Journalists who write about short selling hedge funds fall into three categories.
The first category is comprised of a very small number of journalists who have deliberately whitewashed the dubious activities of their short selling sources. These journalists–such as Herb Greenberg (whose stories for MarketWatch.com invariably served the interests of the same short sellers who are now paying Herb’s salary), and former BusinessWeek reporter Gary Weiss (who works with a cast of convicted criminals and flimflammers to smear the reputations of people who are critical of short selling crimes)–are, at some level, corrupt.
The second, larger category is comprised of journalists who gorge on the junk food fed to them by the hedge fund lobby, subsequently farting out the predictable fog – “short sellers are vital to the markets;” “short sellers are vital media sources;” “short sellers were right about company X because company X is now bankrupt.” To which you say, yeah, but some of those short sellers commit crimes that destroy companies – and the journalists say, yeah, that might be, but it’s hard to prove a crime, deadlines loom, and sloth has its appeal, so “fart, fart, fart.”
The third category is comprised of the small but growing number of journalists who have actually spent some time chewing on the data and the evidence – and are now digesting this nourishing roughage into something a bit more solid – something like stories that show that short selling shenanigans just might have contributed to the near total collapse of the American financial system.
As evidence that the latter sort of journalists do, indeed, exist, consider that no less than five Wall Street Journal reporters spent several weeks working together on an investigative story about how short selling might have helped fuel the panic that nearly took down Morgan Stanley in September.
The result, published yesterday, revealed that:
- Hedge fund managers Dan Loeb and Israel Englander pulled their money out of Morgan after taking large short positions in the company. Jim Chanos, head of the short seller lobby, also yanked his money, though he claims not to have been short Morgan. (The unstated suggestion is that the shorts might have worked together – simultaneously pulling their billions in order to create the illusion of a run on the bank.)
- At the same time that the hedge funds were yanking their money and taking big short positions, somebody bombarded the market with false rumors about Morgan losing access to credit. New York Attorney General Andrew Cuomo and the Securities and Exchange Commission are looking into whether short sellers were responsible for these rumors.
- While the false rumors circulated, the price of Morgan Stanley credit default swaps soared. The New York AG and the SEC are examining “whether traders bought swaps at high prices to spark fear about Morgan’s stability in order to profit on other trading positions [short sales], and whether trading involved bogus price quotes and sham trades.”
- This “pattern of trading, which previously had battered securities firms Bear Stearns Cos. and Lehman, now is dogging Citigroup, whose stock fell 60% last week to a 16-year low.” (The unstated suggestion, contrary to what the Journal used to tell us all the time, is that it is not just “bad management” that causes stock prices to lose half their value in a few days.)
The Journal might have done one better by noting that Loeb, Englander, and Chanos are part of a tight clique of hedge fund managers who tend to attack the same companies.
The Journal might also have pointed out that when these hedge fund managers attack, they often “share ideas” (ie., spout the same false information and distorted analysis about their victim companies, sometimes anonymously on Internet message boards).
And it would have been worth noting that the companies targeted by these hedge fund managers are invariably victimized by naked short selling. That is, whenever these particular hedge funds are swarming, somebody is selling a lot of stock that they do not possess, and therefore failing to deliver the stock on time.
The SEC’s “failure to deliver” data for September will become public in a couple of weeks. If the data shows, as I suspect it will, that Morgan Stanley was targeted by illegal naked short selling, then maybe The Wall Street Journal will do a follow-up report.
Before that, The Journal’s reporters could take a look at the data through June, which shows quite clearly that in addition to the “pattern of trading” cited in yesterday’s story, Bear Stearns was buried under waves of naked short selling, beginning in January. On the day that CNBC’s David Faber reported the false news (fed to him by a hedge fund “I have known for twenty years”) that Goldman Sachs had cut off Bear’s access to credit, more than a million shares of Bear Stearns were sold naked, failing to be delivered within the allotted three days. Most of those shares – and another 10 million Bear Stearns shares sold short in March – have, to this day, never been delivered.
Then there is the data that shows that, market wide, “failures to deliver” doubled between 2007 and 2008, and peaked at 2 billion shares at the end of June – just before the SEC issued its July 15 “emergency order” protecting 19 big financial institutions from naked short selling.
