SEC Enforcement Chief Linda Thomsen Joins Davis Polk. Somebody Call Kreskin.

    As a rule, I avoid criticizing individual public servants. Elected officials are fair game, in my view, but not public servants. They do not wake up and go into work wanting to do a bad job, I know, and I have had too many tailwinds in life to criticize wantonly people who devote themselves to public service of any kind, simply as a matter of principle.

    For recently retired SEC Enforcement Director Linda Thomsen, however, I’ll make an exception. (As Mr. Buffett says, “There are times when a man has to rise above his principles.”)

    The first story I would like to tell about this Enforcement Director concerns an investigation that the SEC’s San Francisco office was conducting a few years into collusion among short-sellers and crooked journalists who shilled for them using ammunition provided by “research shops” which were fed their material by those same hedge funds, in a kind of “serpent-eating-its-tail” of financial hooliganism. It was a hard scheme to miss: any company shorted by Stevie Cohen (SAC), David Einhorn (Greenlight), Dan Loeb (Third Point), David Rocker, or a handful of others, could count on coming under the “where-there’s-smoke-there’s-fire” journalistic scrutiny of such worthies as Jim Cramer and Dave Kansas, Gary “Scaramouche” Weiss, BethanyLong, Slow ThingMcLean and Roddy Boyd (both of Fortune Magazine), Carol Remond and Karen Richardson (both of DowJones), Floyd Norris and Joe Nocera, (both of the New York Times), and Herb Greenberg (MarketWatch), that “smoke” often being supplied by research shops of which those same hedge funds were clients. Invariably they’d be naked shorted as well, and show up on the Reg SHO Threshold List, and anyone noticing this constellation of facts occurring over and over with complete regularity could be counted on to be declared “wacky” by these same journalists.

    I learned about this investigation because I was invited to a meeting by the SEC investigators conducting it. I’m pretty sure that “invitation” came in the form of a federal subpoena, but I am not completely clear on that, having over the last few years received enough such paperwork to wallpaper my bedroom. In any case, I arrived at the appointed hour, and was sworn in. My deposition was conducted by a man named “Mark” and overseen by his boss, Tracy, both of whose last names I see no reason to reveal. They both were the kind of federal employees that make one swell with pride: They displayed neither favor nor enmity, but simply, white collar professionalism such as has largely been lost in Corporate America. They were prompt, prepared, and business-like, and, without being rude, challenged me fairly aggressively while revealing to me as little as they could.

    That said, try as they did, it was impossible for them to be as blank to me as they wished. After all, if someone asks, “What do you know about the possibility that Colonel  Mustard killed his victim in the library with a rope?”, then it is resonable to infor that the utterer suspects that Colonel Mustard may have indeed killed someone in the library with a rope. In this fashion, I became reasonably confident that while the New York financial press was bleating about how wacky I must be to notice patterns that many sane observers had noticed, those same patterns had been noticed by others better placed to do something about them than I. (Incidentally, normally I would be loathe to reveal the contents of such a deposition, but given that this is all moot now, yet tied to today’s news, and the bad guys are using FOIA requests to get this stuff anyway, it seems like the right thing to do.)

    Somewhere around this time, Jim Cramer and others of the journalists mentioned above  received their own subpoenas. All hell broke loose, because they made it break loose (see for example “Herb Greenberg, The Worst Business Journalist in America, on the Conspiracy“). Of course, in a world where editors still had integrity, it would have been considered somewhat unseamly to have journalists reporting on an investigation of which they, themselves, had become the targets (I’m not sure why I mention that: I suppose it seems like it should be germane or something). But as a result, that investigation was promptly shit-canned. There’s no other way to describe it: the investigators were summoned to Washington, publicly crapped upon from a great height by SEC Chairman Chris Cox, the Enforcement Director who signed those subpoenas stood by idly while this happened to her staff, and we returned to our regularly scheduled programming of Muzak and bromide business reporting interrupted occasionally by B-list actors pitching Grandmother-Safe financial products and narcissistic hustlers promising that this time they really wanted to make you money, Mad Money!

    Interestingly, not all the press backed up their brethren: editorials by Loren Steffy of the Houston Chronicle spring to mind in this regard. But by and large, the profession of business journalism stood mute while the reporting on a federal investigation was dominated by folks who were themselves the targets of that investigation.

    The second story I would like to tell about this SEC Enforcement Director concerns some comments she made in 2008 in a keynote address before the United States Chamber of Commerce. In a pattern that observers of this issue have seen before, when asked about naked short selling, the Enforcement Director avoided the question by simply talking about the virtues of short selling, an issue which is not in contention. This pattern of avoiding the subject of naked short selling has been used time and time again by apologists for the practice (imagine someone being asked about sexual harassment, and answering with a response about the virtues of sex). Unfortunately for the Enforcement Director, her interlocutor, who was standing in the front row, directly in front of her podium, using a microphone that broadcast his voice loudly to the whole room (and you will see in a moment why that is relevant) pressed her on the distinction in a way that we would never see happen in any of the captured business media such as CNBC, New York Times, or Fortune.  The Enforcement Director’s subsequent answer (she blamed the victim companies and excused the crime) is instructive because it confirmed, as though further confirmation were necessary, that there are in fact two and only two plays in the apologists’ playbook: first, conflate naked short selling with short selling and discuss the benefits of short selling; second, blame the victim companies and excuse the crime.

    3:00 p.m. – 3:30 p.m.
    Regulatory Keynote Address: A View from the Division of Enforcement: Perspectives and Priorities
    Linda C. Thomsen, Director of the Division of Enforcement, U.S. Securities and Exchange Commission
    Introduced and moderated by: Michael J. Ryan, Senior Vice President and Executive Director, Center for Capital Markets Competitiveness

    AUDIENCE MEMBER: “You spent a lot of time talking about insider trading and penny stock fraud, but you failed to mention an issue that’s of great concern to the Chamber, and that is naked short selling and the unsettled trades that can result from that. How can the Commission claim that it is serious about enforcement when millions of trades fail to settle every day and companies remain on Reg SHO Threshold Lists for years and years? And, second part of the question, why is the new rule 10b-21 necessary when, as Commissioner Casey pointed out, it makes illegal activity that is already illegal?;

    SEC ENFORCEMENT DIRECTOR: “Um… I didn’t hear all of it, unfortunately, but as to the issue of short selling, we recognize that short selling is -”

    AUDIENCE MEMBER: “My question was not about short selling. We all know that short selling is legal, and a necessary and efficient part of the market process. I’m talking about naked short selling-the selling of shares one does not have in inventory and probably has no intention of locating or borrowing.”

    SEC ENFORCEMENT DIRECTOR: “As to naked short selling, and more generally market manipulation generally (sic), it is an area we are focused on. We have seen fewer cases in that arena because, often times, this is not necessarily with respect to naked shorts, but shorting or market manipulation more generally, because often the components of something that might look to be manipulative are all legal trades as you point out. So it’s a hard case to bring, which is not to say that it isn’t something that we don’t investigate, because we do. So I .. hear and understand the frustration of many on the subject of short selling generally. When we hear complaints about short selling-and, frankly, it is both short and naked short, it is a combination of both-we routinely hear from companies who’ve come in, who worry that they’re being shorted in an illegal way. We routinely take all that information in and look into it. And often times, as I think many defense counsel would be happy to tell you, when we dig in, what we find is that some of the information that has caused people to be shorting is actually true as to the company, and we may very well be confronted with two issues, one on the company and its disclosure side as well as on the trading side. But they’re very difficult cases, which is not to say that we aren’t focused on them and interested in them and indeed this new focus that we have on some smaller companies and smaller issuers will wrap some of those concerns into their focus as well.”

    As you may have gathered, that SEC Enforcement Director was Linda Thomsen.

    That would be the same Linda Thomsen who, for the entire 14 year duration of her service in the Enforcement Division of the SEC (the last four as Director), missed the $67-billion-and-counting walking Ponzi scheme/human brown stain known as Bernie Madoff, though concerned citizen Harry Markopolis not only did the work for the Enforcement Division, he all but spray-painted his findings on the lovely Italian marble of the SEC’s posh new DC headquarters.

    That would also be the Linda Thomsen who, regarding Mr. Markopolis, acquitted herself so handily in this now-famous exchange with New York Democratic Congressman Gary Ackerman.

    That would be the same Linda Thomsen against whom the SEC’s Office of the Inspector General recommended disciplanary action for her role in hanging out to dry SEC Senior Investigator Gary Aguirre, due to his impertinence in trying to subpoena Morgan Stanley CEO John Mack simply because a trail of clues in “the most important insider trading case in 30 years” led directly to him.  Aguirre had failed to regonize that the law of the land does not apply to Mr. Mack because he has too much “juice“, as Aguirre’s boss Robert Hanson put it while shutting down the investigation. According to a subsequent report of the United State Senate Judiciary Comittee, by “juice” Hanson meant, “meaning they could directly contact the Director or an Associate Director of Enforcement. That Director was, again, Linda Thomsen, and the Associate Director was Paul Berger, who was, at the time of these events, negotiating for a job with Mr. Mack’s law firm, Debevoise Plimpton, a job which Mr. Berger ultimately took. That report by the US Senate Judiciary Committee summarized the culture of Enforcement Division under Director Linda Thomsen:

    Staff Attorney Gary Aguirre said that his supervisor warned him that it would be difficult to obtain approval for a subpoena of John Mack due to his ‘very powerful political connections.’ Aguirre’s claim is corroborated by internal SEC emails, including one from his supervisor, Robert Hanson. Hanson also told Aguirre that Mack’s counsel would have ‘juice,’ meaning they could directly contact the Director or an Associate Director of Enforcement.

    SEC management delayed Mack’s testimony for over a year, until days after the statute of limitations expired. After Aguirre complained about his supervisor’s reference to Mack’s ‘political clout,’ SEC management offered conflicting and shifting explanations.

    The SEC fired Gary Aguirre after he reported his supervisor’s comments about Mack’s ‘political connections,’ despite positive performance reviews and a merit pay raise.

    After being contacted by a friend in early September 2005, Associate Director Paul Berger authorized the friend to mention his interest in a job with Debevoise & Plimpton. Although that was the same firm that contacted the SEC for information about John Mack’s exposure in the Pequot investigation, Berger did not immediately recuse himself from the Pequot probe. Berger ultimately left the SEC to join Debevoise & Plimpton. When initially questioned, Berger’s answers concerning his employment search were less than forthcoming.

    “The SEC’s Office of Inspector General failed to conduct a serious, credible investigation of Aguirre’s claims.”

    That would be the same Enforcement Director to whom the SEC’s new Inspector General was obliquely referring, in page after page, for 55 pages, in a report explaining how three well-organized  6th graders could have handled the nation’s naked shorting complaints better than did the SEC Director Linda Thomsen’s Enforcement Division.

    That Linda Thomsen is the same one whose resumption of employment with white-shoe law firm Davis Polk & Wardwell (I say “resumption” because Ms. Thomsen worked at Davis Polk until she joined the SEC in 1995) was announced today in this gem (“SEC Enforcement Chief Joins Davis Polk“) from the Blog of Legal Times (“Law and Lobbying in the Nation’s Capital”).

    The announcement reads, with no detectable irony:

    Linda Thomsen, who headed the SEC’s enforcement division until February, is starting as a partner in the firm’s white-collar defense and government investigations and enforcement practices in June. She will be joining former SEC commissioner Annette Nazareth, who started at Davis Polk last year, and Robert Colby, who joined the D.C. office this year after serving as deputy director of the SEC’s trading and markets division…

    Thomsen practiced in Davis Polk’s New York office before joining the SEC in 1995. She started at the commission as assistant chief litigation counsel and went on to become head of enforcement in 2005. After leaving the SEC earlier this year, Thomsen says, “I had no preconceived ideas about where I was going to go, or what I was going to do.”Translation: “I swear, it never occurred to me to go work for the law firm defending wealthy clients against whom I was overseeing cases until weeks ago.”

    At the firm, Thomsen will advise clients on internal investigations and defend them against SEC probes.Comment: Probes such as those ones she was overseeing weeks ago.

