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The Psychological Crises and Burdens of Crusades.

Location: Blogs Bud Burrell - Front and Center    
Posted by:   bburrell 10/6/2007 10:36 PM

The best psychological profile I have seen of the typical serial financial criminals paints them as "borderline" sociopaths, so broken so as to be unfixable.  They are neither moral or immoral.  Rather, they are AMORAL, meaning without any moral compass.  They share this trait with serial killers, such as Chikilich, Gacy, Dauhmer, et al. 

Even the FBI has cited the enormous emotional toll exacted on their agents who pursue these types of animals, and it is no different here.  The only difference here is that the financial analogs are in many cases better treated than the victims of their crimes, and are typically more valued for what they can give up to authorities than what any victim can contribute to such efforts. 

It was well documented that soldiers could face combat for a maximum total of 240 days in increments of no more than 40 consecutive days at a time, in WWII, before they were so psychologically damaged as to be beyond complete repair.  The unit focused on serial killers in DOJ has shown that their investigators can typically not do this kind of work for no more than 4 years without personal damage.  Where is this analysis of victims of financial crimes?  It has very conveniently been ignored.  I am 7 years in, and bluntly, I am well past  hoping to completely repair myself psychologically.  I will never trust this Country's political or legal system again.  God help the next lawyer who lies to me. 

How have investigative agencies handled the rotation of their best investigators to help them avoid burn-out?  They limit the time they can spend in such assignments as the FBI's BAU profilers made famous by the TV Series "Criminal Minds".  It seems that even they acknowledge there is only so much they can see and take before they simply are overwhelmed by the sheer evil they see.

Unfortunately, there is no one to provide such relief for those civilian victims who fight against interminable processes designed to shelter scum, facing at every turn disdain, disrespect, insults and worse from the very parties they need help from to get that most rare of all outcomes, true restitution, and disgorgement by the criminals while they serve real hard prison time.  Even more offensive is the fact that these insults come for the most part from people who have never had a real job, never sold or built anything, never made a payroll, or for that matter, ever served their country at personal physical risk.

I have been involved in this space with a crusader's heart for 7 years, and bluntly, I need to back off, and cool down.  I have to become the cynical and distant person who I have repeatedly encountered in regulatory bureaucracies, with the most egregious being the lawyers who front for these tragic farces.  These lawyers have given me a whole new understanding of the old law school adage that lawyers must learn to be able to put themselves in a "Moral Vacuum" in order to represent certain clients.  They are generally very well paid for this painful (?) action, many times with the same funds stolen from victims. 

Our legal system has detached itself from any concept of delivering timely justice, out of concern with managing their workloads to their optimum interests.  It is unfortunate that their concerns at this level conveniently provide for use of statutes of limitations that regularly insure that victims' interests can never be addressed by seeing the criminals actually go to Jail for their misconduct.  The insane enormity of Federal and State civil court backlogs only goes to insure regular failure of the legal system. 

It is time for me to focus on the positive things I can do, including some in this space, and to stay away from the worst of this.  I warn everyone here and now that if one or more of you wants to try and drag me back into this morass, don't expect to survive in whole form.  I have had enough of this corrupt insanity.  If I am threatened again by anyone for any reason, I will retaliate on the spot without limits.  I won't wait to find out if you really meant it, or for you to try and choke out an apology. 

You can hope that I can call the FBI first, but that will depend entirely on how serious I think you are.  You should not interpret this as a warning, but much more as a promise from someone who keeps his as a part of his personal identity. 

My best wishes to those of you with good hearts and clear consciences.

May the rest of you find salvation, or if not, appropriately, may you burn in Hell.

Copyright ©2007 Bud Burrell
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Comments (38)
Re: The Psychological Crises of Crusades. By stryker-ny on 10/7/2007 8:53 AM
Bud..Go with God.....
Re: The Psychological Crises of Crusades. By Sean on 10/7/2007 11:18 AM
Only cowards would resort to threats Bud, and these people responsible for these idle threats are indeed cowards. Good luck and if I can be of any help please let me know. It would be my able bodied pleasure!!!

Reply: All of the scum seem to be sytematically physical cowards. I am not really too worried about them coming after me on their own, but rather I am concerned they could send others.

Let them eat cake, the rallying cry of the French Revolution. I have some cake for these clowns.
Re: The Psychological Crises and Burdens of Crusades. By kevin on 10/16/2007 7:52 AM
http://seekingalpha.com/article/49985-no-more-naked-shorts-for-you-reg-sho-exemption-phase-out-begins

They claim all the SHO shorts have been covered, but I sure didn't see sustained buying in those shares.

More likely, they:

- use repurchase agreements to get rid of fails. If A sells to B, but agrees to repurchase at a set price from B in the near future, then A has a call and B has a share. Calls are the same as being long, so they are both long now.

- use technicalities in the language. Most prime brokerages have dozens of participant accounts. All they have to do is break the fail across two or more accounts until each account falls below the threshold. The threshold is .5% at a certain participant account, not across all of them. (There is no way for any participant to know what the total is across all of them.)

- lie. The data is suspect and the fines are minimal with no auditing.

- push the problem offshore. SHO only applies to US brokerages

Re: The Psychological Crises and Burdens of Crusades. By Nick C. on 10/16/2007 9:59 AM
Bud,

I have 14,000 shares of Eagletech stock and am somewhat unfamiliar with this whole issue. Can you estimate what we might see from this and when you think settlements will start coming down? Thanks for your input.

