this case) through exchange rate devaluation followed by a period of massive inflation. During the first phase, housing prices and stocks would appear to be soaring in value as expressed by this shrinking ruler.

4. Collapse the real estate and / or stock market when there are no greater fools and this game of musical chairs comes to a stop. Use the hard currency equivalents to buy stocks, private businesses and real estate at a fraction of their true value.

At some point, the wizard behind the curtain has so much money that it becomes about power rather than wealth and the wizard dreams of controlling the world under a new world order. It's time we pull back the curtain and take control of the levers of economic activity directly. Only countries should be allowed to print money.

The private citizens that own the private banking system that hires the mint to print their private US Federal Reserve Notes (the dollar) are the same private citizens behind failure to deliver and they are the same ones who want endless wars and who bribe / blackmail our politicians to do their bidding.

The American War of Independence from 1775-1783 was a war between colonial script controlled by the people and the privately controlled British pound. That little nugget of information has been scoured clean from the bankster controlled textbooks and educational system.

Any president who has challenged private money with a true US currency has been assassinated.

Think about it, Kennedy was assassinated shortly after he introduced the silver note, which the government could issue directly instead of going into debt by borrowing from the private banksters.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world, no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men."

~Woodrow Wilson

"All of the perplexities, confusion, and distress in America arises, not from the defects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation."

~John Adams, Founding Father of the American Constitution

"Whoever controls the volume of money in our country is absolute master of all industry and commerce...and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate."

~James A. Garfield, assassinated president of the United States

The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. The privilege of creating and issuing money is not only the supreme prerogative of government, but it is the government’s greatest creative opportunity."

~Abraham Lincoln, assassinated president of the United States
Re: NCANS Letter Posted At SEC Site, SEC Officially Screwing Everyone But Wall Street By oldfeller on 9/20/2007 7:17 AM
Anyone catch Greenspan on The Daily Show with Jon Stewart yesterday? Jon asked the right questions, such as "isn`t the fed for wall street and against saving", and "what about the short betters?" Got Greenspan to admit this is not a free market. Of course Alan blamed unpredictable fear and greed on the bubbles/tanks. I would love to see Patrick get 5 minutes on that show.

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