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Post by kranker on Sept 24, 2006 21:07:35 GMT -4
Welcome Bob O'Brien Proboards is having an image server problem right now. You may need to refresh the page to see various things that should be there, but are not showing up. You should be used to this, it's just like the DTCC stock borrow program... -kranker
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Post by bobo on Sept 24, 2006 21:08:18 GMT -4
Have you heard any information regarding Gary Aguirre's allegations? Why would the senate allow the "culprit"(SEC) to investigate itself? Isn't that like asking a serial killer to prosecute himself? ------------------------ I have spoken with ex-SEC staffers who confirmed that the wariness of political clout indeed colored many decisions. It is impossible to investigate the machine that runs the political/financial system from within the SEC. Those still there are beholden to the Wall Street system for their wildly lucrative prospects once they leave. Reality says you don’t piss off your prospective employers. Additionally, it is standard practice for Wall Street to hire anyone that is a leader or an “A” player in the SEC, early, before they can direct effective action. That ensures that the rank and file are, at best, comfortable bureaucrats, and at worst, co-opted quislings of the industry they are supposed to police. The SEC was never intended to be an effective police force. Back in 33/34, Wall Street so gutted the bill that gave it birth as to make it a non-issue. Much noise and such accompanied its charter – to restore investor confidence in the markets after the disastrous-for-Wall Street Pecora hearing revelations – but in point of fact it doesn’t protect investors, isn’t interested in fair markets, and is at best a PR machine to advance the notion that the markets are safe, and at worst, is an active conspirator in the fleecing of America by a few arrogant parasites who control most of what goes on. That the Congress allows this sham entity to investigate itself is part and parcel of the problem. My opinion is that we need a special prosecutor a la Ferdinand Pecora. The SEC cannot be trusted to investigate anything, much less itself.
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Post by bobo on Sept 24, 2006 21:09:28 GMT -4
Please tell us what the true OS of CMKX is? Who is your source? Is CMKX the largest Naked Shorted Company in the history of Wall street? Do we have the proof of the Naked Short? ----------------------- I have no idea how large the OS of CMKX is. Mark Faulk is this movement’s resident expert on the topic. I am not qualified to comment on the company or its issues. Sorry.
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Post by bobo on Sept 24, 2006 21:10:54 GMT -4
If you had it to do over again, would you handle your fight against the market in a different way ---------------------- I’m not sure how I would do it over differently. I enlisted the help of the most powerful, erudite, ethical, fearless CEO I could find, who could support the effort financially, and as a figurehead. I created a hub where the collective wisdom of the movement’s best and most visible minds could speak their piece, and where the data could be collected in a central repository. I ran a full page ad in the Washington Post, creating many millions worth of publicity for the issue. I’m not sure one guy can do much more against the collective might of the US financial system, or how he would go about it. Besides, dwelling in the past isn’t useful. I prefer to be focused on the future. Where do we go from here? What can we do now? Is there anything to do? Is the battle winnable? If not, is there a way to limit the battle to one that is, and eat the elephant in pieces? If evil is a perennial state of affairs in the market, how do we limit its impact on us moving forward.? Is it safe to be in the markets at all? If not, what is the alternative, if any? These questions keep me more than occupied.
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Post by bobo on Sept 24, 2006 21:11:43 GMT -4
What is it going to take to bring this nasty NSS era of the markets to a close? and when do you see this as possible? -------------------- I think that we are going to need to see discovery in some of the lawsuits that proves beyond a shadow of a doubt that there was widespread abuse. At that point, I believe that we will see laws changed to stop the practice, moving forward. We also may see the state-level regulators take action that forces the SEC’s hand. But for us to have more than a Pyrrhic victory, we need to see the regulations changed, and enforced, as outlined in the NCANS letter linked at thesanitycheck.com site. That really is the final word on how to eliminate the problem. Whether that will actually occur is a different question. We know what the problem is, we know it is fixable, and we know what to do to fix it. Beyond that, I don’t know how to make our cops do their job. I still think it will come down to suing the SEC to get it done – to shame them into doing their job.
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Post by kranker on Sept 24, 2006 21:12:04 GMT -4
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Post by bobo on Sept 24, 2006 21:12:19 GMT -4
Question.......... How come CMKX NSSelling is not news like overstock and the rest of them that we read about ? We never see anything in the news about CMKX.... Why is that ? ----------------------- My hunch is that it is because CMKX doesn’t have billion dollar market cap clout, and committed CEOs who will sue the bad guys to bring their asses to justice. OSTK is doing so, FFH is doing so, Biovail is doing so. That is out of the hundreds of affected companies that aren’t…and you never hear about them. Squeaky wheels get the attention.
