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Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

And thanks to you too bunny,without you and Dave Patch and Mr Byrnes et al there wouldn't be a story to tell...and btw bobo, watch your back, these bastards would love to find out who you are....

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

It's a great read, Bob, I just with there were a happy ending.

I just read that the plot is thickening against UBS: http://www.nytimes.com/2008/05/07/business/worldbusiness/07bank-web.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1210183202-rkkAcY7894F4xVDwnUkAuw

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Read it, The man has guts,pray he stays safe!

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Well, this is one indian that is building a casino called NOVSP. Someone may have naked shorted it way back when, but I'm sure hoping the divvies start to flow and my broker is on the hook for them.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

I admire your review of Michell's work and I am in total agreement. I also have to add that the best writing, reporting, humor and riveting content has got to go to you my friend. For the last few years you have been the messenger for a great man and have done a job that I have never seen duplicated. Not to say that you are not surrounded by some other great bloggers, writers or whatever title fits, the likes of Burrel, Patch, Faulk too many to mention and we Thank all of you.
Ever since reading Mitchell's story Some parts of history seem a little more plausible whether due to Karma or playing get even in a big way, the Kennedy tragedies have taken on a new light to me and I see many more coming for a lot of other folks. And another obvious part of history is that all countries have self destructed due to a breakdown in the valuation of their currencies. I know it hasn't happened here but we are just an infant country and are showing more and more signs that history does repeat. I wish I could end this blog on a happier note but the visions I see for the future look rather dire.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

I have sent this blog to everyone I know (and some that I don't) this is very damning stuff. I am wondering after reading The Captured media Chronicles by Mark Mitchell about the meetings of damage control that have gone on since it was published sunday night? Somewhere somebody is feeling really uneasy and after the first person cracks and somebody will crack (I'm personally betting on Herb Greenburg myself) it will have a domino effect like you have never seen. For this ... I can't wait. Let the chips fall where they may. I am going to send this blog to a few media outlets also, so that they cannot claim "Plausible Deniability". This was worth the wait. Kudos Mark M. and Company and thank you for your support Dr. Byrne.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Here is some seperate heat on one the baddies, but it makes my day! I just wish this news service would pick up on the Deep Capture story as they are one of the biggest I-News sites. I have tied with them.Maybe some of you could send it on to them as well. Anyway enjoy.

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=63722

INTERNET NEWS
Wikipedophilia feels FBI's child porn heat
WND story prompts Justice to review photos, company claims no definition for pornography

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

One of the great tragedies here is that the implications of this crisis were recognized long ago, and instead of working, at the very least, to arrest the growth of the problem, these quislings at the Commission consciously chose to actively aid and abet the crime, thus ensuring an eventual meltdown orders of magnitude larger than could have been. These traitors are the biggest criminals here, after all, we expect thieves and crooks to be thieves and crooks, but too many trusted the SEC to be honest. That was too much to ask.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Overstock.com Appears on '13-day' Regulation SHO Threshold List for 800 Trading Days


Wonders when SEC will Enforce Regulation SHO

SALT LAKE CITY, May 8, 2008 /PRNewswire-FirstCall via COMTEX/ -- Overstock.com, Inc. (Nasdaq: OSTK) announces that yesterday marked the 800th trading day that the company has appeared on the Regulation SHO threshold list (see http://www.nasdaqtrader.com/aspx/regsho.aspx).
Regulation SHO requires the U.S. stock exchanges to publish daily a list of companies whose stock had failures-to-deliver above a certain threshold. It also requires mandatory close-outs for open failures-to-deliver in threshold securities persisting for more than 13 days, with the aim that no security would appear on the threshold for any extended period. In fact, when it passed Regulation SHO, the Securities and Exchange Commission countered criticisms that the regulation had no teeth by claiming that companies would not remain on the list for more than 13 days.

Overstock.com chairman and chief executive officer Patrick Byrne commented, "While this may seem paradoxical, the facts can be reconciled. One need only understand that our capital markets have been hijacked: our settlement system no longer settles, our New York financial media no longer investigates, and our regulators no longer regulate. For further explanation, see the fine example of investigative journalism that appeared this week on DeepCapture.com."

SEC Chairman Christopher Cox noted at a March 4, 2008 open hearing that when companies are "chronically listed on Reg SHO's Threshold Security List for months and years at a time [there] is ample evidence that there is also fraud in the market that needs to be arrested." Chairman Cox continued, "Abusive naked short selling saps the confidence of investors and issuers who depend upon our markets to value securities in a fair, efficient, and orderly way."

Despite Regulation SHO's requirement that a clearing broker-dealer must close-out failures-to-deliver in a threshold security that have persisted for 13 consecutive days and despite Chairman Cox's observations, Overstock.com has now been on the Regulation SHO threshold list for 800 trading days. "Will the SEC ever enforce the close-out provisions of Regulation SHO or prosecute what Chairman Cox has called 'market manipulation that is clearly violative of the federal securities laws'?" asks Overstock.com chairman and chief executive officer Patrick Byrne. "After Overstock.com's more than three-year run on the Regulation SHO threshold list, I have my doubts. Yesterday's milestone gives new meaning to our customer service number: 1-800-THE BIG O."

"Eight hundred trading days is an unacceptably long time for any company to be on the Regulation SHO threshold list," said Jonathan Johnson, Overstock.com's senior vice president legal. "The SEC could easily remedy the situation by acting on its proposed rule to eliminate the options market maker exception and by requiring short-sellers to locate and borrow shares before selling them - rather than merely have a belief that they will be able to locate them at some point in the future. Overstock.com has been on the Regulation SHO threshold list nearly the entire time the list has been in existence. Clearly, merely publishing the threshold list, without active and meaningful enforcement, is not an effective deterrent against manipulative naked short selling."

Many companies, besides Overstock.com, continue to appear on the Regulation SHO threshold list for extended periods of time and, despite constant criticism from Members of Congress, the U.S. Chamber of Commerce, public companies, informed market experts and legions of investors, the SEC has been slow to adopt meaningful Regulation SHO reform.

