Michael Milken, 60,000 Deaths, and the Story of Dendreon (Chapter 9 of 15)


    What follows is PART 9 of a 15-PART series. The remaining installments will appear on Deep Capture in the coming days, after which point the story will be published in its entirety.

    Click here to read PART 1

    Click here to read PART 2

    Click here to read PART 3

    Click here to read PART 4

    Click here to read PART 5

    Click here to read PART 6

    Click here to read PART 7

    Click here to read PART 8

    Where we left off, we had learned that on March 29, 2007, an FDA advisory panel had voted overwhelmingly that Dendreon’s promising treatment for prostate cancer should be approved. As a result, most financial analysts and investors were predicting that Dendreon’s future looked extremely promising.

    As we had also learned, however, ten hedge funds (out of a universe of 11,500 hedge funds) held large numbers of Dendreon put options (bets against the company), suggesting they had reason to believe that Dendreon would be derailed. At least seven of those hedge funds can be tied to Michael Milken or his close associates. Michael Milken himself also stood to profit if Dendreon were to experience any problems receiving FDA approval. This is because Milken was the early financier and principal deal maker for ProQuest Investments, a fund that controlled, along with an affiliate, a company called Novacea, which was one of Dendreon’s putative competitors in the race to produce a new treatment for prostate cancer. Meanwhile, a Milken crony, Lindsay Rosenwald (who once helped run a Mafia-linked brokerage called D.H. Blair) controlled Cougar Biotechnology, the only other company that purported to be developing a treatment for prostate cancer. We had learned that Milken’s “philanthropic” outfit, the Prostate Cancer Foundation, had supported Novacea and Cougar, while turning its back on Dendreon.

    Finally, we had learned that on April 13, 2007, The Cancer Letter, a newsletter with a history of publishing information leaked from the FDA, and reputation for being an organ of Wall Street hedge funds, published a confidential letter to FDA commissioners from an FDA-contracted doctor named Howard Scher, who was a board member and executive of Milken’s ProQuest Investments and the chairman of the “Therapeutic Consortium” of Milken’s Prostate Cancer Foundation.  In this letter (an unprecedented attempt to lobby the FDA after an advisory panel had already voted), Dr. Scher argued vehemently that Dendreon’s treatment should not be approved.

    Now we learn more about Dr. Scher’s letter…

    * * * * * * * *

    As Dr. Scher made clear in his letter, his concern about Dendreon was not, strictly speaking, that it didn’t work, but that it would render irrelevant his work on Novacea’s competing treatment, Asentar. A new phase 3 trial to test the effectiveness of Asentar (referred to in the letter by its medical name, DN-101) had been “designed, initiated and continues to accrue,” Dr. Scher wrote. “I am the International Investigator on this trial.”

    Nowhere in his letter (and nowhere in the conflict-of-interest waiver form that he submitted in order to get a seat on the FDA advisory panel that voted on Dendreon’s treatment) did Dr. Scher mention that he was not just the lead investigator in the Asentar trials, but also a board member and executive of Milken’s ProQuest Investments, which was, along with affiliate Domain Associates, the biggest investor in Novacea, the company that was developing Asentar.

    Also left unmentioned was the fact that Dr. Scher was the chairman of the “Therapeutic Consortium” of Milken’s Prostate Cancer Foundation. The “Therapeutic Consortium” helps Milken’s “philanthropic” outfit decide which treatments and hospitals deserve its support.  It is clear that the Prostate Cancer Foundation’s donations to hospitals such as Dr. Scher’s Memorial Sloan are linked to the hospitals’ support of specific treatments being developed by specific Milken-affiliated companies.

    For example, in one typical press release, the Prostate Cancer Foundation stated that the “Therapeutic Clinical Investigation Consortium [the Milken Prostate Cancer Foundation outfit of which Dr. Scher is the chairman] played an important role by accelerating testing of this new agent [Abiraterone, the agent developed by Milken crony Lindsay Rosenwald’s Cougar Biotechnology] in Phase II clinical trials…Right now, at MD Anderson and Memorial Sloan-Kettering, both NCI funded cancer centers, the Phase III trials of Abiraterone [Cougar’s treatment] are going on. PCF contributions to Sloan-Kettering reached $18 million to date, possibly more…”

    In other words, Milken raised money from unsuspecting donors, including the ordinary folks who slipped cash into the buckets that the Prostate Cancer Foundation places outside of supermarkets and shopping malls. Then Milken, with the support of Dr. Scher, directed that money to Dr. Scher’s hospital, with the understanding that Scher and his hospital would attach their prominent names to drugs developed by companies in which either Milken or Milken’s friends were investors.

    Keep in mind that the prostate cancer drugs developed by Milken-affiliated companies were in the earliest stages of development – there was not yet much evidence that they could help patients. But, as we will see, there was lots of potential for them to make money for Milken and his friends.

    Meanwhile, the Prostate Cancer Foundation and affiliated doctors diverted attention, or (in the case of Dr. Scher) attacked Dendreon, the only company with a new treatment for prostate cancer that could be delivered to patients right away, and for which “substantial evidence” existed that showed it worked.

    This is not exactly “philanthropy” in its purest form.

    * * * * * * * *

    Remember, on March 29, 2007, when Dr. Scher sat on the FDA’s advisory panel, he was one of the 17 doctors who voted unanimously that Dendreon’s treatment was safe. And two weeks later Dr. Scher wrote a letter to the FDA in which he vigorously trashed Dendreon’s treatment.

    As mentioned, this letter was strange in that it was unprecedented for an FDA-contracted doctor to lobby the FDA after an advisory panel had already voted. It was strange in that the presumably confidential letter was quickly published by The Cancer Letter, an outfit with a reputation for being an organ of short selling hedge funds. And the letter was strange in that it was disingenuous, to the say the least.

    For one, Dr. Scher seemed to have changed his mind with regards to the safety of Dendreon’s treatment.

    In his letter to the FDA, he noted that the advisory panel had discussed the fact that Dendreon’s trials showed that 4.9% of patients treated with Provenge had experienced “cerebrovascular events” compared to 1.7% of patients who were given a placebo.

    The panel’s 17 doctors, Scher included, had voted unanimously that this was an acceptable risk for patients with a deadly disease – especially since, in other regards, Provenge appeared to be perfectly safe.  But now Scher was insisting in a letter to the FDA that these rare “cerebrovascular events” (few of which were fatal) were worrisome enough to deprive end-stage prostate cancer patients of a treatment that might extend their lives.

    But Dr. Scher’s “cerebrovascular events” argument was not new. It was precisely the same canard that had been delivered to the press by those dubious Wall Street players — the singing Sendek, and doctor-impersonating Aschoff, the troubled UBS, and the whispering hedge fund managers.

    As to the effectiveness of Provenge, Dr. Scher averred in his letter that Dendreon had not met its “primary end-points” and the data was “not considered definitive.” He insisted that the treatment be delayed until Dendreon could provide “proof” that Provenge extended lives.

    This was absurd. As Dr. Scher must have known, rarely in history has data on an experimental treatment shown definitive “proof” that the treatment works in every case. Instead, the legally established criteria for FDA approval (especially of treatments for life-threatening diseases) is that the data show “substantial evidence” that the treatment improves the health of patients.  Neither medicine nor science progresses by “definitive proof”.

    Even if trials do not meet their “primary end-points,” the FDA usually approves treatments for deadly diseases if the odds are nonetheless good that the treatments increase survival. The odds might not be 100 percent, but if they are 98 percent, or even 51% percent, the treatment should be delivered to patients who will otherwise die. This criteria – “substantial evidence” of increased patient survival – is referred to as “the Gold Standard” by FDA officials and doctors everywhere.

