|
Post by kranker on Nov 21, 2006 23:01:06 GMT -4
Audio Files, http://www.stpadvisors.com./Audio/wallstreet.php Sound Clip 1 1.94 Mb 2:07 Welcome remarks by Jean Westcott on behalf of STP Advisory Services, LLC http://www.stpadvisors.com./Audio/STP2006Oct/Clip_1.mp3 Sound Clip 2 8.78 Mb 9:36 Opening remarks by Wayne Jett, introduction of first speaker http://www.stpadvisors.com./Audio/STP2006Oct/Clip_2.mp3 Sound Clip 3 24.9 Mb 27:14 Presentation by Patrick Byrne http://www.stpadvisors.com./Audio/STP2006Oct/Clip_3.mp3 Sound Clip 4 6.14 Mb 6:42 Comments by Wayne Jett, introduction of next speaker http://www.stpadvisors.com./Audio/STP2006Oct/Clip_4.mp3 Sound Clip 5 21.3 Mb 23:14 Presentation by Susanne Trimbath http://www.stpadvisors.com./Audio/STP2006Oct/Clip_5.mp3 Sound Clip 6 5.99 Mb 6:32 Comments by Wayne Jett, introduction of next speaker http://www.stpadvisors.com./Audio/STP2006Oct/Clip_6.mp3 Sound Clip 7 16.2 Mb 22:20 Presentation by Arne Alsin http://www.stpadvisors.com./Audio/STP2006Oct/Clip_7.mp3 Sound Clip 8 24.4 Mb 26.03 Panel discussion http://www.stpadvisors.com./Audio/STP2006Oct/Clip_8.mp3 On October 19, 2006, the first event hosted by STP Advisory Services in Los Angeles presented a rare look into the damage done to investors and companies by short selling, stock lending and settlement failures. The event included remarks by three speakers with special insights: Susanne Trimbath (Chief Economist of STP Advisory Services), Patrick Byrne (CEO of Overstock.com) and Arne Alsin (Portfolio Manager for Alsin Capital Management, Inc.). Feedback from attendees indicates that the event was a resounding success. Even those already familiar with the subject admitted to gaining new insights. After their presentations, the three speakers were led in a discussion of the surrounding issues by Wayne Jett (Managing Principal and Chief Economist, Classical Capital LLC). Now, STP Advisory Services is pleased to make available digital audio from the program, free of charge. Biographical information on the panelists, a complete schedule of the event activities and the digital audio of the speakers’ presentations and discussions are available through the links provided on the audio page at www.stpadvisors.com. You can go directly to the new audio page by clicking here. Thank you for your continued support. We look forward to offering additional programs and events in the future. If you would like to suggest a topic, please don’t hesitate to contact Dr. Trimbath directly at the address below. _____________________ Susanne Trimbath , MBA, Ph.D. CEO and Chief Economist STP Advisory Services, LLC 2118 Wilshire Blvd., #596 Santa Monica , CA 90403 Phone: (310) 285-8153 Website: www.STPadvisors.com
|
|
|
Post by kranker on Nov 21, 2006 23:01:25 GMT -4
NAKED, SHORT & GREEDY: Is Wall Street Abusing The Practice Of Short-Selling Stocks?
Panel discussion presented by STP Advisory Services, LLC
October 19, 2006 in Los Angeles
The first event hosted by STP Advisory Services in Los Angeles presented a rare look into the damage done to investors and companies by short selling, stock lending and settlement failures. The event included remarks by three speakers with special insights.
Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, discussed the trading of “phantom shares” that appear to far outnumber those officially issued and outstanding in OSTK. Portfolio manager and financial writer Arne Alsin shared the insights he gained as a large-lot investor in markets systemically flawed by settlement failures. Dr. Susanne Trimbath, an economist with operations management experience at Depository Trust Company and the Pacific Clearing Corporation, illuminated how some practices could take advantage of loopholes in the settlement system to the detriment of both companies and investors. Feedback from attendees indicates that the event was a resounding success. Even those already familiar with the subject admitted to gaining new insight.