Overstock.com renews its calls for the SEC to eliminate quickly Regulation SHO's options market maker exception, to require short-sellers to locate and borrow shares before selling them, and to require the full and prompt disclosure of the aggregate failures-to-deliver for every company listed on the Regulation SHO threshold list. In addition, Overstock.com calls for the SEC to enforce the close-out requirements of Regulation SHO so that no failure-to-deliver ever persists for more than 13 days.

About Overstock.com

Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.

Overstock.com(R) is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the extent of the hijacking of the financial markets, whether the SEC will enforce the close-out provisions of Regulation SHO, and the effectiveness of the proposed remedies for abusive naked short selling. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.

SOURCE Overstock.com, Inc.



URL: http://www.overstock.com
www.prnewswire.com
Copyright (C) 2008 PR Newswire. All rights reserved
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Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Bob, You have done your country a great service through the years and I don't think we can express our appreciation enough...but the job is not done yet. The cancer still grows and we have to remove the people holding the positions of trust that have betrayed that trust and sold their souls to the devil for a hand full of coins and allowed this to continue to the point of no return. The disease must be arrested and while the damage might not be able to be repaired, we can make sure it doesn't continue to spread.
But the clamor of the masses grows each day with increasing amplitude until, at last, it can no longer be ignored. The revolution in upon us and the fine line between incompetence and collusion has defined.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

I just sent a link to the article to several reporters for the NY Times and the Washington Post. For example, It's easy to email a tip to investigations@washingtonpost.com
If others do the same, there will be a better chance that someone will give it attention.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Based on what I am reading and have read, would it be safe to say that certain large hedge funds are holding the entire system including the investment banks federal reserve and our (UN) regulators hostage? For instance "you mess with us and try to curtail our game and we we will show you that we can even bring down a Bear Stearns or anyone else we feel like in a matter of days!!! Could this be whats really happening?

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

We may have hit the motherlode...

SEC Inspector General to Audit Naked Short Selling Investigations

Posted May 08, 2008 3:15PM PST

The Office of the Inspector General of the Securities and Exchange Commission is going forward with an audit of how the commission has investigated allegations of naked short selling, according to a person familiar with the situation.

The audit, which is starting this week, will look into the process the SEC's Division of Enforcement uses in responding to naked short selling complaints and referrals.

Investor advocates have argued that naked short selling, where short sellers don't borrow or deliver the stock that they've sold, has been damaging to small cap companies.

The inspector general's office, which conducts internal investigations of the SEC, will be coordinating with the Government Accountability Office. GAO officials said in April that they would conduct their own probe of the SEC's response to the issue of stock-delivery failures. The GAO investigates government agencies on behalf of Congress.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

I thought that they fired the IG form the Aguirre case and hired a new one that may get the job done. I may be wrong but is it going to hurt to at least him him an opportunity to do the "right thing". Lets stop with the negativity (although I know we have enough reason to be negative) and pray that one of these officials are not bought and paid for by the Hedge funds. It has got to start somewhere right?

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Look boys, let's take this to the lowest common denominator. You just lived a B Western movie.

Bad guys take over the town. They rape the children and pillage the women. The men folk are terrified. The bad guys steal everything, but make one of the lackeys Sheriff, and still call the Mayor, "Mayor".

Then, one guys stands up, says, "this ain't right", and steps forward. Nobody comes forward, Then, out of the shadows, you see the shopkeeper grab a scatter gun and follow, then, the blacksmith throws down his hammer, and gets behind the Gary Cooper character. Then, the Schoolmarm. All the while, the miscreants are laughing, then smiling, then sporting a nervous grin. We all know how it's going to end. We just don't know how many innocent townspeople are going to die. But, if we have to die, so be it. this will not stand. It's our Country, and our Markets too.

David Einhorn can kiss my fat Dago ass.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Then Gary Aguirre did not blow the whistle, I guess that was my imagination. Your argument is sound and your disdain is warranted but if we expect to solve this problem more people like GA have to step forward. All it will take is ONE honest individual to start the ball rolling. You may call me naive and that is your prerogative and this is your blog but I tell you that I have hope that this problem is going to be resolved, if I did'nt I would not be here, would You? Yes changes have to start at the top, when George Bush put Chairman Cox in we all thought that change would ensue, boy were we wrong, now someone new is at the helm of the IG maybe he is THE ONE, maybe. Having 2 incompentent IG's in a row would look real bad for the Government would'nt it? Again I don't mean to argue with you and I appreciate and acknowledge all that you have done, but lets see what happens it may not be all doom and gloom. Hope springs eternal. That is the only point I'm trying to make. Respectfully S.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

The sec was formed as a tool to control the masses while the robbing continued.
The plan has always been to take everthing away from the people and make them dependent on a small ruling elite.
The sec was a placebo from the begining designed to make us think the disease was being treated.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

That was the most powerful article I have ever read!.The second most powerful was Patrick"s Heavy Hitters speech about his battle with cancer..For those of you that have not read it.Please do it NOW!..Just google..patrick bryne heavy hitter..And now two on my favorite parts


In these first ten months, I had 10 surgeries and lost 60 pounds. On many occasions my family and I were told I would not survive this or that crisis or procedure, that there was no option. We would hear this in subsequent months and years so often that I began to wonder if it were not the medical profession's equivalent of when you pick your date up to take her to dinner and you tell her she has a nice dress on, something you learn to say automatically, whether or not you're really sure you know it.

This went on deep into the fall that year. Unless you think I practice simple Irish blarney, I will relate one last story from that period. I was at Memorial Sloan-Kettering Cancer Center in New York, attended by Dr. George Bosl, a wonderful doctor with a superbly candid approach to patient relations. He is now the head of medicine at Sloan- Kettering, and I understand from people I met today at Dana-Farber Cancer Institute that he has become quite well known in his field.

I started getting visits from packs of doctors, four or five together, to interview me. I was an old hand at this point and knew enough to recognize these were not the standard entrance exams, nor standard interns. They were senior doctors. I saw a new group every other day for a couple of weeks. Finally I asked Dr. Bosl what it was all about. He said, “Well, Pat, I presented your case in a medical conference. There were 70 doctors there and we decided that with 2,000 years of combined medical experience among us, we'd never heard of anyone have so much go wrong with them and not die. You see, you think you're getting better, but you're still well below the point people usually just die,” he said cheerfully. “These doctors want to know what's going on in your head.”