Reply: If history is any guideline, 4 to 5 years away, just before trial, or after trial and appeals, from collections of judgments.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/18/2007 9:16 AM
Bud , could and would you confirm or deny this comment. Thanks

But looking at the Eagletech lawsuit - the RICO violations that include the 5 NY crime families and their compadres, it's possible that he doesn't have that luxury yet.

Two people were murdered in the Eagletech management. The people who have been perpetuating these scams are heavily connected politically and 'family wise'. There are agents, double agents, spies and self serving entities interspersed among those who are 'here to help us'. Clearly speaking the truth of the matter isn't always an option when you're in the midst of a major war.
- - - - -
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/18/2007 9:15 AM
Bud, I hope you saw "Damages" tonite. It shows just how faar these micreants will go to protect their ill gotten gains and stay out of JAIL!!!!
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/18/2007 9:18 AM
Another post for your review to back up my previous comments. "These guys are ruthless and the are being assisted by the SEC".




CBAY wasnt the only one targeted by the shorts


http://www.investigatethesec.com/ArchiveBerlin.php


Most of the original Berlin listings of US companies were put their at the expense of backers of Ladenberg Thalman, through a German broker dealer, Berlinfreiverkehr. Sedona Corporation found this in its research in 1999 by one of its directors, after doing a PIPE deal with Ladenberg that very nearly destroyed it, involving none other than the notorious Rhino Advisors, run by the Badian brothers, and linked to Dr. Dr. Herbert Batliner of Lichtenstein, surely one of the most visible and notorious money launderers in the World, the former ML for Pablo Escobar, Mark Rich, and other drug cartels. DOJ has had all this information for years (since 2001), but there has been no action yet, other than getting one Badian brother, Andreas, after his older brother Thomas fled his indictment (after being warned it was headed his way by someone who should most certainly be charged, tried and sent to prison). He was later released for cooperation. Thomas was served with a civil subpoena after his home in Vienna was located, but the Austrians don't extradict for financial crimes. Austria is now attempting to assume the mantel as the top money laundering venue in Europe.




CBAY wasnt the only one targeted by the shorts


http://www.investigatethesec.com/ArchiveBerlin.php


Most of the original Berlin listings of US companies were put their at the expense of backers of Ladenberg Thalman, through a German broker dealer, Berlinfreiverkehr. Sedona Corporation found this in its research in 1999 by one of its directors, after doing a PIPE deal with Ladenberg that very nearly destroyed it, involving none other than the notorious Rhino Advisors, run by the Badian brothers, and linked to Dr. Dr. Herbert Batliner of Lichtenstein, surely one of the most visible and notorious money launderers in the World, the former ML for Pablo Escobar, Mark Rich, and other drug cartels. DOJ has had all this information for years (since 2001), but there has been no action yet, other than getting one Badian brother, Andreas, after his older brother Thomas fled his indictment (after being warned it was headed his way by someone who should most certainly be charged, tried and sent to prison). He was later released for cooperation. Thomas was served with a civil subpoena after his home in Vienna was located, but the Austrians don't extradict for financial crimes. Austria is now attempting to assume the mantel as the top money laundering venue in Europe.

Re: The Psychological Crises and Burdens of Crusades. By bbhindyou on 10/18/2007 9:19 AM
I took a break ,
but now I,m back ,
I see most Joes,
still don't know jack,
Bud if it helps,
give rest a whack,
cause we need you,
there's perps to smack.


No need to print this for public consumption I just wanted to lighten the mood and hopefully your day!
Appreciativly bbhindyou
Re: The Psychological Crises and Burdens of Crusades. By goldfinger on 10/18/2007 9:14 AM
Smuggling gold out of Fort Knox to avoid the squeeze on the gold naked shorts.

http://www.economicsbriefing.com/2007/10/is-us-government-sneaking-gold-out-of.html
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/18/2007 9:20 AM
Bud, I thought that your readers might be interested in seeing this CNBC Video!!

http://www.cnbc.com/id/15840232?video=563596275&play=1
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/18/2007 9:22 AM
If anyone other than myself and Bud has been watching the show "Damages" this story will look very familiar. Also this is how the Enron debacle began. Here we go again.

http://news.yahoo.com/s/ap/20071018/ap_on_bi_ge/sec_countrywide_ceo;_ylt=Ajg1pmtHCkpinojd7y3hqfWyBhIF
Re: The Psychological Crises and Burdens of Crusades. By captdale on 10/18/2007 10:13 PM
Ah my friend. God bless you . You have said it so well. I find myself in exactly the same spot you find yourself. I don't know how long if ever it will take to repair the damage. I also have fought a good fight and am proud of that effort. Its been five years for me now and it has taken its tole. The injustice can not last as it is evil in its core and in my experience evil eventually consumes itself. I don't know if I will live long enought to see the outcome of it all. Peace brother. Hunka dale
Re: The Psychological Crises and Burdens of Crusades. By Thinktank on 10/21/2007 2:25 PM
Bud,
Are you aware of the John W. Zidar case back in 2001-2003 in which the SEC put this man in prison for 30 years because he might have been aware of a secret economy whereby illegal money operations benefitted criminals from the street level all the way to the highest ranking positions of our federal government?
Julie K. Lutz, the lead SEC attorney which prosecuted Zidar, also happens to be the lead attorney in the current case against USXP and Richard Altomare.
Do you have any comment if you are aware of this? Thank you.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/26/2007 3:52 PM
Bud, it is time.....