While the “emergency order” was in place, stock prices increased dramatically. Within weeks after the “emergency order” was lifted, a number of those 19 protected companies – including Lehman Brothers, Merrill Lynch, Morgan Stanley, Citigroup, Fannie Mae, and Freddie Mac – saw their stocks plunge to crisis levels, and were then vaporized, nationalized, or bailed out.
The data through June shows that nearly all of those companies had been hit with massive levels of naked short selling, with between one million and 12 million shares failing to deliver in multiple spurts of several days. Washington Mutual, IndyMac, and a few dozen other now-defunct financial companies were clobbered with even higher levels of fails — day after day for weeks on end. Many non-financial companies have been hit even harder.
In fact, the available data understates the problem. There could be ten, 100, or many more times as many failures to deliver, but we cannot know for sure because that black-box Wall Street outfit called the Depository Trust and Clearing Corporation refuses to release more complete data. It also refuses to reveal which criminal hedge funds are engaged in naked short selling.
Meanwhile, the DTTC vehemently denies that naked short selling is a problem and attacks journalists, critics, and former DTTC employees who say otherwise – all part of a disinformation campaign orchestrated with help from the corrupt former BusinessWeek reporter Gary Weiss and his criminal accomplices, some of whom are paid by Dan Loeb, the hedge fund manager who features in yesterday’s Journal story.
Gary has gone so far as to hijack Wikipedia in cahoots with a Wikipedia administrator and former MI6 agent named Linda Mack. Anybody is supposed to be able to edit the online encyclopedia, but until recently only Gary and Linda Mack could touch the entry on “naked short selling” (which of course said there is no such crime). Gary flat out denies working with the DTCC and says that if somebody saw him go into the DTTC’s office, it was to “use an ATM machine.” He also continues to flat-out deny that he has ever edited Wikipedia, even though he has been exposed by The Register, a respected British publication.
After The Wall Street Journal figures out why the DTTC is protecting criminals, it could investigate why the SEC has never prosecuted a hedge fund for naked short selling, and why the Wall Street cronies who run the commission quashed at least two major investigations into suspected short selling crimes.
One of those investigations (targeting research firm Gradient Analytics, but meant to be the beginning of larger inquiry into the activities of Gradient’s short selling clients, was shut down under pressure from the aforementioned corrupt journalists, several of whom (Herb Greenberg, Jim Cramer, and Carol Remond of Dow Jones Newswires) had received government subpoenas because of their unusually close ties to Gradient and the aforementioned clique of short sellers.
Another investigation (into suspected naked short selling that SEC whistleblower Gary Aguirre described in a letter to the U.S. Congress as having the potential to “seriously injure the financial markets”) was shut down under pressure from Morgan Stanley CEO John Mack, who apparently had “juice” at the SEC. (For details see the U.S. Senate’s 700 page report on the matter. When the Senate refers to “market manipulation,” it is describing naked short selling.)
In yesterday’s story, The Journal notes that “sales of credit-default swaps were a profit gold mine for Wall Street. But, ironically, during those tumultuous few days in mid-September, the swaps market turned on Morgan Stanley like a financial Frankenstein.”
The Journal should have noted that naked short selling, too, was a gold mine for Morgan Stanley, and that given Mack’s role in shutting down the SEC investigation, it is kind of ironic that the Morgan CEO later found himself complaining to the SEC that short sellers had illegally manipulated his stock to single digits. Indeed, this was a stunning admission that a crime long denied by Wall Street does, in fact, occur.
The Journal could also investigate why the aforementioned corrupt journalists smeared Gary Aguirre, circulating the story (completely false, according to the U.S. Senate and the SEC inspector general, and all available evidence) that the SEC whistleblower had been fired for poor performance. There is also the question as to why these journalists, most of whom have yet to publish a story that was not sourced from the aforementioned clique of hedge funds, went to such lengths to smear other critics of naked short selling – everybody from Deep Capture reporter Patrick Byrne to the blogger who calls himself the Easter Bunny. .
The Journal might also be interested to know that one of those short selling hedge funds, Kingsford Capital (managed by corrupt journalist Herb Greenberg’s former co-editor at TheStreet.com) announced that it would begin paying my salary at the Columbia Journalism Review (where I was then an editor), just before CJR was going to publish a story about naked short sellers (including Kingsford Capital) and captured journalists (including Herb). Indeed, three of the four journalists who have begun work on major stories about naked short selling have ended up shelving or watering down their stories, not long before receiving funding or salaries from this same clique of hedge funds (more on this in a coming dispatch).