After attendees mingled over breakfast, Moderator Wayne Jett opened the event. He introduced Patrick Byrne, CEO from Overstock.com. Patrick presented an animated slide show describing, in layman’s terms, how money can be transferred from individual investors without the reciprocal delivery of real stock shares. He was followed by Dr. Susanne Trimbath, CEO and Chief Economist of STP Advisory Services. Dr. Trimbath described how investors and companies can be damaged when short sales and stock lending are combined with trade settlement failures – the “Triumvirate of Trouble” – in the U.S. clearing and settlement system. The final speaker was Arne Alsin who received a rousing ovation for his stimulating, fresh perspective on the issues. Arne blamed the problems on the concentration of power in the broker-dealers and the lack of access to information for investors. He called for an even-handed, non-discriminatory enforcement of the rules plus greater disclosure of information to investors, especially information about settlement failures and stock lending in retail investors’ accounts.
After a short break, Wayne Jett moderated a discussion among the panelists followed by a Q&A session with the audience. The questions were so lively that virtually every attendee remained seated almost an hour after the advertised ending time of 11:00 am, while the session was extended. Questions ran the gamut from technical discussions of trading strategies and economic theories to strategies for financing entrepreneurial ventures in increasingly complex and dangerous capital markets.
Biographical information on the panelists, a complete schedule of the event activities and digital audio of the speakers’ presentations and discussions are available through the links below.
Acknowledgements: Wayne Jett and Jim Altenbach instigated the idea of having an event on this subject in Los Angeles and were instrumental in making it happen. Patrick Byrne and Arne Alsin adjusted their schedules several times to be available for appearance at this event. Sponsorship support was provided by Patrick Byrne.
http://www.stpadvisors.com./Audio/STP2006Oct.php
|
|
|
Post by kranker on Nov 21, 2006 23:04:15 GMT -4
STP Advisory Services looks at FTD's and Shorting « Thread Started on Sept 12, 2006, 8:52am » -------------------------------------------------------------------------------- On October 19, STP Advisory Services, LLC, will present a rare look into the damage done to investors and companies by short selling and settlement failures. The event will include remarks by three speakers with special insights. Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, will discuss the trading of “phantom shares” that appear to far outnumber those officially issued and outstanding in OSTK. Portfolio manager and financial writer Arne Alsin will reveal insights gained as an investor in large-lot trades in markets systemically flawed by settlement failures. Dr. Susanne Trimbath, an economist with operations management experience at DTCC and the Pacific Clearing Corporation, will illuminate how trading practices take advantage of loopholes in the settlement system to the detriment of both public companies and investors. A preliminary agenda and speaker list is available through our website at www.stpadvisors.com under “Events.” Mark your calendar now and plan to join us for this important event, the first of its kind being held on the West Coast. Presented by: STP Advisory Services, LLC Event name: Naked, Short and Greedy: Is Wall Street Fleecing Investors? Date: October 19, 2006 Location: Park Hyatt Los Angeles, 2151 Avenue of the Stars, Los Angeles, CA 90067 Registration fee: $45 in advance, online secure credit card payments only. $60 at the door, cash or company check only Breakfast: Included with registration _____________________ Susanne Trimbath, MBA, Ph.D. CEO and Chief Economist STP Advisory Services, LLC 2118 Wilshire Blvd., #596 Santa Monica, CA 90403 Direct: (310) 998-8449 Cell: (310) 266-1917 Message: (310) 285-8153 Website: www.STPAdvisors.com
|
|
|
Post by kranker on Nov 21, 2006 23:04:49 GMT -4