    After serving at the agency for 14 years, Thomsen says she understands the kind of questions clients should be asking themselves to stay out of trouble with the commission. “I think I know and can see the kind of issues that get people into trouble, and the kinds of processes that cause them to, perhaps, ignore warning signs,” says Thomsen. - Comment: Yes, I am sure Ms. Thomsen is one of the world’s most recognized experts on the subject of processes that cause people to ignore warning signs.

    Thomsen headed the enforcement division as it came under fire for failing to catch Bernard Madoff’s Ponzi scheme, as well as problems that contributed to the meltdown on Wall Street. In response to critics, Thomsen vehemently defends her former division. “I think the professionalism in the division of enforcement is really unparalleled,” she says. ‘If you look at the totality of the enforcement efforts…it’s really a record that I know I’m proud of.”

    Considering the world-historic implosion of the US capital market occurring to vamp-til-ready accompaniment of Ms. Thomsen’s blind-piano-player-in-the-cathouse Enforcement Division,  I’m at something of a loss for words with which to comment upon Ms. Thomsen’s “pride”.

    But it is nice she landed on her feet.

    This post was written by:

    - who has written 164 posts on Deep Capture.

    I am a concerned citizen who has been focused on systemic instability since 2004.

    Contact the author

    185 Responses to “SEC Enforcement Chief Linda Thomsen Joins Davis Polk. Somebody Call Kreskin.”

    1. sean says:

      Dr. Byrne, this is the least that I could do. It was buried at the bottom of the Enron debacle ALL the way to the bottom of the attached link and the bottom of this article!!!!!

      March 02, 2006
      Jim Cramer is right, but so am I
      In a follow up to our earlier exchange, CNBC “Mad Money” host Jim Cramer said he believes Christopher Cox, chairman of the Securities and Exchange Commission, was right to rebuke the enforcement staff over subpoenas issued to Cramer and other journalists. It’s not unreasonable that Cox didn’t know what front-line investigators in the San Franciso regional office were doing.

      “I genuinely believe that these regional offices act on their own and then it gets to the commission level after months of research and that it doesn’t surprise me one bit that Cox would no idea. I also think that no former chairman would have had any idea either.”

      On that point, we agree. And if I had an SEC subpoena sitting on my desk, as Cramer does, I would probably be glad for Cox’s intervention, too. But that wasn’t the point I was making in yesterday’s column.

      Back in August, soon after he became SEC chairman, Cox gave a speech to the SEC’s staff in which he pledged to support them:

      In my travels to other nations over the past two decades of my government service, there has been a recurrent theme: almost every nation I’ve visited seeks to emulate our capital markets. And yet, over the years, no nation has gotten it quite as right as ours. A big reason for that is the exceptionally capable and professional staff of this agency. You have helped make our markets the envy of the world.

      But certainly, other nations have capable people as well. So why is it that our markets are the gold standard? It boils down to trust. Investor confidence. The integrity of the system. The world has faith in our markets because it has faith in the integrity of the people minding the store. You. Most investors will never know your names, but the world knows your work. Each one of you is part of this agency’s stellar reputation.

      That is why I pledge to go to bat for you. I’m not talking only pay and benefits; I’m talking about an entire climate — the kind of work you do, how you do it, and why you do it. You are smart people who deserve to be respected, appreciated, and listened to. I pledge to do that.

      Now, let’s assume Cox meant what he said, and let’s assume he believes the investigators in San Francisco made a mistake in issuing subpoenas to journalists. What would a good chairman do? He’d issue a press release that says, in effect, “we are concerned about this and we will hold off enforcing these subpoenas until we can review the situation.”

      That’s not what he did. He issued a statement that hung his enforcement staff out to dry.

      What will the effect of such a rebuke be? If you’re an SEC enforcement attorney in a regional office, what message are you going to take from this? Which brings me back to the original point I made in my column yesterday: while he may appear to side with reporters, Cox is using this situation to play politics and stifle corporate reform efforts.

      Cox and the commission are now left with two choices, both bad for investors: they can enforce the subpoenas, or they can undermine the enforcement staff. Either way, the public interest is sacrificed.

      That is why Cox doesn’t deserve to keep his job.

      http://blogs.chron.com/lorensteffy/2006/03/

    2. sean says:

      Or could it have been this one?? Take your pick, this gist of the story is still there. “If there were only a pattern”.

      Corporate reform dead; SEC chief should resign
      By LOREN STEFFY Copyright 2006 Houston Chronicle
      Feb. 28, 2006, 11:33PM
      Share Print Email Del.icio.usDiggTechnoratiYahoo! BuzzFacebookCORPORATE governance reform is dead. Its last gasp was stifled by the subpoenas issued last month by the Securities and Exchange Commission against several news organizations and writers.

      Last week, Marketwatch
      .com columnist Herb Greenberg and Dow Jones Newswires columnist Carol Remond acknowledged receiving the subpoenas, which involved stories about Internet retailer Overstock
      .com.

      Late Monday, the financial Web site TheStreet.com said it and columnist Jim Cramer, who also hosts the wacko stock-picking show Mad Money on CNBC, also were subpoenaed.

      The SEC’s investigation apparently involves claims that short-sellers conspired with the media to drive down Overstock’s price. It’s worth noting that Overstock’s chief executive, Patrick Byrne, is far from the voice of clarity and reason. He has, for example, claimed in a public conference call that Wall Street is controlled by a mysterious “Sith Lord.” That’s right, as in Star Wars.

      After a blistering column in the New York Times by Joe Nocera over the weekend, SEC Chairman Christopher Cox offered a scathing rebuke of his agency’s enforcement staff.

      “Until the media reports this weekend, neither the chairman of the SEC, the general counsel, the office of public affairs, nor any commissioner was apprised of or consulted in connection with a decision to take such an extraordinary step,” Cox said in a prepared statement issued Monday.

      It’s tempting to cast Cox as another bad manager, too detached to know what his subordinates were doing, or too spineless to take the blame.

      Or he could be something worse: a political hack masquerading as a market watchdog.

      SEC subpoenas of reporters are rare, and with good reason. Business reporting tends to be a primary source for SEC investigations. Cox acknowledged as much in an interview with the Associated Press: “The SEC and financial journalism are highly complementary; there’s a symbiosis.”

      Business lobby angered
      Cox was ushered in as SEC chairman last year after his predecessor, William Donaldson, angered the business lobby with his calls for more enforcement in the wake of corporate scandal.

      Some commissioners have been openly critical of the agency’s enforcement division. Paul Atkins, for example, has argued against corporate fines, saying they hurt shareholders.

      Of course, any SEC action investigation can depress a company’s stock. The question is whether fines hurt investors more than lax enforcement.

      Certainly, many Enron shareholders these days are wishing the company had been subject to a few fines that might have kept it honest.

      Anti-enforcement ally
      With Monday’s statements about the media subpoenas, Cox appears to ally himself with the anti-enforcement camp.

      For all his bluster about who at the SEC didn’t know about the subpoenas, Cox failed to mention who did. The SEC’s enforcement chief, Linda Thomsen, knew about them before they were issued, according to a report in Tuesday’s New York Times that cited commission officials.

      That, by the way, is how it’s supposed to work. The commission authorizes the investigation, but it doesn’t meddle in how the case is handled. The arrangement is supposed to shield the SEC’s enforcement process from political pressures.

      Cox, it seems, has found a way around that. Less than a year after he left Congress, Cox has shown he’s still the master of the political game. With journalists rallying to Greenberg’s defense, he can look like a champion of free speech while heaping public humiliation on the enforcement division.

      A fading memory
      The Enron trial is months away from a verdict, yet its significance already is a faded memory. Reform efforts have faced a mounting backlash from business leaders.

      Executives, bristling at the idea of accountability, bemoan the costs of the Sarbanes-Oxley law, spin the myth that companies like Enron were taken down by uncontrollable market forces rather than their own deceit, and complain that the proverbial pendulum of regulation has swung too far.

      Now, the SEC is beating down its own enforcement efforts.

      Investors, though, are left with a nagging question. Is the market’s top cop inept, spineless or a political hack? No matter the answer, the solution is the same:

      Mr. Cox, we await your resignation.

      Loren Steffy is the Chronicle’s business columnist. His commentary appears Sundays, Wednesdays and Fridays. Contact him at loren.steffy@chron.com. His blog, Full Disclosure, is at blogs.chron .com/fulldisclosure.

      http://www.chron.com/disp/story.mpl/business/steffy/3692485.html

    3. Anonymous says:

      As the door at the SEC revolves, we’re keenly observing yet another interesting development in the mining sector.

      Follow these in order and draw your own conclusions.

      Jim’s Warning

      http://jsmineset.com/index.php/2009/04/09/the-coming-end-of-naked-pool-and-no-uptick-short-selling-effectiveness/

      Barron’s – All That Glitters Is Not Gold

      http://online.barrons.com/article/SB123941230924310403.html

      Barron’s – A Gold Stock Loses Shine

      http://online.barrons.com/article/SB123964338838814029.html

    4. John Hamm says:

      Patrick,
      I truly appreciate all your hard work to weed out the corruption in the SEC and in our government in general. I must say that I still find myself feeling hopeless that the naked shorts in companies like JAGH, SDNA, and Overstock will ever be covered. The crooks can just continue to stall until the smaller companies finally run out of money.

      Do you see the naked shorts being covered? If so, what will be the catalyst?

      Sincerely,

      John Hamm

    5. Jim Hall says:

      She evinces a type of pride oddly consonant with that of our esteemed public servant Christopher ‘not Columbus’ Cox.

      Feeling good while doing good.

      Nice work if you can find it!

      Christopher is available on the lecture circuit should anyone wish to witness his vest buttons straining with pride whilst he relates stirring and heroic tales of ‘calmness’ at the helm!

      If you want to pay Christopher “Not Columbus” Cox:

      http://www.leadingauthorities.com/24579/Cox_Christopher_detail.htm

      add to his appearance one by an old friend of the SEC and you have a dynamite show:

      http://www.internationalspeakers.com/speaker/1150/michael_milken

    6. Jim Hall says:

      Is it possible to fathom the vileness and greed of these people?

      Will there ever be a day of reckoning?

      Judeo-Christian tenets posit that there will be (somewhere behind a set of pearly gates).

      Personally, I’m not so sure…

      Don’t look to the ‘government’ to provide any guidance in the matter.

    7. tommytoyz says:

      Patrick,
      Your writing style gets better all the time. Bravo!

    8. Jim Hall says:

      Nice article on Goldman frontrunning and how the SEC (mis)handled it:

      http://www.sec.gov/litigation/admin/2009/34-59505.pdf

    9. tkalantzis says:

      Linda is a dirty whore , just like Bethany .

      I hope she reads this

    10. Mahmoud Ahmad says:

      I think by the time the SEC gets around to
      fixing the naked shorting problem in favore of the investors,it will be too late and useless. There won’t be any more money left to invest
      by then! Just remember the high price that was always paid everytime when things didn’t get executed timely!

    11. JimH says:

      Linda T handled the good senator’s interrogatives with the composure and deftness of a grandmother caught cheating at bridge.

      Good riddance. Let that crappy law firm full of crooks have her…

    12. embraceyourinnerhillbilly says:

      ‘If you look at the totality of the enforcement efforts…it’s really a record that I know I’m proud of.”
      So is Stevie, David Rocker, Einhorn, Loeb and the rest of the miscreants…they all applaud the work ms. Thompsen has doone for them from inside the SEC.

    13. piperdown says:

      Patrick – Provenge “works” (today’s PR). And DNDN went back on the NSS list yesterday. Michael Milken’s Prostate Cancer Foundation (A corrupt network of doctors, hedge fund managers, and wall street stock manipulators) won’t be able to stack the FDA deck against it a 2nd time with this data. Dendreon is the biotech poster child that survived NSS….thanks for all you, Judd, Mark, et al have done to help expose this crime against humanity (and 58,000 dead men to PC in the past 2 years since these bastards fought to delay its approval successfully for the gain of their own agenda$).