    In any case, “it may be time we focus less on statistical significance, and more on patient benefit.” So said Dr. Scher himself, in an interview with a medical journal, just a few weeks before he wrote a letter to the FDA harping on Dendreon’s statistical significance. Most likely, Dr. Scher was thinking about his trials of Asentar (the drug under development by Novacea, which was controlled by Milken’s ProQuest Investments and an affiliate) and Abiraterone (the drug developed by Milken crony Lindsay Rosenwald’s Cougar Biotechnology). These trials had not yielded particularly good results.

    In fact, as we will see, Asentar was not just unhelpful to patients. During trials of the treatment, patients dropped dead. They dropped dead earlier than expected. And, as Novacea later acknowledged, the cause was clear: Asentar actually killed a significant number of people who were hoped to benefit from it. Provenge  increased “cerebrovascular events” in a small number of patients, but patients on Asentar died in such large numbers that Novacea had to discontinue its trials of the drug.

    The question is: Did Milken’s Prostate Cancer Foundation, Dr. Scher, and the Wall Street hedge funds really believe that competing treatments were superior to Provenge when they began their attack on Dendreon?  Or were their attacks motivated by their financial interests?

    * * * * * * * *

    It was not necessary for Asentar to receive FDA approval in order for Milken’s ProQuest to make heaps of money from its investment in Novacea. As we will see, the Milken clan had hatched a plan to cash in on their Novacea stock, regardless of what the FDA had to say about the company’s prostate cancer treatment, and regardless of whether that treatment would eventually be shown to kill an unacceptable number of people.

    Same goes for Cougar Biotechnology’s investors, who included not just controlling shareholder Lindsay Rosenwald (who once helped run the Mafia-affiliated D.H. Blair, which was indicted on 173 counts of securities fraud and was famous for pumping phony biotech companies), but also two of the seven Milken network hedge funds that were betting big against Dendreon. Cougar’s treatment, supported by Milken’s philanthropy and by the four Prostate Cancer Foundation doctors who sat on Cougar’s advisory board, was virtually untested, but as we will see, this did not prevent the company’s investors from cashing in.

    When Dendreon came under attack, similar plans to cash in had been hatched by investors in a company called Cell Genesys, whose experimental (and, we will see, ineffective) treatment was promoted in a most peculiar fashion (which I will describe in due course) by Milken’s Prostate Cancer Foundation.

    Investors in those companies did not need FDA approval to make money, but as we will see, their money-making plans would have been foiled if Dendreon had received approval. In reading the transcript of the FDA advisory panel meeting that voted on Provenge in March 2007, one has to wonder if  Dr. Scher—who led trials for not only Novacea and Cougar, but also Cell Genesys–knew of these money-making plans, and if this knowledge informed the lobbying he undertook at the panel meeting, and in the days following it.

    Among Dr. Scher’s more revealing statements at the advisory panel meeting was this: “So if I start thinking, am I denying a potentially useful agent [Dendreon’s Provenge] to men who clearly need it, the answer is unfortunately I don’t know. So I say, well, what if we think that this really should be available, start thinking about the number of agents that are currently under development.”

    This is the same message that was whispered in the ears of reporters, who eagerly transcribed it into their stories. If the FDA approved Provenge, they said, it would become the standard of care. This would be unfortunate because other treatments “under development” might be better. The problem with this argument is that there were very few other treatments “under development.” And when Dr. Scher referred to treatments “under development,” there was little else he could have been referring to other than the above-mentioned Asentar (Novacea), Abiraterone (Cougar Biotechnology), and GVAX (Cell Genesys).

    As mentioned, Dr. Scher was connected to all three of those companies. Novacea’s Asentar, we know, was killing people. At the time of Dr. Scher’s attack on Dendreon, Cougar’s Abiraterone had been tested on a total of 38 patients. The data showed that some of those 38 patients saw their blood tests improve, and Cougar Biotechnology trumpeted this information in multiple press releases, but there was zero evidence that Abiraterone increased patient survival. GVAX had been tested on 80 patients, and some of them lived longer, but the data did not yet show “substantial evidence” that GVAX was the reason.

    All of these treatments had undergone only Phase 2 trials, whereas Dendreon had completed Phase 3 trials on 170 patients. The data from the Dendreon trials had reached statistical significance, and showed that Provenge reduced mortality. In other words, none of the competing treatments (all financed by Milken or Milken’s friends and promoted by Milken’s “philanthropic” foundation) had come anywhere close to achieving results like Dendreon’s.

    But Dr. Scher was insistent – ”a number of alternatives [those "alternatives" being drugs under development by Milken and his cronies with the assistance of Dr. Scher and Milken’s ‘philanthropy’, drugs that would prove, in time, to be inferior] were “currently under development.”  And so patients must not have access to Dendreon’s drug  – a drug that was capable of saving lives right away.

    * * * * * * * *

    To understand the lengths to which some people went to derail Dendreon, it is necessary to recall the Dendreon conference call, when the singing-Sendek kept asking whether the FDA might have to “change the question.”  Others on Wall Street were whispering about “the question,” the press transcribed into their stories these same whisperings about “the question,” and Dr. Scher made  “the question” a key feature of his letter to the FDA. All of them suggested that the FDA advisory panel vote was invalid because the 13 panelists who had voted that Provenge worked had, in fact, voted on the “wrong question.”

    The transcript of the Dendreon advisory panel meeting clarifies what was meant by all of this questioning of the “question”. As noted, advisory panels are always asked to vote on two questions: Is the treatment safe? And, is there “substantial evidence” that the treatment is effective?

    This is not just custom. It is the law of the land. The 1962 Kefauver Harris Drug Amendments, ratified by the U.S. Congress, stipulated that manufacturers of drug products must establish a drug’s effectiveness by “substantial evidence.”

    On the first question, “Is the treatment safe?” the advisory panel had voted “yes”, 17-0. Those 17 included Dr. Scher (though, as has been explained, within weeks he was lobbying the FDA by raising doubts as to the safety of Provenge).

    The second question to be addressed was, therefore, “Is there substantial evidence that the treatment is effective?” Dendreon had clearly met this standard – the “Gold Standard” of providing “substantial evidence” of increased survival.

    But remarkably, somebody at the FDA advisory panel meeting rewrote the “question.” The chairman of the panel read the question out loud: “Does the submitted data establish the efficacy of [Provenge] in the intended population?”

    Immediately, there was confusion. This was not the usual question. Did “establish the efficacy” mean that the panelists had to vote on whether the data had proved, with 100% conclusiveness, that Provenge extended lives? No experimental drug had ever faced such a standard.

    Dr. Scher interjected to say that Dendreon’s trials had failed to meet their “two primary end-points.” To this, the FDA’s representative on the panel, Cecilia Witten, remarked that the FDA was aware that the trials failed to meet its two primary endpoints, but that was not the issue. The issue was whether the evidence suggested that Dendreon’s treatment saved lives.

    “You know,” Witten said. “We’re given the application based on survival.”

    The chairman of the panel resumed with the same question. “Again I’ll read it,” he said. “Does the submitted data establish the efficacy…?”

    Thus began the voting. Dr. Scher quickly voted, “No.” So did another physician, Dr. Maha Hussain, and two other doctors. But confusion reigned.

    One panelist, a certain Dr. Alexander, said, “So that’s – so my vote is, I don’t know what you would call that…”

    A Dr. Chamberlain said, “Well, so I guess at this point I’m not sure how to answer this question. It’s not a yes or no question in my opinion the way it’s phrased. With the safety data and with what we’ve seen, I see no reason not to make this drug available, but I don’t think it’s 100 percent proven that it’s efficacious.”

