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Re: NY Times Tries To Get Ahead Of The GAO Report Lambasting The SEC

It's overdue and about time Ny times tells it like it is. Who will be the next company to sue the SEC and DTCC? We are out of this crooked market. Who will be the next large newspaper to tell it like it is? Our snowflakes will become an avalanche that can't be stopped. Thank God for the internet. Truth will win out. Bring on the lawsuits.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Grasshopper RSkate....Do not be distracted by the noise that surrounds you. You are not ready for battle. Here...try to snatch this pebble from my hand. See.. you and the world are not ready. The time approaches quickly, make ready and wait. You will be called. Prepare. Do you know the praying mantis? It looks like it’s praying. That’s the position it takes before it kills.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

I feel Gretchen's last line is a tip o' the cap to the wonderful Dr. Byrne, and you, and, how clairvoyant is Patch???? When did he start "investigatethesec"? Who stood out front of the and protested?

You guys are in the tradition of the Colonists of the 1760's. Of course, a lot of those folks were shot, but what the hell. We love a good scrap.

I can't express my gratitude for what you've done. They've taken a great shot at ruining a great many lives, and I"m ready to ruin a few. Back at cha'.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

The crooks are running out of hiding places,look how far we've come over the last 4 years,more and more investors are waking up to the truth everyday,we need to keep leaning on our elected officials,I for one don't relish the idea of getting my food from the back of a femma truck when the system collapses.Is the problem big enough for the banksters to cause a collapse in order to cover their tracks? Hunger is a well know tool used for years in order to control the population,if your thinking about where you'll get your next meal you won't be to concerned about the thieves on wall street and DC.Are we coming to this? If we don't see some positive results from this GAO report I'm afraid it's to late

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

I think all the states need to pull ALL the money out of wall street that the state employees have invested,even if two or three states do it it'll send a message.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Not to worry; here come the Dem's. Transparency on the way in; corruption out. Senators Dodd, Schumer. Congressman Frank. Argh!
We need to absolutely clean house (pun intended). Obama or Mitt, I don't much care. Just want to see an outsider with as few favors owed to special interest groups (ie, hedgefunds, prime brokers, big banks,...)as possible. And have either of them appoint Rudy as SEC Chairman. Now there's a beginning.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

The GAO report is a start. If Cox can't get a handle on it, he needs to go. We need some leadership, not just consensus building. Currently SEC enforcement is blindfolding themselves and bringing a knife to a gunfight.

We could use less PR and touting about the quality of enforcement and more critical thinking. A housecleaning is in order. I think the rank and file could do a better job of enforcement without the top bracket running interference. Weak, spineless? or just corrupt? Cox's latest PR about the gold standard of enforcement doesn't look so good when you read this article.

They just make work for themselves with the stupid loopholes they put in. Eliminate the loopholes and enforce the Securities Act. Just because we have computers and things can be done faster, doesn't eliminate the need for people being given what they pay for. Deliver the goods or go to jail. Enforce the law or find someone who will.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

On June 6, 1934, FDR signed the Securities Exchange Act into law with Pecora, Cohen, Corcoran, and Landis all standing by. At one point Roosevelt asked Pecora, "Ferd, now that I have signed this bill and it has become law, what kind of law will it be?" "It will be a good or bad bill, Mr. President," replied Pecora, "depending upon the men who administer it."

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

This will be one of a list of excuses by the SEC to cover up their agenda and you can throw in the N>Y> Times also. The Times knew about this years ago, we sent them a thousand letters,DUH. They just know got around to reading them. Just imagine how bad Santa Claus and those pesky reindeer are slowing down the SEC with all those Christmas cheers letters slowing down the SEC main source of communication, the U.S. Postal Service. And with the raised cost of stamps this could be serious. The other solution is to have GW write a book on it and expose Santa Claus as the culprit.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Good job, bobo. And Hemingway, your quotations are right on point. FDR knew what kind of guy he was appointing when he made Joe Kennedy the first SEC chairman. The pattern was set. The big boys of Wall Street get a pass.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

I guess nobody showed Gretchen Morgenson the statement that Christopher made on November 30th---

"The SEC is the pre-emenient gold standard of enforcement of securities laws."

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Exclusive For more than six months, beginning in January of this year, Wikipedia's million-dollar check book was balanced by a convicted felon.

When Carolyn Bothwell Doran was hired as the Chief Operating Officer (COO) of the Florida-based Wikimedia Foundation, she had a criminal record in three other states - Virginia, Maryland, and Texas - and she was still on parole for a DUI (driving under the influence of alcohol) hit and run that resulted in a fatality.

Her record also included convictions for passing bad checks, theft, petty larceny, additional DUIs, and unlawfully wounding her boyfriend with a gun shot to the chest.

