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Dec
16
Written by:
bobo
12/16/2008 3:34 PM
So, you have these cops, see? They patrol the neighborhood
where all the cocaine gets sold, and yet for all their hard work, the coke
problem spirals out of control. Many, when they choose to leave the force, get
massive pay increases by going to work for some of the private security firms
long linked to the coke dealers. They will occasionally bust small time
dealers, or new entrants into the market, however the very visible kingpins in
the neighborhood, who drive Bentleys and have their own planes, never get
looked at. In fact, should anyone suggest that a Colombian with a 4th grade
education not be a legitimate multi-million dollar business owner, they will
get investigated. The town's awash with coke and coke profits, but according to
the cops, nobody knows where it all comes from, who is trafficking in it, or
anyone that's dirty. Everyone is mystified by the coke deluge. Sound farfetched? That's the SEC for the last decade. Scandal after scandal
reveals a corrupt agency that is incapable of doing the most rudimentary
diligence when it comes to investigating prominent crooks, and whose alumni
routinely go to work for the same Wall Street predators they’re chartered with
policing. Now, we have one Bernie Madoff, who apparently was able to steal billions and
billions, even as the SEC routinely audited and investigated. Huh. Interesting.
And of course, there is the odd coincidence that a major SEC official married Bernie's brother's daughter. You know, love conquers all, etc.
So what IS the SEC capable of doing right, if they can't spot a $50 billion
dollar ponzi scheme in full roar? I mean, that's kind of a big rhino in the
room to ignore and be blind to, correct? If they can't spot the BIGGEST
FINANCIAL FRAUD IN HISTORY, what are they
equipped to do? Why aren't they all being thrown out on their behinds, and
their job handed to the DOJ?
The answer is simple. They were never designed to do much of anything but act
as a PR agency for Wall Street - post-Pecora hearings, the SEC was created to
give the impression that there was a lawman on the beat, watching the swindlers
on Wall Street with an eagle eye and a determination of steel. Nothing could be
further from the truth, but hey, as we are seeing literally every day now, the
truth has nothing to do with anything any more.
Here's an uncomfortable truth that my readers are familiar with. The markets
are a gigantic confidence game, wherein the rubes (everyone who isn't on the
inside of the Wall Street elite) are systematically bilked out of their money,
whilst being assured that you can get rich, rich I say, by playing the market
game. It's a con. The brokers are counterfeiting massive quantities of stock on
a daily basis, they are counterfeiting mortgage paper, they are counterfeiting
commodities derivatives, they are counterfeiting anything they can get under
their control. They have systematically reduced virtually every market worth
anything into a captive casino wherein only they can apply pressure to the
roulette wheel and stop it where they want. The SEC is part of the con - the crooked cops who do F-all
to protect anyone but the crooks. They make a lot of noise and bluster as they
pass ineffective rules riddled with loopholes - rules designed to fail from day
one. They make a big to do about busting some low level street runner, or
slapping the wrist of some fringe player, but they don't dare do anything to
target the players who are raping the country out of its legacy. Oh, I know, that's all crazy talk. There's no proof any of it is true. It's all
wild eyed ranting. Except that we are seeing, in real time, how financial frauds of unprecedented
scope are going on with no SEC action other than tacit support and
cheerleading. Anyone who believes that Wall Street is anything but a money laundering and
redistribution machine is a dolt. Anyone who believes that the cops aren't
dirty is ignoring a mountain of evidence showing they are. The nation is being
systematically carved up and confiscated by the likes of Madoff, whose peers
are busy conniving ways of ripping off the country tomorrow even as he takes a
fall, and the SEC is playing hear no evil, see no evil.
And of course the press is there to spin, spin, spin. Look at the language.