    14. clearthinker says:

      with everything we have been witness to:

      The purchasing of airline put options before 9/11 – no follow up

      The issuance of subpoenas to Cramer, Greenberg and Remond – rescinded by Linda Thomsen

      The revoking of the uptick rule, followed by an accelerated collapse of our equity markets

      The destruction of Bear Stearns, accelerated by naked short selling

      The destruction of Lehman, which almost collapsed the world economy, accelerated by naked short selling

      The complete corruption of the SEC in the handling of the Gary Aguirre, John Mack, Samberg, Pequot “matter”

      Wall St. colludes with CNBC to put Chanos and others on regularly to defend thier practices, while they wore themselves trying to keep the public “in the game” with Kudlow, Cramer and Fast Money…

      and so on …and so on….

      And yet, we sit here blogging away, writing to our legislators,

      Where are the perp walks, where are the long jail sentences? Is it that hard to follow a sell ticket? I don’t think so….Is the anger of Congress, once again tainted with the bluster, and no follow through…? Are there designated “good guys”?

      Yes, DNDN’s spurt today put the hurt on the shorts…and as someone pointed out – a lot of people are dead who might have been saved by Provenge….

      Hard to be joyous….

    15. sean says:

      Clearthinker, one slight correction..It was Christopher Cox that rescinded those supoenas not Linda Thomsen.

    16. Michael Goode says:

      Haha Patrick … I would just like to point out that your stock is not suffering from fails to deliver (it ain’t on the threshold list anymore) and the stock price is still quite low. Maybe you will have to start blaming yourself now? Maybe you should try actually running OSTK rather than complaining against the naked shorts.

      BTW, the threshold list is the shortest I have ever seen it … so why not accept victory gracefully?

    17. Michael Goode says:

      Oh, and shame on you for disparaging Carol Remond. She is 10x better than any of the goons working for you.

    18. Marv Eatinger says:

      —– Original Message —–
      From: marv eatinger
      To: fraud@gao.gov ; CFLETTERS ; Criminal.Division@usdoj.gov ; hawked@sec.gov ; casework@grassley.senate.gov ; caseyk@sec.gov ; aguilarl@sec.gov ; ENFORCEMENT ; brandon_barford@banking.senate.gov ; oig@sec.gov ; lee@leeterry.com ; mitch0033@gmail.com ; info@teamemerald.com ; ra-erwebmaster@state.pa.us
      Sent: Tuesday, April 14, 2009 8:59 PM
      Subject: DALECO RESOURCES CORP – A CLASSIC PUBLIC COMPANY FRAUD!

      DALECO RESOURCES CORP-A BEAUTIFULLY CONCEIVED FRAUD! 1 minute ago By: virgule
      14 Apr 2009, 09:20 PM EDT
      Rating: Msg. 863 of 863

      Jump to msg. #
      DALECO RESOURCES CORP OR DALECO RESOURCES CORPORATION OR DALECO RESOURCES OR DALECO RESOURCES, INC. OR DALECO RESOURCES INC. IS A PROFESSIONAL PUBLIC COMPANY ON GOING FRAUD. A PUBLIC COMPANY THAT HAD OIL & GAS RESERVES THAT WERE SIGNIFICANT FROM A PUBLIC STOCKHOLDER POINT OF VIEW! THE ONLY PROBLEM BEING THAT DOV AMIR & LOUIS ERLICH INTENDED FROM THE START (APPROXIMATELY 1977) FOR UNITED WESTLAND RESOURCES LTD. (NOW DALECO RESOURCES CORP) TO BE CAPITALIZED BY THE PUBLIC INVESTORS WITH DOV AMIR & LOUIS ERLICH REAPING THE BENEFITS OF THE PUBLIC INVESTORS CAPITAL INVESTMENT AT VERY LITTLE, IF ANY, CAPITAL INVESTMENT ON DOV AMIR’S OR LOUIS ERLICH’S PART AS FOUNDERS & INVENTORS!

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      —– Original Message —–
      From: marv eatinger
      To: chairmanoffice@sec.gov ; CFLETTERS ; fraudnet@gao.gov
      Sent: Tuesday, April 14, 2009 1:25 PM
      Subject: NAKED SHORT SELLING MUST BE ELIMINATED!

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      To: marv@mitec.net
      Sent: Thursday, April 06, 2006 6:04 PM
      Subject: Delivery Status Notification (Failure)

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      Status: 5.2.2
      X-Display-Name: CFLETTERS

      Below you will find a copy of an email that I sent to the chairmanoffice@sec.gov , CFLETTERS@SEC.GOV AND fraudnet@gao.gov on Thursday, April 06, 2006 at 5:53 PM CDT. As you can see from the above copied failure notice from postmaster@sec.gov to marv@mitec.net, my email to CFLETTERS (SEC division of Corporate Finance) failed! This is even though this CFLETTERS@SEC.GOV email address is a working and active sec email address as of April 14, 2009!

      FROM OTCBB “DAILY LIST” TYPE IN SYMBOL “DLVO” :

      SECURITY DELETIONS
      Dl Date Symbol Company Name Effective Date/Comments
      2/22/2001 DLVOE** Daleco Resources Corporation 2/23/2001 Failure to comply with NASD Rule 6530

      NOW REMEMBER “NAKED SHORT” SALES & COVERING OF THESE SALES FROM MARCH 1, 2000 TO AUGUST 1, 2000 BY ADDING TWO ZEROS TO THE ACTUAL DAILY TRADING VOLUME WHILE USING TWO SYMBOLS “DLOV” & “DLVO” WHILE LISTED ONLY ON THE PINK SHEETS!

      Thursday, April 06, 2006 5:53 PM

      Dear Securities and Exchange Commission:

      Maybe the SEC ought to take a look at Daleco Resources Corp. and its symbol DLVO on the Canadian Dealing Network DURING THE TIME FRAME FROM MARCH 1, 2000 TO AUGUST 1, 2000 when Daleco was delisted from the OTCBB and only listed on the Pink Sheets. You need to ask yourself how Daleco Resources Corp could be listed on the same exchange (CDN) and at the same time for the same class of stock (common), and have two different symbols DLOV & DLVO!

      Marv Eatinger

      SEE http://WWW.RAGINGBULL.COM SYMBOL DLOV POST #863 FOR REMAINDER OF THIS MESSAGE

    19. Anonymous says:

      Marv,
      I applaud your persistence. Isn’t there a statute of limitations on things that happened in 1990′s early 2000′s and the SEC just looked the other way then, and will do so now since the statute has run out? Hell, getting them to do something about wrong doings happening right now ain’t happening so I can almost bet Daleco Resources was another (missed) errrrrr, bypassed chance to get the juice.

    20. Roy W. James says:

      Patrick please keep doing such a great job. Eventually people will realize how brave you were to confront this evil, and hopefully force it into the open. I will personally avoid the market for now, and concentrate on assisting you and others, to see those characters brought to justice. Progress is being made thank God.

    21. QUINTDAD says:

      Where is the pride in giving up all your fellow mates and teaching your new found fellow pirates the way to sieze its objectives? Fear not, Deep Capture has her in it’s crosshairs.Thank you Patrick.

    22. DCN says:

      Michael Goode Says: BTW, the threshold list is the shortest I have ever seen it … so why not accept victory gracefully?

      “The merit of an action lies in finishing it to the end.” – Genghis Khan

    23. GMC says:

      How do you FIX a problem when the FIXERS are in charge?

    24. harveydawabbitt says:

      remove the fixers
      by force if necessary

    25. DCN says:

      You drive a wedge between the fixers and their task masters. Sew distrust between the two. Destroy critical nodes in the network. Isolate and alienate.

      Both the fixers and their masters operate in an ecosystem that sustains them. Drain the swamp.

    26. sean says:

      A masterpiece for your perusal…

      On The Redistribution of Wealth and the End of the American Middle Class
      Location: Blogs Bob O’Brien’s Sanity Check Blog
      Posted by: bobo 4/14/2009 11:47 AM
      I view the daily headlines with a sense of awe and dread. They vary from the wildly optimistic, to the darkest of the pessimistic, and yet all seem to merely skate on the surface of the malady impacting the nation.

      I’ve been traveling for the last few weeks, thus away from madding screens and keyboards, and hence no blogs. But I’ve read the headlines and the editorials, and they are troubling, to say the least.

      Apparently, the U.S. Government suffered a coup over the last year. It was a bloodless coup, and it replaced no leaders or ideologies – rather, it was the complete takeover of the government by the large NY financial interests, typified by Goldman and the gang. Basically, the banks overthrew the democratically elected leadership, and have taken at gunpoint the keys to the treasury. Any pretense that Treasury isn’t run by Goldman, or that the revolving door at the regulators doesn’t reward the pliant with cushy paychecks upon exit, or that there is any pretense of fairness in the markets, is over. The U.S. of Wall Street is here, paid for via the sweat off your brow and the toil of our children, and their children. Slightly wealthier serfs, but a return to the Dark Ages where the state was operated for the profit of the few, from the labor of the many. Now, the serfs get to live in stucco homes instead of shacks, but the principle is the same.

      The heartbreaking part about all of this is that many banks aren’t bad, and played no part in the takeover or the collapse of the system. It’s the entrenched NY players who gamed the system, and made off with around $4 trillion so far. And the rule of law means nothing, nor does the will of Congress, because if Congress won’t pass another round of bailouts, the Fed will just do trillions more of sweetheart loans, little or none of which will make it into the field and be deployed as loans by the banks in question.

      Imagine a pie. That pie is total money in circulation, circulation defined as created by the Fed. Now imagine a smaller pie, and that is the amount of dollars in actual use, versus hoarded by the banks. As the circulation pie gets bigger, the dollars in use pie becomes a smaller percentage of the whole – that’s why we are seeing price deflation. Because the banks aren’t lending, the net effect is a shrinking of the money supply as dollars in use are measured both as a percentage of the pie, as well as in reality. Because the government pulls money out of that pie via taxes, and then instead of putting them back into circulation, distributes them to banks which are hoarding them, effectively shrinking the money supply over time as the tax effect takes hold. If that sounds familiar, it’s what made the Great Depression last 10 years. The money supply was methodically shrunk over that period, coupled with dollar devaluation, resulting in deflation. The only thing we are missing are protectionist tariffs now. That’s likely next.

      What happens when that unknown trillions of dollars lent/scammed goes into circulation – provided it ever does as anything but buying deflated assets for pennies on the dollar? What is the only result of increasing the number of dollars in circulation by double digit percentages? With stagnant or shrinking GNP, isn’t devaluation of the currency the only outcome possible? More dollars backed by the same or smaller GNP. Hmmmm.

      I think we’ll continue to see an effective shrinking of the money supply in use, even as all the pundits and economists pretend that’s mystifying or difficult to grasp. My hunch is that the end run is to crunch liquidity via this tax and hoard mechanism to the point where asset values collapse over time (deflation), and then those hoarding all the dollars can buy assets for pennies on the dollar; sure, there’s some inflation at that point, but that is all consistent with debasing the currency. As in the Depression, one must crush the middle class in order to confiscate their wealth, and that doesn’t happen overnight. It takes many years before someone is willing to sell their house to feed their kids today. Redistribution takes time, and requires patience.

      Maybe I’m just paranoid. But that’s exactly what happened in the Depression, and I see the signs in this as well – lawlessness on the part of the money trust, a wholly captured government kowtowing to the will of a few NY interests, a broken market system, plunging home values, constrained money supply via tax and hoard….

      That’s also why any rally is a sucker’s bet. My sense is that the reason the banks are throwing great profits is due to a combination of a boom in refinancing, as well access to dirt cheap money via the discount window, as well as via black boxes like AIG. Let’s see, you get X from TARP and make a big show out of paying it back, but you get Y via AIG (likely far more than borrowed via TARP) and then graciously agree to parse some and repay TARP. Not to mention the billions and billions via the Fed window. Owe X, take in far greater Y via subterfuge and secret loans, then chip off some Y to repay X. And we are being played, assisted by a captive media wholly owned by the same special interests who are stealing our national wealth.

      Is this really fooling anyone?

      It’s like a bad Laurel and Hardy skit, where Laurel steals Hardy’s wallet, and then pays him back the $5 he owes him.

      And the real shame is that the rest of the world is being dragged down with us – if you want to sell things into the U.S., you have to be price competitive, which means you need to debase your currency right along with the U.S. or you have no export market. So the misery and theft becomes a global one, just as it did in the 1930′s, when protectionist policies effectively shut the U.S. market off from those who would export to us.