Perhaps a shifty hedge fund will offer jobs to the Journal’s hard-working reporters, too. Either that, or they will get smeared as “conspiracy theorists” or “knuckleheads who don’t understand markets and were fired from their previous jobs.” Maybe the hard-working reporters will give up.
Or maybe they’ll keep chewing on the facts and publish a story about how captured regulators, corrupt journalists, a colorful cast of convicted criminals, the black box DTTC, and the aforementioned clique of hedge funds all sought to cover-up a crime that is now implicated in the greatest market cataclysm since 1929.
Now, that would be some good shit.
* * * * * * * *
Tipsters, crusaders, and thinkers — feel free to contact me at [email protected]. Same goes for journalists wishing to obtain data and evidence — free of charge, of course.
If this article concerns you, and you wish to help, then:
1) email it to a dozen friends;
2) go here for additional suggestions: “So You Say You Want a Revolution?“
Peter Schiff YouTube video compilation
Peter Schiff is one of Ron Pauls economic advisors and was dead on in his market analysis.
Listening to some of the dummies who drank the kool-aid arguing against him is spectacular…
– idonothingallday.com
Dear Mr. Mitchell:
Thanks again for exposing the corruption surrounding Naked Short Selling.
Let’s hope the reporters at The Wall Street Journal really EXPOSE the Naked Short Selling criminals. Blow the whistle loud! Rock the Hedge Funds’ world — and drag the criminals right out into the SPOTLIGHT.
At this juncture, the President needs to announce an Emergency 9/11-Type Panel — because this Naked Short Selling is FINANCIAL TERRORISM that endangers the entire financial system! If anyone needs a reality check — The financial system has already been brought to its knees! Action must now be taken before it is too late.
I’m sick & tired of hearing miniscule fines. The PUNISHMENT must fit the CRIME. Why not BAN Naked Short Selling as ILLEGAL? Why not impose large fines, barring from the securities industry for life and jail time?
We must all do our part to help expose these criminals. Naked Short Selling must be banned forever. I suggest sending Mr. Mark Mitchell’s MASTERPIECE of INVESTIGATIVE JOURNALISM, this article, to every Investigative Journalist on the planet. And, simply demand that this article be published to help expose the financial crime of our lifetimes — Naked Short Selling. It’s high time to get the word out — to expose these criminals.
I want to see justice soon.
Hang_’em_High
Mark,
We are on the trail and like you welcome all information coming from the inside. Across a broad range of securities, the pattern of fraudulent activity is consistent.
While uncovering the patterns of the fraud a basis of damage calculation has become more obvious.
We hope to perfect the formula over the coming weeks and months. In conjunction with what you are uncovering and the powers that have adopted our work, my sense is that unlike periods in the past, justice will come to those deserving of it on both sides of the coin.
AMG
[email protected]
The willingness of the WSJ to publish something helpful to Morgan Stanley, even to assign some reporters to the project, is not entirely news or selfless service to humanity. Still, it’s good they went to the extent they did in publishing details showing just how these funds run in packs, extending little and big favors here and there, knowing there will be future opportunities for paybacks. That Congress has permitted to roam free of regulation and without even a cop on the beat capable of assuring criminal law abiding conduct is a national shame.
When is Christopher Cox going to be held accountable. I want him to spend the rest of his life in jail.
If you dont enforce the rules that are there, then the system has to fail.
On Chris Cox, someone wrote something similar a few days back..
http://www.marketrap.com/article/view_article/30/naked-short-sellers-attack-citigroup
Mark, Patrick, et al.
I really think the next area where the Naked Short Selling problem will reveal itself is the COMEX. The spot price of gold and silver specifically are nowhere close to the physical price. There are a lot of reports of Russia, China, United Arab Emirates, and Saudi Arabia builiding thier bullion supplies and demanding delivery of their futures contracts. When that happens (possibly as soon as December) – Kaboom!
MightyUnderdog,
I agree – the physical market for Gold Coins is “sold out” at many suppliers, and when Gold Coins are available, the price is at a “premium” of up to $100.00 ABOVE the Spot Price of Gold Bullion. How could this happen? Many believe the paper-traded COMEX Gold Market has artificially-suppressed the price of Gold.