So here's my first inspirational lesson, such as it is. I remember telling the doctors over and over what was going on in my head. It was Coach Joe. Coach Joe was one of my earliest wrestling coaches, a huge Greek, built like a fire hydrant but with thicker shoulders. He was the toughest, meanest, baddest man any of us kids had ever seen. If he had a last name, none of us had the courage to ask him. Coach Joe used to have us end practice with endless push-ups and sit-ups and pull-outs and sit-ins and sit-in-turnouts and so on and so forth, until somebody fainted. Literally, that was his way of keeping track of when it was time to end practice.

And one night he did this and this lad Steven something-or-other, whose last name I don't recall, fainted from heat exhaustion in our sauna-like wrestling room and was taken away in an ambulance. The next evening as we walked into practice, Steve's mother was in there yelling at Coach Joe, threatening him with lawsuits and loss of a coaching job, and all kinds of repercussions. We could see that Joe was barely holding his temper. Finally she said something like, “We're going to send you to jail.” And Joe snapped back, “Hey lady, why don't you send me some place I ain't been before, like Hawaii?”

Now, I'm guessing that that seems crude, crass and vulgar, but when you're 14, you think that is by God the coolest thing you're ever going to hear anybody say in your entire life. I waited years for a chance to deliver that line. And it never came. Until one morning, at 4:00 a.m., two interns come to my bed with tears in their eyes, a man and a woman whom I had gotten close to in the preceding few weeks. They were not much older than I, and they knew I understood the implication of what they were telling me. They said, “We're sorry, Patrick, you're bleeding in your pericardial sac, tamponod something-something. We have to do another open-chest surgery. We've called your parents to come in. We don’t expect you to survive but we have no choice. We're taking you to the operating theater now.” And I finally got to croak out, as nonchalantly as I could, “Hey, why don't you take me someplace I ain't been before, like Hawaii?”

Now, if you say things like that, people look at you a little strangely, but it works. So the lesson is, I promise you, I am the least tough person in this room. I hate pain, especially now, and I'm a true wimp. But if you ever go through something like this, what you do, if you don't feel tough enough, is you think of the toughest, baddest, meanest cat you know, and you just pretend you're him. It works, it just does – pretend like that guy, act however you think he or she would act and say, and you'll get through it. At least, it gives you something to do.


So here’s the third and last pearl of wisdom from Coach Joe. One night he had me doing push-ups in return for some imagined slight. He had me doing sets in front of the team until I literally could not lift my face from the mat. And he stood over me screaming, “What are you doing, Byrne?” And I replied, quite carefully, “I believe I'm considering quitting, Coach. I believe that's what I'm doing.” Joe thought for a bit, and I remember this long silence in the wrestling room while he searched for something pithy to say, and then he finally said the kind of thing that only someone like Coach Joe could get away with saying. He said, “Byrne, don’t you never quit at nothin'.”

In closing, we all rest in the shade of trees we didn't plant. Andy did. I know I live everyday in the shade of a tree I did not plant. They were planted by you and people like you. On behalf of all of us who rest in such shade, thank you very much.

http://www.pmc.org/articles.asp?ArticleID=110

A hero is someone who understands the responsibility that comes with his freedom.
Bob Dylan

Pat/Bob/Dave..You have went ABOVE and BEYOND your call of duty

It is now our turn to step up and say

This is OUR Country and we are taking it back!!!!!!!!
Onward!

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Bobo, I have a serious question /request who are the "No, change will come at the barrel of a gun, held by guys with badges. Or by massive jury awards in the suits. It won't be due to the SEC doing the right thing." The guys with guns and badges, the FBI are corrupt (Anthony Elgindy) The DOJ serves only their Masters (politicans) and the CIA well ask Valerie Plame about their loyalties. So who are these"Guys" that are going to go after these miscreants with Guns and badges cause this system surely does not maintain any credibility with me. Thank you for your response.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

I swear I recognize EB's artwork. Fess up, EB.

This cuts right to the core of the subprime mess.

http://www.businesspundit.com/sub-prime/

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Bobo, this really is the Matrix. Our system now depends on stocks going down for Hedge Funds to make money shorting. Not for stock prices to go up. ANY KIND OF SHORTING should be outlawed until the system is repaired or perrmantly. No Shorting no illegal manipulation. Also get rid of ALL HEDGE FUNDS. Why should the Ultra rich have somewhere special to put their money. All of these unlevel advantages have created the system that we are now seeing sink. Also persecute and prosecute the offenders. If they could put Wesley Snipes in jail for 3 years for tax evasion on a few million why cant they jail these guys for tax evasions on hundreds of billions of dollars? Level the playing field.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

What's wrong with this SEC site? They aren't adding all April comment letters ...

http://sec.gov/comments/4-557/4-557.shtml

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

The American revolution freed the united states from the money creating central bank system.[the people were no longer wage slaves]
The civil war created enough debt for the central bank system to take over the production of 'money' and the united states became a wage slave state to the banks again.
The central bank system has a challenge being brought against their monopoly and to defeat that challenge the central bank system owners have employed their bought political systems to create as much strife and warfare as possible to continue piling up debt and distracting the population.
The manipulation of the stock market to kill possible profit for the people is only a small part of this overall plan.


a word of warning to all you little puppets making this posible....
When someone asks you to do bad things in order to be considered for a place in their club the chances are the club you end up joining is the club that is hitting you over the head till you are dead..