      This is a very bad road. Naked short selling, or rather institutionalized counterfeiting, is bad. But it is a sliver compared to the larger evil we are seeing played out on a world stage.

      As others are forced to debase their currencies to keep up (or rather down), their populations suffer as well, creating an environment where fascists or extremists can ascend to power when ordinarily prosperity would keep them at the margins. And that’s how wars get started.

      This doesn’t look good through the lens of history, and it doesn’t look good through the lens of common sense. We are redistributing wealth to the cheats and scammers who ripped us off in the first place, effectively rewarding larceny and theft with the keys to the kingdom. This goes from bad to worse now. Mark my words.

      Copyright ©2009 Bob O’Brien

    27. iStandUp says:

      …. Following the Money Trail…

      Greenspan, Rubin and Summers Silenced The Woman Who Could Have Prevented This Financial Mess…

      The Woman Who Could Have Prevented This Financial Mess Was Silenced by Greenspan, Rubin and Summers

      By Katrina vanden Heuvel, TheNation.com. Posted October 11, 2008.

      A sad tale emerges of willfully arrogant behavior designed to undermine a wise woman’s good judgment.

      “Break the Glass” was the code-name high-level Treasury Department figures gave the $700 billion bailout; it was to be used only as a last-resort measure.

      Now millions have been sprayed and damaged by broken glass.

      But more than a decade ago, a woman you’re likely never to have heard of, Brooksley Born, head of the Commodity Futures Trading Commission — a federal agency that regulates options and futures trading — was the oracle whose warnings about the dangerous boom in derivatives trading just might have averted the calamitous bust now engulfing the US and global markets. Instead she was met with scorn, condescension and outright anger by former Federal Reserve Chair Alan Greenspan, former Treasury Secretary Robert Rubin and his deputy Lawrence Summers. In fact, Greenspan, the man some affectionately called “The Oracle,” spent his political capital cheerleading these disastrous financial instruments.

      On Thursday, the New York Times ran a masterful and revealing front page article exposing the culpability of Greenspan, Rubin and Summers for the era of dangerous turbulence we live in.

      What these “three marketeers” — as they were called in a 1999 Time magazine cover story — were adept at was peddling the timebombs at the heart of this complex crisis: exotic and opaque financial instruments known as derivatives — contracts intended to hedge against risk and whose values are derived from underlying assets. To cut to the quick, Greenspan, Rubin and Summers opposed regulating them. “Proposals to bring even minimalist regulation were basically rebuffed by Greenspan and various people in the Treasury,” recalls Alan Blinder, a former Federal Reserve board member and economist at Princeton University, in the Times article.

      In 1997, Brooksley Born warned in congressional testimony that unregulated trading in derivatives could “threaten our regulated markets or, indeed, our economy without any federal agency knowing about it.” Born called for greater transparency — disclosure of trades and reserves as a buffer against losses.

      Instead of heeding this oracle’s warnings, Greenspan, Rubin & Summers rushed to silence her. As the Times story reveals, Born’s wise warnings “incited fierce opposition” from Greenspan and Rubin who “concluded that merely discussing new rules threatened the derivatives market.” Greenspan deployed condescension and told Born she didn’t know what she doing and she’d cause a financial crisis. (A senior Commission director who worked with Born suggests that Greenspan and the guys didn’t like her independence. ” Brooksley was this woman who was not playing tennis with these guys and not having lunch with these guys. There was a little bit of the feeling that this woman was not of Wall Street.”)

      In early 1998, according to the Times story, one of the guys, Larry Summers, called Born to “chastise her for taking steps he said would lead to a financial crisis. But Born kept at it, unwilling to let arrogant men undermine her good judgment. But it got tougher out there. In June 1998, Greenspan, Rubin and the then head of the SEC, Arthur Levitt, Jr., called on Congress “to prevent Ms. Born from acting until more senior regulators developed their own recommendations.” (Levitt now says he regrets that decision.) Months later, the huge hedge fund Long Term Capital Management nearly collapsed — confirming some of Born’s warnings. (Bets on derivatives were a key reason.)

      “Despite that event,” the Times reports, ” Congress (apparently as a result of Greenspan & Summer’s urging, influence-peddling and pressure) “froze” Born’s Commissions’ regulatory authority. The next year, Born left as head of the Commission. Born did not talk to the Times for their article.

      What emerges is a story of reckless, willful and arrogant action and behavior designed to undermine a wise woman’s good judgment. The three marketeers’ disdain for modest regulation of new and risky financial instruments reveals a faith-based fundamentalist approach to the management of markets and risk. If there is any accountability left in our system, Greenspan, Rubin and Summers should not be telling anyone how to run anything. Instead, Barack Obama might do well to bring back Brooksley Born and promote to his team economists who haven’t contributed to the ugly mess we’re in.

      Katrina vanden Heuvel is editor of The Nation.

      ( http://www.alternet.org/workplace/102559/the_woman_who_could_have_prevented_this_financial_mess_was_silenced_by_greenspan,_rubin_and_summers/ )

    28. Jim Hall says:

      Incestuous orgy going on in gov’t/business.

      How can we stop this?

    29. iStandUp says:

      Kaufman, Isakson Statement on SEC Proposals to Reinstate Uptick Rule

      Senators say primary concern is that the SEC take action against abusive short selling that is “meaningful, difficult to evade and vigorously enforced”

      April 8, 2009

      WASHINGTON, DC – U.S. Senators Ted Kaufman (D-DE) and Johnny Isakson (R-GA), who introduced a bill to require the SEC within 60 days to write regulations effectively addressing abusive short selling, released the following statement today after the SEC announced it will review several proposals concerning the uptick rule.

      “The SEC left investors unprotected when it eliminated the old uptick rule and put nothing in its place,” the Senators said. “Today the SEC set out a number of proposals to address abusive short selling. Our primary concern is that the SEC take action that is meaningful, difficult to evade, and vigorously enforced.”

      Sens. Kaufman and Isakson have been pushing the SEC to make progress for a month. Sen. Kaufman initially proposed the reinstatement of the uptick rule in a March 3 letter to Schapiro. On March 16, Sens. Kaufman and Isakson introduced bipartisan legislation that directs the SEC to write regulations within 60 days to end abusive short selling. And last week, they were joined by Sens. Jon Tester (D-MT), Saxby Chambliss (R-GA), Carl Levin (D-MI) and Arlen Specter (R-PA) in a letter to Schapiro that was critical of the SEC’s Enforcement Division and urged SEC action on the uptick rule and abusive short selling.

      “We are pleased that the SEC has begun action against abusive short selling,” Sens. Kaufman and Isakson said today. “Legitimate short selling has an important role in our markets; the job of the SEC is to protect investors against abusive short selling. Selling stock you can’t deliver, or organized attacks that artificially depress a stock price – those are abuses that must stop.”

      “Short sellers have had a hey day in the past two years that the SEC Enforcement Division has been asleep at the switch, and abusive short selling has been bad for the markets and bad for investors. As SEC Chair Shapiro said today, ‘Investors themselves are saying that they feel less confident in putting their capital into the markets without additional restrictions on short selling.’”

      “So long as the SEC acts, we’re not interested in seeing Congress micromanage the process, but we believe the substance of the prior uptick rule can be reinstituted. Failure to act is simply not acceptable.”

      “We’re disappointed the SEC still has not addressed the importance of a pre-borrow requirement, as the uptick rule is only a part of the story when it comes to abusive short selling. The SEC must strengthen the current standards dealing with delivery requirements for short sellers, to stop the creation of phantom shares. We need a pre-borrow requirement, that short sellers must possess at the time of sale a demonstrable, legally enforceable right to deliver the shares.”

      “We’re going to keep urging the SEC to address abusive short selling in a comprehensive and effective manner. Second, and just as important, we need an SEC Enforcement Division that is on the same page – that aggressively pursues complaints, that is willing to bring actions, and that will signal the markets there is a new sheriff in town. This is very important to restoring investor confidence in our markets.”
      ( http://kaufman.senate.gov/press/press_releases/release/?id=f69d5392-3662-40bb-95c0-754dbae4456e )

    30. Marv Eatinger says:

      Anonymous – reply to your response #20:

      If a fraud is on going, every time an event is created in order to cover up a past fraudulent act the statute of limitations is tolled & starts over.

      “In cases where a cause of action has been fraudulently concealed, the statute of limitations is tolled until the action is, or could have been, discovered through the exercise of due diligence. ”

      Daleco Resources Corp committed many frauds. It all started in May of 1984 with their 20F filing with the SEC. An ex-SEC lawyer (MARIO V. MIRABELLI NOW WITH PATTON BOGGS) who was the managing partner of Shea & Gould law firm took his proprietary knowledge of how the SEC handles the filings of public companies and manipulated Daleco’s SEC filings for the years of 1984, 1985, 1986 & 1988 into different branches of the Division of Corporate Finance in order to cover up the accounting fraud that Daleco’s management conspired with its auditors (COOPERS & LYBRAND ACCOUNTING FIRM) in order to steal at least $30,000,000 + of oil & gas properties and leave the public stockholders without a clue as to what actually happened. Shea & Gould dissolved with a special night meeting of partners in January of 1994, one week after I had sent them my third certified letter over a period of two years. They never answered any of my certified letters!

      In January of 1991 the fraud division of the Fresno California IRS service center sent me a letter assigning a claim no. 95-52791-1 to my submission of 19 form #211′s having to do with entities associated with Daleco Resources Corp. In the letter of assigning the above IRS claim number the IRS stated that “As soon as we have completed our investigation and evaluation, we will notify you. Please let us know if you change your address.” This letter was signed by Theron C. Polivka Director, of the Service Center. To this day I have not been able to find out what has happened to my claim number and is it active or not active!

      It is always possible that the Federal Government would just as soon look the other way because Daleco exposes all the loopholes and weaknesses of the regulatory authorities in the 1980′s & 1990′s. But this case is on going and that is why I am committed to hang in there.

      Marv Eatinger

    31. Anonymous says:

      At this point, can we really fix the SEC? I say Mr. President, tear down this SEC — and replace it with a completely new organization where current employees have to to re-apply. You have a bigger pool of people to pick from…

      Why aren’t we talking about dismantling FINRA and THE SEC akin to what happened to the INS after 9/11. The INS was folded into different agencies because it was deemed to broken to be fixed… Until we completely eliminate the revolving door of the SEC and FINRA we are eternally screwed…

    32. Sarge says:

      To the person posting as Michael Goode:

      Its obvious your recent posts here at deepcapture.com were an attempt to stir up a little trouble with the audience. I’d like to address your posts with a little counter-argument of my own, in the spirit of healthy debate.

      Michael Goode Says:
      April 14th, 2009 at 6:49 pm

      “Haha Patrick … I would just like to point out that your stock is not suffering from fails to deliver (it ain’t on the threshold list anymore) and the stock price is still quite low. Maybe you will have to start blaming yourself now? Maybe you should try actually running OSTK rather than complaining against the naked shorts.”

      The ironic thing is that the vast majority of this whole site has little or nothing to do with Overstock.com. Patrick has done a rather commendable job of staying on message, focusing on the crime of naked shorting, not on the state of Overstock.com’s position in the market. In fact, if you take the time to review the deep capture article “Ruined Firms and Looted Pensions” (link is here: http://www.deepcapture.com/category/6-ruined-firms-looted-pensions/ ), you’ll notice that while the entire focus of this article is on companies that were hit hard by NSS, not once was Overstock.com even mentioned.

      The opposing arguments against NSS seem to be mostly ad hominem (ie “Wacky Patty”) or blatant denial (see the wikipedia definition of denial here: http://en.wikipedia.org/wiki/Denial ), such as this quote from another blog post:

      “There is plenty of theory on how naked short selling can hurt companies and the stock market as a whole, and I don’t disagree that it’s illegal and could cause harm. Yet there’s no actual proof that it is even happening on any sort of level that should have us up in arms.”