*FOR IMMEDIATE RELEASE* NAKED, SHORT AND GREEDY STP Advisory Services, LLC 2118 Wilshire Blvd. #596, Santa Monica, CA 90403 *FOR IMMEDIATE RELEASE* ARE INVESTORS PAYING FOR STOCKS THEY DON’T RECEIVE? Attend An Eye-Opening Event In Los Angeles on October 19, 2006: NAKED, SHORT AND GREEDY: Is Wall Street Abusing Short Sales? Los Angeles, CA What damage is done to investors when the system routinely tolerates stock-delivery failures? Should more be done to stop short-selling abuses? Two class action lawsuits were filed in April 2006 in Manhattan federal court, byan electronic trading exchange and by a hedge fund, against eleven large primebrokers. The plaintiffs allege the defendants conspired since 2000 to transactshort sales without delivering shares to buyers. If true, American investors who paid for tens of millions of corporate shares actually hold nothing but electronic entries. In 2004, after years of complaints that naked short sales, i.e., short sales that fail to deliver the shares sold, were systematically attacking and destroying share prices, the Securities & Exchange Commission (SEC) adopted Regulation SHO. But Regulation SHO did not enforce strict requirements to deliver shares in a timely manner. It allowed existing failures to remain undelivered, tacitly permitting lax treatment of stock-delivery failures by brokerages, stock exchanges and clearing organizations. Important Questions Will be Discussed Has the SECs lax enforcement of clearing and settlement procedures created systemic risk in the United States capital markets? Does the failure to provide final delivery for stock trades undercut the rigor of investment analysis and victimize portfolio management? Are billions of dollars in investment value being drained from ordinary investors in the stock market? Does the solution lie in requiring daily reporting on stock-delivery failures and tighter stock borrow requirements? Are pension funds and individual investors already exposed to enormous losses? These questions and related issues will be discussed by three highly qualified speakers at this enlightening event. The Panelists Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, will discuss the effects on a company of high volume trading in shares apparently exceeding the number issued and outstanding, and the unwillingness of Depository Trust & Clearing Corporation to disclose data on stock-delivery failures. Arne Alsin, portfolio manager and financial writer, will share his insights, reflecting upon how naked short sales generate phantom shares, and how this changes the risks and valuations portfolio managers and analysts must consider. Dr. Susanne Trimbath, a research economist with operations management experience in financial services, will explain how abusive trading practices can exploit loopholes in the stock settlement system, allowing buyers funds to be cleared for transfer to sellers without actual delivery of shares. The Panel will be moderated by Wayne Jett, Managing Principal and Chief Economist, Classical Capital LLC, a registered investment advisory firm. The Specifics This important event will take place on Thursday, October 19, 2006 from 7:30 a.m. to 11:00 a.m., at the elegant Park Hyatt Los Angeles located at 2151 Avenue of the Stars in the Century City area of Los Angeles, California. Registration for the event will be $45 in advance (register before October 18), $60 at the door. For further information (and secure online registration) go to: www.STPAdvisors.com/events.html About the host: STP Advisory Services, LLC, is based in Santa Monica, CA. STP advises clients on capital markets, real estate and the economy. Press Contact: Irina Somerton Somerton Public Relations & Public Affairs Phone: 310 461 1416 Fax: 310 461 1304 Email: IS@SomertonPRPA.com
|
|
|
Post by kranker on Nov 21, 2006 23:05:33 GMT -4