Mr. Jim Willie wrote a commentary on the COMEX Gold Market today – which I quote an excerpt below and provide a link to his complete article as well.
Link: http://www.kitco.com/ind/willie/nov262008.html
………………………………………………………
” ATTACK OF COMEX GOLD & SILVER
Powerful foreign entities are preparing a massive major assault on the US financial corruption, at key spots. All signs seem to point to the gold futures contracts traded at the COMEX and NYMEX, whose prices are routinely suppressed by a high volume of uneconomic short contracts by two to four banks. The COMEX is a division of the New York Mercantile Exchange. A highly leveraged sequence is soon to be unleashed, one that should bring back thoughts of asymmetric attack. Think small cost of a weapon, heavy damage to costly equipment. Something big comes to the gold market, with big angry players! If successful, severe damage will be done to the USDollar. Their goal is to kill the COMEX gold market, the key location for gold price suppression. Major Russian, Chinese, Arab, and European bankers and billionaires are angry beyond words. The giant portion of gold vaulted resides in Central Europe. A plan is in place. The key here and now is COMEX gold futures contracts, where many big players are demanding delivery for their December contracts. North American investment houses have also targeting them for delivery demands. With newly energized Russia & China building their gold treasures, with Arabs turning from distrusted Western paper and more toward gold & silver, look for the new players to offer support to the primary thrust attacks. If successful, it will be a defining moment in US financial history. The first delivery notice for the December gold contract is given on November 28.”
……………………………………………………….
Here’s a link to a video in the above referenced article:
http://www.youtube.com/watch?v=afb-vinRy3I&NR=1
………………………………………………………
From looking at the Fails-to-Deliver (FTD) Charts at http://www.failstodeliver.com , many Gold/Commodity Equities have been artificially-suppressed via Naked Short Sellers. And, if Mssrs. Jim Willie & Max Keiser are correct, then I believe Spot Gold will soar higher….as the paper-games come unraveled — and the FAIR MARKET VALUE is revealed after years of artificial price-suppression. Now, if the commodity equities move exponentially higher to the physical Spot Gold price due to the small market cap in the Gold Mining Equities Sector, then the Gold/Commodity Equities may be positioned at precisely the right time to explode higher as Spot Gold spikes higher.
FYI – Anyone can purchase Gold Bullion for physical delivery (to help force an end to the “paper-manipulation games”)….and not be forced to pay a high “premium” of up to $100.00/oz. from a local Gold Coin dealer. I understand there is a minimum quantity of 100 oz. of Gold Bullion to purchase on the COMEX. For more info., just go to Jim Sinclair’s website and scroll down to instructions about buying Gold Bullion on the COMEX yourself.
So, is this how the playing field is leveled? It seems the illegal, manipulative Naked Short Sellers are their own worst enemies. It’s sure a brutal way to the end result…which is a market with no (zero) Naked Short Sellers. The Naked Short Sellers have attacked themselves AND OTHERS – causing untold amounts of financial destruction, bankruptcies, forced mergers at piddly-squat prices to competitor(s), and government bailouts because of “systemic risk”. Now, on the COMEX as described in the article and video linked hereinabove, it’s predicted that a default of physical delivery of Gold/Silver Bullion in December may happen. Is this a financial-horror show or is this real life?
And, with the above tsunami of events happening or being predicted to happen, the S.E.C. has not taken action in the following areas:
Not one (1) perpetrator has been prosectued for Naked Short Selling. Why?
The “Uptick Rule” has not been reinstated. Why?
Is it so difficult to understand that BEAR RAIDS are destroying financial wealth that has taken decades to create?
I want to see justice.
Hang_’em_High
http://news.yahoo.com/s/ap/20081128/ap_on_bi_ge/meltdown_coming_soon
Meltdown far from over, new mortgage crisis looms
By MATT APUZZO, Associated Press Writer Matt Apuzzo, Associated Press Writer – 50 mins ago
WASHINGTON – The full scope of the housing meltdown isn’t clear and already there are ominous signs of a new crisis — one that could turn out the lights on malls, hotels and storefronts nationwide.
Even as the holiday shopping season begins in full swing, the same events poisoning the housing market are now at work on commercial properties, and the bad news is trickling in. Malls from Michigan to Georgia are entering foreclosure.
Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.
That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies’ credit.
“We’re probably in the first inning of the commercial mortgage problem,” said Scott Tross, a real estate lawyer with Herrick Feinstein in New Jersey.