    A Dr. Chappell said, “There’s a degree of belief, and ‘establish’ implies much more certainty…you need please, to specify, at least to me, what you mean.”

    A Dr. Alexander piped in, “Like is it a reasonable doubt, a shadow of a doubt?”

    At this, there was a lot of mumbling and some laughter. Finally, the FDA’s representative clarified. “Yes,” she said, “the regulatory definition is ‘provide substantial evidence.’ So that’s our standard. Is there substantial evidence that it works…”

    The chairman of the committee responded, “So just to clarify what you’re asking, is there substantial evidence that the product is efficacious?”

    “Yes,” said the FDA’s representative.

    That resolved any doubts, and 13 of the 17 doctors on the panel confidently voted “Yes.”  That is to say, when the doctors voted on the correct question – the question that was stipulated by law, as opposed to the question that had been tampered with — the overwhelming consensus was that Dendreon’s treatment should be approved.

    * * * * * * * *

    To be continued….Click here for Chapter 10.

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    78 Responses to “Michael Milken, 60,000 Deaths, and the Story of Dendreon (Chapter 9 of 15)”

    1. H says:

      What did Dr. Scher have in Mind During the Advisory Committee Voting?

      Please check page 386 of the AdCom’s Transcript (URL: http://www.fda.gov/ohrms/dockets/ac/07/transcripts/2007-4291T1.pdf )

      This page is the transcript of the actual voting:

      QUOTE:

      “DR. SCHER: I think we are really
      poised at the beginning of what will be
      hopefully an outstanding era of
      immunotherapy. I think there is sufficient
      evidence demonstrated which justifies the
      definitive study, and obviously there are
      investors in that who concurred, but I think
      it does not meet the — as the question was
      phrased, to establish the efficacy. I think
      this is still an open question…”

      Read this carefully!

      What does the good doctor have in mind during the VOTING … …. INVESTORS???!?!??!?

      Was it the Science? the Patients? … no no no … it was INVE$TOR$

    2. Thank you so much DC team for bringing these nefarious deeds to peoples yet unaware. They said Dr. Scher was “beyond reproach”. He said himself that he tries to “take the high road” concerning possible COIs. During that same panel meeting on Provenge he also made a little slip of conscious mentioning “investors”. What docotor would be thinking about investors during a panel meeting on a promising, new therapy, a new paradigm?

      Hmmmm…

      Whats crazy is that all of this seems so obvious to people watching it unfold. Also, rem that Howie hired, not one, but two bodyguards for a medical conference, after *alledgedly* receiving death threats – of course, no police reports were ever manifested. Guess Howie figured he could drum up some sympathy and play the persecuted, good doctor, the prominent expert…high road Howie.

      He knows what he did, we know what he did. I wonder if collusion with the Milkman has Howie too scared to think about real patients with real suffering?

      Wow, this is huge, how could congressional oversite not follow the advice of 3 congressmen who called for an investigation?

      Guess Dingell was focusing on steroids in baseball.

      • Don says:

        Dingal ,played it like like a real player, and then he recieved his pay off in a Swiss bank account,,,Now he is focused on baseball, rather than the murder of fathers and grandfather in America , ALL OF CONGRESS IS CORRUPT AS WELL..

        If Milken was in jail were he belongs, Provenge would be on the market now saving lives , but our justice system failed us again…The rich protect the rich..

        STEAL A CANDY BAR AND GO TO JAIL STEAL BILLIONS AND DESTROY LIVES, AND EVEN KILL THOUSANDS OF AMERICEN MEN, GET CAUGHT AND DON’T ADMIT TO IT PAY A FINE PLAY SOME GOLF AND PROMICE NOT TO DO IT AGAIN . JUST ASK THE SOB MILKEN

    3. StephenEvans says:

      Hedgies had a “Pine Box” on the January 2009 options. This allowed certain market makers to short or naked short excessively. Each option is the right to buy/sell 100 shares. There were over 400,000 open option contracts in Jan 2009. Or the right to buy/sell 40,000,000 shares. Once these option expired DNDN was free from being “Buried alive”. 22.5 % and boom. Rumor was around March 7th. A rumor pattern.

    4. SueRae says:

      I am sickened and outraged that someone who took an oath to ‘do no harm’ has forsaken that pledge to line his own pockets. My heart goes out to those families that lost loved ones due to nothing but greed and corruption on a scale that I had hoped would never be possible…but is.

      I hope that they are made to forfeit their vast fortunes, practices and lives for the ones that they ruined. By the time this is done, they could have their own block at Danbury.

    5. Lipstickonapig says:

      I really wish a show like 60 Minutes would run with this story, and devote an entire show…or more than one, if that’s what it took…to put the entire matter before the American public. The public should know just how corrupt and guided by greed the FDA truly is!!

      I hope Milken, Howie and ALL the rest burn in hell for all eternity. Oh…and Mikey Milkman, once you’re in hell, you won’t be able to convince the “good” Dr Von E to press for your pardon!! Cuz he’ll be right there with you, wishing he could get one for himself! But not in hell baby!! Not in hell. Hell’s forever, and there ain’t no pardons…no matter who you used to know!!!

      Chew on that for a while Mikey!!

    6. t. tucker says:

      “This is not exactly “philanthropy” in its purest form.”
      ——————-

      You could say that again!

      “This is not exactly “philanthropy” in its purest form.”

      MY,MY! MICHAEL MILKEN, WHAT HAVE YOU BEEN UP TO?

    7. akcje says:

      _

      Mitchell > “…of the doctors who voted on the correct question – the question that was stipulated by law, as opposed to the question that had been tampered with — every single one said that Dendreon’s treatment should be approved.”

      Incorrect. This is how I’ve remembered it also, but was corrected by punbro (*) . And checking the transcript of the Panel meeting, which you refer to, confirms that the vote was re-started.

      Not a big deal, but wrong.

      BTW, There was a post on an IV board which did a better job listing all Scher’s conflicts of interest, sorted by disclosed ones and un-disclosed ones.
      A simple and full list (if verified) is damning. Better impact than if diluted in an overly verbose narrative.

      (*) http://investorvillage.com/smbd.asp?mb=971&mn=266584&pt=msg&mid=7141255

    8. Jeff says:

      Lipstick:

      There is no heaven, there is no hell. If these greedy, amoral creeps are going to pay, it’s going to have to be right here in this lifetime. SueRae said it best: “I hope that they are made to forfeit their vast fortunes, practices and lives for the ones that they ruined.”

      • Anonymous says:

        Jeff:

        “There is no heaven, there is no hell.”

        I believe there IS a heaven and a hell. To each his/her own. However, if by some chance you’re correct, then I would have to wish Howie and the gang the worst cases of terminal cancer ever seen.

        As you might be able to gather, I’m just a bit vengeful when it comes to these animals and this particular subject.

    9. Wasnt Me says:

      Advisory Meeting Transcript – After the question was changed:

      DR. MULÉ: Dr. Scher?
      DR. SCHER: I think we are really poised at the beginning of what will be hopefully an outstanding era of immunotherapy. I think there is sufficient evidence demonstrated which justifies the definitive study, and obviously there are investors in that who concurred, but I think it does not meet the — as the question was phrased, to establish the efficacy. I think this is still an open question.
      DR. MULÉ: So I take it you’re saying yes with these provisos?
      DR. SCHER: We have two questions. I would say yes to one, no to the second. The first question as posed, as established, I say no.
      DR. MULÉ: No, it’s substantial evidence.
      DR. SCHER: I will say no.