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Post by bobo on Sept 24, 2006 21:13:51 GMT -4
What part might political lobbying play in the lack of SEC regulatory oversight? -------------------- To understand the lack of SEC oversight, you need to go to the history books, and read about how it came into being. The original bill that created the SEC was badly gored by Wall Street’s lobbying, to the point where the Commission was largely a joke by the time the 1934 Securities Exchange Act birthed it. It lacked prosecutorial might, it lacked clearly defined rules to uphold, it lacked much of anything besides the publicity generated that Roosevelt was doing something after the shocking revelations emanating from the Pecora hearings in 1933. That one of the most corrupt pool operators of all time, Joe Kennedy, was made the first Commissioner, should tell you most of what you need to know. My take is that he used it as a chance to core his old adversaries a new one, and be heralded as a crusader in the process. That the largest market crash of all time happened after it was in power should also give you a hint as to how well it controlled volatility and manipulation. Fast forward to the 1980s, when I believe the Commission’s much heralded sweep of Wall Street corruption and the prosecution of Michael Milken and Ivan Boesky was in actuality akin to the mob using the cops to take out a rival faction – Drexel was eating the big houses’ lunch and taking their underwriting business, so my take is they reciprocated for his not playing nice by putting a bulls-eye on his back. Problem solved, competitor gone, SEC looks great, nothing really changes. The real question can be framed thus: Does Wall Street’s lobbying direct the SEC’s lack of effectiveness, or is the SEC’s lack of effectiveness the end result of decades of lobbying by Wall Street? In my mind if you are going to buy a regulator, you want the weakest one you can get. The mistaken assumption is that the SEC was ever effective, or intended to be effective. I have yet to see any compelling evidence of that.
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Post by bobo on Sept 24, 2006 21:15:18 GMT -4
To the opponents of naked short selling, why and how did safety issues become a major concern? Just what type of scum are we dealing with, and why are the threats something we should NOT take lightly? ------------------------ My attorney friends told me when I first got into this actively that there were very bad people playing in the markets – the US mob, the Russian mob, terrorist conduits, garden variety scumbags and lowlifes – you name it. They suggested that remaining anonymous would be a good idea. I’m glad I did. I think that the market reform movement is seriously cutting into their action, or at least making it harder to screw everyone, thus there is a very real danger to Patrick, and to a far lesser extent now, to me. Eliminating me would now accomplish nothing – the cat is out of the bag. Taking Patrick out would silence the most visible figure in this struggle. It would be really stupid, but then again, there are really stupid and really crazy people in the aforementioned groups, and it only takes one. I think the danger to him is quite real, hence Senator Hatch’s concerns.
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Post by bobo on Sept 24, 2006 21:16:45 GMT -4
Millions of Americans have e-mailed, faxed and written to Congress and the Media - personally and collectively .. with very slow reaction by all. We have a "Petition - forcing Market reform!" with 2,073 signers. Others available - but not approached yet - suggestions encouraged. 1) CMKX - shareholders & Family - 40,000 to 120,000 2) All NSS'd CO's - shareholders & Family - 1 to 2 million 3) Pensioners funds stolen, Union & Mgmnt - 3 to 5 million 4) Social Security Benefits - Market Fears - 10's of millions Do you, as we, believe a Petition with millions of Americans signed will prompt our paid representatives to catch, arrest, strip assets and put them in jail under RICO .. Trillions of dollars have been devalued on nearly all of American holdings. How long must we wait??? ------------------------ Can’t hurt to show solidarity and commitment in the face of blatant corruption and thievery. Part of what Wall Street does is try to make this seem like it is an issue at the margins, at the fringes. The greater the number of folks speaking out and taking action, the harder it is for them to do it. I know that I have the ability to get major pubs to pick up the phone if I call, so perhaps we should do one central petition with a set of clear, achievable goals and milestones. If that seems like a good idea I can work on setting one up at TheSanityCheck.com if it appears to be of value, but I would need commitment to support it via propagating the message. I think a petition with millions of signatures would be great, but realistically think that if we could get 100K we could get the media into the firestorm in a big way.