That’s bad news for more than just property owners. When businesses go dark, employees lose jobs. Towns lose tax revenue. School budgets and social services feel the pinch.
Companies have survived plenty of downturns, but economists see this one playing out like never before. In the past, when businesses hit rough patches, owners negotiated with banks or refinanced their loans.
But many banks no longer hold the loans they made. Over the past decade, banks have increasingly bundled mortgages and sold them to investors. Pension funds, insurance companies, and hedge funds bought the seemingly safe securities and are now bracing for losses that could ripple through the financial system.
“It’s a toxic drug and nobody knows how bad it’s going to be,” said Paul Miller, an analyst with Friedman, Billings, Ramsey, who was among the first to sound alarm bells in the residential market.
Unlike home mortgages, businesses don’t pay their loans over 30 years. Commercial mortgages are usually written for five, seven or 10 years with big payments due at the end. About $20 billion will be due next year, covering everything from office and condo complexes to hotels and malls.
The retail outlook is particularly bad. Circuit City and Linens ‘n Things have sought bankruptcy protection. Home Depot, Sears, Ann Taylor and Foot Locker are closing stores.
Those retailers typically were paying rent that was expected to cover mortgage payments. When those $20 billion in mortgages come due next year — 2010 and 2011 totals are projected to be even higher — many property owners won’t have the money.
Some will survive, but those property owners whose loans required little money up front will have less incentive to weather the storm.
Refinancing formerly was an option, but many properties are worth less than when they were purchased. And since investors no longer want to buy commercial mortgages, banks are reluctant to write new loans to refinance those facing foreclosure.
California, New York, Texas and Florida — states with a high concentration of mortgages in the securities market, according to Fitch — are particularly vulnerable. Texas and Florida are already seeing increased delinquencies and defaults, as are Michigan, Tennessee and Georgia.
The worst-case scenario goes something like this: With banks unwilling to refinance, a shopping center goes into foreclosure. Nobody can buy the mall because banks won’t write mortgages as long as investors won’t purchase them.
“Credit markets have seized up,” corporate securities lawyer Michael Gambro said. “People are not willing to take risks. They’re not buying anything.”
That drives down investments already on the books. Insurance companies are seeing their stock prices fall on fears they are too invested in commercial mortgages.
“The system has never been tested for a deep recession,” said Ken Rosen, a real estate hedge fund manager and University of California at Berkeley professor of real estate economics.
One hope was that the U.S. would use some of the $700 billion financial bailout to buy shaky investments from banks and insurance companies. That was the original plan. But Treasury Secretary Henry Paulson has issued a stunning turnabout, saying the U.S. no longer planned to buy troubled securities. For those watching the wave of commercial defaults about to crest, the announcement was poorly received.
“He’s created havoc in the marketplace by changing the rules,” Rosen said. “It was the stupidest statement on Earth.”
The Securities and Exchange Commission is considering another option that might ease the crisis, one that would change accounting rules so banks don’t have to declare huge losses whenever the market declines.
But the only surefire remedy is for the economy to stabilize, for businesses to start expanding and for investors to trust the market again. Until then, Tross said, “There’s going to be a lot of pain going forward.”
You just have to understand who the guys like Paulson and Cox are really working for…and NO!!!! It ain’t us.
I was in NYC last week with a partner in a gold silver mining venture talking with a fund manager. He was interested in talking as we are setting up. A private Canadian exploration co. with some old hi grade unexplored Nevada mining properties. We are seeking investment from those wanting to avoid the corrupt public markets. His invite as he and his partners are looking at this as another way to invest. Away from the crooks.
He spent the first half hour of our meeting railing about the naked shorting that is destroying the market place as well as the criminal character of those he knows doing this dirty business. He summed it up by saying he had seen these guys who gloat over taking down companies and the loss it causes. Then he told us about some of these people then going out and spending millions on coming out parties or sweet sixeen parties for their own kids while having no regard whatsoever for the many they have destroyed along with the hardship caused for other familys as a result.
Jail is too kind, they need a rope from the nearest lampost or limb supporting their hung dead bodies!
From what I am hearing it is going to come if things don’t change as some of those now being wiped clean in some places still have large resources and know this must be stopped. They may want revenge.
A few years back in VanCouver Canada some of the crooked financial ‘dirty boys’ got 9mm lead poisoning while waiting for red lights.