    10. kevin says:

      Outstanding research, Mark. We all owe you a great debt of gratitude.

      One problem I have, though, is keeping track of all the names and connections.

      When this is all done, it would be really nice if there was a summary web page. I’m imagining a list of the seven colorful hedge funds and a list of institutions and people on the front page. You’d be able to click on any fund, institution or person to see a paragraph on that person or fund, describing their role in the conspiracy. At the bottom of that fund, institution or person’s page, would be a list of links to other funds, institutions or people that are directly related.

      Not only would something like this make it easier for us readers to follow along, but it would make it easier for politicians and police to more easily see the big picture of the conspiracy.

      Then, each one of those pages would have a chance of showing up in google, so if you search for icahn, for example, his rogue’s gallery page would show up.

    11. Curt says:

      Has anyone followed up with either the AMA or FDA on what punitive sanctions Dr. Scher might receive? Is there any medical or FDA investigation into his breach of the medical oath as well as conflict of interest being on the FDA review committee?

    12. Anonymous says:

      At the risk of being accused of being off topic, I bet goldman sachs is tied into this somehow.

      One of their programmers risked jail to release source code that proves their software watched trades going by and traded accordingly BEFORE THE TRADE HAD A CHANCE TO OCCUR.

      They could but their trades into the queue, based on an ability to see into the future.

      It’s like having a crystal ball to make $100 million per day (that money came out of average investor’s wallets).

      http://www.dailykos.com/storyonly/2009/7/7/750786/-Incredibly-Shrinking-Liquidity-as-Goldman-Flushed-Quant-Trading

    13. Anonymous says:

      Wall Street scrambles to end record keeping ahead of what looks to be the economic scandal of the century!

      The purpose of this Information Memo is to advise all member organizations that the New York Stock Exchange LLC (“NYSE”) will be decommissioning the requirement to report program trading activity via the Daily Program Trading Report (“DPTR”), which was previously approved by the Securities and Exchange Commission (the “Commission”).1 The last trade date for which member organizations will be required to file the DPTR with the Exchange will be July 10, 2009 and therefore the last required date to submit the DPTR will be July 14, 2009.

    14. Peter J. of Minneapolis says:

      Anonymous’s 1130 9 July 2009 note has extraordinary significance in the face of the Goldman Sachs code theft scandal. Players will know program trading when it happens. Players will make program trading happen when they want. The public will know nothing and the SEC will shrub its shoulders.

    15. carlk says:

      In Safeway stores, a.k.a. Vons, they’re having their cashiers make a personal request to take the money right from your credit card, or other form of payment at “point of sale.”

      I educated one cashier, an older gentleman, who was embarrassed, and I directed him to the “Deep Capture” site with references to the dubious activities of this Milken Cabal being “counterintuitive.”

      He said that he was being forced by the management of Safeway to ask the “donation” question.

    16. ncans4d says:

      Amending the UCC re:Naked Short Selling

      A few months ago, I started a project to produce a booklet designed as an introduction to Naked Short Selling for the uninitiated. The hope was to be able to inform State Legislators, to explain what Naked Short Selling is, to give a few examples of companies that have been hurt by the allowance of Naked Short Selling, to show what’s been tried already in various states to curb this practice, to point out that the State’s have the right, and the power, to control one aspect of the Naked Short Selling scandal, and how to go about it. It’s now available at http://www.theallstreetjournal.org, and the goal is to get anyone who cares about it, to print out copies of the PDF file, to take those copies to their own State Capitols, and put them in the hands of their own representatives, be they Aldermen, Assemblymen, State Representatives, State Senators, or whatever.

      The booklet was originally designed to distribute in Texas, but, the Texas Legislature only meets for 5 months every two years, so, that window of opportunity has come and gone. The rest of the Country however, is ready for this kind of grass roots effort. The booklet will allow all of us, finally, to fight back. Print it, bring it to your State Rep, and put it in their hands. Talk about it. A simple way to start the conversation is to ask; “How much have you lost in your retirement account?”

      With content and feedback from Tommytoyz (NIPC) and PByrne (OSTK) this booklet is ready to be distributed, now. No longer do we have to ask the question, ‘What can I do?’ Now, the only question is, ‘What will you do?”

      http://www.theallstreetjournal.org

    17. sean says:

      “If there were only a pattern”

      http://www.officialwire.com/main.php?action=posted_news&rid=7508&catid=105
      .
      TheStreet.com, Inc. (NASDAQ:TSCM) Booted Off Russell Index. Adams Fault? (HEB, CTIC, OCLS, VNDA)
      News portal covering Wall Street’s Biomedical Financial sector has informational updates
      Published on July 09, 2009

      by Fav Stocks

      (OfficialWire)

      LOS ANGELES, CA

      Guess who got booted off the Russell 3000 index?
      .
      TheStreet.com, Inc. (NASDAQ:TSCM)
      .
      One of the biotech “journalists” Adam Feuerstein of TheStreet.com has consistently written negative articles on at least four stocks that I am aware of. Two of those stocks, Hemispherx BioPharma, Inc (AMEX:HEB), and Cell Therapeutics, Inc. (NASDAQ:CTIC) both have gone up over 450% year to date. Perhaps Adam is just not a fan of stocks that perform well in these market conditions. It appears to me that Adam might not like any stock that has a market cap above TSCM’s 59 Million.
      .
      I found it ironic that just as Adam stirs up a ruckus in the biotech community TSCM gets the boot from the Russell 3000 index. Meanwhile CTIC and HEB actually got added to the index! So the question I have now is why did TSCM get the boot? Is Adam to blame? Adam did cause a “patient safety issue and putting public safety at risk” when he commented that Oculus Innovative Sciences’ (NASDAQ:OCLS) drug was “containing common diluted bleach.” After comments like those, many think Adam has lost all credibility. Then again, I would not expect too much more from a Political Science major commenting on a Biotech stock.
      .
      I would like to think Adam actually has made some accurate reports on Biotech stocks but I just can’t find any. Then again I didn’t look too hard, stopping after finding a few negative and often inaccurate articles. I found another recent case where Adam was dead wrong, it was Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) that shot up 900% on approval of their schizophrenia drug.
      .
      I look at Adam’s articles and I think of all the money that could have been made doing the opposite of what he says. I want to know how Adam can be mistaken so much of the time. I never make mistakes, I thought I did once but I was mistaken. Hindsight is always 20/20 and you can’t blame a guy too much for stating his “opinion” in the name of “journalism” but if I were Adam I might take it easy on the articles for awhile. Adam’s negative articles have been known to take place suspiciously right after or during massive declines in share price of up to 50%. Are the massive declines just people reacting to Adam’s articles?
      .
      Why did the massive decline with HEB take place a few minutes before Adams’s negative article was released? Who knows, it is a volatile stock. What I do know is that TheStreet.com was co-founded by Jim Cramer who openly admitted to manipulating stocks using news outlets like CNBC. So now this recent “journalists” activity from TheStreet.com really raises suspicion. The SEC never took any action with Jim Cramer so I doubt any investigation or action will be taken against TheStreet.
      .
      Let us know what you think of Adam Feuerstein on the FavStocks.com stock forums. We have a dedicated thread just for the VIP Adam and look forward to your feedback both positive and negative. Make sure to check out the FDA Calender too

    18. Jim Hall says:

      Decommissioning the requirement to report program trading activity via the Daily Program Trading Report (“DPTR”), is another SEC-sanctioned thrust to blacken the window of transparency with its tarbrush.