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Post by bobo on Sept 24, 2006 21:17:57 GMT -4
Senators Grassly and Specter made a request for information regarding Gary Aguirre's allegations concerning his investigation and dismissal. The SEC responded with the "norm" BS reply that the information was "confidential" and would neither confirm or deny an ongoing investigation. How do they continue to dodge the bullets? Why is it allowed and who is responsible? ------------------------ I haven’t followed up on that in a few weeks, but I believe that they are now getting that data. We shall see. Congress doesn’t take being dismissed lightly. That was a tactical error on the SEC’s part. Don’t piss off the guys with the power to squash you or make your life miserable. They got too big for their britches there, and set the wrong tone. Oops.
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Post by kranker on Sept 24, 2006 21:18:28 GMT -4
What is it going to take to bring this nasty NSS era of the markets to a close? and when do you see this as possible? -------------------- I think that we are going to need to see discovery in some of the lawsuits that proves beyond a shadow of a doubt that there was widespread abuse. At that point, I believe that we will see laws changed to stop the practice, moving forward. We also may see the state-level regulators take action that forces the SEC’s hand. But for us to have more than a Pyrrhic victory, we need to see the regulations changed, and enforced, as outlined in the NCANS letter linked at thesanitycheck.com site. That really is the final word on how to eliminate the problem. Whether that will actually occur is a different question. We know what the problem is, we know it is fixable, and we know what to do to fix it. Beyond that, I don’t know how to make our cops do their job. I still think it will come down to suing the SEC to get it done – to shame them into doing their job. Bob, We want the criminals to pay now, and dearly. I am thinking someone, maybe a group, is going to buy a million bucks worth of advertising to devastate these criminals in the near term. It could be wishful thinking, but I think it could be done, and would hammer them severely... Thoughts?
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Post by bobo on Sept 24, 2006 21:19:05 GMT -4
Congress ends its current session on September 29. Is this an opportunity to meet with our captured politicians on our home turf? ------------------------ I would use the NCANS letter, with almost 1100 signatures endorsing it in one week, as your opening salvo with your elected officials. I’d present them with the letter, and ask them to study it and tell you what they are going to do. If you can, I think trying to get your local radio stations involved in the issue is hugely effective. Talk radio has ears. This is the fleecing of America. Great topic – a thin slice of NY F-ing hard-working folks in the heartland. Even the dimmest host should be able to make hay out of that.
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Post by jannikki on Sept 24, 2006 21:19:21 GMT -4
Millions of Americans have e-mailed, faxed and written to Congress and the Media - personally and collectively .. with very slow reaction by all. We have a "Petition - forcing Market reform!" with 2,073 signers. Others available - but not approached yet - suggestions encouraged. 1) CMKX - shareholders & Family - 40,000 to 120,000 2) All NSS'd CO's - shareholders & Family - 1 to 2 million 3) Pensioners funds stolen, Union & Mgmnt - 3 to 5 million 4) Social Security Benefits - Market Fears - 10's of millions Do you, as we, believe a Petition with millions of Americans signed will prompt our paid representatives to catch, arrest, strip assets and put them in jail under RICO .. Trillions of dollars have been devalued on nearly all of American holdings. How long must we wait??? ------------------------ Can’t hurt to show solidarity and commitment in the face of blatant corruption and thievery. Part of what Wall Street does is try to make this seem like it is an issue at the margins, at the fringes. The greater the number of folks speaking out and taking action, the harder it is for them to do it. I know that I have the ability to get major pubs to pick up the phone if I call, so perhaps we should do one central petition with a set of clear, achievable goals and milestones. If that seems like a good idea I can work on setting one up at TheSanityCheck.com if it appears to be of value, but I would need commitment to support it via propagating the message. I think a petition with millions of signatures would be great, but realistically think that if we could get 100K we could get the media into the firestorm in a big way. That's a good idea.
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Post by bobo on Sept 24, 2006 21:20:21 GMT -4
If the SEC is unwilling to do their job, what keeps companies from taking their stock to other exchanges that are better regulated? I hate to say it, but our market's reputation is becoming similar to that of the Berlin Stock Exchange. ------------------------- Nothing keeps companies from going elsewhere, but that doesn’t solve the problem. The US system would probably just naked short sell the ADRs down the toilet. Whether we like it or not, whether it is good or not, the US is slowly but surely turning the Global market into a US-managed and driven market. Nowhere is truly safe, unless you envision companies moving to the Indian bourse. This is a nowhere-to-hide kind of problem for capitalism.
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