Post by jcline on Nov 22, 2005 20:25:41 GMT -4
STOCKGATE TODAY
An online newspaper reporting the issues of Securities Fraud
Patriot Nation; and not the New England Patriots – November 21, 2005
David Patch
"In the beginning of a change, the patriot is a scarce man; brave, hated, and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a patriot." Mark Twain
On November 30, 2005 the North American Securities Administrators Association (NASAA) will conduct an open public forum to explore possible market manipulation through naked short selling activity. The forum will take place right in the heart of our nations capital, at the doorsteps of our nations leaders. The NASAA, with a membership consisting of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico, has initiated a special task force to look into this particular issue of manipulation and will now present their findings to the public.
In a press release dated November 17, 2005 the NASAA took the high road in this battle and commended the Securities and Exchange Commission “for its efforts to address short-selling abuses through Regulation SHO and we encourage the agency to consider additional measures to limit the detrimental impact of abusive naked short-selling of the stock of small businesses, the entrepreneurial engines that drive our nation’s economy.” This being a road far less traveled by the Securities and Exchange Commission relative to the abused.
The NASAA task force, led by Ralph Lambiase, Director of Securities for the Sate of Connecticut has become the latest hero’s of our nation taking on a cause that has otherwise been scorned and ridiculed by the SEC and members of Congress.
In a memo Mr. Lambiase addressed to me back in September of this year the opinion of the task force was clear. “The SEC is moving slowly forward as REG SHO in its current state is studied and debated seemingly ad infinitum. While slight modifications to the existing Rule may result from such an approach, a far more threatening pattern of abuse is certain to continue unless wholesale reforms are made to remedy the concerns of the small business community. Without further substantive reform to REG SHO, many more small companies in our communities will succumb to failure - not through the mechanism of the marketplace but at the hands of manipulators.”
This memo, along with much other similar type documentation have been presented to members of Congress over these past years with little fanfare or support. One member of the Senate Banking Committee willingly informed a constituent that he would take on this issue publicly if…mainstream media started reporting about it first. A leader like that this Nation can do without.
Fortunately this member of Congress, and member of the Oversight of our Securities Markets, is stepping down after this term and our Nation may be able to field a more responsible individual in the role of oversight. We need a Senator willing to step out and take on a cause because it was the right thing to do and not wait until it fit into a political and social agenda.
Our Nation needs leaders, people willing to overlook personal relationships to insure the success of the nation as a whole. At a time when we appear more the rudderless ship than the dominant force, we are privileged to have members of State Regulatory Oversight step in and challenge the efforts of our Federal Government. While our taxes finance a Congress more involved in partisan politics than oversight of our nations future we are fortunate to have the warriors of the front line that will fight the battle even without the support and tools of the Generals.
It has been present members of Congress who have heralded the small business enterprises for the economic stimulus they provide our nation. As big business is shutting down US Operations to outsource US jobs to the lowest bidder, small business enterprises provide the backfill to jobs in this nation.
So how does Congress protect these business enterprises? They don’t!
Naked short selling is destroying these small business enterprises and the communities they reside in to finance the growing appetites of our nations wealthiest people and Wall Street Institutions. The Securities and Exchange Commission and Congress have been willing to overlook this flaw in the system simply due to the power money can buy. Yet our State Regulators are not as easily swayed by greed and the power of money. The NASAA wants to see change and is willing to speak out for it.
On November 30, 2005 come to Washington DC and listen to what the State Regulators have to say about a growing problem in our securities markets. A problem most people are unaware of yet a problem we are all impacted by in one form or another. If you can’t come to Washington, listen in to a live feed of the public forum. Listen to the sound and voices of the real patriots of this nation. The sounds of dedicated people willing to come out with a cause that may leave them scorned and ridiculed but a cause that allows them to sleep soundly at night.
For more information on the specifics about the public forum go to www.nasaa.org
For more on this issue please visit the Host site at www.investigatethesec.com .