      …which is an excerpted comment, but the article it was taken from can be found in its entirety here: http://www.sequence-inc.com/fraudfiles/2009/03/24/naked-short-selling-a-complete-waste-of-resources/

      Nobody has offered up any tangible proof AGAINST the effects of NSS. I (along with the vast majority of people) would sincerely welcome such proof, as most of us would sleep better at night if this whole business of NSS could be proven as just a far fetched and groundless conspiracy theory. To date, no intelligent or fact based counter-argument exists demonstrating that NSS is NOT a problem that we should concern ourselves with. I have yet to find a counter-argument that’s credibility isn’t immediately called into question by lack of empirical evidence, misleading representation of extremely questionable data, or a personal grievance against Patrick Byrne, Judd Bagley, Mark Mitchell, Gary Matsumoto, or any other recognizable figure in the fight against NSS. Let me assure you, this is not because of a failure to willingly pursue such information on my part.

      So Overstock.com is no longer on the threshold list. So Overstock.com’s shares are selling at what you claim to be a “low” price. Are you arguing that Overstock.com is the only company hit by the crime of NSS (Patrick Byrne certainly isn’t making that argument)? Or that Overstock.com’s removal from the threshold list is indicative that NSS is no longer an issue to be concerned with in the market as a whole? I’ll counter with another example: Force Protection Inc (NASDAQ: FRPT). This company was brought to its knees by NSS. As a whole, this company has seen some great gains in the market since they were attacked and nearly destroyed by NSS in 2005. Their recent rise in value does not reflect any major changes in management or products offered (they are still a company focused on the production of MRAP, or Mine Resistant Ambush Protected, vehicles). As of today, FRPT is not on the threshold security list. Should we take this as evidence that everything is better now, that even though a company that certainly fits the criteria of marketing a unique product that fills a consumer need was attacked before, that it will not happen to another such company again? What about Bear Sterns? Ford and GM? Dendreon (who as of today still sits on the threshold list)? Sears? Our regulators have failed to take any true efforts against the crime of NSS, so what do we as investors have that we can take solace in when we engage in trading in the market today? The fact that our hard earned money is being taken and used as a down payment on a new limousine by some hedge fund manager who actively participated in market manipulation?

      As for Force Protection Inc, this is a fight that I do have a dog in. I have been inside one of their “Buffalo” vehicles when an IED detonated directly below, I can say with certainty that this vehicle was directly responsible for saving my life as well as the lives of the soldiers then assigned to me…it provided exponentially better protection to us than we experienced in a standard M-1114 Up-Armored HMMWV (the most serious wound suffered during this particular incident was a broken finger, suffered by yours truly). I spent the majority of my 2004-2005 tour in Iraq logging hundreds of miles (and hours) inside an M-1114, and have seen with my own eyes what a comparable IED blast can do to an Up-Armored HMMWV. I never had to submit paperwork for a purple heart for any of my “Buffalo” crew members, yet I saw more than one soldier assigned to me maimed (and in two instances, killed) while in the M-1114s. I was absolutely horrified when I saw what was done to them by NSS.

      But I digress…

      Michael Goode Says:
      April 14th, 2009 at 6:49 pm

      “…BTW, the threshold list is the shortest I have ever seen it … so why not accept victory gracefully?”

      I’ll tell you what concerns me, the fact that in this day and age with all of our vast leaps and bounds when it comes to the modern computer and the enormous gains made in software design, the fact that this list even exists in the first place is troubling to me. Whats worse, the fact that placing a company on this list seems to be the absolute farthest the SEC is willing to go to combat NSS. This is an embarrassment, and should be viewed as nothing less than a travesty of justice in our financial markets. You state that the threshold list is shorter than you have previously seen, yet seem to be referring to this as a way of demonstrating that there is no longer any cause for concern? I say the fact that the size of this list has shrunk is explainable in the most simple of terms, the mark of a successful con-man is the ability to fold up shop and bolt when their actions come under heavy scrutinization. As more and more people are becoming aware of the frauds being committed each and every day in our marketplace, more and more of the people committing these frauds are running for the shadows, because nobody wants to get caught with their hand in the cookie jar. Do I agree that NSS is happening on a lesser scale today than it was even just one year ago? For the most part, I do, but only in the sense that less companies seem to be victimized by these attacks today than were just a few months ago (the scale of these attacks on the companies experiencing them has not decreased though, these companies are still being brought to the brink of total disaster). Do I agree that the decline in numbers of companies being listed on the threshold security list is reason enough to abandon this fight for proper enforcement, market fairness, and justice for those who have committed these frauds in the first place? I doubt I even need to answer that question…would I be actively engaged in reading the articles presented on deepcapture.com if I did? And to what are you referring to when you bring up the idea of any sort of victory? No substantial changes have been made in enforcement or regulation, nobody has been brought in front of a judge to answer to these charges, and none of the companies who have suffered such a brutal attack has been offered any sort of reparations. Just because more people are paying attention to NSS does not mean we can drop our gloves and call the fight as a victory for our side. Until our own regulatory committees take this issue as seriously as we demand, this fight is far from being won by the citizens and individual investors.

      You’ll notice that in my “counter-arguments” above, I have refrained from delving in to the particulars concerning Overstock.com and their current position in the market. I want to make it perfectly clear that my lack of offering up a defense for this company is merely because I feel it has no relevance to this current discussion. Patrick, his board of directors, and the office that handle’s Overstock.com’s public affairs would be much better qualified to address any of your questions or concerns as to the health of their company, but as this information has no direct relevance to the discussion taking place here at deepcapture.com, I would ask that you take these questions and issues directly to them instead of using them in support of your argument here.

      Pertaining to your claim that Carol Remond “is 10x better than any of the goons working for you”, I have to ask what is your personal definition of journalistic integrity? I invite you to check out the definition that is claimed by the Society of Professional Journalists. For your convenience, that link can be found here:
      http://www.spj.org/ethicscode.asp

      I, along with the majority of this community, welcome the offering of conflicting opinions and arguments against NSS. But for once could somebody please come here with an argument based in facts and empirical data, and not just an personal attack on the character of Dr. Byrne?

    33. iStandUp says:

      After reading the story above about HOW Greenspan, Rubin & Summers, who were or are now employed by Wall Streeters, silenced Brooksley Born’s regulatory voice of reason, and HOW Congress accepted the Wall Street Gang’s desire for NO Regulation — I think it would be very useful to create a time-line showing the Major Actions of Congress and the Banksters that have brought about the collapse of the Financial Markets around the World.

      Does anyone have any links to any website that shows the major actions by Congress and the “Regulatory Agencies” that contributed to today’s worldwide financial mess?

    34. DCN says:

      iStandUp,
      History Commons is a cooperative, user generated timeline. A project on the economic crisis has begun:
      http://www.historycommons.org/project.jsp?project=credit_crisis

      I suggest that DC followers help add to the timeline. Items on naked short selling could also be added.

      The site began as timeline to investigate the events leading to 9/11; for which it one much acclaim.
      http://www.historycommons.org/timeline.jsp?timeline=complete_911_timeline

    35. DCN says:

      I would like to propose an initiative that directly applies pressure on individual players. Since these people are incapable of showing any remorse or ethics what so-ever; I suggest we harness the power of shame against these foes. It is likely some will find this proposal distasteful; nevertheless, I present for your consideration: Operation Name & Shame.

      Objective: Apply incremental pressure on target’s psyche via personal and professional shamming.

      Suggested Actions:

      Buy Ad Space –
      Examples

      Linda Thomsen is a graduate of Harvard Law School; why not buy ad space in the alumni magazine. She did her undergraduate at Smith College. I am sure the student body would be interested to read in “The Sophian”, the student newspaper, on how a prominent alumnus was a failure in her regulatory role and is part of a corrupt revolving door.

      Bethany McLean is a local girl makes it big from Hibbing, Minnesota. I am sure the humble people from this Iron Range town would be appalled to read in the Hibbing Daily Tribune, Duluth News Tribune or St. Paul Pioneer Press, how Bethany conspired with New York hedge funds to destroy companies for profit.

      Direct Mail-
      examples
      Help welcome Linda Thomsen at her new law firm Davis Polk by letting her co-workers know her real background. Have access to a fax machine? Get their fax number off their website and send them this article.

      Have an extra forty cents, or whatever it cost to buy a stamp these days? Why not print out an article and send it to some of these individuals neighbors, extended family members, old professors and mentors, etc? Spend a few bucks more if you like to Fed Ex or Priority Mail it so to be sure it gets attention.

      Be polite, be courteous, be tasteful; let the facts speak for themselves.

    36. Marv Eatinger says:

      Marv Eatinger
      Says:
      April 15th, 2009 at 4:22 pm
      —– Original Message —–
      From: marv eatinger
      To: fraud@gao.gov ; CFLETTERS ; Criminal.Division@usdoj.gov ; hawked@sec.gov ; casework@grassley.senate.gov ; caseyk@sec.gov ; aguilarl@sec.gov ; ENFORCEMENT ; brandon_barford@banking.senate.gov ; oig@sec.gov ; lee@leeterry.com ; mitch0033@gmail.com ; info@teamemerald.com ; ra-erwebmaster@state.pa.us
      Sent: Wednesday, April 15, 2009 5:56 PM
      Subject: “DUE DILIGENCE” VERSUS THE STATUTE OF LIMITATIONS VERSUS DALECO RESOURCES CORP PUBLIC STOCKHOLDERS LEGAL RECOURSE CONCERNING SECURITIES FRAUD!!!!

      “DUE DILIGENCE” VERSUS THE STATUTE OF LIMITATIONS 1 minute ago Marv Eatinger Says:
      April 15th, 2009 at 8:54 am
      Anonymous – reply to your response #20:

      If a fraud is on going, every time an event is created in order to cover up a past fraudulent act the statute of limitations is tolled & starts over.

      “In cases where a cause of action has been fraudulently concealed, the statute of limitations is tolled until the action is, or could have been, discovered through the exercise of due diligence. ”

      Daleco Resources Corp committed many frauds. It all started in May of 1984 with their 20F filing with the SEC. An ex-SEC lawyer (MARIO V. MIRABELLI NOW WITH PATTON BOGGS) who was the managing partner of Shea & Gould law firm took his proprietary knowledge of how the SEC handles the filings of public companies and manipulated Daleco’s SEC filings for the years of 1984, 1985, 1986 & 1988 into different branches of the Division of Corporate Finance in order to cover up the accounting fraud that Daleco’s management conspired with its auditors (COOPERS & LYBRAND ACCOUNTING FIRM) in order to steal at least $30,000,000 + of oil & gas properties and leave the public stockholders without a clue as to what actually happened. Shea & Gould dissolved with a special night meeting of partners in January of 1994, one week after I had sent them my third certified letter over a period of two years. They never answered any of my certified letters!

      In January of 1991 the fraud division of the Fresno California IRS service center sent me a letter assigning a claim no. 95-52791-1 to my submission of 19 form #211’s having to do with entities associated with Daleco Resources Corp. In the letter of assigning the above IRS claim number the IRS stated that “As soon as we have completed our investigation and evaluation, we will notify you. Please let us know if you change your address.” This letter was signed by Theron C. Polivka Director, of the Service Center. To this day I have not been able to find out what has happened to my claim number and is it active or not active!

      It is always possible that the Federal Government would just as soon look the other way because Daleco exposes all the loopholes and weaknesses of the regulatory authorities in the 1980’s & 1990’s. But this case is on going and that is why I am committed to hang in there.

      Marv Eatinger

      “In cases where a cause of action has been fraudulently concealed, the statute of limitations is tolled until the action is, or could have been, discovered through the exercise of due diligence. ”

      IF SEC SCRUTINY (SEC “DUE DILIGENCE”) OF DALECO’S VIOLATIONS CONCERNING SECURITIES FRAUD WAS CIRCUMVENTED BY MARIO V. MIRABELLI’S (SHEA & GOULD LAW FIRM) ABILITY & PROPRIETARY KNOWLEDGE OF HOW THE SEC HANDLES PUBLIC CORPORATION FILINGS, WOULD A COURT OF LAW DECIDE THAT PUBLIC INVESTORS IN DALECO RESOURCES CORP HAD NO RECOURSE BECAUSE THE STATUTE OF LIMITATIONS HAD RUN ITS COURSE? IF THE SEC HAD NO IDEA AS TO DALECO’S SECURITIES FRAUD VIOLATIONS, COULD A PUBLIC STOCKHOLDER IN DALECO BE EXPECTED TO PERFORM A LEGAL ASPECT CALLED “DUE DILIGENCE” ??