US SEC sees "rampant" insider trading on Wall St.
Reuters - October 25, 2007 1:35 PM ET


Related Quotes
Symbol Last Chg
AAPL Trade 183.33 -2.60
DJ Trade 59.80 +0.05
CFC Trade 12.64 -1.19
MS Trade 60.815 -2.075
BSC Trade 109.78 -3.76
Quotes delayed at least 15 minutes

By Rachelle Younglai

WASHINGTON, Oct 25 (Reuters) - A senior U.S. Securities and Exchange Commission official said on Thursday insider trading appeared to be "rampant" among Wall Street professionals and the agency has formed a working group to focus on it.

"I believe we're going to see more insider trading cases," Linda Chatman Thomsen, the SEC's enforcement director, told reporters on the sidelines of a securities fraud conference.

"I am disappointed in the number of cases we are seeing by people who make an abundant livelihood in the market that they are sort of abusing by insider trading," Thomsen said, referring to cases already brought against professionals this year.

Insider trading "appears to be rampant" among Wall Street securities professionals, she added.

Alice Fisher, assistant attorney general with the Justice Department's criminal division, echoed Thomsen's sentiment and said: "The number of insider trading cases don't seem to be going away."

During the past year, the SEC's enforcement lawyers have stepped up the pace of insider trading lawsuits and settlements. Some of its recent high-profile cases include charges against a husband and wife in Hong Kong stemming from their trades in Dow Jones & Co Inc (DJ) shares ahead of News Corp's $5 billion takeover bid, and guilty pleas from three former Countrywide Financial Corp (CFC) executives for trading in company shares in the days before a disappointing earnings report.

Also, in March U.S. prosecutors charged 13 people, including employees at top Wall Street banks UBS UBSN.VX, Morgan Stanley (MS) and Bear Stearns Cos Inc (BSC) in what they called one of the most pervasive trading rings since the 1980s. The SEC also brought civil charges against 11 people, as well as against three hedge funds.

Insider trading involving hedge funds is the focus of one of the four internal working groups the SEC has set up to tap expertise and coordinate efforts throughout the agency. The $1.8 trillion hedge fund industry guards its secrecy and complex trading strategies.

The SEC also has a working group looking at municipal securities, one focused on subprime mortgage lending issues, and a group examining stock options backdating by executives.

Thomsen expected more enforcement actions related to options backdating, but would not provide a time frame.

"There will be more to come," she told the securities law conference.

More than 180 companies have been investigated by the SEC or have conducted their own internal inquiries into possible manipulation of stock option grant dates.

The SEC has brought civil charges against former executives at several companies, including Apple Inc's (AAPL) former general counsel.

In the subprime lending area, Thomsen said there was a wide variety of potential violations, including disclosure issues and the packaging of the subprime loans. (Reporting by Rachelle Younglai)



Reply: BFD. Where the hell were these clowns for the last 8 years? I hope they get to stew in their own juices. More of them need to be told to sit down and shut up.
Re: The Psychological Crises of Crusades. By Valueinvestor on 10/7/2007 5:43 PM
Bud...so true..so true...as you well know, it is extremely important, especially for the emotionally weak amongst us, to limit one's exposure to this insanity and be firmly rooted in the fundamnetal understanding that the piece one seeks is within and not without, and in the end, independent of the extremely disturbing circumstances without...here is hoping that the Golden Age of reason and fairness is not too far, especially for those looking in the right places...the external noise and chaos has nevertheless reached an all time high...
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/7/2007 5:47 PM
Bud, a couple of questions.

Why has Oquinn and those associated with Eagletech not done a better job of publicizing this recent filing of the RiCO lawsuit?

Am I the only one that noticed that after all the recent subprime turmoil that Goldman Saks came out smelling like roses witout a blemish and others like Merrill Lost their shirts but the stock prices are steadily increasing? I mean they are going to have to justify those huge multi billion dollar bonuses to be annnounced sometime next month now are'nt they? Do they think we can't see that the emperor is really naked. No pun intented!!! Something has got to give.

Reply: I don't have a good answer. It probably has something to do with the way the law works in their views.

I agree something has got to give. I just don't want to see any more innocents sacrificed into the maw of legal system. It has a hard enough time targeting the bad guys.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/8/2007 7:11 PM
Bud, I thought you might be interested in seeing or reading this:

http://www.cnbc.com/id/21190216
Re: The Psychological Crises and Burdens of Crusades. By Mark on 10/9/2007 11:03 AM
Thanks for sticking up for so long Bud! Have a good rest, we can fight another day!

Reply: I won't be getting much rest, rather I will be doing more good things with good people, hopefully in environments not so full of dirt bag bad guys.
Re: The Psychological Crises and Burdens of Crusades. By clearthinker on 10/9/2007 2:56 PM
Eagletech discovery coming to light....can O"Quinn possibly get on 60 minutes again to do a follow up....i think it would be a blockbuster
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/9/2007 5:48 PM
It would seem that Gary Weiss has some sort of obsession with you and your blogs.. I wonder why what you write wouldconcern him so??HHHHMMMMNNNN???

Reply: Read his blogspot, then read all my blog links here, along with my articles, in sequence. Ten times more people have seen and read my work than have read both of his books combined. He is a one trick wonder. The next big thing he could do for attention is to jump off a big bridge, after getting appropriate media coverage, but he isn't that smart.
Re: The Psychological Crises and Burdens of Crusades. By Paul on 10/10/2007 6:42 AM
Looks like another Milberg lawyer - this time in CA - has accepted a plea for paying people to become plaintiffs in their lawsuits against public companies] Name was Schulberg or something like that.

Back to the big question: Who told Milberg which companies they should have future plaintiffs invest in prior to "the big drop in stock value."
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/10/2007 10:02 AM
Bud and all I am currently watching the show "Damages" with Glenn Close I believe, you should check it out. It has some eerily close similiarities with whats going on in our markets and the corruption that is ongoing. Oh, by the way the answer to your question would be someone at the SEC. In my humble opinion.