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Occasionally,actually over and over I try to explain this to otherwise intelligent professional people but sometime during this process I see their eyes glaze over and this I don't know whether to believe you or not look on their faces and finally if it's as bad as you say I don't want to know...Most of these people mind you have a hard time understanding the legal concept of short selling in the first place for one thing. I wonder if there is a way to put a price tag on this that might get the American Idol watching professional to pay attention. For Democrats for instance does all the money stolen exceed the cost of Universal Health Care and the cost of Social Security for the next 50 years? To Republicans I might ask what are the National Security implications for not minding your financial borders or is that just considered another form of Free Trade? However most Republicans and Democrats seem to be a daft in the long run preferring to debate the 18 cent a gallon gas tax and other such nonsense....To me this isssue should be at least as important as the war on Muslem Extremists because I know it is sure as hell more expensive... Our war efforts in Iraq by the way so far are on par with Russia's in Afganistan and you know what that did for them. Of course we can afford the war but what about the corruption?
If we had 5% of the Media coverage on this as we do on the invasion people would at least have this on their radar as it is now almost all national media coverage attempts to down play it down to the maximum. Did anyone notice what Bib Media's response was to this blog , they put none other than two of the poster boys for the Hedge Fund bad guys on all morning on CNBC Monday, May 12 Bill Ackman and David Einhorn.

Finally,what's the possibility of starting a lobbying organization that would seek donations from affected corporations and investors. It could be like a Hedge Fund in that it wouldn't have to be as transparent so corporations wouldn't have to reveal that they're in any way opposed to Big Media, Banks, Politicians, SEC, DOJ, DTCC, Hedge Funds and the Mob involved in ruining our economy by sticking blood sucking lampray eels on 25% of our corporations and slowly bleeding them....I guess we are looking for those 3D glasses that would allow everyday people to see those lamprey eels and 12,000 pound rhino in the room. ( shows you how long I've been around)
I guess just like 1929 they won't ever see what hit them and then accept the derivative of what happened that will be spoon fed to them in the soup lines just like then...
I predict that Stevie A. Cohen will be appointed as the new FED head of market Regulation Agency sometime in 2013 and that his son will be elected President in 2037 and promptly assasinated for advocating market reform...

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

People holding foreign accounts and not reporting them are going to get a surprise from the IRS. Fines go from 100K to half the account held overseas. Just the act of not reporting the foreign account is enough to be considered tax evasion.

Those accounts in Leichtenstein are not safe anymore. The number of people reporting foreign accounts has doubled. The folks who thought they were too smart to pay taxes and enjoy the same services as Pablo Escobar and other international criminals used will find themselves treated just like international criminals... so deserving.

Leichtenstein should pay some sort of penalty for harboring dirty money all these years.. Money laundering bankers are as evil as the terrorists using the services.

Things are turning. The class action extortionist attorneys Weiss and Larach are caught. Now we turn to the banksters and their clients. Weiss and Larach got caught because of domestic dispute.. luck. The banksters had a leak of a client list. Without this "luck" nothing would have been uncovered. Even the most sophisticated criminals run out of luck.

The property Mogel I.O. got off easy. He got fined over 50 million when he had accounts of 200 million hidden. They could have taken 100 million and used him as an example.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Naked short collapse of Bear Stearns. Note the brand new put option series five days before expiration.

http://www.globalresearch.ca/index.php?context=va&aid=8974

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

What, no blog on Herb Greenturd fleeing "journalism"?

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

How many phone calls to Criminal Lawyers have and are occurring (sp) since this story by Mark Mitchell on Deepcapture has been published. I would have thought by now one of these fine(d) journalists would have struck back against such accustations but NOT one has.. Is'nt that strange...am I missing something? I smell some more RICO suave being cooked up. What do you think? By the way, they are shorting stocks now more than ever before so they are not scared!!! Whats it gonna take?WHAT??? Somebody please talk to me explain it to me like I'ma five year old!Please. Bobo I think the new lawsuits will be in before this new legislation is passed.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Bunny...I nominate you to start a class action suit on behalf of the American people against our fascist government...where do I send my check......

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

i will contribute to seeking response to this cause. of course, not even bothering with usa "freedom of the press" (i'm choking on those hollow words). could we design & purchase mass market ads pleading for our cause as financially exploited refugees in a nation ambushed by a deceitful shadow government who aids & abets destruction of a fair & orderly capital market system. we now have our steward banks in the fed system lavishly lending to hedgefunds who offer no collateral while constantly forcing shylock credit terms to small unconnected promising companies who then get forced into bankruptcy & lose their valuable assets.

we could start with media in australia maybe. english speaking, so things won't be lost in translation and they value tru representative govt systems.
how about..."USA - the future security of its immigrant people have been hijacked by a shadow government stealing most of its assets... don't let it happen to your people."

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Anybody know why OSTK is up 13% plus today on no news? I wonder why, I doubt these guys are covering their shorts..huh?

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

This is what is going on folks. When THEY control the PRINTING PRESS and the MEDIA, then they convince the masses who actually have the power to roll over and get screwed.

Bear Stearns is a massive crime - how many times do you see hundreds of billions stolen from taxpayers like that - but since the fake media says it is okay, the people with the power don't complain.

http://www.whatreallyhappened.com/reich.html

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Intentional takedown of the US of A financial system.

http://www.australia.to/story/0,25197,23040467-060,00,00.html

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Speculators knock OPEC off oil-price perch
By F William Engdahl

The price of crude oil today is not made according to any traditional relation of supply to demand. It is controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today's crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?

First, the role of the international oil exchanges in London and New York is crucial to the game. Nymex in New York and the Intercontinental Exchange (ICE) Futures in London today control global benchmark oil prices which in turn set most of the freely traded oil cargo. They do so via oil futures contracts on two grades of crude oil - West Texas Intermediate and North Sea Brent.

A third rather new oil exchange, the Dubai Mercantile Exchange (DME), trading Dubai crude, is more or less a daughter of Nymex, with Nymex president James Newsome sitting on the board of DME and most key personnel British or American citizens.

Brent is used in spot and long-term contracts to value much of crude oil produced in global oil markets each day. The Brent price is published by a private oil industry publication, Platt's. Major oil producers including Russia and Nigeria use Brent as a benchmark for pricing the crude they produce. Brent is a key crude blend for the European market and, to some extent, for Asia.

West Texas Intermediate (WTI) has historically been more of a US crude oil basket. Not only is it used as the basis for US-traded oil futures, but it is also a key benchmark for US production.