    37. sean says:

      From another message board..I think we have the proof we need by now,huh?

      Goldman Sachs Running the Plunge Protection Team?

      http://www.huffingtonpost.com/eben-esterhuizen/conspiracy-is-goldman-sac_b_186629.html

    38. Feedchipper says:

      Sarge, your comment post #33 is one of the finest I have read. Bravo, and thank you sincerely for your service to our country.

      For over two years now I have followed the NSS story with increasing interest; almost all of the dismissive posts I have read on the various forums display identical traits: snide, cynical, rude demeanor and ad hominem attacks in lieu of any factual argument. It is as if the majority of these were produced by some lone misfit liar for hire, crammed into a busy schedule of Wikipedia malediting and bogus book reviews. What a life.

      DCN, Operation Shame and Name strikes me as a fine idea. Shame used to be a powerful societal force for good, discouraging crime, unwed motherhood and poor grades just to name a few examples.

    39. Anonymous says:

      Can we get more recent data and more detail on this?

      http://www.businessweek.com/1997/51/b3558121.htm

      I bet a list of owners would help explain things.

    40. Anonymous says:

      But don’t be fooled. While Goldman is now public, it is still very much the same intensely private partnership that it has always been.

      http://www.businessweek.com/1999/99_20/b3629102.htm

    41. buybuybuy says:

      Speaking of Goldman Sachs don`t miss Elizabeth Warren on the Comedy Central Daily Show. She is the head TARP watcher for Congress and one of the good guys. Speaking on NPR and Comedy Central is proof she wants to get the word out to the average joe. Jon Stewart pulled no punches either, exposing the links to Goldman Sachs.

    42. iStandUp says:

      Here is a link to the Elizabeth Warren on the Comedy Central Daily Show:

      http://www.thedailyshow.com/video/index.jhtml?videoId=224261&title=elizabeth-warren-pt.-1

    43. Divieden says:

      Sarge, great post (#33). I have taken the liberty of saving it for future reference. Take care.

    44. iStandUp says:

      DCN,

      You stated:
      “I suggest we harness the power of shame against these foes. It is likely some will find this proposal distasteful; nevertheless, I present for your consideration: Operation Name & Shame.”

      I think Patrick’s article here in DeepCapture.com has done what you proposed – Name & Shame.

      This article above NAMES “retired SEC Enforcement Director Linda Thomsen” and she is SHAMED by her own actions in the video of her testifying to Congress, which video is also in the article.

      From my point of view, Patrick’s article here has already executed “Operation Name & Shame.” The article supplied the NAME and the data presented created the SHAME.

      Your idea goes further than this as you suggested:

      “Objective: Apply incremental pressure on target’s psyche via personal and professional shamming.

      Suggested Actions:

      Buy Ad Space –

      Direct Mail-”

      I do not see how this is going to further the cause to reform the SEC and have it obey existing laws that make naked shorting (counterfeiting) a crime.

      For example with Linda Thomsen…
      What do you expect to accomplish with Ad Space and Direct Mail? Especially now that she is retired?

      If the law firm she works for is employed by Hedge Funds or Wall Streeters, then is not likely she is considered a “HERO” for her lack of enforcement by others in this law firm? In which case, sending faxes, emails, and mail would merely add to her “HERO” status there. In which case, would not these types of direct SHAMING attempts be fruitless and a waste of time?

      I think the most fruitful Name and Shame Operation is to put their Names and Shameful actions in websites such as Deepcapture.com and your website, since these actions will help educate the American people so they can individually put pressure on their elected representatives to make changes.

      Any way, that is my 2-cents for whatever it is worth.

    45. sean says:

      So I have come to the conclusion that both the inept SEC and the corrupt FINRA have cost investors at the minimun 65 billion dollar just between Madoff and Stanford. Please read the following and ask the question why both of these agencies have not yet been shut DOWN!!!!

      Stanford Coaxed $5 Billion From Investors as SEC Weighed Powers
      http://www.bloomberg.com/apps/news?pid=20601109&sid=ae5qTPLFTvpg&refer=news#

      Stanford Coaxed $5 Billion From Investors as SEC Weighed Powers

      By Alison Fitzgerald and Michael Forsythe

    46. sean says:

      Here it is from Dylan Rattigan of CNBC. No wonder we haven’t seen him on TV anymore

      RIGHT ON THE MONEY !! …must listen…..
      http://www.fedupusa.info/Dylan_Ratigan_Interview

    47. sean says:

      This could prove interesting

      Pelosi calls for panel to probe Wall Street

      http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/04/16/MNAB1733BH.DTL

    48. Jim Hall says:

      Appears that the SEC’s Schapiro (late of FINRA) has her fallback career move firmly fixed, according to a quote from a Stanford ex regarding FINRA’s many investigative talents:

      ““Finra was just a bunch of robots,” said one former employee who accused Stanford of wrongdoing. “No one would look at our documents.”

      http://www.bloomberg.com/apps/news?pid=20601109&sid=ae5qTPLFTvpg&refer=home

      Might be funny if it weren’t our country getting sucked down the crapper, no?

    49. Fred says:

      From the Wikipedia entry on Dylan Ratigan:

      In Ratigan’s final CNBC broadcast from the floor of the NYSE he reported on what he called “an important story developing” that Goldman Sachs and “a variety of European banks”, in his assessment and that of his guests, essentially “perpetrated securities fraud” and an “insurance fraud scam” against AIG—and, by extension, the government and taxpayers funding that insurance company’s “bailout”—by insuring their questionable investment vehicles and, upon their devaluation, making claims on them to be paid by AIG “at 100 cents on the dollar” despite all of the markdowns “being forced upon every other” entity including the government, banks, shareholders, bond holders, taxpayers and homeowners. [6]

      “I think that it should be a bigger political issue than whether somebody bought an airplane… Forget the private jets, forget who got a million dollar bonus. Fifty billion dollars”, he emphasized, minimizing what he saw as populist side issues to “the real question” of how “government policy makers” are to deal with the “problems of contract law” inherent in the agreements of businesses receiving government assistance during the financial crisis. [7]

      “The banks are being asked to take ‘haircuts’ on their toxic assets, why are the Goldmans and the Deutsche Banks of the world not being asked to take haircuts on their toxic credit default swaps? It’s a real question. I will continue to pursue it for sure, I hope others will as well.” Ratigan praised New York Attorney General Andrew Cuomo’s subpoena of AIG to determine the bank payouts as “legitimate inquiry” and looked forward to “a body of lawmakers in Washington D.C. who are going to ask, it appears, some of the same questions that I’m asking.” [8]

    50. iStandUp says:

      Sean,

      Thanks for the LINK!

      “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 President Franklin Delano Roosevelt, “they had tangible recommendations,” she said, which helped generate widespread public support for major banking system reforms and new securities laws. ”
      ( http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/04/16/MNAB1733BH.DTL )

    51. iStandUp says:

      CNN Reported at lunch time today… Worldwide Over-Supply of Diamonds Causes Prices of Diamonds to DROP Dramatically….

      Here is newspaper article about this:
      http://www.latimes.com/business/la-fi-diamonds16-2009apr16,0,6374204.story

      I find this story interesting, because WALL STREET wants everyone to believe that Counterfeiting shares of stock and thereby creating a OVER-SUPPLY does not harm a company!!

      This story about the price of diamonds DROPPING from an over-supply shows us that WALL STREETERS are LYING when they say Counterfeiting does not harm a company!

    52. calltoaccount says:

      Re: post 30– Great statement by Senators. Too bad they whispered its release

      The captured mainstream financial media consistently misleads the public as to the causes and severity of the financial crisis cooked up by the Wall Street/Washington axis of greed and corruption– but they’re not entirely to blame.

      The recent statement by Senators Kaufman and Isakson regarding SEC proposals to reinstate the Uptick Rule” got zero media attention.

      It was released under the headline “Kaufman, Isakson Statement on SEC Proposals to Reinstate Uptick Rule” with a sub head: “Senators say primary concern is that the SEC take action against abusive short selling that is “meaningful, difficult to evade and vigorously enforced.”” Huh?

      What if the headline had simply read:

      Senators Demand SEC Combat Abusive Short Selling To Restore Investor Confidence in Markets

      One has to wonder just how committed these politicians are to actually getting something changed if they mute their own message– instead of shaping it to reach the widest possible audience.

    53. Marv Eatinger says:

      Add to this message my past responses on http://www.deepcapture.com and Daleco Resources Corp fraudulent involvement with “NAKED SHORT SELLING & HOW DALECO COVERED THESE NAKED SHORT SALES THREE YEARS AFTER THE FACT”
      Marv Eatinger

      « DLOV Message list | Reply to msg. | Post new msg. « Older | Newer »
      By: virgule
      06 Feb 2007, 06:05 PM EST
      Msg. 297 of 303
      Jump to msg. #
      —– Original Message —–
      From: marv eatinger
      To: letter.editor@edit.wsj.com
      Sent: Tuesday, May 09, 2000 7:03 PM
      Subject: Fw: DALECO RESOURCES CORP. OTC-DLOV

      —– Original Message —–
      From: marv eatinger
      To: inquiries@interactive.wsj.com
      Sent: Thursday, March 16, 2000 9:21 PM
      Subject: DALECO RESOURCES CORP. OTC-DLOV

      On Sept. 9, 1996 I sent the WALL STREET JOURNAL a certified letter(P078-617-177) in care of Allanna Sullivan received by R. Hesterly on Sept. 12, 1996. This letter contained documents to support a conspiracy by SHEA & GOULD & COOPERS & LYBRAND to participate in a fraud. The other participant in that fraud was a public co. called DALECO RESOURCES CORP (presently OTC-DLOV). The documents I gave the WALL STREET JOURNAL support the anatomy of a fraud. Over the last four & one-half years I have sent the WALL STREET JOURNAL certified copies of letters that were addressed to other entities (Z576 951 152, R829 468 548, Z185 651 184, Z576 952 930, priority mail 0304 7990 0002 7769 4274)! I have never received proof of delivery for any of these letters. Numerous tracers have been sent & no answers have ever been received! At this point I do not even know if the WALL STREET JOURNAL has ever read any of these letters. I only hope that the JOURNAL is not typical media that feeds on politics to the detriment of facts & the letter of the law! M.H. EATINGER

      (Voluntary Disclosure: Position- Long)
      ===========================================================

      Daleco Resources (RB: DLOV)

      « DLOV Message list | Reply to msg. | Post new msg. « Older | Newer »
      By: virgule
      07 Feb 2007, 06:14 PM EST
      Msg. 299 of 303
      Jump to msg. #
      REFERENCE FROM POST #298:
      ” On Jan. 11, 1999 I sent a Federal Express (#809575017901) two pound package of documents to the law firm of Meredith Cohen Greenfogel & Skirnick, P.C. (Robert A. Skirnick, Esq.). As of May 29, 2000 I have not gotten a reply & apparently my package has disappeared into a vacuum.”

      THE PACKAGE OF DOCUMENTS (DALECO RESOURCES CORP) THAT I SENT TO THE ATTENTION OF ROBERT A. SKIRNICK, Esq. (MEREDITH COHEN GREENFOGEL & SKIRNICK, P.C.) VIA FEDERAL EXPRESS PRIORITY OVERNIGHT SERVICE #809575017901 REFERENCE #R1999042600010284070 WAS RECEIVED ON JANUARY 12, 1999 AT 10:24 AM BY AN ENTITY NAMED “M. FUKIN” AT 63 WALL ST NEW YORK, NY 10005. I WAS NOT ABLE TO GET PROOF OF DELIVERY UNTIL APRIL 26, 1999 AT 08:26:22 CST BY SUN ISOFAX PAGE 2 OF 2.