Reply: Saw the Glenn Close Damages episode last night, where she tried to blackmail an opposing counsel to throw a trial. Line: As she tells the lawyer she is trying to suborn "We're lawyers. Clients come and go, but we have to stick together." or words to that effect.

I am certain on an intellectual level the SEC was throwing target companies to Milberg. They had reps in Elgindy's offices for a meeting with Milberg, et al.

I hope they are forced into manual labor. They story line being paralleled in Damages is the Enron Story, or the Worldcomm story, or a hundred others where the SEC, best case, was asleep at the switch, or worst case, dirty up to its ass with the big company and its counsel(s).

I am polishing up on my foreign languages. If Hillary is elected, we all need to vote with our feet. Read the little ditty below:

AND NOW .. HOW ABOUT A LITTLE QUIZ?
A little history lesson: If you don't know the answer make your best guess. Answer all the questions before looking at the answers. Who said it?

1) "We're going to take things away from you on behalf of the common good."

A. Karl Marx
B. Adolph Hitler
C. Joseph Stalin
D. None of the above

2) "It's time for a new beginning, for an end to government of the few, by the few, and for the few...and to replace it with shared responsibility for shared prosperity."

A. Lenin
B. Mussolini
C. Idi Amin
D. None of the Above

3) "(We)...can't just let business as usual go on, and that means something has to be taken away from some people."

A. Nikita Khrushev
B. Jose f Goebbels
C. Boris Yeltsin
D. None of the above

4) "We have to build a political consensus and that requires people to give up a little bit of their own...in order to create this common ground."

A. Mao Tse Dung
B. Hugo Chavez
C. Kim Jong Il
D. None of the above

5) "I certainly think the free-market has failed."

A. Karl Marx
B. Lenin
C. Molotov
D. None of the above

6) "I think it's time to send a clear message to what has become the most profitable sector in (the) entire economy that they are being watched."

A. Pinochet
B. Milosevic
C. Saddam Hussein
D. None of the above

Answers:

(1) D. None of the above. Statement was made by Hillary Clinton 6/29/2004
(2) D. None of the above. Statement was made by Hillary Clinton 5/29/2007
(3) D. None of the above. Statement was made by Hillary Clinton 6/4/2007
(4) D. None of the above. Statement was made by Hillary Clinton 6/4/2007
(5) D. None of the above. Statement was made by Hillary Clinton 6/4/2007
(6) D. None of the above. Statement was made by Hillary Clinton 9/2/2005
Re: The Psychological Crises and Burdens of Crusades. By mhelburn on 10/10/2007 11:26 AM
Bud,

The first OSTK case will soon go to trial. Perhaps some of the CA lawyers who are rolling will roll on their accomplices. The timing of the CA pleas and the other suits moving forward is opportune for the plaintiffs. A jury is going to understand exactly how the manipulators and criminals worked the markets.

It is frightening to be aware of the corruption in all parts of enforcement, leadership. Statisically, it seems bizarre that we may have another Clinton rammed down our throats.. Out of all the possible candidates, it is just crazy to think that we need to have members of two families reside in the White House for oh so many years. Sad to think that we can't do better or that people are so stupid to allow money to control everything. Since the Democrats have done nothing since the mid-term elections, maybe the voters will shift and dump on H.C.

I'm glad you are stepping back to get some perspective. Do something you really enjoy, but remember that what you have done has its rewards. Bless you, in all you do.

Reply: Read my posts on Corruption here and in Japan. I want to correct one impression I might have given.

I don't think OSTK is very close to trial. Rather, they are entering a very complex and time consuming discovery process that the opposition will obstruct and delay at every turn.

The Eagletech case produced only 50,000 pages of discovery, enough to bury the dirt sandwiches here, but consuming more than two years to get to this point, and there is still more to be found out. I support the OSTK cause without qualification, but I have never been in line with any predictions of quick trials or anything else, not for any of the companies. I am sure the SEC is choking on the access path they gave EATC's Rod Young to the full Commission, and they would do almost anything to not be put in that position again.

Our Government, as it has become more socialistic, has slowed, then slowed again, more fearful of making a bureaucratic error than doing something right. Remember the phrase when thinking of the Government'a methods: Smell Steps, taken one at a time, very, very slowly.

With the pending nightmare crises in Medicare/Medicaid, and Social Security, brighter minds might fear for a revolt. I have always said I thought it would happen, but I did not expect to live to see it. Unfortunately, I don't think time is on my side. I will live to see it, provided the globalists don't decide to shoot everyone over 65 to help them with their stupidity and arrogance crisis.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/10/2007 12:56 PM
Yes Bud, I noticed only too well the Worldcom/Enron similiarities. I got a good question for you. I know R. Altomare may have dirty hands in this USXP escapade but is it also a coincidence that all this was done so close to the Grandfather clause being eliminated? Seems might odd to me!! What is your opinion on this if you could, if not I understand. Thanks .

Reply: It is a personal bias, but I don't believe in coincidences. Only Jane can prove this wasn't or isn't related to the GF clause matter.

A. was the sole officer and director of the Company for 14 years plus. Under Nevada law, if what he did was properly vetted in the minute book, the SEC will have another problem, not with Judge Lynch, but certainly with the Appeals Court.