      When will it end?

    19. J. L. says:

      Dr. Howard Scher

      READ THIS!!!

      Hippocratic Oath n. An oath of ethical professional behavoir sworn by new physicians. ( After Hippocrates.)

      Ring a bell, you friggin SELLOUT!

      How many people died because of your amoral, unethical, mindset!

      When you look in your patients eyes, do you wonder, as their looking back at you, if they know that your partly responsible for 60,000 deaths over the last two years.

      This lapse in judgement will follow you to your grave.

      • Cory says:

        Does this guy still practice medicine?

        If a lawyer pulled something like this, you’d be certain the state’s BAR would be all over it…

        But a doctor?! AMA needs to investigate this buffoon… he shouldn’t have a license to practice if he’s even as half as unscrupulous as he appears here.

    20. Tar&FeatherThem says:

      These scumbags are worse than Madoff!

    21. Anonymous says:

      Hey SEAN..are you wacthing that attack on AIG. Hit a low of 9.35 not long ago and NOT a PEEP for the regulators. Not a bad game when they can strip a stock of 12 dollars in less than 6 trading days. Execpt this stock is critical to the financial system. It’s clear that this is being allowed. The question is WHY? Not to get off topic re the great work re dendreon but AIG should have every citizen screaming from the top of their lungs. The consequences of a failure make the word catasprohic seem mild. Yet where are the watchdogs? TSK TSK.

    22. sean says:

      Anon 1 yes I am and something has to give. It has become all to obvious to everyone except the regulators and Congress. I predict ACTION however in the very near future just watch!! I want Miliken and his boys to feel this heat in the worst way. Mark is doing yeomans work in making their lives very miserable!!! I feel for the people who have lost their lives because of these miscreant and as another poster intimated “May they burn in HELL”

    23. Anonymous says:

      All DC readers should send a compliant to State of New York Board of medicine on good ole Dr Howard Scher, followed by the FDA with the DC series attached, then on to the OIG. Someone will sing like a bird.

      Office of the Professions logo
      License Information *

      07/09/2009

      Professional Misconduct and Discipline

      Complaint Hot Line:
      1-800-442-8106 or conduct@mail.nysed.gov

      http://www.op.nysed.gov/opd.htm

      Name : SCHER HOWARD I
      Address : NEW YORK NY
      Profession : MEDICINE
      License No: 131278
      Date of Licensure : 07/01/77
      Additional Qualification :
      Status : REGISTERED
      Registered through last day of : 05/11
      Medical School: NEW YORK UNIVERSITY Degree Date : 06/03/1976
      (Use your browser’s back key to return to licensee list.)

      * Use of this online verification service signifies that you have read and agree to the terms and conditions of use. See HELP glossary for further explanations of terms used on this page.

      Note: The Board of Regents does not discipline physicians(medicine), physician assistants, or specialist assistants. The status of individuals in these professions may be impacted by information provided by the NYS Department of Health. To search for the latest discipline actions against individuals in these professions, please check the New York State Department of Health’s Office of Professional Medical Conduct homepage.

      Further information on physicians may be found on the following external sites (The State Education Department is not responsible for the accuracy or completeness of information located on external Internet addresses.):

      American Board of Medical Specialties

      American Medical Association:
      - For the general public: AMA Physician Select, On-line Doctor Finder

      - For organizations that verify physician credentials: AMA Physician Profiles

      American Osteopathic Association, AOA-Net

      Association of State Medical Board Executive Directors-(A.I.M.”DOCFINDER”)

      New York State Department of Health Physician Profiles

      The following sites provide additional information concerning the medical profession:

      CLEAR (Council on Licensure, Enforcement and Regulation)

      Federation of State Medical Boards

    24. Anonymous says:

      Dr. Howard Scher

      Here is the correct site for Physician misconduct in NY.

      Physicians, Physician Assistants, Specialist Assistants

      Professional misconduct by licensed physicians, physician assistants, and specialist assistants is investigated and prosecuted by the Office of Professional Medical Conduct in the New York State Department of Health. Complaints of misconduct in these three professions should be made to the Office of Professional Medical Conduct, New York State Department of Health, 433 River Street, Suite 303, Troy, NY 12180-2299. You may call that office at 1-800-663-6114.

    25. ted says:

      Further to the connections between Wynne (Milkman’s best friend) and Steve Cohen.

      http://en.wikipedia.org/wiki/Steven_A._Cohen

      in 2006, Cohen attempted to make the most expensive art purchase in history when he offered to purchase Picasso’s Le Reve from casino mogul Steve Wynn for $139 million. Just days before the painting was to be transported to Mr. Cohen, Mr. Wynn, who suffers from poor vision, accidentally thrust his elbow through the painting while showing it to a group of acquaintances inside of his office at Wynn Las Vegas. The purchase was cancelled, and Mr. Wynn still holds the painting. Nora Ephron has written an eyewitness account.

    26. ted says:

      “He is a top patron of the Marianne Boesky art gallery.”

      It occurred to me that selling paintings among friends would be an easy way to “share the loot” as who knows what a painting is worth.

    27. Anonymous says:

      AIG is tied to Khashoggi, Milken, Boesky, Goldman Sachs, Clinton, Bush, Kissinger and Cramer roommate Spitzer. It’s a bit of a key. If it goes down, it takes a lot of secrets with it.

      http://www.politicalfriendster.com/rateConnection.php?id1=2391&id2=5

    28. Sarge says:

      To ncans4d:

      That brochure looks great! I was pleasantly surprised to see one of my own Deep Capture responses quoted in it. I have printed copies and will be sending them to members of my State Government immediately. Let us know if there is anything else we can do to help.

      To Mark Mitchell:

      Keep it coming, I am eagerly awaiting the final chapters!

    29. crash says:

      as the saying goes, kill 1 or 2 people yuo`re a murderer, kill several you`re a serial killer, kill 60,000 people you`re a conquerer

      • DCN says:

        Crash,

        Please do not besmirch the title conqueror. Genghis Khan was a conqueror (the finest ever) and is the greatest man in the history of the world. Hannibal of Carthage was a conqueror and is Patrick Byrne’s icon.

        No, Michael Milken and his ilk are swine. We will destroy Milken and his network and build a pyramid out of their skulls just like the great Khan’s horde would have done (figuratively of course).

        “I am the punishment of God…If you had not committed great sins, God would not have sent a punishment like me upon you.” – Genghis Khan

    30. BMW says:

      Great job on continuing to bring this story to light. Men count on doctors to give them hope and a fighting chance…in this case, the only fight by Dr. Scher was to make sure that his pockets and the pockets of Milken are filled with cash! Cancer patients vs cash. Cash won, patients lost. Truly pathetic that Scher’s main incentive was how to keep an effective treatment off the shelf in order to make sure that his work was not in vain. How’s that working so far Dr. Scher???

    31. Bernard C. Nagelvoort says:

      Mr. Mitchell:
      On March 29, 2007, I sat in the 2nd row at the AC hearing immediately behind Dr. Gold and other officers of Dendreon.
      In chapter 9 you have Dr. Alexander’s comments out of order.
      He was the first one to vote on the improper question and voted no after some discussion. The next two panelists also voted no. But it was then that the question was corrected. Dr. Scher did not vote on the improper question nor did anyone else. When the question was corrected Dr. Alexander and the next several panelists voted yes. As I recall, Dr. Hussain’s was the first no vote and she prefaced it by saying something to the effect that “substantial evidence of” and “proof of” were the same thing. Both she and Dr. Scher were named to the panel by Dr. Pazdur. It was on the corrected question that Dr. Scher voted no.
      You are performing a fantastic public service.
      Sincerely,
      Bernard C. Nagelvoort
      (a Dendreon shareholder since 2003 whose father and one grandfather died of prostate cancer. My urologist tells me when I reach 80 the chances are 100% I will have PC. I will be 79 next month.)