      IN YEAR 2003 I FOUND OUT THAT (EMAIL FROM MR. SKIRNICK ON JANUARY 28, 2003) MEREDITH COHEN GREENFOGEL & SKIRNICK NEVER EMPLOYED ANYONE NAMED “M. FUKIN” AND, ” IN ANY EVENT, NO ONE HERE HAS KNOWLEDGE OF RECEIPT OF A PACKAGE OF DOCUMENTS RELATED TO DALECO RESOURCES CORPORATION OR HAS EVER HEARD OF SUCH A COMPANY AND NO MATERIALS RELATING TO THAT COMPANY ARE IN OUR FILES – SINCERELY, ROBERT A. SKIRNICK “.

      I PAID $21.50 TO SEND THIS PACKAGE OF DOCUMENTS CONCERNING DALECO RESOURCES CORP TO MR. SKIRNICK, AND AS OF FEBRUARY 7, 2007 THAT TWO POUND PACKAGE OF DOCUMENTS HAS TOTALLY DISAPPEARED AND I HAVE NEVER BEEN ABLE TO GET FEDERAL EXPRESS TO ACKNOWLEDGE MY COMPLAINTS AND GET MY $21.50 RETURNED!!!!!

      SO MUCH – FOR THE SECURITIES AND EXCHANGE COMMISSIONS CONSISTENT ADVICE THAT ” I SHOULD GET A LAWYER AND EXPLORE WHATEVER LEGAL REMEDIES MAY BE AVAILABLE TO ME “.

      BEFORE ANY POTENTIAL STOCKHOLDER EVER INVESTS IN SMALL CAPITALIZATION PUBLICLY TRADED STOCKS (AND FOR THAT MATTER ANY PUBLICLY TRADED STOCK), THAT POTENTIAL STOCKHOLDER HAS TO UNDERSTAND THAT THE REGULATORY SYSTEM IS STACKED AGAINST HIM OR HER!!!!!

      (Voluntary Disclosure: Position- Long)
      =============================================================

      THE FOLLOWING LETTER WAS SENT BY REGISTERED MAIL NO. RA696246707US FROM BOYSTOWN POST OFFICE IN OMAHA, NE
      ON OCTOBER 20, 2006:

      IRS COMMISSIONER – MARK W. EVERSON
      1111 CONSTITUTION AVENUE, N.W.
      WASHINGTON, D.C.

      Dear IRS Commissioner Everson:

      Enclosed you will find a copy of a letter from P.O. Box 11946, Fresno, CA 93776 dated January 15, 1991. This letter assigned claim no. 95-52791-1 to IRS Form 211′s submitted to the IRS Service Center in Fresno, CA by Marv Eatinger. My father (Harold L. Eatinger) was Branch Chief of the Accounting and Collections Division for the IRS District Office in Omaha, NE. He retired with 38 years of service in July of 1960. He was the reason that I put myself in harms way and submitted forms 211 to the Internal Revenue Service in 1989 and again in 1990. These Form 211 submissions all had to do with a public company named Daleco Resources Corporation, its 100% owned subsidiary in Nevada named Westlands Resources Corporation and associated entities including Coopers & Lybrand accounting firm and Shea & Gould law firm.

      If I had it to do all over again, knowing now how the system works, I would have taken another approach to exposing this case of tax fraud!

      I feel that I deserve at least to be able to find out what ever happened to my claim no. 95-52791-1. Is it active or not active?

      Sincerely,

      Marv Eatinger

      (Voluntary Disclosure: Position- Long)

    54. Marv Eatinger says:

      EVENTS CONCERNING MY NEW COMPUTER IN MARCH OF 2007 WHICH I BOUGHT IN ORDER TO GET RID OF A TRACKING VIRUS THAT WAS IMBEDDED IN MY OLD COMPUTER SINCE JANUARY OF 2000!

      —– Original Message —–
      From: marv eatinger
      To: hdixon@blackwellsanders.com
      Cc: Matt Bassett ; BJKOZLEN@aol.com ; franzese@ou.edu
      Sent: Sunday, October 28, 2007 9:21 AM
      Subject: this message speaks for itself!

      FRIENDS: NOTICE BELOW “Hello Erlichman” ! LOUIS ERLICH & DOV AMIR INVENTED DALECO RESOURCES CORP (LOUIS ERLICH IS NOW DECEASED). I WROTE LOUIS ERLICH MANY CERTIFIED LETTERS FROM 1985 TO 1988. HEWLETT-PACKARD IS NOT TRYING VERY HARD TO ANSWER MY QUESTIONS. SINCE MARCH 19, 2007 THIS EMAIL TO HEWLETT-PACKARD IS THE SECOND EMAIL THAT I HAVE SENT ASKING THE SAME QUESTIONS. I HAVE ALWAYS USED MY NAME MARV EATINGER AS ASSOCIATED WITH EMAILS TO HEWLETT-PACKARD.

      THINK ABOUT IT! HOW COULD “SHADWELL” FROM HP TOTAL CARE EVER COME UP WITH THE NAME OF “ERLICHMAN” IN PLACE OF MARV EATINGER? AND IF THIS IS AN ERROR, WHAT ARE THE ODDS THAT “ERLICH” WOULD SHOW UP AS PART OF THE ERROR????

      Marv Eatinger
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      WHAT I NEED TO KNOW IS HOW AND WHY MY NEW VISTA OPERATING SYSTEM COMPAQ PRESARIO SR2170NX — PROD NO. RK549AA — S/N CNH70500KN COMPUTER HAD ITS MODEM SOFTWARE AND DRIVER MOVED FROM FACTORY INSTALLED PORT 2 TO COM PORT 3 DURING THE FIRST THREE DAYS AFTER I STARTED USING MY NEW COMPUTER, AND YET THE MODEM BOARD IS STILL PHYSICALLY INSTALLED IN COM PORT 2?????

      Marv Eatinger

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      From: “HP U.S. Webmaster”
      To:
      Sent: Friday, September 21, 2007 10:03 AM
      Subject: HP U.S. Feedback to Webmaster — auto-acknowledgement