Between the Fox News and the SeaTac Airport reports on baggage theft, the business model is verified out of hand. All the SEC had to do was replace A. if that was the issue, not gut the Company and its shareholders.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/10/2007 4:04 PM
This is last last comment /question as I don't wish to hog the thread, so to speak, but here goes.. Do you not find it strange that OSTK stock has be climbing to 52 weeks highs on no news or announcement while the rest of the market is down on a day like today? Scary is'nt it? Could you imagine what the rest of the market would be like if it were allowed to trade fairly? Oh how I wish and pray to see that day!!!

p.s. I just wanted to comment on your Hillary factoids.. We'll have to agree to disagree on this topic as I was most properous during her husbands admin.. this current comedian we have running the show has done nothing positive for America other than get us into 9trillion in debt. I may not like her but anything is better than what we have now. Just my to cents.(2more cents than the current value of our dollar!!LOL!! Thank you for your timely responses recently.

Reply: I know too much about Hillary. If you knew her treason, you would throw up on your shirt. 9/11 was about Bill putting too much attention on his whistle, and not enough on his duties. Remember my background. I have many friends still out there risking their lives to make this mess straight.

I have generally stayed away from political commentary, but this was too much of a gem.

I agree about where certain stocks would be if there were a God. You won't find God in our Government, no matter who is in charge.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/10/2007 7:42 PM
Bud, these guys are so low any would stoop to any level to make money..sorry steal money that is..

SEC crushes another law breaker. No admit guilt, pay back what you stole w/ interest & fined 10% of what SEC can prove you stole. The fine is probably 5% of what SEC spent making the case.imo:

http://www.finalternatives.com/node/2625
SEC Fines Sandell Asset Management For Naked Short SalesOctober 10, 2007
The Securities and Exchange Commission today said it has settled an enforcement action against New York hedge fund adviser Sandell Asset Management for engaging in improper short sales. The allegations are in connection with trading in the securities of Hibernia Corporation in the immediate aftermath of Hurricane Katrina.

Hibernia was a New Orleans-based bank holding company and the subject of an acquisition agreement with Capital One Financial Corporation at the time Katrina occurred. As part of its merger arbitrage investment strategy, Sandell held approximately 9.3 million shares of Hibernia stock for one of the firm's hedge fund clients. According to the Commission, Sandell’s traders believed that Capital One would lower its offering price for Hibernia shares in the wake of Katrina, and began to sell short as many shares of Hibernia stock as possible, improperly marking certain sales orders as "long" or misrepresenting them to the broker-dealers executing some of the trades.

"By mismarking certain trades and falsely claiming that firm personnel had located stock to borrow, Sandell Asset Management gained an unfair trading advantage over other market participants,” said Scott Friestad, associate director of the SEC's Division of Enforcement. “This settlement deprives the firm of the profits made from the improper trading, and includes penalties and other sanctions designed to deter others from engaging in similar misconduct."

Without admitting or denying the Commission's allegations, Sandell agreed to pay more than $8 million to settle the charges, including $6.7 million in disgorgement, $730,811 in prejudgment interest, and a $650,000 civil penalty. Also, CEO Thomas Sandell, senior managing director Patrick Burke, and head trader Richard Ecklord were ordered to pay civil penalties of $100,000, $50,000 and $40,000, respectively.

Re: The Psychological Crises and Burdens of Crusades. By Phil on 10/11/2007 8:34 AM
Bud you are a Hero and inspiration for me and other honest folks, whether they be all that aware or not, of the unprecedented breadth and depth of corruption on Wall Street.

I would also burn out--probably in under a year--being a Crusader faced with such a sinister, monolithic wall of conspiracy.

Even though I have lost most of my IRA accounts due to this; I dont think I could ever immerse myself into this thick muck other than support those who are much 'better' at it--honest people in enforcement, market related occupations, attorneys, politicians, etc. I am an architect, and so I have continued to do what i know and like to do best. Now, with my retirement accounts manipulated and stolen, I may be practicing until I am 80 or die whichever comes first. I will avoid working for clients who run hedge funds or brokerage houses that's for sure!

I am involved as one of the NFI stockholder plaintiffs in the NFI lawsuit v. Wall Street Brokers, and as the sole stockholder who also a resident of San Francisco, I know our jury here will be motivated to deliver a very fair, correct verdict in this case.

In my own opinion a local jury will bring in a guilty verdict on all or most the charges, unless the impaneled jury is tampered with--which, let's face it--is a distinct possibility, given the stakes involved. Hopefully the Judge will sequester the jury for the duration of the trial.

Re: The Psychological Crises and Burdens of Crusades. By Alexia on 10/11/2007 1:04 PM
Good News Bud,

Grand Jury looking into Naked Short Selling in Universal Express

"7. On information and belief and even more recently the USAO contacted Lawrence Garvey, Esq., defense counsel for Mr. Gunderson relating to the pending federal grand jury investigation informing him of the pending investigation."

================================================

10/11/2007 211 DECLARATION of Arthur W. Tifford, Esq. in Support re: 209 MOTION to Stay re: 202 Memorandum & Opinion, Motion for Stay Proceedings or Adjourn October 12, 2007 Hearing and Motion for Leave to Withdraw.. Document filed by Richard A. Altomare, Chris G. Gunderson. (Tifford, Arthur) (Entered: 10/11/2007)
--------------

Doc 211

DECLARATION OF ATTORNEY ARTHUR W. TIFFORD
IN SUPPORT OF MESSRS. ALTOMARE AND GUNDERSON’S MOTION TO STAY PROCEEDINGS OR ADJOURN OCTOBER 12, 2007 HEARING ON SEC’S MOTION FOR CIVIL CONTEMPT AND MOTION FOR LEAVE TO WITHDRAW
(Electronically Filed)

Arthur W. Tifford hereby declares under the penalty of perjury of the laws of the United States of America that the following is true and correct.