Copyright 2005
An online newspaper reporting the issues of Securities Fraud
Patriot Nation; and not the New England Patriots – November 21, 2005
David Patch
"In the beginning of a change, the patriot is a scarce man; brave, hated, and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a patriot." Mark Twain
On November 30, 2005 the North American Securities Administrators Association (NASAA) will conduct an open public forum to explore possible market manipulation through naked short selling activity. The forum will take place right in the heart of our nations capital, at the doorsteps of our nations leaders. The NASAA, with a membership consisting of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico, has initiated a special task force to look into this particular issue of manipulation and will now present their findings to the public.
In a press release dated November 17, 2005 the NASAA took the high road in this battle and commended the Securities and Exchange Commission “for its efforts to address short-selling abuses through Regulation SHO and we encourage the agency to consider additional measures to limit the detrimental impact of abusive naked short-selling of the stock of small businesses, the entrepreneurial engines that drive our nation’s economy.” This being a road far less traveled by the Securities and Exchange Commission relative to the abused.
The NASAA task force, led by Ralph Lambiase, Director of Securities for the Sate of Connecticut has become the latest hero’s of our nation taking on a cause that has otherwise been scorned and ridiculed by the SEC and members of Congress.
In a memo Mr. Lambiase addressed to me back in September of this year the opinion of the task force was clear. “The SEC is moving slowly forward as REG SHO in its current state is studied and debated seemingly ad infinitum. While slight modifications to the existing Rule may result from such an approach, a far more threatening pattern of abuse is certain to continue unless wholesale reforms are made to remedy the concerns of the small business community. Without further substantive reform to REG SHO, many more small companies in our communities will succumb to failure - not through the mechanism of the marketplace but at the hands of manipulators.”
This memo, along with much other similar type documentation have been presented to members of Congress over these past years with little fanfare or support. One member of the Senate Banking Committee willingly informed a constituent that he would take on this issue publicly if…mainstream media started reporting about it first. A leader like that this Nation can do without.
Fortunately this member of Congress, and member of the Oversight of our Securities Markets, is stepping down after this term and our Nation may be able to field a more responsible individual in the role of oversight. We need a Senator willing to step out and take on a cause because it was the right thing to do and not wait until it fit into a political and social agenda.
Our Nation needs leaders, people willing to overlook personal relationships to insure the success of the nation as a whole. At a time when we appear more the rudderless ship than the dominant force, we are privileged to have members of State Regulatory Oversight step in and challenge the efforts of our Federal Government. While our taxes finance a Congress more involved in partisan politics than oversight of our nations future we are fortunate to have the warriors of the front line that will fight the battle even without the support and tools of the Generals.
It has been present members of Congress who have heralded the small business enterprises for the economic stimulus they provide our nation. As big business is shutting down US Operations to outsource US jobs to the lowest bidder, small business enterprises provide the backfill to jobs in this nation.
So how does Congress protect these business enterprises? They don’t!
Naked short selling is destroying these small business enterprises and the communities they reside in to finance the growing appetites of our nations wealthiest people and Wall Street Institutions. The Securities and Exchange Commission and Congress have been willing to overlook this flaw in the system simply due to the power money can buy. Yet our State Regulators are not as easily swayed by greed and the power of money. The NASAA wants to see change and is willing to speak out for it.
On November 30, 2005 come to Washington DC and listen to what the State Regulators have to say about a growing problem in our securities markets. A problem most people are unaware of yet a problem we are all impacted by in one form or another. If you can’t come to Washington, listen in to a live feed of the public forum. Listen to the sound and voices of the real patriots of this nation. The sounds of dedicated people willing to come out with a cause that may leave them scorned and ridiculed but a cause that allows them to sleep soundly at night.
For more information on the specifics about the public forum go to www.nasaa.org
For more on this issue please visit the Host site at www.investigatethesec.com .
Copyright 2005