Unfortunately for the smallest of us is we may be wiped out compleatly by that time.
I AM JUST A SMALL TIME INVESTOR. I HAVE TAKEN MY MONIES AND INVESTED IN THE STOCK MARKET HOPING FOR A RETURN TO HELP WITH MY SONS FUTURE COLLEGE EDUCATIONS. WELL SIR, WHAT I HAVE LEARNED IN THE PAST FEW YEARS THEY DONT TEACH IN COLLEGE. MY PORTFOLIOS HAVE BEEN NEARLY WIPED OUT BY THE GREED ON WALL ST. IT IS SAD TO SEE THAT THE SEC HAS NO INTEREST IN THE AMERICAN INVESTING PUBLIC. OUR MONIES ARE STOLEN, THE COMPANYS STOCK ARE VASTLY OVERSOLD IN THE FLOAT. THEY CAUSE A SPIRAL DOWN IN THE COMPANIES CAUSING THEM TO GO UNDER AND BECOME NON EXISTENT. POOF,,,,,,,,,,,OUR INVESTMENT MONIES ARE GONE. NO ONE IS HELD ACCOUNTABLE, AND NO ONE GIVES A DAM. NOW THE TRADERS AND WALL ST. FIRMS ARE GETTING A BIT OF THERE OWN MEDICINE. A BITTER PILL TO SWALLOW FOR ALL OF THEM AND LONG OVERDUE. SEC, DO YOUR JOB, DO WHAT YOU ARE SUPPOSED TO DO, THE RIGHT THING.. AT LEAST I WAS GIVEN A CHANCE TO VENT. GOOD LUCK TO US ALL. LETS SEE SOME CLEANSING IN THE MARKETS. HANGING THE THIEVES IS GETTING OFF TO EASY.
My My!
Lampost hangings won’t bring back the pension funds and other nesteggs that got scrambled in this event.
I know my Husband Tony has been stashing cash in everyhole in our backyard just for an event like this.
Loansharking is the new drug of choice,we like that.
Now I hear that commercial loans are as crappy as some of the home loans.So now what?…another trillion dollars to bail those idiots out? and why? because they had the sense to buy insurance from AIG who were stupid enough to sell it?
HEY!! WALL STREET! you think you are getting bailed? You think we don’t know whats what? WE KNOW.
The rules don’t work for us. BEFORE THIS IS OVER SOME BASTARDS ARE GOING TO SWING…..
This from yesterdays http://www.jsmineset.com.
This is more specific to the Canadian JR gold/silver mining stocks I believe but he comments other places on the over all naked shorting scam and I think this would apply there as well before long.
I now know of one gold jr that is being backed by a large fund out of China. When told about what was going on in that stock and how the naked short scam was worked they replied that they would be interested to see what would happen if a small, few million market cap stock, were to see hundereds of millions in buying come in from nowhere. And not stop.This small company controls over $2 billion in in ground resource according to a larger miner who studied the property.
I don’t know how that will work but was assured that they were as serious as a heart attack and had billions in backing and a strong distase for what they were learning about the American and Candian market place.Any way here is what Sinclair says:
Jim Sinclair’s Commentary
The naked and pool short sellers who have decimated people seeking safety by illegal means should focus on a harsh but accurate insight of an early economic theorist known as “The Prince”
“Kill a man’s father, and he will hate you. Take away a man’s property, and he will kill you.”
The power-tripping Toronto cliques should consider that what they have done has in truth taken more property from people than most wars in history and all crimes since the Jurassic Age.
So far they have practiced their demonic craft with impunity, but things are turning. Everything has it’s season, and I assure you that theirs is over here and now.
Mr.or Ms.1929 vs 2008 chart
These outline not demonic but Satanic directed moves of humans in seeking control and gain from others less powerful. Men who like their master Satan seek to become little,small g gods. Even overseeing who lives and who dies.
The begining of the end for them and the massive suffering they cause is told about in the Bible. Read the ‘Book of the Revelation of Jesus Christ’ for the whole story. You will notice the 3rd verse in the 1st chapter says there is a blessing promised to the reader of this book???? How can this be? I think because the the end answer for all of us against these eveil men and forces are revealed in the teaching and answer given by Christ himself and the revelation that in the end these men and Satan are dealt with in a final way.