1. My name is Arthur W. Tifford and I am attorney authorized practice law in the States of New York and Florida and numerous federal venues.

2. I make this declaration upon personal knowledge except where otherwise indicated.

3. On June 30, 2004 the USAO requested a stay of these civil proceedings which the Court allowed until November 1, 2004. The USAO requested and received a second stay of proceedings by order dated 19 November 2004 and filed 22 November 2004. The second stay continued until 04 March 2005. Following the expiration of the Court’s second order granting the USAO’s motion for stay, very substantial civil discovery commenced and proceeded with great diligence pursuant to Rules 33, 34 and 35, Federal Rules of Civil Procedure and the Local Rules of this Court. Unbeknownst to all the defendants, except Mendiratta during that civil action discovery the SEC and USAO were in continuous liaison with one another and, based upon information adduced in the Sandhu letter, Mendiratta was cooperating with both the SEC and the USAO. Equally important, the liaison between the SEC and USAO predated the latter’s first motion for a stay (prompting this Court’s 30 June 2004 order) to such an extent that SEC counsel was present at, participated in and actually took notes during the Mendiratta joint proffer session between the SEC and the USAO. (Sandhu letter at n. 4 and Exhibit C).

4. Throughout the course of this civil action discovery I repeatedly requested all Giglio information and documents from the SEC. No such documents or information was produced.

5. On 18 September 2007 Assistant United States Attorney Rhonda Jung and Special Agent Thomas Zukauskas, Federal Bureau of Investigation telephoned me as counsel for Mr. Altomare. In that conversation AUSA Jung informed me that there is an active criminal investigation of Messrs. Altomare and Gunderson and asked if I wanted to arrange an appointment with the government to discuss a disposition of the case as to Mr. Altomare.

6. The USAO previously informed me that that their office considers my joint representation of both Messrs. Altomare and Gunderson to involve a non-waivable conflict relative to criminal prosecution and related proceedings.

7. On information and belief and even more recently the USAO contacted Lawrence Garvey, Esq., defense counsel for Mr. Gunderson relating to the pending federal grand jury investigation informing him of the pending investigation.

8. The USAO has determined that I should not represent Mr. Gunderson due to a non-waivable conflict. The result is the very recent need for me to withdraw as counsel for Mr. Gunderson and for new counsel to appear in his behalf.

Respectfully submitted,
TIFFORD AND TIFFORD, P.A.
ARTHUR W. TIFFORD, ESQ.
Lead Counsel for Defendants
Richard A. Altomare and
Chris G. Gunderson
1385 NW 15 Street
Miami FL 33125
Telephone: (305) 545-7822
Telefax: (305) 325-1825
BY /s/
ARTHUR W. TIFFORD
(NY ID-011481)
Re: The Psychological Crises and Burdens of Crusades. By Alexia on 10/11/2007 1:04 PM
7. On information and belief and even more recently the USAO contacted Lawrence Garvey, Esq., defense counsel for Mr. Gunderson relating to the pending federal grand jury investigation informing him of the pending investigation.

10/11/2007 211 DECLARATION of Arthur W. Tifford, Esq. in Support re: 209 MOTION to Stay re: 202 Memorandum & Opinion, Motion for Stay Proceedings or Adjourn October 12, 2007 Hearing and Motion for Leave to Withdraw.. Document filed by Richard A. Altomare, Chris G. Gunderson. (Tifford, Arthur) (Entered: 10/11/2007)
--------------

Doc 211

DECLARATION OF ATTORNEY ARTHUR W. TIFFORD
IN SUPPORT OF MESSRS. ALTOMARE AND GUNDERSON’S MOTION TO STAY PROCEEDINGS OR ADJOURN OCTOBER 12, 2007 HEARING ON SEC’S MOTION FOR CIVIL CONTEMPT AND MOTION FOR LEAVE TO WITHDRAW
(Electronically Filed)

Arthur W. Tifford hereby declares under the penalty of perjury of the laws of the United States of America that the following is true and correct.

1. My name is Arthur W. Tifford and I am attorney authorized practice law in the States of New York and Florida and numerous federal venues.

2. I make this declaration upon personal knowledge except where otherwise indicated.

3. On June 30, 2004 the USAO requested a stay of these civil proceedings which the Court allowed until November 1, 2004. The USAO requested and received a second stay of proceedings by order dated 19 November 2004 and filed 22 November 2004. The second stay continued until 04 March 2005. Following the expiration of the Court’s second order granting the USAO’s motion for stay, very substantial civil discovery commenced and proceeded with great diligence pursuant to Rules 33, 34 and 35, Federal Rules of Civil Procedure and the Local Rules of this Court. Unbeknownst to all the defendants, except Mendiratta during that civil action discovery the SEC and USAO were in continuous liaison with one another and, based upon information adduced in the Sandhu letter, Mendiratta was cooperating with both the SEC and the USAO. Equally important, the liaison between the SEC and USAO predated the latter’s first motion for a stay (prompting this Court’s 30 June 2004 order) to such an extent that SEC counsel was present at, participated in and actually took notes during the Mendiratta joint proffer session between the SEC and the USAO. (Sandhu letter at n. 4 and Exhibit C).

4. Throughout the course of this civil action discovery I repeatedly requested all Giglio information and documents from the SEC. No such documents or information was produced.