Even now, instead of the largest financial fraud in the history of the world,
the NY papers are already trying to do damage control - it's now only one of
the largest. No, sweetie, it isn't. It is the biggest. Not one of the biggest,
or a really big one, it is THE BIGGEST OF ALL TIME. EVEN AS THE SEC WAS INVESTIGATING. But none of this surprises me. If you believe that oil could go to $150 and
then to $50, when demand and supply largely remained the same, without
manipulation, you no doubt believe that it's possible to honestly miss the
equivalent of someone stealing an aircraft carrier, painting it red, and parking it in the middle
of Manhattan harbor. It's not. If
you believe that gold can be trading at $860, when physical supply is nil and
demand is through the roof (the US mint can't actually produce coins now to
keep up with demand - and of course, no press members ask why they can't just
buy physical gold at market and make more. The answer is of course that there
are no real sellers at that price, only paper manipulators trading futures
contracts, just as they manipulated oil, and that the physical asset is so
removed from the "official price" that it's impossible to get
physical gold at anywhere near the posted price...) then you are probably a
good candidate to put your fortune into the market, and watch it vaporize over
the coming months. The message is simple - all the markets are rigged and
gamed, and the connection in the scam is that delivery is a sham. The crooks
and thieves figured out that you can game anything if you can eliminate checks
and balances that require delivery of the actual item purchased, and can substitute
accepting counterfeits and IOUs. You can manipulate prices, disconnect price
from supply of the asset, destroy companies for profit, move the value of underlying assets using derivatives, BK the global financial system...you name it. This is the market system as it exists in the US.
The cops are bent. The thieves run the game. You are the food, the raw material
that goes into one end of the sausage grinder and is turned into their next
meal. And that's the tame version. The sad part is that the press is now nothing
more than an arm of the swindling machine. They parrot whatever the thieves want you
to hear. And other than a few websites which have been remarkably prescient,
there is no dissenting opinion to the pabulum foisted off on the nation's
mouth-breathing hordes. On CNBC, all is
well. At the SEC, everything's fine. At the WSJ, couldn't be better. NY Times, Floyd's a gentleman and a scholar.
Of course, that doesn't even take into account the "journalists" who have built their careers publishing hatchet jobs for hedge funds. Remember, the SEC promptly put the cabosh on any subpoenas to identify that fraud. Can't have the paid-for messengers being held accountable for their crookery, after all. Tut tut, they are also above the law. Virtually everyone is, except you and me and the guy next door. The decision to squash the subpoenas is now going
to come back and be the final nail in the SEC's coffin, given the emails
indicating participation by Bethany in a scheme involving Copper River
attempting to destroy Fairfax's share price. Note you haven't seen
anything about that in the mainstream press. It's as though it never
happened. Total silence instead of front page expose...
It's astounding, and sickening, and the unvarnished truth, unfortunately. Happy Holidays.
As always, if you find this worth reading, Digg It. More Diggs, more eyes.
Copyright ©2008 Bob O'Brien
Tags:
30 comment(s) so far...
Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Look at Judd Bagley's latest blog about Rocker and Bethany McClean conspiring to manipulate securities prices, with the active participation of an ex-SEC investigator. http://www.deepcapture.com/
By Stefan on
12/16/2008 5:10 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Good job Brownie.. Great job Coxie!!!
By Sean on
12/16/2008 8:37 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Perhaps the main reason they "look the other way", other than the swell "profits" involved, is that they can't underpin the US-centric monetary system otherwise. Late stage, ever-increasing fraud is the only thing keeping the global, dollar-centric system afloat. It will collapse, but they apparently need to pull out all the stops, and rampant, financial malfeasance was but one of those stops. In short, the original underlying fraud of the current monetary regime simply propagates larger and larger frauds downstream in order to (temporarily) attempt to prevent its own demise. In the past, these expanding frauds were cheerfully termed "reflation", but we seem to be coming up short this cycle. The system is likely now unwinding due to its age and baggage. It's time to make off with anything that's not nailed down. And if it is nailed down, your pals at the Fed/Treasury will lend you a nice crowbar.
By Take a Bite Out of NSS on
12/16/2008 8:38 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Shana is the daughter of Bernard's brother Peter.
You must put this in perspective. Madoff stole more than most corrupt heads of state in banana republics... but not as much as HUD let go missing in 1999.
By mhelburn on
12/17/2008 6:45 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Please Bobo ..dont hold it in.....tell us how you really feel .
By tkalantzis on
12/17/2008 6:46 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Take a bite... I didn't ever think of drugs as being central to the dollar maintaining its place in the currency market. Illegal drug trafficking and the dollar are linked. Cigarettes are also used as currency... I'm betting old Bernie was into money laundering on a large scale. Why? He ran a closed shop, no regulation, huge volume trades and he is a self-admitted fraud. Somebody refused to desk a trade for him... somebody demanded delivery of shorted shares and the rescission of the grandfather clause likely did him in. He's claiming withdrawals, but I'm betting he became insolvent having to cover. It wouldn't surprise me if it were Bernie who got the grandfather clause in the first place... no records of the meeting........
