Bloomberg's Gary Matsumoto Strikes First Major Media Blow on NSS, First of a Series? Location: Blogs Bud Burrell - Front and Center Posted by: bburrell 3/13/2007 6:51 PM Bloomberg's "Phantom Shares" 25 minute segment is out of the can, and it can't be put back in, period.
I have been asked to consider a major series on the full scope of this scandal, which goes well beyond the numbers and securities discussed in this well prepared and solidly edited piece. I will now ask if Bloomberg would be interested in partnering on this.
My most trusted senior political advisor advised me there is no formula for a "Graduated" workout on this, it has simply gone too far.
That means that somewhere we face a Finanical 9/11 of our own system's making, and there will be lifeblood in the water before it is over.
I haven't just told responsible authorities for SEVEN (that's right, 7) years this monster was headed at them. In their bureaucratic arrogance and stupidity, they simply wouldn't listen to the facts.
This "Humpty Dumpty" is broken, and God only hopes the pieces will never be put back together again in the same misbegotten way.
Re: Bloomberg's Gary Matsumoto Strikes First Major Media Blow on NSS, First of a Series? By Robert Ross on 3/15/2007 3:45 AM
I would like to know your opinion on these four areas:
1) The 2 million dollar fine against Goldman for failing to investigate trading irregularities was a farce. Why did the SEC not go after the ill-gotten gains (commissions) that Goldman derived from the trading action? If the offense was such that a fine was appropriate, then it seems like the profits from such an offense should have been fair game.
2) You mentioned that a tsunami was coming and that the underlying force of the wave would be due to evidence of wrongdoing found in documents that came from discovery in an unrelated case. Could this flurry of activity from the SEC against the NSS be an attempt to cover their collective butts by showing that they are getting tough on the perpetrators of NSS?
3) If #2 above is true and the SEC is indeed trying to cover their backsides, is the start of the tsunami being delayed so that the full scope of the SEC activity against NSS can be evaluated prior to the first wave? Or, is it even possible for the SEC and others to mitigate their role in the NSS scandal considering the evidence that was uncovered?
4) Is there any part of the actions that the SEC took against Goldman that seems like a genuine attempt to clean up the NSS? It really looks to me like they are only trying to placate the loudest criers. A 2 million dollar fine would be laughable if it were not so sad.
The Goldman fine is to them nothing more than a cost of doing business.
I don't think the SEC will do anything, but they don't know what to do.
The Tsunami is only being delayed for limited resources, not any core problem with the causes for action.
It will come long before the SEC leadership pulls its head out of wherever. Don't confuse the leaders with the soldiers at the SEC. The latter I am sure are appalled by what they are seeing.
The Goldman fine is meaningless, and will change nothing.