    32. Anonymous says:

      Patrick & Mark are Sheep Dogs

      William J. Bennett, in a lecture to the United States Naval Academy on November 24, 1997 said: “Most of the people in our society are sheep. They are kind, gentle, productive creatures who can only hurt one another by accident.” We may well be in the most violent times in history but violence is still remarkably rare. This is because most citizens are kind, decent people who are not capable of hurting each other except by accident or under extreme provocation. They are sheep.
      Then there are the wolves and the wolves feed on the sheep without mercy. Do you believe there are wolves out there who will feed on the flock without mercy? You’d better believe it. There are evil men in this world and they are capable of evil deeds. The moment you forget that or pretend it is not so, you become a sheep. There is no safety in denial.
      Then there are sheepdogs and I’m a sheepdog. I live to protect the flock and confront the wolf. If you have no capacity for violence, then you are a healthy productive citizen, a sheep.
      If you have a capacity for violence and no empathy for your fellow citizens, then you have defined an aggressive sociopath, a wolf. But what if you have a capacity for violence and a deep love for your fellow citizens? What do you have then? A sheepdog – a warrior – someone who is walking the uncharted path – someone who can walk into the heart of darkness, into the universal human phobia, and walk out unscathed.

    33. iStandUp says:

      ncans4d,

      Thank you very much for the booklet.

      I posted a message about this on the Yahoo Board for MEDX:

      Common people are now starting to produce educational materials to explain the Crimes of the Wall Street Counterfeit Machine.

      Here is a link to the website and then the PDF educational piece ready for distribution:

      http://www.theallstreetjournal.org

      PDF File:
      http://www.theallstreetjournal.org/allstreetjou...

      If you are tired of Wall Street Criminals murdering Corporations, destroying Jobs, killing our Economy, and stealing your retirement money and college education money, JOIN the efforts to mount an attack upon the continuing Wall Street Crime Wave of Naked Counterfeit Short Selling by passing on the this educational piece to your family, friends, and governmental representatives!

      The Common People will win this battle!

      http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_M/threadview?m=tm&bn=11469&tid=177053&mid=177053&tof=2&frt=2

    34. iStandUp says:

      ncans4d,

      Thank you very much for the booklet.

      I posted a message about this on the Yahoo Board for MEDX:

      Common people are now starting to produce educational materials to explain the Crimes of the Wall Street Counterfeit Machine.

      Here is a link to the website and then the PDF educational piece ready for distribution:

      http://www.theallstreetjournal.org

      PDF File:
      theallstreetjournal.org/allstreetjou…

      If you are tired of Wall Street Criminals murdering Corporations, destroying Jobs, killing our Economy, and stealing your retirement money and college education money, JOIN the efforts to mount an attack upon the continuing Wall Street Crime Wave of Naked Counterfeit Short Selling by passing on the this educational piece to your family, friends, and governmental representatives!

      The Common People will win this battle!

      http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_M/threadview?m=tm&bn=11469&tid=177053&mid=177053&tof=2&frt=2

      • Paul says:

        Kudos for a very educational document by NIPC!

        I like your phrase “Naked Counterfeit Short Selling” – because that’s what it is!

    35. Don says:

      I ask who is worse Milken or Bin Ladden…..I say Milken,This man has killed and destroyed tens of thousands of lives……for greed…and he did it with a pin…I SAY THIS MAN IS A HOME GROWN TERRIOST AND SHOULD BE CONVECTED IN A COURT ROOM AND HUNG ON WS..WHEN THIS HAPPENS THIS BS BY GS AND THE REST MY SLOW DOWN

    36. Don says:

      Is the FBI looking into the Milken gang,Have they been contacted?

    37. Paul says:

      This is good news regarding the kind of information these criminals gave to UBS in their effort to hide their criminal profit.

      It appears as if the government knows that Switzerland’s secrecy laws cannot be exported to our shores:

      http://finance.yahoo.com/tech-ticker/article/277644/USA-to-UBS-Hand-Over-Tax-Evaders-Or-Else!-Swiss-Bank's-American-Assets-at-Risk?tickers=UBS,CS,HBC,XLF,FXF,SWZ,%5EDJI&sec=topStories&pos=9&asset=&ccode=

    38. sean says:

      OFF TOPIC, ever so slightly…Just to show that I am a team player but don’t have to keep dogging one off topic scenario again and again this should put some answers in the minds of the inquisitive!!LOL.

      OT Bloomberg’s Jonathan Weil Comments on GoldmanGate (Video)
      http://www.youtube.com/watch?v=lrlQSMCx-aE

    39. kevin says:

      I laughed out loud.

      “Cuban is living proof that even the billionaires’ club has an IQ bell curve. Gates defines one end, Cuban the other.”

      http://www.politicsdaily.com/2009/07/10/overstock-com-ceo-patrick-byrne-on-the-nations-ills-being-call/

    40. iStandUp says:

      News Report….
      Geithner says derivatives blindsided the gov’t…

      By ANNE FLAHERTY, Associated Press Writer Anne Flaherty, Associated Press Writer – 1 hr 7 mins ago

      WASHINGTON – The huge amount of money tied up in complex derivative transactions helped cripple the economy, Treasury Secretary Timothy Geithner told lawmakers Friday as he laid out a case for greater government control over a generally unregulated sector of the financial markets.

      “Establishing a comprehensive framework of oversight is crucial,” Geithner said in his opening remarks to a joint hearing by the House agriculture and financial services committees.

      Despite apprehension among Republicans, the effort to add government restrictions to these more freewheeling financial instruments has gained support within the Democratic-controlled Congress….

      Additionally, Obama wants to regulate for the first time derivatives that are being privately traded “over the counter,” or away from an exchange.

      The influence that derivatives can have on the financial sector was most evident when American International Group Inc. sold so-called credit-default swaps to protect investors against potential losses on mortgage-backed securities. When the housing market collapsed, AIG was unable to make good on its promises and took a $182 billion government bailout to keep from collapsing.

      But Geithner said many investors used the instruments to evade regulation, exploit regulatory loopholes or minimize taxes.

      Over-the-counter derivatives “grew explosively” in the past decade, with the face value of outstanding transactions rising sixfold to almost $700 trillion in 2008, he added.

      http://news.yahoo.com/s/ap/20090710/ap_on_bi_ge/us_financial_overhaul

    41. sean says:

      I have an Etrade account and I noticed that anytime OSTK puts out news about market manipulation or any other Miscreant data, they never post it in their news section. I wonder why??Can you say COMPLICIT? I know you could!

    42. BillZ says:

      What has happened to Dr. DeCosta?
      I haven’t seen him post for several weeks.

    43. sean says:

      Has anyone asked themselves why Dr. Sher (Judas) or Miliken has not filed any sort of defamation or libel suit about these accusations about themselves. I know if I were innocent I would. And please not comments like”Miliken and Sher are to important to read this or deal with this” They have multimillion dollar lawyers that could handle some thing like this no? LOL!! AKJ where are you??

    44. sean says:

      Now this is interesting huh? I wonder who she is trying to protect??