Doran left the charitable Foundation in July this year, after another DUI arrest and a violation of her probation. Our efforts to contact Doran were unsuccessful, and her lawyer declined to comment.

The Wikimedia Foundation did not officially announce Doran's departure, even among the close-knit Wikipedia community. In September, when chairman of the board Florence Devouard was publicly asked why Doran had left her post, she suggested that the decision was Doran's, and in an interview with The Register, the Foundation's lawyer, Mike Godwin, was adamant that Doran resigned her post.

Godwin also said that he and the Foundation are still unaware of Doran's criminal record: "We've never had any documentation of any criminal record on Carolyn Doran's part at all," he told us. "As far as I'm concerned, I have no direct knowledge of [her criminal record] yet...We have, in our records, no evidence of any such thing."
Carolyn Doran, former Wikimedia COO

Carolyn Doran, in a photo posted to Wikipedia

Meanwhile, an audit of the Foundation's finances - which was originally due for release in September, according to the Foundation website - is still pending. "We've gone through a whole lot of growth over the last year, including staffing up, so our audit is in progress," Godwin said. "It's very hard for us to give an exact ETA on it, but we expect it in a few weeks." He also said that the audit had been delayed by the Foundation's planned move to San Francisco.

The Wikimedia Foundation relies on public contributions and grants to fund its operations, and all contributions qualify as charitable deductions.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

FINALLY- Grassley has isolated the problem. Today on CNBC he announced the trouble we have experienced with the SEC stems from the fact that their computers are too old. I`m boxing up my laptop and sending it in. Expect an end to our problems soon!

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Oldfeller, just to add to your post here is the video to to accompany it. It is amazing it was under the title "Probe of BSC's(Bear Stearns) Insider trading" But they never discussed that topic in this interview. kinda like they did not want the real title to read" Congress questions the integrity, competence and work ethics of SEC". Now that would have been a more visible and appropriate title. The heat is on!!!

http://www.cnbc.com/id/15840232?video=610120595&play=1

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

How many times have we been bullshitted by the SEC. My fiorst call to the SEC was about 3 yrs. ago and his name was Jacl Mc greary, today no where to be found. He insisted that all that talk about NSS had no substance and they would have been on top of this if it were true a long time ago because they were always 5 yards ahead of the bad guys . At that time my only source was Bobo and he couldn't get Mc grearys attention either. It was at this time in history I knew we were the targets of the screw of your choice but it wouldn't happen. It took 3 yrs. and hundreds of e-mails and phone calls before we actually wrapped our hands around the throat of the SEC. Karma is a bitch. And this bitch just started, Mc Greary where ever you are I hope you have a loosing and miserable life. Karma is a bitch.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

and Bartiromo did a great job of reminding everyone what a shill she is for the Street by playing down the "intent" of the SEC to not go after the problems of manipulation....it's now been reduced to computer problems and everything will be fine...Wel done Maris....after all the times Patrick Byrne has been on the show and underscored the lack of will at the SEC, you have reduced the problem to just needing new servers......what insigh.......t

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

About that CNBC video clip of Grassley interviewed by Bartiromo..... she kept harping on the line that lack of enforcement or follow up was due to "technological problems." Grassley went on about "their compuuuters..." Well the GAO report points out the SEC's 4 years behind and has done nothing. How convenient! "It's the computers! Our technology can't handle it!" I never heard the SEC complain about their outdated equipment, bang the drum for more funding or flood the media with press releases seeking support. They just let it slide.

To me, the real cause was the human element at the SEC. They simply didn't want to do anything.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Guess who was naked shorting the subprimes? Remember those billions you lost in companies like NFI? That money went into their pocket.

Goldman is expected to report a record $11 billion of annual profit on Tuesday, including billions of gains from bets against the subprime mortgage market.

http://www.reuters.com/article/reutersEdge/idUSN1433734020071217?sp=true

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Dr. Patrick Byrne called 2 weeks ago, here it is..

It has been referenced

in recent past and the matter continues to remain at the forefront:

Many of the Globes top Financial Institutions, ARE/REMAIN in the state of:

I N S O L V E N C Y !!!!

How will the Books, or should we say, the Liabilities "OFF-THE-BOOKS", which represent TRILLION$$$$ NOT BILLION$$$$ be dealt with? Only in TIME will we know such answer.

It appears that the identical "PLAYBOOK" of yesteryears debacles (Enron; WorldCon; Adelphia etc..) have once again been utilized.

"Banks Are Insolvent, So Ease the Rules, Auditor Says
Increase DecreaseDecember 15, 2007 (LPAC)--Auditors are in a tough spot these post-Enron days, with the demise of Arthur Andersen on everyone's mind. If the auditors refuse to rubber-stamp the banks' fictitious valuations, the banks collapse,-- but if the auditors allow the fiction, they run the risk of being severely punished for malfeasance down the road. Hence the suggestion by Ernst & Young Item Club's Peter Spencer in today's London Telegraph, that the British "government must suspend a set of key banking regulations at the heart of the current financial crisis, or risk seeing the economy spiral towards a future that could `make 1929 look like a walk in the park'."