*FOR IMMEDIATE RELEASE* NAKED, SHORT AND GREEDY STP Advisory Services, LLC 2118 Wilshire Blvd. #596, Santa Monica, CA 90403 *FOR IMMEDIATE RELEASE* ARE INVESTORS PAYING FOR STOCKS THEY DON’T RECEIVE? Attend An Eye-Opening Event In Los Angeles on October 19, 2006: NAKED, SHORT AND GREEDY: Is Wall Street Abusing Short Sales? Los Angeles, CA What damage is done to investors when the system routinely tolerates stock-delivery failures? Should more be done to stop short-selling abuses? Two class action lawsuits were filed in April 2006 in Manhattan federal court, byan electronic trading exchange and by a hedge fund, against eleven large primebrokers. The plaintiffs allege the defendants conspired since 2000 to transactshort sales without delivering shares to buyers. If true, American investors who paid for tens of millions of corporate shares actually hold nothing but electronic entries. In 2004, after years of complaints that naked short sales, i.e., short sales that fail to deliver the shares sold, were systematically attacking and destroying share prices, the Securities & Exchange Commission (SEC) adopted Regulation SHO. But Regulation SHO did not enforce strict requirements to deliver shares in a timely manner. It allowed existing failures to remain undelivered, tacitly permitting lax treatment of stock-delivery failures by brokerages, stock exchanges and clearing organizations. Important Questions Will be Discussed Has the SECs lax enforcement of clearing and settlement procedures created systemic risk in the United States capital markets? Does the failure to provide final delivery for stock trades undercut the rigor of investment analysis and victimize portfolio management? Are billions of dollars in investment value being drained from ordinary investors in the stock market? Does the solution lie in requiring daily reporting on stock-delivery failures and tighter stock borrow requirements? Are pension funds and individual investors already exposed to enormous losses? These questions and related issues will be discussed by three highly qualified speakers at this enlightening event. The Panelists Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, will discuss the effects on a company of high volume trading in shares apparently exceeding the number issued and outstanding, and the unwillingness of Depository Trust & Clearing Corporation to disclose data on stock-delivery failures. Arne Alsin, portfolio manager and financial writer, will share his insights, reflecting upon how naked short sales generate phantom shares, and how this changes the risks and valuations portfolio managers and analysts must consider. Dr. Susanne Trimbath, a research economist with operations management experience in financial services, will explain how abusive trading practices can exploit loopholes in the stock settlement system, allowing buyers funds to be cleared for transfer to sellers without actual delivery of shares. The Panel will be moderated by Wayne Jett, Managing Principal and Chief Economist, Classical Capital LLC, a registered investment advisory firm. The Specifics This important event will take place on Thursday, October 19, 2006 from 7:30 a.m. to 11:00 a.m., at the elegant Park Hyatt Los Angeles located at 2151 Avenue of the Stars in the Century City area of Los Angeles, California. Registration for the event will be $45 in advance (register before October 18), $60 at the door. For further information (and secure online registration) go to: www.STPAdvisors.com/events.html About the host: STP Advisory Services, LLC, is based in Santa Monica, CA. STP advises clients on capital markets, real estate and the economy. Press Contact: Irina Somerton Somerton Public Relations & Public Affairs Phone: 310 461 1416 Fax: 310 461 1304 Email: IS@SomertonPRPA.com
|
|
|
Post by kranker on Nov 21, 2006 23:07:57 GMT -4
Naked, Short & Greedy: IS WALL STREET ABUSING THE PRACTICE OF SHORT-SELLING STOCKS? Presented by: STP Advisory Services, LLC October 19, 2006 Park Hyatt Los Angeles 2151 Avenue of the Stars Los Angeles, CA 90067 Phone: 310-277-1234 The largest U. S. prime brokers stand accused in federal court of conspiring to defraud clients and investors by uniformly failing to deliver loaned securities for short sales to institutional and retail investors. DTCC accommodates large-scale failures-to-deliver (FTDs) by clearing buyers’ funds to sellers without actual delivery of shares. NASD and NYSE see no transgression. The SEC runs interference by permitting short sales based upon “location” of shares by the short seller, as distinguished from actual borrowing and delivery of shares to the buyer. Buyers get electronic entry of “entitlements” in their brokerage