The tail that wags the dog
All this is well and official. But how today's oil prices are really determined is done by a process so opaque only a handful of major oil trading banks, such as Goldman Sachs or Morgan Stanley, have any idea who is buying and who is selling oil futures or derivative contracts that set physical oil prices in this strange new world of "paper oil".

With the development of unregulated international derivatives trading in oil futures over the past decade or more, the way has opened for the present speculative bubble in oil prices.

Since the advent of oil futures trading and the two major London and New York oil futures contracts, control of oil prices has left the Organization of the Petroleum Exporting Countries (OPEC) and gone to Wall Street. It is a classic case of the "tail that wags the dog".

A June 2006 US Senate Permanent Subcommittee on Investigations report on "The Role of Market Speculation in rising oil and gas prices" noted, "... there is substantial evidence supporting the conclusion that the large amount of speculation in the current market has significantly increased prices".

What the senate committee staff documented in the report was a gaping loophole in US government regulation of oil derivatives trading so huge a herd of elephants could walk through it. That seems precisely what they have been doing in ramping oil prices through the roof in recent months.

The senate report was ignored in the media and in the Congress. The report pointed out that the Commodity Futures Trading Trading Commission, a financial futures regulator, had been mandated by Congress to ensure that prices on the futures market reflect the laws of supply and demand rather than manipulative practices or excessive speculation. The US Commodity Exchange Act (CEA) states:
Excessive speculation in any commodity under contracts of sale of such commodity for future delivery ... causing sudden or unreasonable fluctuations or unwarranted changes in the price of such commodity, is an undue and unnecessary burden on interstate commerce in such commodity.
Further, the CEA directs the CFTC to establish such trading limits "as the commission finds are necessary to diminish, eliminate, or prevent such burden". Where is the CFTC now that we need such limits? It seems to have deliberately walked away from its mandated oversight responsibilities in the world's most important traded commodity, oil. As that US Senate report noted:
Until recently, US energy futures were traded exclusively on regulated exchanges within the United States, like the NYMEX, which are subject to extensive oversight by the CFTC, including ongoing monitoring to detect and prevent price manipulation or fraud. In recent years, however, there has been a tremendous growth in the trading of contracts that look and are structured just like futures contracts, but which are traded on unregulated OTC [over the counter] electronic markets. Because of their similarity to futures contracts they are often called "futures look-alikes".
The only practical difference between futures look-alike contracts and futures contracts is that the look-alikes are traded in unregulated markets whereas futures are traded on regulated exchanges. The trading of energy commodities by large firms on OTC electronic exchanges was exempted from CFTC oversight by a provision inserted at the behest of Enron and other large energy traders into the Commodity Futures Modernization Act of 2000 in the waning hours of the 106th Congress.

The impact on market oversight has been substantial. NYMEX traders, for example, are required to keep records of all trades and report large trades to the CFTC. These Large Trader Reports, together with daily trading data providing price and volume information, are the CFTC's primary tools to gauge the extent of speculation in the markets and to detect, prevent and prosecute price manipulation. CFTC chairman Reuben Jeffrey recently stated: "The commission's Large Trader information system is one of the cornerstones of our surveillance program and enables detection of concentrated and coordinated positions that might be used by one or more traders to attempt manipulation."

In contrast to trades conducted on the NYMEX, traders on unregulated OTC electronic exchanges are not required to keep records or file Large Trader Reports with the CFTC, and these trades are exempt from routine CFTC oversight. In contrast to trades conducted on regulated futures exchanges, there is no limit on the number of contracts a speculator may hold on an unregulated OTC electronic exchange, no monitoring of trading by the exchange itself, and no reporting of the amount of outstanding contracts ("open interest") at the end of each day.

Then, apparently to make sure the way was opened really wide to potential market oil price manipulation, in January 2006, the George W Bush administration's CFTC permitted the ICE, the leading operator of electronic energy exchanges, to use its trading terminals in the United States for the trading of US crude oil futures on the ICE futures exchange in London - called "ICE Futures".

Previously, the ICE Futures exchange in London had traded only in European energy commodities - Brent crude oil and United Kingdom natural gas. As a United Kingdom futures market, the ICE Futures exchange is regulated solely by the UK Financial Services Authority. In 1999, the London exchange obtained the CFTC's permission to install computer terminals in the United States to permit traders in New York and other US cities to trade European energy commodities through the ICE exchange.

The CFTC opens the door
Then, in January 2006, ICE Futures in London began trading a futures contract for WTI crude oil, a type of crude oil that is produced and delivered in the United States. ICE Futures also notified the CFTC that it would be permitting traders in the United
Page 2 of 2
Speculators knock OPEC off oil-price perch
By F William Engdahl

States to use ICE terminals in the United States to trade its new WTI contract on the ICE Futures London exchange. ICE Futures as well allowed traders in the United States to trade US gasoline and heating oil futures on the ICE Futures exchange in London.

Despite the use by US traders of trading terminals within the United States to trade US oil, gasoline and heating oil futures contracts, the CFTC has until today refused to assert any jurisdiction over the trading of these contracts.

Persons within the United States seeking to trade key US energy commodities - US crude oil, gasoline and heating oil futures - are able to avoid all US market oversight or reporting requirements by
routing their trades through the ICE Futures exchange in London instead of the NYMEX in New York.

Is that not elegant? The US government energy futures regulator, CFTC, opened the way to the present unregulated and highly opaque oil futures speculation. The present chief executive officer of NYMEX, James Newsome, who also sits on the Dubai Exchange, is a former chairman of the US CFTC. In Washington doors revolve quite smoothly between private and public posts.

A glance at the price for Brent and WTI futures prices since January 2006 indicates the remarkable correlation between skyrocketing oil prices and the unregulated trade in ICE oil futures in US markets. Keep in mind that ICE Futures in London is owned and controlled by a US company based in Atlanta, Georgia.

In January 2006, when the CFTC allowed the ICE Futures the gaping exception, oil prices were trading in the range of US$59-60 a barrel. Today, some two years later, we see prices tapping $120 and trending upwards. This is not an OPEC problem. It is a US government regulatory problem of malign neglect.