Spencer tries to blunt the clear meaning of his statement, by claiming that the banks are refusing to lend to each other, not because they are insolvent, but rather that they are being prevented from lending to each other by overly restrictive government regulations! The regulations he blames are the capital requirements set by the international Basel agreements, which require the banks to have an 8 percent capital reserve, which Spencer said should be cut to about 6 percent.

In reality, the idea that a mere 2 percent reduction in capital requirements would head off a crisis that would make 1929 look like a "walk in the park," is absurd, as both Spencer and the Telegraph know. What the auditors are really saying, is that the banks are already insolvent, and that the capital requirements must be lowered so that the auditors can continue to certify their books. Which is only an indirect way of admitting the banks are indeed insolvent, despite his denial."


Remember, Band-Aides (Fed Rate Cuts/Auctions) won't/don't contain a Hemorrhage. Severe/Dire circumstances require tough and perhaps painful measures.

While the Mainstream media, both television and print, persist in attributing todays fiasco to Subprime lending activities (Minute in the Grande Scheme) in order to placate and maintain some semblance throughout without causing widespread panic,what we are really witnessing is none other than the very beginnings of the UNWINDING of the Derivatives ($500+ Trillion- $ 1.4 Quad) Disaster that the "Oracle of Omaha" once so apropos decried as the Financial "WMD's".

We remain in the early Innings of this ballgame.

Protect and Govern thyself!!!!

Got Gold/Silver/Hard A$$ET$?

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Christopher Cox talking technology almost 2 years ago!!!


January 18, 2006 Cox spoke at the Adobe XBRL Conference in San Jose.

Speech by SEC Chairman:
Videotaped Remarks

http://www.youtube.com/watch?v=oYaLeXowl5A

Cox:
"No, the real basis of our interest in interactive data at the SEC is our fundamental mission: to protect investors. As Fed Chairman Alan Greenspan recently told me, the best investor protection is a growing economy and a rising market. The SEC performs its highest and best function when we contribute to general prosperity by ensuring that markets function the way they should.

Of course, one reason we’re interested is that obtaining and crunching financial information faster and more easily will strengthen our ability to police wrongdoers, and prevent fraud. But that isn’t the whole story by a long shot.

"Nor is it that the Chairman of the SEC is a technology buff and detail guy who simply enjoys rummaging around with stuff like XBRL taxonomies..."

"And markets function best when all the information that market participants need is available to them when they want it, and in a form they can use it.

That’s why the Commission is so keen on interactive data for financial reporting. I’m not thinking years. I’m thinking months. And the SEC will play a leadership role."

Full transcripts:
http://www.sec.gov/news/speech/spch011806cc.htm

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

*VIDEO*
Overstock.com's CEO Patrick Byrne is interviewd on CNBC business on overstock.com's performance. Unexpectidly he turns the conversation and starts talking of his beliefs that we are on the verge of a 1929 style disastor. Watch as he gets cut off in the middle of his conversation!

The mainstream media and tptb must be freaking out right now....?

http://www.surfingtheapocalypse.net/cgi-bin/forum.cgi?read=195726

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Does this mean fails will have to be kept on the balance sheet at true value, including counter party risk when offset by repos?

http://www.bloomberg.com/apps/news?pid=20601087&sid=ap42s_XrP58Q

U.S. banks and brokers face as much as $100 billion of writedowns because of Level 3 accounting rules, in addition to the losses caused by the subprime credit slump, according to Royal Bank of Scotland Group Plc.

``The heat is on and it is inevitable that more players will have to revalue at least a decent portion'' of assets they currently value using ``mark-to-make believe.''

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Inevitable decline in dollar hides losses as stock prices rise.

http://www.youtube.com/watch?v=3RhnHo3RDfg

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Bobo, you are right on the money. They want to crash the system and reset it without having to cover their IOU's.

If they were ever to cover the IOU's we would get rich, and they would get poor, kind of like Eddy Murphy's movie Trading Places.

Why would a short squeeze ever hurt anyone but the f_ckers. The shorts have to write a check to us longs and our wallets get fatter as theirs get skiinnier.

Where is the crash?

The movie in the next link is slow to start and gets into territory some may not like, such as saying all world religions come out of the Egyptian sun religion, but seek forward half way and it goes into extensive explanations of the privately owned stock and banking system and their PR agents that pretend to be regulators.

This is one of the most effective movies on the dictatatorial conquest of our government that poses as democracy.

http://www.zeitgeistmovie.com/

It's long, but save it to your hard drive and watch later. It's a "much watch".