5. On 18 September 2007 Assistant United States Attorney Rhonda Jung and Special Agent Thomas Zukauskas, Federal Bureau of Investigation telephoned me as counsel for Mr. Altomare. In that conversation AUSA Jung informed me that there is an active criminal investigation of Messrs. Altomare and Gunderson and asked if I wanted to arrange an appointment with the government to discuss a disposition of the case as to Mr. Altomare.

6. The USAO previously informed me that that their office considers my joint representation of both Messrs. Altomare and Gunderson to involve a non-waivable conflict relative to criminal prosecution and related proceedings.

7. On information and belief and even more recently the USAO contacted Lawrence Garvey, Esq., defense counsel for Mr. Gunderson relating to the pending federal grand jury investigation informing him of the pending investigation.

8. The USAO has determined that I should not represent Mr. Gunderson due to a non-waivable conflict. The result is the very recent need for me to withdraw as counsel for Mr. Gunderson and for new counsel to appear in his behalf.

Respectfully submitted,
TIFFORD AND TIFFORD, P.A.
ARTHUR W. TIFFORD, ESQ.
Lead Counsel for Defendants
Richard A. Altomare and
Chris G. Gunderson
1385 NW 15 Street
Miami FL 33125
Telephone: (305) 545-7822
Telefax: (305) 325-1825
BY /s/
ARTHUR W. TIFFORD
(NY ID-011481)
Re: The Psychological Crises and Burdens of Crusades. By stryker-ny on 10/12/2007 7:25 AM
Bud..Is there any possible way that Altomare might pull this out..like..going to appellate court and wining the 700 million owed to it by the SEC...then using it to bring the company back..just grasping at straws here...tia

Reply: I don't speak with him anymore, but the Court has barred him from any further officer or director roles in public companies. I have no idea if he will get past the hearing today. If he does, it will only be because of Art Tifford. This is a vendetta for the SEC. Would they might have been as conscientious about Enron, Worldcomm, et al.

Anyone can always meet someone in the Market. USXP shareholders will not be likely to participate in that. The USXP shareholders have rights, but it is up to them to assert them.
Re: The Psychological Crises and Burdens of Crusades. By anthony k on 10/12/2007 9:12 AM
Does the courts ban on Altomare include foreign public companies ?

Hypothetically speaking , IF the USXP shell remains intact and is purchased by a dubai or U.K company would the short position still need to covered ?





Reply: The SEC has no foreign authority over non-US companies unless they try to sell securities here.

IF a foreign entity/person TENDERS for the USXP shell, the shorts would be exposed by the fact that the counterfeit long holders created by NSS would not get any portion of the tender offer.
Re: The Psychological Crises and Burdens of Crusades. By Bill Groover on 10/13/2007 8:01 PM
Bud,

From the quarterly report filed by Knight Capital Group, INC. (a defendant in the Eagletech v. Two Bus Loads suits):

“Although there can be no assurances, at this time the Company believes, based on information currently available, that the outcome of each of the matters will not have a material adverse effect on the consolidated financial condition of the Company, although they might be material to operating results for any particular period, depending, in part, upon operating results for that period. . . . In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2006, which could materially affect our business, financial condition or future results.”

Source: http://sec.edgar-online.com/2007/05/09/0001193125-07-108334/Section12.asp

Somebody tell me if this statement isn’t Corporate-Speak for: “We screwed up big time and it’s going to cost us buckets full of cash.” Surely nobody would admit to anything until there is a judgment, but this sounds pretty close to a confession. I'd think they would have to give their stock holders some kind of warning, unless they want to act out the defendant in the TV show Damages.

Bill
Re: The Psychological Crises and Burdens of Crusades. By Alexia on 10/13/2007 8:01 PM
Bud, USXP might as well be BK and it appears that is where it is going. In a BK the common shares would be wiped out.

Buyer of the shell would be the owner as well as the creditors.

Since you are a creditor you might end up owning shares if this happens.

Good luck to you
Re: The Psychological Crises and Burdens of Crusades. By pjstevenson on 10/14/2007 7:19 AM
What are your thoughts on these recent reports.

Oct 13, 2007: Big Banks Push $100 Billion Plan to Avert Crunch:
http://online.wsj.com/article/SB119221840415557568.html

Oct 14, 2007: Banks May Pool Billions to Stop Securities Sell-Off
http://www.nytimes.com/2007/10/14/business/14bank.html?_r=1&oref=slogin


It certainly appears that major Bankers are preparing for the worst. In my opinion, whenever you see major banks in formative talks and making plans to "pool" their $s - and we are not talking about small pocket change here - they are talking about pooling $100's of Billions of dollars - you have to ask why they are motivated to do this.

I believe this is a sure sign that they KNOW the Tsunami is approaching.
They KNOW it is about to happen.
This is a last ditch effort to limit the effects of the impending melt-down.
The richest entities in the world will be slammed...the ripple-dominoe effect will be devastating on all...and there is not much they, the Fed, or anyone can do about it.
It has go to be much bigger than anyone had ever imagined...and it's pretty easy to see that the impacts will be felt worldwide.

I think we are talking months if not weeks.

What are your thoughts?

Pete
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/14/2007 12:11 PM
Bud, would love to hear your opinion on this prognosis...

On 10-15-07 the grandfather clause will no longer exist and the process of reporting these fails to the public will begin. The loopholes that allow mm's and brokers to sidestep a call to cover are still in place. There will be a public out cry as these securities remain on the list for months and months and the SEC will eventually have public comment on these loopholes and plug them within a year or two or three. Mean while some of these fails will be covered and some will be partly covered and new ways to cover up the non coverering will be developed. These acts of fraud and counterfeiting will gradually be whitewashed over several years and the general public will be unaware. Many of the fails do not exist for us to see on any list. These fails have been mismarked as Long sales and they will be delt with very gradually and worked out of the system without fan-fare. some of these will come to the light in public to help create the illusion that the SEC is competent in its inforcement duties. There will be no fan-fare and the consequences for each action of fails to deliver, mismarkings, and counterfeiting will be measured and dealt with is a way that is benificial to those in power at the time of the individual actions. The impact of these frauds and counterfeits will be ripples in the ocean of the securities markets. There will be no fan-fare and there will be no collapes in the system and most of the investors that bought these securities will lose most of their investments and move on.