By not requiring the ICE to file daily reports of large trades of energy commodities, it is not able to detect and deter price manipulation. As the senate report noted:
The CFTC's ability to detect and deter energy price manipulation is suffering from critical information gaps, because traders on OTC electronic exchanges and the London ICE Futures are currently exempt from CFTC reporting requirements. Large trader reporting is also essential to analyze the effect of speculation on energy prices.
The report added:
ICE's filings with the Securities and Exchange Commission and other evidence indicate that its over-the-counter electronic exchange performs a price discovery function - and thereby affects US energy prices - in the cash market for the energy commodities traded on that exchange.
In the most recent sustained run-up in energy prices, large financial institutions, hedge funds, pension funds and other investors have been pouring billions of dollars into the energy commodities markets to try to take advantage of price changes or hedge against them. Most of this additional investment has not come from producers or consumers of these commodities, but from speculators seeking to take advantage of these price changes. The CFTC defines a speculator as a person who "does not produce or use the commodity, but risks his or her own capital trading futures in that commodity in hopes of making a profit on price changes".

The large purchases of crude oil futures contracts by speculators have, in effect, created an additional demand for oil, driving up the price of oil for future delivery in the same manner that additional demand for contracts for the delivery of a physical barrel today drives up the price for oil on the spot market. As far as the market is concerned, the demand for a barrel of oil that results from the purchase of a futures contract by a speculator is just as real as the demand for a barrel that results from the purchase of a futures contract by a refiner or other user of petroleum.

Perhaps 60% of oil prices are speculation
Goldman Sachs and Morgan Stanley today are the two leading energy trading firms in the United States. Citigroup and JP Morgan Chase are major players and numerous hedge funds speculate.

In June 2006, the senate investigation estimated that of oil traded in futures markets at some $60 a barrel, about $25 of that was due to pure financial speculation. One analyst estimated in August 2005 that US oil inventory levels suggested WTI crude prices should be around $25 a barrel, and not $60.

That would mean today that at least $50 to $60 or more of today's $115 a barrel price is due to pure hedge fund and financial institution speculation. However, given the unchanged equilibrium in global oil supply and demand over recent months amid the explosive rise in oil futures prices traded on Nymex and ICE exchanges in New York and London, it is more likely that as much as 60% of the oil price today is pure speculation. No one knows officially except the tiny handful of energy trading banks in New York and London, and they certainly aren't talking.

By purchasing large numbers of futures contracts, and thereby pushing up futures prices to even higher levels than current prices, speculators have provided a financial incentive for oil companies to buy even more oil and place it in storage. A refiner will purchase extra oil today, even if it costs $115 per barrel, if the futures price is even higher.

As a result, over the past two years crude oil inventories have been steadily growing, resulting in US crude oil inventories that are now higher than at any time in the previous eight years. The large influx of speculative investment into oil futures has led to a situation where we have both high supplies of crude oil and high crude oil prices.

Compelling evidence also suggests that the oft-cited geopolitical, economic and natural factors do not explain the recent rise in energy prices - this can be seen in the actual data on crude oil supply and demand. Although demand has significantly increased over the past few years, so have supplies.

Over the past couple of years, global crude oil production has increased along with increases in demand; in fact, during this period global supplies have exceeded demand, according to the US Department of Energy. The US Department of Energy's Energy Information Administration (EIA) recently forecast that in the next few years, global surplus production capacity will continue to grow to between 3 and 5 million barrels per day by 2010, thereby "substantially thickening the surplus capacity cushion".

Dollar and oil link
A common speculation strategy amid a declining US economy and a falling US dollar is for speculators and ordinary investment funds desperate for more profitable investments amid the US securitization disaster to take futures positions selling the dollar "short" and oil "long".

For huge US or EU pension funds or banks desperate to get profits following the collapse in earnings since August 2007 and the US real estate crisis, oil is one of the best ways to get huge speculative gains. The backdrop that supports the current oil price bubble is continued unrest in the Middle East, in Sudan, in Venezuela and Pakistan and firm oil demand in China and most of the world outside the US. Speculators trade on rumor, not fact.

In turn, once major oil companies and refiners in North America and European Union countries begin to hoard oil, supplies appear even tighter lending background support to present prices.

Because the OTC and London ICE Futures energy markets are unregulated, there are no precise or reliable figures as to the total dollar value of recent spending on investments in energy commodities, but the estimates are consistently in the range of tens of billions of dollars.

The increased speculative interest in commodities is also seen in the increasing popularity of commodity index funds, which are funds whose price is tied to the price of a basket of various commodity futures. Goldman Sachs estimates that pension funds and mutual funds have invested a total of approximately $85 billion in commodity index funds, and that investments in its own index, the Goldman Sachs Commodity Index, have tripled over the past few years. US Treasury Secretary Henry Paulson is a former chairman of Goldman Sachs.

F William Engdahl is author of A Century of War: Anglo-American Oil Politics and the New World Order. He may be contacted at info@engdahl.oilgeopolitics.net

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

That last article on oil is dead on. Commodities don't trade based on supply and demand of the commodity. They trade based on supply and demand of contracts or promises to deliver that commodity. It doesn't matter if there isn't enough commodity to honor the promise.

The results are distorting - you can get food trading for less than it costs to produce it or minerals trading for less than what they cost to mine.

The best way to understand oil is that like silver or gold, it is a fungible alternative to bankster created money. The banksters need to control it, even if it means using their control of the media to start wars in the middle east or countries will use it like a reserve currency to compete with fiat paper currencies.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

http://tinyurl.com/2ka6ca

This is one of the best articles I've read on banking and Wallstreet's takeover of the debt market to create a casino at the expense of the working economy.

It has an alternative suggestion that would get us off the debt treadmill. If you have a mortgage, you are in indentured servitude to your debt masters - not much different than the serfs of old. The word means a pledge of your life force until death to people that have a government charter to lend money that doesn't exist. They are naked lending phantom money they naked lend phantom shares and that's why their is such a liquidity crisis.

Middle English morgage, from Old French : mort, dead (from Vulgar Latin *mortus, from Latin mortuus, past participle of mor, to die; see mer- in Appendix I) + gage, pledge (of Germanic origin).