He probably used his exemption for naked shorting as a way to raise capital and to manipulate stocks down.. and used that to pay investors. The more people invested with him, the more he had to short... The grandfather clause was slipped in and made SHO a joke... but its rescission killed him. Hard to believe that he actually went to cash each end of quarter as he claimed. He probably went short holding repo agreements.
He isn't the scapegoat for the whole market, but he is a known crook... and he knows as much about the market and how to manipulate it as anyone... As bad as he is, he could only get by with it because of the system and the lack of regulation and oversight. Possibly complicit regulators.
What better way to raise capital than to sell shares... shares in companies you don't own... Drug money goes from the street dealers to the kingpin.. collected and put in the bank by motels and pizza parlors far beyond the amount of possible profits from the legit business. It is in the bank and transferred to Bernie. They don't care if he sells them stock that doesn't get delivered... They turn around and sell it into the market... got their money laundered and with all the brokers not demanding delivery, he has working capital as long as he doesn't have to cover..
Who was the guy at the SEC touting the short line about volatility... Briagliano? Sauer was still there then. The CIA has infliltrated the local police forces... why not have crooked regulators to insure that the crooks can maximize profits. Then they take jobs with hedge funds as the pay back.. or maybe they have the credit cards linked to offshore accounts. No honest person would have ever grandfathered the fails. Maybe it wasn't for money... maybe they were blackmailed or threatened. Grandfathering was such an aberration done right under our noses... actually thumbing their noses at the public. Something went terribly wrong then. Who were the industry reps who were most vocal about grandfathering? They are all dirty.
Bernie is not the only one doing this... and other traders had to know what was going on... maybe he was getting too much market share and one of the counterparties figured they could bring him down if they decided to call some repo agreements. There is some squirrelly thing about not having to register as being short if you sold with a repo agreement. There are so many loopholes and these guys slip through them every day.
It was said that his books are not good and it will be a long time before SIPC can even figure out what is there.
By spose it could happen like this... on
12/17/2008 6:48 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
If those in the know, knew that end game was coming, why not get a final few trillion....SEC protects the financial stocks from shorting, the same companies that were on the hook for settlement failures, Bear quickly absorbed by JPM (what FTD's were on Bear's books?)
So many questions, so little time
By clearthinker on
12/17/2008 6:49 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
The SEC needs to step up to the plate in a big way otherwise they will be guilty of being a "net negative" in regards to the provision of “investor protection and market integrity” i.e. their congressional mandate. If the SEC does no more than present the "illusion" that there is an unconflicted, motivated and well-trained “cop on the beat” and that these markets are “highly regulated” in regards to abusive naked short selling frauds then there will be no perceived need for their overseers in Congress or other regulators or SROs to help out. As a result unknowing investors will attain a false sense of security and perceive a green light to jump into the markets of especially development stage corporations trading at an apparent bargain only to get systematically i.e. by the clearance and settlement system fleeced.
The SEC has the clear mandate to regulate any “registered clearing agency” and that includes the NSCC subdivision of the DTCC perceived by most to be at the epicenter of this crime wave. Securities fraudsters need two things to carry out this crime wave. They need the “appearance” of there being vigilant “cops on the beat” in order to keep the money from unknowing investors flowing into this ambush and they need the “cops on the beat” to refuse to provide any truly meaningful deterrence to these crimes that might conflict with the financial interests of the securities fraudsters who have them “captured”. It’s one thing not to do the job you’ve been congressionally mandated to perform but it’s quite another thing to passively play a key role in “facilitating” these crimes by providing the misperception that these markets are “highly regulated” when it comes to ANSS frauds. If members of the SEC in certain key positions are not necessarily inept, lazy or simply unwilling to provide meaningful deterrence to abusive naked short selling crimes but instead are flat out crooked then all bets are off because there is nothing more dangerous than a "dirty cop".
By Dr. Jim DeCosta on
12/17/2008 1:40 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
So what would be better, not telling the rubes they are rubes and hope their consumer and investment confidence is high enough to go out and spend and invest, or... help them to understand and then watch the house of cards come falling down? Can we build some load-bearing walls around that house? Would aluminum siding be enough? Do we have to tear it down and start over?