I have to wonder at some of the so called Christian Churches who don’t want their people to read and study this on their own. Are they afraid that if that happened that those people might see and know the truth? Would some so called Ministers or the Pope lose the grip they hold if the people under them really read the scriptures for themselves? It is hard to read and understand but like the subject of what is happening in the markets I think as thing get bad enough that we all will be forced to forget the idiot drug of TV and sports to see what is working to destroy us all, here and now and hereafter.
In the meantime, as a human, I will gladly stand in the crowd cheering on the hanging of the few of the Satanic bunch who get a early human conviction and hanging, should that be even allowed to take place beforehand.
Remember that I am not a fan of this man..but we need all the help we can get. Now he feels what we feel.
Mark Cuban To The SEC: I’m Not The Insider Trader, You Are!
Mark Cuban To The SEC: I’m Not The Insider Trader, You Are!
Posted by Timothy Sykes on Sun 30th of Nov, 2008 03:35:43 PM
Remember when the SEC grabbed all the headlines after going after Mark Cuban with insider trading?
First, he responded with this post and this post.
Now…
Well, Cuban ain’t going down without a fight and it’s almost laughable how easy it is for this determined SOB to pick apart this joke of a government regulator:
In this post Cuban writes:
First the humorous side of the report, the SEC apparently has issues with Porn usage among employees.
Now the Serious.
It never crossed my mind that it would be legal for employees of the SEC to trade stocks. Not that they shouldn’t have rights to own whatever they want in a trust. They should. Trading individual stocks and bonds. Wow.
There is a SEC policy in place regarding trading and what employees can and can’t do according to this report, but if you know about actions of one company, even if you don’t trade that company, doesn’t that provide you insight into an entire industry ?
But wait there is more. According to this report,
” we have determined that the Commission’s current system in place to report the ownership and
trading of securities is insufficient to prevent and detect insider trading on the part of
Commission employees or violations of the Commission’s rules.
The OIG investigation has found that the reports that employees are required to file when they buy, sell or own securities are not meaningfully reviewed or sufficiently checked for conflicts of interest. Moreover, there is currently no system in place for the Commission to detect if an employee who has traded or owns a security failed to properly report such transaction. “
Awesome, facts from internal memos are better than any rants I’ve ever written against Big Incompetent Brother (BIB).
From the related Washington Post article:
The Securities and Exchange Commission, the top U.S. cop for insider trading, is examining whether two of its employees broke agency rules or tapped nonpublic information while making a high volume of trades.
SEC Inspector General David Kotz said his office has reviewed more than two years of brokerage records to see if the investments were approved, properly reported and held for required amounts of time. The probe described in Kotz’s semi-annual report to Congress, posted yesterday on the SEC’s Web site, also examines whether trades were based on confidential information from casework, co-workers or agency resources.
So if we are to trust Cuban’s blog and THIS long SEC memo, the SEC are probly more at risk of insider trading than anyone else…typical BIB SEC hypocrisy.
http://timothysykes.com/2008/11/30/mark-cuban-to-the-sec-im-not-the-insider-trader-you-are/
Here is the OIG report:
http://www.sec.gov/about/oig/audit/2008/seminov08.pdf
Cuban has always asserted that it is proper to “hasten the demise” of corporations via the naked short selling of the shares of corporations that he deems to be unfit. This same arrogance probably deemed that the insider trading rules didn’t apply to him.
Here is Cuban’s Explanation of his position on naked shorting:
http://blogmaverick.com/2005/03/02/naked-shorts-what-i-have-learned/
And here is an explanation of his current problems with the SEC:
http://deadspin.com/5090903/the-mark-cuban-scandal-for-dummies-like-us
As of today’s closing price, the S&P 500 is down 48.2% from the high set on October 8, 2007.
Just today, the S&P 500 fell 8.93% (just one day’s trading).
Will the Bear Raiders be happy when the PRICE = ZERO for everything? (All publicly-traded equities destroyed).
As Main Street & Middle Class America see their LIFETIME retirement savings nearly cut in half, Hedge Funds are celebrating extravagantly:
http://jtaplin.wordpress.com/2008/11/20/short-sellers-celebrate/
Before it is too late (PRICE = ZERO for everything), the S.E.C. must take action to stabilize the markets by reinstating the “Uptick Rule” and enforcing the illegality of Naked Short Selling.
I want justice – and I wanted it yesterday.
Hang_’em_High