The banksters that control the world are quietly setting up organizations that are bigger than any one country, but which they privately control. They want to take down the USA, the last superpower. Things like the bank for international settlements, which reports to private interests, not any democracy are to replace government oversight. When you hear NWO, think of a global privately controlled currency. They've merged Europe into the Euro and want to merge the Americas into the Amero with the goal to eventually create a global electronic currency.

One of the things that is going on is that money is being mis-defined as a commodity. People who believe money is a commodity think it has value in-and-of-itself. But one of the hardest things to grasp about money is that not even gold or silver money, or paper money supposedly backed by gold or silver, has or could have intrinsic value.

But if bankers can do this, why can’t you or I? If I have $1,000, why can’t I then lend $10,000 and collect the corresponding interest? The answer is that a bank has a government charter and supposedly can guarantee through various safeguards that the people to whom it lends can repay. But even this isn’t required of a bank any more if it can package its loans and sell them to some other business entity, such as an investment company.

But the fact is that banks can only be created by people who are already rich, can put up some initial capital, build a functioning business, and obtain the government charter mentioned above. Once they do this, they are the masters of the world.

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

This is where I got the link to that article. This guy is the NASA engineer that warned about the possible explosion of the space shuttle six months before it happened. He's collected articles about the federal reserve and wallstreet.

http://www.richardccook.com/articles.php

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Let the fun begin. This is only the beginning !

Judge Says Countrywide Officers Must Face Suit by Shareholders

By GRETCHEN MORGENSON
May 15, 2008
http://www.nytimes.com/2008/05/15/business/15countrywide.html?scp=2&sq=Countrywide&st=nyt

Directors and officers of Countrywide Financial, the beleaguered mortgage lender, must answer shareholder accusations of insider trading and an overall failure to monitor lending practices that led to the company’s collapse, a federal judge in California has ruled.

Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint to be credible and that they suggested “a widespread company culture that encouraged employees to push mortgages through without regard to underwriting standards.”

Plaintiffs also identified “numerous red flags” that would have warned directors of increasingly risky loans made by Countrywide, according to the judge, who rejected a motion to dismiss the suit. “It defies reason, given the entirety of the allegations,” Judge Pfaelzer wrote, “that these committee members could be blind to widespread deviations from the underwriting policies and standards being committed by employees at all levels. At the same time, it does not appear that the committees took corrective action.”

Hundreds of mortgage companies have failed in the last year or so, but few executives or directors have taken responsibility. That makes the ruling significant, said Blair A. Nicholas, one of two lawyers at Bernstein Litowitz Berger & Grossmann representing the plaintiffs.

“It is a critical step enabling Countrywide and its shareholders to hold accountable the officers and directors who looted the company and were responsible for its devastating collapse,” Mr. Nicholas said.

Countrywide shareholders have lost billions of dollars since 2007 when its shares hit a high of $45.03. They closed on Wednesday at $4.85.

“As institutional investors, it is our duty to seek recourse when a company’s directors engage in practices that are not in the best interests of shareholders,” said Christa S. Clark, chief legal counsel of the Arkansas Teacher Retirement System, the lead plaintiff in the case. “We are pleased with the court’s ruling as it enables the shareholders to move forward with our case and remedy this wrong.”

A Countrywide spokesman declined to comment on the ruling.

The plaintiffs in the case said they hoped to recover money for shareholders from Countrywide officials named in the case who sold $850 million in stock from 2004 to 2007. The plaintiffs contend that the directors and officers dumped shares even as the company spent $2.4 billion to repurchase its own stock in late 2006 and early 2007.

The chief executive of Countrywide, Angelo R. Mozilo, has argued that his $474 million in stock sales during the three-year period complied with securities laws under a planned selling program. But he revised the program, known as a 10b5-1 plan, several times, each time increasing the shares to be sold.

As a result, the judge wrote: “Mozilo’s actions appear to defeat the very purpose of 10b5-1 plans,” created to allow corporate insiders to sell stock regularly and without direct involvement.

Gerald H. Silk, who also represents the plaintiffs, said: “Corporate fiduciaries cannot expect to evade liability by blaming a general market downturn when there is specific and systematic misconduct taking place right beneath their noses.”

The suit names 14 current and former directors and officials as defendants; it is known as a derivative action because shareholders of Countrywide are suing its officers and directors on behalf of the company.

Lawyers for the plaintiffs said that they would ask the judge to expedite discovery so that they can get testimony before the proposed purchase of Countrywide by Bank of America takes place. The deal is expected to close in the third quarter.

Senator Charles E. Schumer, Democrat of New York, asked the Federal Trade Commission on Wednesday to investigate whether Countrywide took advantage of borrowers who filed for bankruptcy protection to try to keep their homes.

In the letter to William E. Kovacic, the F.T.C. chairman, Mr. Schumer said, “An investigation by the Federal Trade Commission would help pull the curtain back on a hidden corner of the existing foreclosure crisis, and could help stem the tide of homeowners who are now unnecessarily being forced into bankruptcy and foreclosure.”

http://www.nytimes.com/2008/05/15/business/15countrywide.html?scp=2&sq=Countrywide&st

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

Keith Houser to COX lol,

Dear Chairman Cox:

As Chairman and CEO of BioTech Medics, Inc., (Pinksheets: BMCS) I would like to endorse what was said in an earlier response by Pat Cluney from Florida and add to what has already been posted. Mr. Cluney is a shareholder in BMCS.
I have witnessed from personal experience over three and a half (3-1/2) years of illegal manipulation of our stock, inclusive of counterfeiting, forging, shorting and naked shorting. I have filed over a hundred Suspicious Trading Reports (SARS) with every regulatory agency imaginable and over 36,000 pages of evidence with the SEC.
There is no discipline with naked shorting and repeat offenders have no fear of the SEC because the chances of a violator being caught and disciplined is negligible. Most of the repeat offenders take the same cavalier attitude as that of a serial killer. Once you have killed, the penalty is no greater for repeat killings. So illegal manipulation of stocks continues daily by repeat offenders with impunity.
Case in point: CMKM Diamonds (a/k/a Casavant Mining, now revoked former stock symbol: CMKX). The SEC has had an ongoing investigation for over 5 years titled: In the Matter of CMKM Diamonds, Inc., LA-3028. This case goes back to 2002 and involves approximately $100 million in theft of investor funds with nearly ONE TRILLION Shares of stock, a majority of which were illegally issued without pre-requisite restrictions, legal opinions; or legal opinions issued from deceased attorneys and/or were naked shorted in the market with counterfeit shares. It was not until April 7, 2008 that the SEC has finally taken action in US Dist. Court, Las Vegas, NV regarding this egregious fraud upon the investing public. Most of the stolen funds are gone, leaving investors pennies on the dollar if anything.
The “mastermind” (SEC words not mine) in this fraud, John Edwards was also the “mastermind” of illegally issued shares in BioTech Medics (and dozens more pennystocks). Edwards had numerous accomplices who have yet to be cited by the SEC. The fraud in our case stems back to 2002 and involves scores of millions of dollars in fraud and over 50 million shares that we have been able to verify in an audit of our shareholders.
However, FINRA over a year ago in the CMKX matter sanctioned NevWest Securities Corp (CRD # 46464) of Las Vegas and Sergey Rumyantsev and Anthony Santos $100,000 and
K Houser REG SHO- 10B-21 Proposal Comments Page # 1
$75,000 each respectively, for laundering over $58 million of John Edwards and over 20 of his sham shell trusts and companies that were used to perpetrate the alleged fraud and benefit from the naked shorting. NevWest reportedly received over $2.4 million in commissions.
So the alleged manipulators got away with $58 million and the sanctioned stock broker facilitators were slapped on the wrist and got away with nearly $2 million in profits. Where is the justice in this “discipline”???
Another case in point: In the Matter of SEC vs. Pinnacle Business Management and Jeffrey
G. Turino, Case No. 8:02-cv-00822-EAK, US Dist Ct, Tampa Div. Judge Elizabeth Kovachevich found Turino guilty of violating the Securities Act and prohibited Turino from trading penny stocks for five years (which ends December 5, 2008). Within five (5) days subsequent to Judge Kovachevich’s Order, Turino allegedly had established one or more sham sell corporations to trade the CMKX stock and scores of other stocks since that time, all in violation of the Order and in full contempt of court. Where is the SEC?
The SEC is impudent, under staffed and overwhelmed by the avalanche of stock fraud. You, Mr. Cox admitted in your March 4, 2008 statement that the SEC had received over 400 complaints in the past year alleging stock fraud. That is over one complaint per day. In my opinion: When will enough be enough? How much evidence do you need?
A representative of OTCBB commented regarding their SHORT REPORTING. It is FLAWED. The OTCBB representative stated that a) there is no guarantee as to 100% compliance, b) offshore non NASDAQ brokerage firms are not required to report shorting, c) offshore brokerage firms permit a higher ratio of shorting stock against restricted shares and d) sophisticated shorters can circumvent reporting by getting out of their short position on the short reporting days and get back in the next day.
My recommendations
1) PROHIBIT ANY AND ALL SHORTING OF PENNY STOCKS PERIOD! These fledging companies have enough mine fields to get through to become successful. By the SEC allowing legitimate and illegitimate parties to run a penny stock price up and then short it to profit from taking it down (pump and dump) is just not fair to the investing retail market.
2) REQUIRE THE POSTING OF A 25% OR HIGHER SHORT DEPOSIT BY ANY PARTY SHORTING ANY STOCKS ON ANY MAJOR EXCHANGE.
The Short Deposit would be proportionate to the amount of stock shorted. For example: If John Doe wants to short XXXX –NASDAQ or AMEX shares, he must post a cash short deposit with the brokerage firm of Twenty-five Percent (25%) of the shorted value. The short deposit must be held by the brokerage firm for a term of a minimum of six (6) months subsequent to the last shorted trade. Any public company that alleges improprieties files a Suspicious Trading Activity Report and a mandatory
K Houser REG SHO- 10B-21 Proposal Comments Page # 2
arbitration hearing must take place within sixty (60) days. If the shored public company prevails in arbitration, they receive the cash Short Deposit, plus any other award granted by the arbitration. If the shorter has been found to violate any rules, the shorter will be prohibited via permanent injunction for life from shorting again.
3) REQUIRE A SUBSTANTIAL AND IMMEDIATE PENALTY FOR NON-REPORTING BROKERAGE DEALERS IN THEIR FAILURE TO REPORT THE SHORTING OF STOCK (i.e. $100,000 first offense, $500,000 second).
4) REQUIRE THE REPORTING OF ANY SHORT POSITION DURING ANY THIRTY (30) DAY PERIOD WHEN THE SHORTING IS IN EXCESS OF ONE HUNDRED SHARES OR THE VALUE EXCEEDS $100.
5) BROKERAGE FIRMS AND THIRD PARTIES WHO AID AND ABET A KNOWN ADJUDGED STOCK FRAUDSTAR WILL BE FINED $1 MILLION.
6) IF THE SEC FAILS OR REFUSES TO TAKE ACTION ON A REPORTED ALLEGED VIOLATION OF SECURITIES FRAUD WITHIN SIX (6) MONTHS FROM THE DATE OF THE FILING OF A COMPLAINT, AN INDIVIDUAL MAY SEEK REDRESS IN FEDERAL COURT. IF THE PARTY PREVAILS THEY WILL RECEIVE TREBLE DAMAGES, PLUS LEGAL FEES AND COSTS.
Respectfully submitted,
Chairman/CEO BioTech Medics, Inc. P O Box 93476 Southlake, TX 76092 Phone 972-274-5533
CC: SEC Enforcement-Washington, DC US Dept of Justice-US Attorney S Dist of NY, NYC
K

http://www.sec.gov/comments/s7-08-08/s70808-414.pdf
- - - - -

Re: The Greatest Story Ever Told...or at least a hell of a ride described in extraordinary detail - this is the big one, folks

This should be developed and polished and published as a book.