By six tomatos on
12/17/2008 3:43 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
"Happy Holidays"?
By Willie Loman on
12/17/2008 4:59 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Willie: It's intended to be a wry twist on the facile glibness of the media - everything's great, enjoy your Xmas, etc.
Six tomatos: I have always been the kind of guy who would rather know things as they are, rather than be served some drivel disguised as truth. That the truth in this case is astoundingly ugly makes no difference. I'd rather know it than not.
By bobo on
12/17/2008 5:02 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
bobo @5:02 PM: You are right of course. Another wrong - covering up the ugly truth (by the SEC, Et. Al) will not overcome the earlier wrongs - lack of oversight, corruption, Etc, and make everything right.
There is corruption and excessive greed in our economic system, and our governmental institutions, which I believe requires greater governmental oversight (a hard statement to make for me as a strong believer in capitalism). I would like to believe we can place only noble citizen-servants in key governmental positions that will insure that those laws involving our financial system that do not work will be changed and then all of the laws that work will be enforced, resulting in what is best for the country. My fear is the necessary sense of urgency is lacking and real change is not going to happen and further that corruption and greed could bring our financial system even further down in the short-term and possibly longer.
By six tomatos on
12/18/2008 6:32 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Finally people are starting to see what the SEC really is. I think even many staff at the SEC don't even know they've been played either. The broker-dealers have lied and played anyone who could be conned. Obama was conned into hiring the chief of FINRA as the next head of the SEC.
But folks, the problem will get worse. The next big crack will be at the DTCC - only we may not hear about it as such. For as brokers fail, leaving behind all their FTDs, who is responsible as counterparty for the FTRs? At the very least, the DTCC is liable to return the shares it borrowed from the stock borrow program to cover the fails of brokers and reduce FTRs. But now many brokers are gone leaving the DTCC to return the borrowed shares and eliminate the FTRs itself.
While the DTCC has held on to the purchase funds from the failing broker, it has released the money to the failing broker on a mark to market basis. If on a net basis the value of the borrowed shares used to stop gap FTRs, the remaining fundsheld by the DTCC will not be sufficient to cover the difference. So now we have the clearing agency being a player itself, rather than just worrying about clearing. Forget settling, they don't do that reliably. Now they have an interest in the market and are participants.
Who will bail them out?
By tommytoyz on
12/18/2008 8:11 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Tommy. I believe we are seeing more the implosion of funds like Copper River and Bernie's, due to stress in the system. Specifically, stress caused by their losing the ability to illegally use the options market maker exemption to chronically NSS stocks they are short. My pet theory is that Madoff isn't an issue of a classic Ponzi scheme at all - rather, it is the case of a quasi-ponzi scheme where NSS was also involved on the broker side to generate cash with which to pay off clients. If that is the case, then this blowup is due to changed regulations.
My personal feeling is that some of the contra-parties may have demanded shares be delivered, stressing Bernie's cash position as he bought in to deliver. Additionally, the timing as it relates to major NSS money launderers like Red Sea being busted is just a wee bit too coincidental for my liking. At the end of the day, we will never hear the truth, just as we will never hear the truth in Refco.
Notice how nobody mentions Refco as yet another mystifying example of the SEC being co-opted? They were negotiating a workout with Refco over naked short selling in the Bermuda Shorts case even as they gave them the go-ahead to go public.
Basically, since I've really been following this, we've had Refco, we've had Bear Stearns, we've had Madoff, we've had the Aguirre debacle, we've had the runs on the banks and the reintroduction of bear raids as the norm due to the SEC's eliminating the uptick rule. We've also seen, in the same decade they were ignoring the warnings about Madoff, the Mutual fund frontrunning scandal, and countless settlements indicating routine violation of the rules by the big brokers. And of course, we also saw them grandfather all fails under SHO, effectively legalizing counterfeiting, if post-hoc.
How is it that this agency hasn't been shut down? I mean, how obvious does it have to be? And Shapiro was part of the gang when much of this was going on - how does it make sense to have her run it, when she was part of the problem?
This is broken, and yet Washington and the press act as though it isn't. If this were in the private sector, it would be behind bars.
By bobo on
12/18/2008 8:27 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Bobo
I'm confused about the status of naked shorts these days. What has been taken from them? Grandfathering? How close are we to t+3? Versus where we were a year ago?