accounts. Public companies and investors complain of share prices depressed and diluted by heavy selling of phantom shares created by DTCC settlement procedures. Votes cast in excess of outstanding shares on corporate ballot issues are becoming commonplace. Are naked short selling and concerted FTDs by prime brokers and their hedge fund clients creating systemic risk, undercutting the rigor of investment analysis and victimizing portfolio management? On October 19, STP Advisory Services, LLC, will present a rare look into the damage done to investors and companies by short selling and settlement failures. The event will include remarks by three speakers with special insights. Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, will discuss the trading of “phantom shares” that appear to far outnumber those officially issued and outstanding in OSTK. Portfolio manager and financial writer Arne Alsin will reveal insights gained as an investor in large-lot trades in markets systemically flawed by FTDs. Dr. Susanne Trimbath, an economist with operations management experience at DTCC and the Pacific Clearing Corporation, will illuminate how trading practices take advantage of loopholes in the settlement system to the detriment of both public companies and investors. www.e-ventcentral.com/event.registry/STP2006Oct/
|
|
|
Post by kranker on Nov 21, 2006 23:08:14 GMT -4
Chairman: - Wayne Jett, Esq., Managing Principal and Chief Economist, Classical Capital LLC, a registered investment advisory firm with portfolio assets including shares in OSTK and other securities potentially affected by FTDs. Panelists: - Dr. Patrick Byrne, Chairman and CEO of Overstock.com (NASDAQ: OSTK). On March 14, he presented data at the J. P. Morgan Global Internet Conference in NYC identifying 15 major brokerages with cumulative ownership claims on 10.4 million shares of OSTK against only 3.7 million shares on deposit at the DTCC. At that time, OSTK had 19.4 million shares outstanding and 7.4 million shares in the market float. Dr. Byrne holds academic degrees from Dartmouth, Cambridge (GB) and Stanford - Dr. Susanne Trimbath, Chief Economist and Chief Executive Manager of STP Advisory Services LLC, Santa Monica, CA. Her 20 years of experience in financial services includes operations management at Depository Trust Company (now a subsidiary of Depository Trust and Clearing Corporation (DTCC)), the firm responsible for clearing (payment) and settlement (delivery) of most trading in U.S. corporate securities markets. She has provided public testimony regarding flaws in DTCC practices that produce systemic risks. Trimbath is a sought after consultant to law firms, companies and investors on these issues. Her academic degrees are from Cal State East Bay (Hayward), Golden Gate University and New York University. - Arne Alsin, Portfolio Manager, Alsin Capital Management, Inc., Eugene OR. In investment management since 1986, he writes investment commentary regularly, including “Why Does Failure to Deliver Go Unpunished?” and “The Stock Market Is Patently Unfair” published by TheStreet.com and Realmoney.com. Mr. Alsin writes a monthly column for the Financial Times. He holds a J.D. from the University of Oregon and has professional accounting experience with KPMG Peat Marwick. www.e-ventcentral.com/event.registry/STP2006Oct/
|
|
|
Post by kranker on Nov 21, 2006 23:08:35 GMT -4
Schedule:
7:30-8:15 am REGISTRATION, Sign-In, Collect Program Materials. Full Buffet Breakfast
8:15-8:20 am WELCOME
8:20-8:30 am INTRODUCTORY REMARKS BY THE MODERATOR: WAYNE JETT, ESQ., Managing Principal of Classical Capital, LLC
8:30-9:30am PRESENTATIONS BY THE PANEL: DR. PATRICK BYRNE, Chairman and CEO of Overstock.com (OSTK – NASDAQ). DR. SUSANNE TRIMBATH, Chief Economist & Chief Executive Manager of STP Advisory Services. Formerly in operations management at Depository Trust Company and Pacific Clearing Corporation. ARNE ALSIN, Portfolio Manager of Alsin Capital Management, Inc. Investment commentary writer for TheStreet.com and Realmoney.com; monthly columnist for the Financial Times.
9:30-10:15am MODERATED PANEL DISCUSSION
10:15-10:45am OPEN MICROPHONE for Questions from the Audience
10:45-11:00am NETWORKING RECEPTION & COFFEE
|
|