      Pelosi – Modern Day Pecora Hearings Won’t Be Criminal
      http://thepage.time.com/details-on-pelosi-call-for-wall-street-investigative-commission/ I guesss Pelosi doesn’t consider crashing the US economic system by Banksters and Ultra – secretive, Unregulated, Short Selling Hedge Funds which were aided by those in charge of our Federal Regulatory Systems and Captured Mainstream Financial Media along with Captured Ratings Agencies a criminal offense.

    45. sean says:

      Billz you are correct I noticed that since this Dendreon Story started of just before the good Dr. has been missing. I hope all is well with him. I know he would have some good input on this situation in particular!!!

    46. huck says:

      Sean. po’lousi is only a whore. She always has been. Nothing will change with that thing.. That said, there IS a heaven, and hell. Everyone creates their own, by their actions in this life. Now, while the reality of pearly gates, or fiery torment, as an after life…. That remains in question. The reality of the heaven or hell that resides inside every individual during their life span is beyond dispute. Locked inside every persons mind is the realization of exactly what kind of person they REALLY are. There can be no escape from your inner knowledge, either. Looking in the mirror every morning. A whore that sold out, consideration of the welfare of others, for mere money constantly oppresses our friends.

    47. iStandUp says:

      Maybe Pelosi has contacted Dr. Jim DeCosta and offered him a position as a commissioner on her Modern Day Pecora Hearing?

      I hope so.

    48. iStandUp says:

      GOOD READING…..
      By: Jane Hamsher Friday April 17, 2009 7:00 am

      Bill Black has been calling for a Pecora-style commission for a long time. I asked him if he had a comment on Nancy Pelosi’s call such a commission to investigate the crisis in the financial community:

      “Speaker Pelosi’s announcement that she favors a Pecora investigation into the causes of the ongoing crises is very encouraging. Public support for such an investigation has been surging and played a decisive role in encouraging Speaker Pelosi’s position. We need to continue that public support and ensure both that Congress promptly begins a Pecora investigation and that it is a real investigation. Mr. Pecora was the former prosecutor that Congress hired during the Great Depression with the missions to determine the abuses that contributed to the crash, identify the key people that had led the abuses, and recommend reforms to limit future abuses and crises. He was chosen because of his reputation for vigor and integrity and he employed staff, including investigative reporters, that made his investigation successful.

      Here are keys to ensuring that Congress authorize a successful investigation.

      1. We need to select a single person to run the investigation with a reputation for integrity and a track record of investigative success. We should not use “majority” and “minority” counsel. The parties need to settle on one person they trust.
      2. The investigators need to be backed with Congressional subpoena authority.
      3. The investigators, not the legislators, need to lead the questioning.
      4. The investigators need authority to hire competent, vigorous, and adequate staff.
      5. There must not be any limits on what they can investigate
      6. We need public investigations, though they can of course interview witnesses in private first.”
      ( http://firedoglake.com/2009/04/17/financial-oversight-bill-black-responds-to-pelosis-call-for-pecora-commission/ )

    49. iStandUp says:

      GOOD READING….

      By: Teddy Partridge Wednesday April 15, 2009 4:59 pm

      Speaker of the House Nancy Pelosi, speaking at the Commonwealth Club in San Francisco today, said she would urge the House of Representatives upon its return next week to authorize an investigation into “what happened on Wall Street.”

      Pelosi, speaking to the Commonwealth Club of California, said she wants the panel to be modeled after the Pecora Commission, a bipartisan investigative body established by the U.S. Senate in 1932 to examine the causes and abuses of the Wall Street crash of 1929 and to prevent a repeat.

      “They investigated what happened in the markets,” including conflicts of interests and irregularities that set off such devastating effects on the U.S. economy, she said. When the commission issued its findings during the administration of Franklin Delano Roosevelt, “they had tangible recommendations,” she said, which helped generate widespread public support for major banking system reforms and new securities laws.”

      The Speaker has already discussed her proposal with Secretary of the Treasury Timothy Geithner and expects to raise the matter with her House colleagues upon their return from spring district work period next week.

      “People are very unhappy with these bailouts,” particularly multimillion-dollar bonuses paid out to executives of failing firms like American Insurance Group, or AIG, that have received federal bailout funds, she said.

      “Seventy five percent of the American people, at least, want an investigation of what happened on Wall Street,” the Speaker said to applause from the audience.

      “We’re going to have a commission… even if it is only in the House of Representatives,” Pelosi vowed, saying it would allow Americans “to have a clearer understanding of how we got here – and the risk that’s been taken by the taxpayers in all this.”

      As Lambert writes today, “I post in haste, so Wikipedia:

      “The Pecora Commission is the name commonly used to describe the commission established on March 4, 1932, by the United States Senate Committee on Banking, Housing, and Urban Affairs to investigate the causes of the Wall Street Crash of 1929. The name refers to the fourth and final Chief Counsel to the committee, Ferdinand Pecora.

      The Pecora Commission initiated major reform of the American financial system. As Chief Counsel, Ferdinand Pecora personally examined many high-profile witnesses that included some of the nation’s most influential bankers and stockbrokers.

      In 1939 Ferdinand Pecora published his memoirs that recounted details of the investigations. Titled “Wall Street Under Oath”, Pecora wrote: “Bitterly hostile was Wall Street to the enactment of the regulatory legislation.” As to disclosure rules, he stated that “Had there been full disclosure of what was being done in furtherance of these schemes, they could not long have survived the fierce light of publicity and criticism. Legal chicanery and pitch darkness were the banker’s stoutest allies.”

      Banksters beware!

      ( http://firedoglake.com/2009/04/15/breaking-pelosi-calls-for-pecora-commission/ )

    50. iStandUp says:

      GOOD READING………..

      By William Greider – June 19, 2009

      The most disturbing thing about Barack Obama’s call for financial reform was the way in which the president falsified our predicament. He tried to make it sound as though everyone was implicated in the financial breakdown and therefore no one was really to blame. “A culture of irresponsibility took root from Wall Street to Washington to Main Street,” Obama explained. “And a regulatory system basically crafted in the wake of a 20th century economic crisis–the Great Depression–was overwhelmed by the speed, scope and sophistication of a 21st century global economy.”

      That is not what happened, to put it charitably. Unlike some other presidents, Obama is much too intelligent not to know this. The regulatory system was not overwhelmed by historic forces. It was systematically gutted and dismantled by the government in Washington at the behest of the banking interests. If Obama wants details, he can consult his economic advisors–Summers-Geithner–who participated directly as accomplices in unwinding the prudential rules and regulations. Cheers were led by the Federal Reserve with heavy lifting by both political parties. ….

      Right now, I think the political imperative is to slow down the rush to weak solutions. The political leaders understandably want to do something swiftly and get the subject off the table, but Congress would do well to drag its feet and insist instead on deeper investigations. (Rep. John Dingell and others have proposed establishing a Pecora-like commission to investigate the crisis.)

      Give subpoena power to Elizabeth Warren the Congressional Oversight Board she chairs. Hire some of those investigative reporters who have no political investment in digging deeper into the mulch. What exactly went wrong? Who has bloody hands? Where are the fundamental reforms? If the economy returns to “normal’ rather soon, the ardor for serious reform might dissipate with much left undone. That is a small risk to take, especially if the alternative is enacting the bankers’ pallid version of reform.

      ( http://www.thenation.com/doc/20090706/greider2 )

    51. republicrats says:

      I couldn’t agree more, iknowudont. Mainstreet is being blamed for crimes committed by Wallstreet.

      What no one talks about is the exact same mortages backed more than one bond. In other words, they were selling claims on real mortages the same way they sell claims on real shares.

      Common sense tells you that because the bailouts totaled way more than foreclosures. Why would bad loans ever cost more than the total amount of the bad loan?