Where did the money go? I read the Deep Capture Blogger who promised to tell us the names of 20 billionaires and their leader that were continuing to profit from this uncontrolled rigged casino (Judd Bagley).
What is the landscape?
Paul
By Paul on
12/18/2008 1:06 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
BobO,
You are quite correct regarding Shapiro, she is just another industry shill and will stay in bed with the manipulator/counterfeiter scum. When the NASD and SEC were pretending to care about the Berlin listing scam, and guys like David Patch were explaining to them and the investing public how the criminals were abusing the "bona fide arbitrage" exemption to the locate requirements (permitting naked short selling for NASD member firms so long as it was in conjunction with a bona fide arbitrage transaction -- NASD Rule 11830 I believe), I emailed Shapiro and specifically explained what was going on, how, who big players were, and what rules were being violated. She acknowledged receipt and thanked me for the information. Then the SEC and NASD sent a few of their people on a junket to Berlin, and came back saying "we see no naked shorting over there."
They were and are either blindly stupid or grossly corrupt. Of course, from my perspective, corrupt is stupid, in the long run. As folks like Bernie and Bethany and Herbie may just find out.
By Jeremiah 9:24 on
12/18/2008 1:06 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Paul, we are basically doing a bit better now that the options MM exception has gone by the wayside - groups like Rocker found it impossible to make a profit if they couldn't violate the law by misusing the Options MM exception, and quickly imploded.
As far as NSS goes, it is still a significant issue, as deepcapture.com reports. Ex-clearing dwarfs CNS FTDs, and they just move the most egregious FTDs into ex-clearing, as I believe discovery in the upcoming lawsuits will show. That hasn't changed or gone away, nor has abuse via international clearing houses. So the game is still completely rigged, but they closed a few of the most ugly and obvious loopholes.
Where did the money go? I posited, in my work of fiction, that hedge funds were being used by clandestine arms of the government, as well as by drug cartels and mafias the world over, to launder money and generate profits for their activities. Looks like that fiction wasn't such a fiction. That, and something like half the Forbes 400 are Wall Street guys who never did anything more than move money around and pull it out of the system. They didn't invent a new drug, or better operating system, or even make shoelaces - they just ran money, and became wildly wealthy doing it - just as the Kennedy fortune was really made running stock pools (and of course, some bootlegging). Now, as in the late 20's and early 30's, the parasites took out most of the juice via the markets, leaving the real economy crippled for a decade.
Even as we swear things are different, they replay with eery similarity.
By bobo on
12/18/2008 1:14 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Good job Bobo - you said: The cops are bent. The thieves run the game. You are the food, the raw material that goes into one end of the sausage grinder and is turned into their next meal.
-------------------
My friend, that is the tame version. I wish for some simple "frontier justice" to rear its ugly head and not be stopped until a very large chunk had been ripped out of their livers. And thats my tame version.
By captdale on
12/18/2008 4:55 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Turns out an Financial professional in direct competition with Madoff has been providing proof of a Ponzi scam directly to the SEC since 1999. Did the SEC listen??
What do you think?
http://news.yahoo.com/s/ap/20081219/ap_on_bi_ge/madoff_scandal_whistleblower
Paul
By Paul on
12/19/2008 10:55 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Paul:
Huh. And ain't it a coincidence that Madoff closed down his CLEARING FIRM, which was absorbed by the NSCC, in 1999?
By bobo on
12/19/2008 10:56 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
I almost never agree with Paul Krugman because his writing is so one-sided - Regarding this article I have nothing to disagree with.
http://www.nytimes.com/2008/12/19/opinion/19krugman.html?_r=1
It is time for Wall Street to serve Main Street. Period
Paul
By Paul on
12/19/2008 2:51 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
I would like to ask the former SEC attorney Richard Sauer if he is a crook. Why would a respectable person need a code name of "Lavaman". Maybe the guy dresses in disguises.. and Bethany wouldn't recognize him...
Bernard Madoff’s niece, Shana Madoff, served on FINRA’s Compliance Advisory Group as Ms. Schapiro was heading FINRA. Shana Madoff resigned that position this week. WTF...
By mhelburn on
12/19/2008 8:29 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
"I'm betting old Bernie was into money laundering on a large scale." See Spose's comments...