Reply: I agree with this statement. Problem positions will simply be flipped into Ex-Clearing, or they will continue to be whip called.
Re: The Psychological Crises and Burdens of Crusades. By Sean on 10/14/2007 5:45 PM
Bud , fyi!!


A well known name listed in the SEC/USXP complaint.
Sergey Rumyantsev just busted for selling billions of shares in secret under 35 different accounts for a past cmkx insider/thief

-----------------
Plaintiff does not dispute that third party witness Sergey Rumyantsev is employed as the President and Chief Executive Officer of NevWest Securities Corporation. The SEC noticed Mr. Rumyantsev’s deposition in this case, which was taken on March 14, 2006.
Re: The Psychological Crises and Burdens of Crusades. By old duffer on 10/15/2007 6:00 PM
Seems he has em pegged.From www.jsmineset.com:

Posted On: Monday, October 15, 2007, 5:23:00 PM EST

Today's Sociopathic Financial World

Author: Jim Sinclair

Dear CIGAs,

It has been said that you cannot grow a conscious. You either have it or not. The most profound example of this mental disorder is:

1. Failure to conform to social norms with respect to lawful behaviors as indicated by repeatedly performing acts that are grounds for arrest.
2. Deceitfulness, as indicated by repeated lying, use of aliases, or conning others for personal profit or pleasure, impulsivity or failure to plan ahead.
3. Irritability and aggressiveness, as indicated by repeated physical fights or assaults.
4. Reckless disregard for safety of self or others.
5. Consistent irresponsibility, as indicated by repeated failure to sustain steady work or honor financial obligations, lack of remorse, as indicated by being indifferent to or rationalizing having hurt, mistreated, or stolen from another.

The above is a clinical definition of the characteristics of a individual who is classified as a sociopath. Sounds to me like 99.9% of the financial world; most certainly those who created and marketed structured products (over the counter derivatives).

It is predictable that a sociopath will either implode on himself or destroy anything he is involved with. That is exactly what over the counter derivatives are only starting to do. Like a sociopath is an individual with out a conscious, you cannot make one grow, there is NO solution to the present problem other than to try and hide it while pumping infinite liquidity in the global monetary system. That is no fix, just a slight delay. The problem is not money to lend. It is lenders who do not trust the collateral.

This is it.


Posted On: Monday, October 15, 2007, 5:16:00 PM EST

In The News Today

Author: Jim Sinclair










Jim Sinclair’s Commentary

Everything in this amoral planetary financial world is named exactly what it is not. There isn't a real hedge fund out there.

What tickles me is that the managers of these hedge funds seemed to never make a mistake taking home hundreds of millions as their share of these profits. That infallibility of an entire industry is a really strange event that I know the reason for, and have referred to in numerous 2005 and prior articles on a similar subject.


Re: The Psychological Crises and Burdens of Crusades. By pjstevenson on 10/15/2007 7:46 PM
Reading the WSJ today, it certainly sounds like we are seeing the same play that the banks made when LTCM failed. Greenspan says in his book that he told the banks(paraphrased) "If you guys don't bail this thing out and work together, you're going to lose a lot more money when all these assets are dumped in a panic"

Today's WSJ article focuses on this new "pooling" arrangement which, when all is counted, could involve several 100s of BILLIONS of dollars. If I am reading this right, all the major banks and brokers are getting together and are "betting" that the consumers/investors will fall prey to this newly created high-risk play and invest in yet another vehicle which amounts IMO to nothing more than a shell game...in fact, I'll bet it ends up more like a pyramid scheme where the bad guys (at the top) will find a way to make money in their new set of arrangements. I will be looking carefully for an entity in the mix which will be the "dealmaker" and take and place these investments (which are really just "bets") and thus justify pocketing a fee. There is a hint of this...the WSJ article says, "Bank of America Corp. and J. P. Morgan Chase & Co. don't have SIVs (structured investment vehicles), but have agreed to take part in the bailout plan, helping to organize the vehicle that will pool SIV assets.

They know the jig is up. They made extremely risky investment decisions and expect to get stuck holding the bag (SIVs) and now all they want to do buy as much time as possible so they can make it to the end of this year so they can collect some more big bonuses based on their amazing ability to "save" the financial world. Just watch what happens. Poor earnings reports will be coming - and this will be no surprise to the investment community, but I predict that the CEOs and upper management will still get their un-godly bonuses and several will be given golden parachutes to exit in style as they fire those who orchestrated this mess. Then, these same executives will end up in either the SEC or as highly paid consultants or be appointed to cabinet positions in the next administration.

Treasury Secretary Paulson (ex-Goldman Sachs) and his cronies in the major brokerages and banks are IMO just passing the buck for the bailout on to the investors.
As the articles says, "The risk is that the plan ultimately requires the implicit cooperation of investors. If they get more frazzled rather than calmed by the bailout, debt markets could tumble further, potentially making the plan more expensive and risky."

They are betting that the sheep will continue to follow. What do you think?

I can see the ball of yarn is unraveling...and there is NUTIN' in the middle.

AMAZING!
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