      Both democrats and republicans refuse to arrest the crooks that are responsible for this. Don’t sucker for partisanship because both parties report to Wallstreet, because Wallstreet is who decides who gets elected.

    52. NOYBIZNIZ says:

      It sure looks like all of the talk in Washington DC about curbing short selling is having an impact… and, of course, there is no such thing as ABNSS, so why bother even mentioning it?

      Short Selling of S&P 500 Increases to Highest Since Mid-April
      By Nick Baker
      July 10 (Bloomberg)

      Bets against the Standard & Poor’s 500 Index rose to the highest since April last month as investors shorted shares of health-care, technology and financial companies.

      Short interest on the S&P 500 increased to 10.01 billion shares as of June 30, a gain of 2.5 percent from two weeks earlier, according to data compiled by U.S. exchanges and Bloomberg today. That’s the most since April 15.

      http://www.bloomberg.com/apps/news?pid=20601110&sid=aTju8ldakq4E

    53. Anonymous says:

      Noybizness, those bets could actually be bullish.

      If you’re a fund and you’re betting on stocks to go up, you short the index as insurance.

    54. Solomon MacKay says:

      After this expose, Mr. Mitchell would be well served to investigate the other 900 (or however many there are) companies that have had the same problems as dndn. I am certain he would find that there are many of the same people involved in each attack. He should then look at these people and find out on what common ground these people met. These types of organizations are created in childhood and young adulthood. During this period of life the bonds of trust are created that lead to the types of relationships needed to create and carry out such activities. He should also investigate who funds the group, who “buys in” at the ground floor. There will be a hierarchy, at the top of which will be old men. Where did these old men get startup funds and to what organization do they hold fealty? Is this organization a country? Perhaps a country other than the US?

      I will bet it is not China, or Russia, or any communist organization at all, nor will it be in South America or Europe. Nor will they be followers of Islam or any of the other monsters we hear so much about.

    55. Tar_&_Feather_Them says:

      The Feds, DOJ, FBI, Federal Reserve et al should take heed of this unfolding story. It was researched and told to you by the same people that warned of this meltdown that has destroyed our economy. Derivatives, derivatives, derivatives. FTD’s, FTD’s, FTD’s.

      The time to do something is now and not when it is too late.

    56. sean says:

      I will give you guys two guesses as to whom this poster by the name “Don” is but you will only need one. This is how they start to try to degrade and debase a place such as this. I hope his posts and all others by him and his IP address gets removed. Anything to say about that Anon 2 and Nobiz?

    57. NOYBIZNIZ says:

      Sean, that is exactly why I am happy that you are not the moderator you wish you were here. From where I sit, I see nothing with what Don has said (except perhaps him being a little harsh in calling someone else a “dumb ass”) that would warrant the removal of all of his posts. In fact, it’s quite amusing because, quite frankly, I took more offense at the veiled threat that you leveled at another poster earlier this week when you said this:

      “We’ll meet elsewhere and settle this O.K. Here IP addresses are’nt hard to locate.”

      You think it’s okay for you to say things like that, and yet you want to remove all of Don’s posts for calling someone else a “dumb ass”??

      You asked for my thoughts… there you have them. Again, this is all irrelevant to our common cause. We do no good by bickering amongst ourselves. I strongly suggest that you make your points, continue to share the information that you find, and simply ignore people who say things that you don’t like…..

    58. sean says:

      Nobiz, there was no threat just an invite. Just because you and a very few others took it that way does not mean it was so. I meant this was not the forum to discuss such. No calling someone derogatory name is M*UCH WORSE and there is no place here for that.These guys bring nothing to the table but critism and you defend them. I wonder why. We’re all adults here lets just act like adults. This is my last word on this topic. Back on topic for me!!

    59. Nonymoussurfer says:

      Sean, count to 10 before you post dude (and then re-read what you intend to post). I appreciate your research efforts & what you bring to the table, but you do tend to go off half cocked at times in this self-imposed Mod role. No offense intended and I’m not working for any “special interests”. In fact, I resemble this in myself as well. All this corruption in the market, the media, the regulators… that we CONTINUE to find more out about each & every day has me suspect of the motives of anyone & everyone who posts. But it’s not fair to lump everyone in with the criminals just because what was posted might possibly be construed as being of malicious intent and part of the broader conspiracy. Unless you have proof of wrongdoing, you should just keep it to yourself. It’s foolish to throw out innuendo & speculation without any sort of evidence of wrongdoing. I believe Judd, Mark, Patrick, et al have dug up enough actionable evidence that it is not necessary to police the postings in this manner.
      Again, no offense and I completely understand. If these jokers do happen to be on the wrong side of these shenanigans, they’ll get theirs… eventually… I hope… Have a beer & chill out. And keep up the good work. Cheers

    60. sean says:

      From Rezurch on Investorsvillage M.b. Truer words were never spoken!!

      let’s think ahead re: the upcoming hearings
      Now that the Sanity Check, Deepcapture, InvestigatetheSEC.com, Harry Markopolos, Gary Aguirre, Specter, Grassley, Fairfax, etc……have revealed the “rot” that IS our financial system, our beloved legislators and regulators will say what?

      Goldman Sachs has “proprietary software ” that could “manipulate the markets”…(if it got into the “wrong hands”…)

      Seriously, you can’t make this stuff up …we’re all supposed to just sit here and go “oh yeah right…good thing they caught that guy, now I can go back to sleep’….yes, go to sleep, my little sheep…..dream of a retirement with money, because that’s all you will be able to do is dream about it..

      So our regulators and elected ones will claim they were BLIND-sided….yeah that’s what you do when you decided that claiming to be blind is better than being CORRUPT. They will say that no one could see this coming…sure that’s right..none of the rating agencies could see the crap loans they were making, the SEC couldn’t see the naked shorting, the Senate Finance Cmte. couldn’t respond to the crisis…yeah it was all a really sneaky, stealthy attack that just took us all by surprise……

      Yes, being blind is a great claim, especially when you spent years ignoring the pleas of people telling you about settlement failures, phantom shares , captured regulators, front running, while your campaign took money from the hedge funds that you failed to oversee….yep, being blind – that’s the ticket….

      Just like all the put options that were bought on the airlines prior to 9-11 that were never traced back to the buyers….huh?

      And so now we have been coerced into bailing out many of these people with public money as a desperate attempt to prevent the inevitable, as we and our children are saddled with debt of unspeakable proportions….and where was Bush during all this…? “Good job Brownie”….”Mission Accomplished”…”heheheheheh”…

      Cramer? Anyone reading the Deepcapture blog and his infamous video of manipulating the markets who doesn’tt believe that he should be held accountable is either naive or on the dark side

      Pelosi – with all due respect, this IS about CRIMINAL ACTS and for you to attempt to frame the debate otherwise makes one wonder WHY you would want to protect anyone from the FULL EXTENT of the law….Madame Speaker, please tell us WHY this is NOT a criminal investigation!

      Dodd?Can’t even look at the man…Shelby? more of the same…

      O’Brien’s recent Sanity Check is well worth reading – of course, it will make you even more depressed, but it is REAL.

      The US is like the Titanic now , you see the ship above the water, but the outcome is pretty much sealed….and it’s all about unbridled greed and corruption….a well contrived plan to steal as much as possible and leave little behind, even if it means destroying companies like FRPT and DNDN…a story of buying off the regulators and the Congress so no one would “interfere” while the plundering took place…

      One can only hope that the afterlife is an eternity of misery for the miscreants. ……all of them

      I am dreaming of it…

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