From Bloomberg
Federal investigators found evidence he ran an unregistered money-management business alongside his firm’s brokerage and investment-advisory subsidiaries, two people with knowledge of the inquiry said.
Clients of the undisclosed unit may have included hedge funds, Investigators are examining why Madoff’s wife’s name appeared on documents linked to transactions under scrutiny.
Ruth's name appeared in the London office... Run the money through one place and back and it is clean.... Drop the money into a slush fund with Bernie and then do a transfer between entities.... make the trail a little longer...
By mhelburn on
12/20/2008 6:41 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
When the hell are we going to call this what it is. We have an internal enemy just as sinister as Bin Laden. Taking down a widow or a child in need by depriving them of financial life blood or letting them sucumb to sicknesses or diseases that can be cured but won't because someone stopped the funding is this any different them putting them to torture. We have a enemy within that has better camoflague than our troops. It is called the media and they are work hand in hand with the well organized theives who also wear the uniform of a politician or regulator. What is the line in the sand? When they want a civilian army and for us to give up our weapons. I'm no gun advocate but I sure feel the need to own one now. If our government doesn't start taking criminal action soon against the SEC our democracy is toast and they will have shown their hand. I see Obamas new appointment as the true test, and I think I know the outcome. Thanks for good reporting Bobo.
By rtway on
12/21/2008 8:24 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
History of private banks.
http://www.hermes-press.com/real_history.htm
By kevin on
12/21/2008 8:25 AM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Well folks, we are one step closer to losing control of our assets.
Who can stop this?
Pete
-----------------------------------------------------------------------------------
Physical Certificates Take a Step Closer to Extinction
by Edward C. Kelleher
Patrick Kirby, DTCC managing director, Asset Services
http://www.dtcc.com/news/newsletters/dtcc/2008/sep/physical_certificates.php
By pjstevenson on
12/23/2008 7:13 AM
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Forbes
Forbes explained, "Most of the losses you read about are not a shortage of cash … . A company can be making money and it still goes broke — only in America.
To make matters worse, the Securities and Exchange Commission (SEC) eliminated some stock market rules, allowing "naked short selling," he said.
"Short selling allows you to pound stocks into oblivion," Forbes said. "It allows you to sell what you don't own."
http://nbs.gmnews.com/news/2008/1224/front_page/008.html
By oldfeller on
12/31/2008 6:54 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
Here is an eye opener.. www.velvetrevolution.com. Match the timing of the crisis to the election... Get the toxic (fraudulent bonds) under a tarp and keep them hidden... lose the election... find a better place to hide them by lending money to hedge funds to purchase them, keeping them from public scutiny.
Even our bought Congress wouldn't approve of lending money to unregulated hedge funds to purchase these... Hail Mary...
By follow the money.... on
12/31/2008 6:55 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
SEC has actually become a for Profit Company. They only investigate when they can extract fines for wrongdoing.
Investors have never been protected or compensated for losses. In fact when the Companies "Settle the SEC's claim" and are fined they admit no wrongdoing and are shielded from Investor Law Suits. So, in essence the SEC Sells protection thru their fines for all past wrongdoing.
In a way it is like Extortion. SEC thinks there is a Violation, charges the Wrongdoer and then receives a Huge payment in the form of a "Fine" and that shields the Wrongdoer from any future liability from their wrongfull deeds.
Kind of like Extortion.
By Waterfallsparkles on
12/31/2008 6:56 PM
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Re: SEC Allows Deci-Billion Dollar Ponzi Scheme to Run For Years
According to the SEC, failures to Deliver jumped 69.5% from 2005 to 2006, then another 34.6% from 2006 to 2007.
(a) Securities Failed to Deliver 44,726.5 0.8% 60,181.3 1.0 34.6
The current fails are at least $60.2 billion. I believe this is based on NYSE fails (FOCUS reports), which excludes OTC and Pink stocks and any trading hidden outside of America or netted x-clearing between partners in crime.
http://www.sec.gov/about/secstats2008.pdf
Transcript of SEC Rule SHO
100% support naked shorting, don't mention grandfather or comment letters.
http://www.sec.gov/about/economic/shopilottrans091506.pdf
Transcript of Beneficial Voting
http://www.sec.gov/news/openmeetings/2007/openmtg_trans052407.pdf
By davidn on
12/31/2008 6:57 PM
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