There is NO reason for an economy ever to go into a 1929 unless it is manipulated there so the IOU holders don't have to honor their IOU's.

We control this country and we need to arrest the f_ckers that are doing this to us.

The many always have the power over the few.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

http://news.bbc.co.uk/2/low/business/7149329.stm

The attached link is to an article about the staggering amount of cash being poured into the world's money pool, to prevent the collapse of the banking system This does not cover the earlier large injections of funds.. This is very serious stuff. If order is to be restored, this money will have to be paid back. Either our savings will become worthless or there could be a crash on the order of 1929. What is happening so far as I can see is that governments are in a panic lest there is a run on the banks.
First it was Northern Rock, then Bear Stearns, then Countrywide and now even Citibank and Bank One are looking shaky.

Hold on to you hats, it is going to be a wild ride.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Why are you running a Hillary ad at the bottom of your blog? I hate republicans and am mostly democrat, but Ron Paul is the only politician that's wants to get rid of the private Federal Reserve.

I believe the democrats, republicans and the Bush / Clinton crime familiy all have the same masters. A vote for either is a vote for the same scum bags.

I am not saying you should advertise Ron Paul, but it is ridiculous to advertise a bankster candidate.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Bobo or anyone please take a stab at this because I can't understand how it works. How could the cover all the shares they shorted in OSTK by buying back the shares, yet the price get back down to almost a 52 week low? HOW?

Overstock Drops Off of the Regulation SHO Threshold List
Briefing.com - December 18, 2007 5:45 PM ET


Related Quotes
Symbol Last Chg
OSTK Trade 15.08 -0.60
Quotes delayed at least 15 minutes

Co announced that today, after 669 consecutive trading days (and 709 total trading days), it has dropped off of Nasdaq's Regulation SHO threshold list

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

The Chinese believe in a private banking / brokerage conspiracy theory.

I've cut the link into two pieces so it won't be cut off. Just paste it back together.

http://www.ft.com/cms/s/0/70f2a23c-6b83-11dc-863b-0000779fd2ac,
dwp_uuid=0a8cf74c-6d6d-11da-a4df-0000779e2340.html?nclick_check=1

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

On the Investigatethesec website that has now been closed the message has changed.... Things that make you say hhhhmmmmnnnnnn...


Investigatethesec.com
The site is now inactive.

We've accomplished our goals.
Our thanks goes out to everyone for your support during these past four years.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Attaboy, bob. You have many fans!

It's amazing the power a small group can have if they are persistent and clearly see their goal. The scumbags are definitely going to lose this one.

The truth is unstoppable and more and more people are figuring it out.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Morgan Stanley secures $5bn from China

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/19/bcnmorgan119.xml

We need to get rid of these traitors.

Re: NY Times Tries To Get In Front Of The GAO's Harsh SEC Report

Bobo and others...I have only recently been reading this blog and my sincere thanks to all you folks for posting the URLs for some fantastic pieces on how the world's financial system really works (or does'nt)...like most, I do not find time to search these out on my own and am indeed thankful for the lessons learned...

Having said that, allow me to get on my soapbox once again on USXP...there is much talk here about how so many companies have been wiped out by NSS, how OSTK is figthing the big battle, etc. However, if you have not already, please read the Gunderson Narrative at http://www.proseresource.com/sec.html filed on December 7, 2007. Here is a company appealing to the 2nd highest court in the land to do something about this scourge and do it now. This is the closest case that could go to a jury trial and the entire applecart of the SEC could be toppled. In the past, I have been one of the most vocal critics of Richard Altomare the erstwhile and dethroned USXP CEO. But the facts I have learned on the impact of NSS on this company in particular and his fight against these forces up until now, albeit somewhat unconventional, are revealing even to the most pessimistic. I suggest that everyone get up to speed on this case, especially what is laid out quite succintly in this narrative, because it is going to set the stage for all future events on how the SEC is going to impact the dire need for a level playing field in this entire space...thanks for listening....

Aguirre proved the SEC ignores information given to them!

Page 14, paragraph 3 of the Garry Aguire letter to Chairman Chuck Hagel and Christopher Dodd on May 30, 2006... over a year and a half ago! The SEC commissioners need to be prosecuted. They don't need their own computer systems fixed. The information of corruption is being handed to them by the SROs.
(Thanks Patchie for restoring your site!!!)

"Do hedge funds have techniques for obtaining tips, e.g., next quarter's earnings from public companies before they are publically announced?

The SEC should be able to check for this. It receives a constant flow of suspected insider trader referrals from SROs. The NASD, NYSE, and AMEX all have market surveillance units that track the market daily for suspicious trades, including insider trading. When their computers detect suspicious trading, the SRO's staff does its own review and, if the trading looks suspicious, refers the matter to the SEC."