A landmark event will be taking place next week, and I heartily encourage everyone who can, to go.
It is "Naked, Short, And Greedy" taking place in Los Angeles, October 19. Featured will be Dr. Susanne Trimbath, Dr. Patrick Byrne, and Arne Alsin. This is a not to be missed event.
Why not take out a moment and send this to every journalist you can think of whose expressed interest in the topic? It promises to be a stellar gathering, and hugely revealing...
thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/478/Default.aspxNaked, 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/ ---------------------------------------------------------------------
General » General Discussion » Oct 19, STP Advisory Services, LLC Presents...
marketreform.proboards46.com/index.cgi?board=general&action=display&thread=1158813602--------------------------------------------------------------------------------
Oct 19, STP Advisory Services, LLC Presents...
Post by Justice on Sept 21, 2006, 12:40am
STP Advisory Services looks at FTD's and Shorting
« Thread Started on Sept 12, 2006, 8:52am »
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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 --------------------------------------------------------------------------------
Re: Oct 19, STP Advisory Services, LLC Presents...
Post by Justice on Sept 23, 2006, 6:58pm
*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
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Re: Oct 19, STP Advisory Services, LLC Presents...
Post by kranker on Oct 21, 2006, 4:10pm
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/--------------------------------------------------------------------------------
Re: Oct 19, STP Advisory Services, LLC Presents...
Post by kranker on Oct 21, 2006, 4:11pm
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/--------------------------------------------------------------------------------
Re: Oct 19, STP Advisory Services, LLC Presents...
Post by kranker on Oct 21, 2006, 4:12pm
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