      > Dear Marv Eatinger,
      >
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      > From: maeating@aol.com
      > Sent: 2007-09-21 15:03:12Z (GMT)
      > Subject: HP U.S. Feedback: (not provided)
      >
      > Web category: other
      > Web issue: other
      > Site url: (not provided)
      > Name: Marv Eatinger
      > E-mail address: maeating@aol.com
      > Phone number: 402-391-7536
      > Country: US
      > Comments:
      > —– Original Message —–
      > From: marv eatinger
      > To: chairmanoffice@sec.gov ; FRAUD@GAO.GOV ; CFLETTERS ; chuck_hagel@hagel.senate.gov ; atkinsp@sec.gov ; hawked@sec.gov ; PRESIDENT@WHITEHOUSE.GOV
      > Cc: hdixon@blackwellsanders.com
      > Sent: Wednesday, September 19, 2007 6:09 PM
      > Subject: FAIR AND BALANCED APPLICATION AND PROSECUTION OF THE “RULE OF LAW”???????????????
      >
      >
      > DEAR REGULATORY AUTHORITIES FOR PUBLIC EQUITIES TRADED ON UNITED STATES OF AMERICA PUBLIC EQUITY MARKETS:
      >
      > THE FOLLOWING UNEXPLAINABLE EVENTS (UNEXPLAINABLE BY BOTH Hewlett Packard AND AOL.com) HAVE OCCURRED IN THE WINDOWS HOME BASIC VISTA OPERATING SYSTEM OF MY NEW COMPUTER SINCE MARCH 27, 2007:
      > 1. I HAVE NEVER BEEN ABLE TO ACCESS http://WWW.RAGINGBULL.COM BY USING MY INTERNET EXPLORER BROWSER! I CAN ONLY ACCESS THIS WEB
      > SITE USING MY AOL.COM BROWSER.
      > 2. I HAVE NEVER BEEN ABLE TO CLICK ON THE INTERNET EXPLORER ICON AND CONNECT TO MY AOL.COM SERVICE & THE INTERNET THROUGH
      > THIS INTERNET EXPLORER ICON!!!!!!!!!!!!!!!!!!!!!!!!!!!
      > 3. EVERY KEYSTROKE THAT I MAKE IS ULTIMATELY FILTERED THROUGH MY AOL.COM BROWSER!
      > 4. OVER THE LAST TWO WEEKS I CAN NO LONGER ACCESS QUOTES FOR DALECO RESOURCES CORP AND REGENCY AFFILIATES, INC. ON
      > http://WWW.OTCBB.COM, http://WWW.PINKSHEETS.COM, AND http://WWW.NASDAQ.COM WEB SITES! I AM LIMITED TO ONLY CERTAIN INFORMATION ON THESE
      > WEB SITES AND PROHIBITED FROM OBTAINING QUOTES AND ON http://WWW.NASDAQ.COM I CANNOT REVIEW HISTORIC PRICE AND VOLUME
      > DATA FOR EITHER DALECO RESOURCES CORP OR REGENCY AFFILIATES, INC.! YET, I CAN GO TO THE PUBLIC LIBRARY AND ACCESS THESE
      > WEB SITES WITHOUT ANY INFORMATION BEING BLOCKED!
      >
      > WHAT DID I DO WRONG HERE? BY EXPOSING DALECO RESOURCES CORP AND REGENCY AFFILIATES, INC. TAX FRAUD (WILLIAM R. PONSOLDT, SR
      > TAX FRAUD – REGENCY- GAO CONTROL #42822) AND DALECO RESOURCES CORP TAX FRAUD (WESTLANDS RESOURCES CORPORATION – NEVADA – IRS CLAIM #95-52791-1) AND THE ASSOCIATED SECURITIES FRAUD THAT MADE THIS TAX FRAUD POSSIBLE, DID I CREATE POLITICAL RAMIFICATIONS THAT
      > TRANSCEND “THE RULE OF LAW”?
      >
      > Marv Eatinger
      >
      >
      >
      >
      > —– Original Message —–
      > From: marv eatinger
      > To: chuck_hagel@hagel.senate.gov ; CFLETTERS ; fraud@gao.gov ; hawked@sec.gov ; atkinsp@sec.gov
      > Cc: president@whitehouse.gov
      > Sent: Sunday, March 25, 2007 4:37 PM
      > Subject: Fw: NEW DESK TOP COMPUTER – SEQUENCE OF EVENTS – MARCH 19, 2007 THRU MARCH 25, 2007 – MARV EATINGER
      >
      >
      >
      > —– Original Message —–
      > From: marv eatinger
      > To: hp-support_feedback100@hp.com ; aolphonetech@aol.com ; root@localhost ; Criminal.Division@usdoj.gov
      > Cc: newseditors@wsj.com ; Matt Bassett ; BJKOZLEN@aol.com ; franzese@ou.edu
      > Sent: Sunday, March 25, 2007 4:16 PM
      > Subject: NEW DESK TOP COMPUTER – SEQUENCE OF EVENTS – MARCH 19, 2007 THRU MARCH 25, 2007 – MARV EATINGER
      >
      >
      > —– Original Message —–
      > From: marv eatinger
      > To: hp-support_feedback100@hp.com ; aolphonetech@aol.com
      > Cc: root@localhost ; newseditors@wsj.com
      > Sent: Saturday, March 24, 2007 5:04 PM
      > Subject: NEW DESK TOP COMPUTER – SEQUENCE OF EVENTS – MARCH 19, 2007 THRU MARCH 24, 2007 – MARV EATINGER
      >
      >
      > TO WHOM IT MAY CONCERN:
      >
      > MARCH 19, 2007: BEST BUY “GEEK” SQUAD INSTALLED NEW COMPUTER AND TRANSFERRED FILES & EMAILS FROM OLD WINDOWS 98 COMPUTER.
      > WHEN “GEEK” SQUAD LEFT ON MARCH 19, 2007 EVERYTHING WORKED AND I COULD SEND EMAIL THROUGH AOL.COM (NEW ACCOUNT)
      > AND THAT EMAIL WOULD BE RECEIVED BY THE INTENDED RECIPIENT.
      >
      > MARCH 20, 2007: TUESDAY MORNING TRIED TO SEND EMAIL THROUGH AOL.COM TO THE SAME RECIPIENTS THAT I SENT EMAIL TO ON MONDAY
      > MARCH 19, 2007. EMAILS WERE ALL RETURNED BY root@local host . FURTHER QUESTIONS WERE TO BE DIRECTED TO AOL
      > POSTMASTER. THE ADDRESSES OF THESE EMAILS ALL HAD PERMANENT FATAL ERRORS. THE REASON BEING “HOST
      > UNKNOWN” OR “HOST NOT FOUND”. THESE ADDRESSES WERE ALL ADDRESSES THAT I HAD SENT NUMEROUS EMAILS IN THE
      > PAST AND ON MONDAY MARCH 19, 2007.
      >
      > SHUT MY COMPUTER DOWN AT APPROXIMATELY 11:30 AM. CAME BACK AT APPROXIMATELY 3:30 PM AND BOOTED UP MY COMPUTER.
      > AT THIS POINT I COULD NOT GET CONNECTED TO AOL.COM INTERNET SERVICE. CALLED AOL.COM (1-800-827-0035) AND WAS GIVEN
      > MY FIRST AOL CASE NO. OF 170554366. DISCUSSED MY PROBLEM OF NO INTERNET CONNECTION AND WAS SHOWN HOW TO CORRECT
      > THIS. SINCE I HAVE ONLY ONE DIAL UP LINE, I EXITED AOL AND TRIED TO CONNECT TO THE INTERNET AGAIN. I STILL COULD NOT
      > CONNECT TO THE INTERNET. SO, I CALLED AOL.COM (1-800-827-0035) AND GOT A DIFFERENT TECH AND A NEW CASE NO. 170654824.
      > THIS TECH HAD ME GO TO MY CONTROL PANEL – PHONE & MODEM OPTIONS – AND OPEN UP SCREEN. HE ASKED ME TO TELL HIM
      > WHAT PORT (COM) NO. WAS SHOWN BESIDE THE MODEM DESCRIPTION. I TOLD HIM THAT IT SHOWED THAT THIS MODEM WAS NOT
      > ATTACHED AND HAD NO COM NO’S! HE THEN TOLD ME THAT HE COULD NOT HELP ME AND I WOULD HAVE TO CALL HEWLETT PACKARD
      > (1-800-474-6836) WITH THIS ON GOING PROBLEM. I CALLED HP AND GOT A GAL NAMED GITA AND A CASE NO. OF 7338357671. GITA
      > TOLD ME THAT WE WERE GOING TO HAVE TO WORK TOGETHER TO GET THIS PROBLEM SOLVED. I SAID OK LETS GO. SHE
      > PROCEEDED TO HAVE ME DISCONNECT ALL THE CABLES FROM THE BACK OF MY NEW COMPUTER. SHE THEN HAD ME REMOVE THE
      > THE SIDE PANEL FROM MY COMPUTER. THEN SHE SAID “SEE THAT GREEN BOARD INSERTED IN THE BLOCK WITH THREE SLOTS” AND
      > I SAID YES. SHE SAID “THAT IS THE MODEM”. SHE THEN SAID THAT I WAS TO REMOVE THIS BOARD FROM THE MIDDLE SLOT (PORT)
      > AND REINSTALL THIS MODEM IN ONE OF THE OTHER TWO SLOTS (PORTS).
      >
      > AT THIS POINT I REALIZED THAT I DID NOT HAVE THE TOOLS TO REMOVE THIS MODEM AND IF I DID I COULD POSSIBLY VOID THE
      > WARRANTY. I ASKED HER HOW THIS MODEM BOARD COULD BE INSTALLED IN WHAT APPEARED TO ME TO BE PORT 2 (MIDDLE PORT
      > OF THREE PORTS) AND AS A BRAND NEW MACHINE THAT I HAD JUST HAD INSTALLED THE DAY BEFORE AND SENT EMAILS AND HAD
      > BEEN ABLE TO ACCESS THE INTERNET THE DAY BEFORE, THAT NOW ON TUESDAY MARCH 20, 2007 PM I COULD NOT ACCESS THE
      > INTERNET BECAUSE MY MODEM WAS “BLOCKED FROM CONNECTING”? SHE SAID, “THAT IS A GOOD QUESTION AND WE HAVE TO
      > CHANGE THAT MODEM TO ONE OF THOSE OTHER PORTS”. I SAID THAT I WAS NOT GOING ANY FURTHER WITH THIS PROJECT AND
      > THAT I WOULD CALL THE “GEEK” SQUAD AT BEST BUY AND HAVE THEM FINISH THIS PROJECT. I THEN CALLED THE “GEEK” SQUAD
      > AND THEY TOLD ME THAT THE TECH THAT INSTALLED MY COMPUTER WOULD NOT BE AVAILABLE UNTIL THURSDAY MARCH 22, 2007.
      >
      > MARCH 21, 2007: INSTEAD OF USING MY NEW COMPUTER, I HAD A COUPLE OF GLASSES OF WINE AND STARED AT THE MODEM BOARD IN PORT 2!
      >
      > MARCH 22, 2007: THE “GEEK” SQUAD HAD NOT CALLED ME BY 11:00 AM SO I DECIDED TO PUT THE PANEL BACK ON MY NEW COMPUTER AND
      > RECONNECT ALL THE CABLES TO THE BACK OF THE COMPUTER AND BOOT UP JUST TO SEE WHAT HAPPENS. AFTER I BOOTED MY
      > COMPUTER UP (HAD NOT TRIED TO CONNECT TO GO ON-LINE) I WENT TO THE CONTROL PANEL AND OPENED UP THE PHONE AND
      > MODEM OPTIONS SCREEN. IT NOW SHOWED THAT MY MODEM WAS CONNECTED TO “COM 3″ IN THE SAME SPOT ON THE SCREEN
      > THAT ON MARCH 20, 2007 SHOWED THAT THE MODEM WAS NOT ATTACHED! I CLICKED ON AOL.COM AND GOT CONNECTED TO THE
      > INTERNET. ATTEMPTED TO SEND EMAIL TO EMAIL ADDRESSES THAT I HAD SENT NUMEROUS EMAILS TO IN THE PAST AND ALSO ON
      > MONDAY MARCH 19, 2007. ALL OF MY EMAILS CAME BACK AND SHOWED THAT THE ACTION HAD FAILED BECAUSE “HOST WAS
      > UNKNOWN” OR “HOST NOT FOUND”. CALLED AOL.COM A COUPLE OF TIMES AND COULD NOT GET THE PROBLEM CORRECTED ON
      > MARCH 22, 2007.
      >
      > MARCH 23, 2007: FINALLY ESTABLISHED AN EMAIL ACCOUNT WITH OUTLOOK EXPRESS (WINDOWS VISTA) TO USE AOL AS MY INTERNET SERVICE
      > AND HAVE BEEN ABLE TO SEND EMAIL AND RECEIVE EMAIL FROM OUTLOOK EXPRESS THROUGH AOL. HOWEVER, IF I WANT TO
      > SPELL CHECK I HAVE TO COPY DRAFT (IN OUTLOOK EXPRESS) AND GO TO AOL AND PASTE – IN ORDER TO USE AOL SPELL CHECK.
      >
      > I STILL HAVE THE FOLLOWING QUESTION THAT NO TECH HAS BEEN ABLE TO ANSWER AS OF MARCH 24, 2007: HOW CAN MY BRAND
      > NEW COMPUTER INSTALLED ON MARCH 19, 2007 AND CONNECTED TO THE INTERNET THROUGH AOL AND ABLE TO SEND EMAIL AND
      > RECEIVE EMAIL, CHANGE TO A COMPUTER ON MARCH 20, 2007 THAT SHOWS THAT THE MODEM IS BEING BLOCKED FROM CONNECTING
      > TO THE INTERNET AND HAS NO PORT CONNECTION, AND ON MARCH 22, 2007 AFTER REBOOTING THIS COMPUTER (NO OTHER
      > REPAIR DONE TO THIS COMPUTER) ON THE SAME MODEM SCREEN IN THE CONTROL PANEL SHOW THAT THIS COMPUTER IS NOW
      > CONNECTED TO “COM 3″? THIS COMPUTER HAS A SCROLL DOWN SCREEN FROM WHICH 1 THRU 256 PORT OPTIONS CAN BE
      > SELECTED. NONE OF THESE OPTIONS SHOW “COM 0″ OR “BLOCK MODEM FROM CONNECTING”
      >
      > SINCERELY,
      > MARV EATINGER
      > =========================================================================================
      >
      >
      > SUNDAY, MARCH 25, 2007: WENT TO “SAFE MODE” ON SCREEN AND THEN MODEMS AND CLICKED “UNINSTALL MODEM”. REBOOTED COMPUTER AND WENT TO CONTROL PANEL & MODEMS SCREEN AND WAS STILL ON “COM 3″ PORT. WHAT I APPARENTLY DID WAS TO MOVE THE MODEM DRIVER FROM COM PORT 2 (WHICH IS THE PORT THAT COMPACT PRESARIO DESK TOP COMPUTER IS FACTORY INSTALLED IN HARDWARE CONFIGURATION) TO COM PORT 3. REMEMBER THAT MY COMPACT PRESARIO SOFTWARE ATTACHED TO THE MODEM WAS REROUTED FROM PORT 2 TO “MODEM NOT CONNECTED” TO PORT 3 OVER A TWO DAY PERIOD AS SHOWN ABOVE. SO, NOW IT WOULD APPEAR THAT MY MODEM SOFTWARE AND MY MODEM HARDWARE ARE BOTH COORDINATED ON PORT 3 WHILE THE MODEM BOARD IS STILL PHYSICALLY INSTALLED IN PORT 2 ON MY NEW COMPUTER. AT THE PRESENT TIME THIS RECONFIGURATION SEEMS TO BE WORKING. THIS WAS ALL DONE USING HEWLETT PACKARD CASE #7338357671 AT 1-800-474-6836.
      > Marv Eatinger
      >
      > Thank you,
      > HP U.S. Webmaster

    55. NOYBIZNIZ says:

      Mr. Eatinger,

      I think we all can acknowledge and applaud that you’ve been aware of, and sounding the alarms about, the dangers of NSS for longer than most of us. However, you really do not do much service to the cause by simply cutting and pasting capitalized rants and emails that you have sent to every email address you could find (whether pertinent or not) over the past 10-15 years. Frankly, your posts are very confusing and difficult to decipher. I suggest you create a website that cogently and logically makes your case rather than recycling posts to various message boards that refer the reader to search other message boards.

      Also, it surprises me that you would post your phone number and the serial number of your computer to a public forum, especially considering your paranoid theory about why an HP representative made a relatively simple error in addressing you…..

      Lastly, it seems to me that many of the technical issues you have had with your computer would be rectified if you just invested in a Mac.

    56. iStandUp says:

      The Bankers Who Warned About ‘Too Big To Fail’

      by David Kestenbaum

      Morning Edition, April 17, 2009 · Gary Stern and Ron Feldman, colleagues at the Federal Reserve Bank of Minneapolis, say they’ve worried for years about banks growing “too big to fail.”

      That has become a common theme of this economic crisis, as the government speeds to the rescue of major banks and insurers like AIG. It’s also the basis of a book that Stern, the Minneapolis Fed president, co-wrote with Feldman, a senior vice president. Titled Too Big to Fail: The Hazards of Bank Bailouts, it sounds like something rushed into print amid the economic crisis. But, no, it first appeared in 2004.

      Feldman says they couldn’t help noticing that much of what they predicted has come to pass, as the government has stepped in and bailed out institutions seen as too big to fail: AIG, Fannie Mae and Freddie Mac, as well as major banks.

      “Certainly, ‘I told you so’ did run through my mind,” Feldman admits.

      Early Signs Of The ‘Too Big’ Threat

      The two got a firsthand look at the “too big to fail” phenomenon in 2001, when a broker-dealer firm in Minneapolis got into trouble. The firm’s counsel made an interesting argument: If it was allowed to go under, the lawyer said, it could disrupt economic activity in the Midwest. That turned out not to be true, but Stern and Feldman say the idea that government might be expected to step in is dangerous, because it encourages people to take risks they shouldn’t.
      …… continued at…..
      ( http://www.npr.org/templates/story/story.php?storyId=103190326 )

    57. iStandUp says:

      Watch Out, Wall Street. Sheriff Pelosi’s Coming.

      Wall Street’s machinations will be laid bare for all to see if House Speaker Nancy Pelosi has her way.

      In an unexpected pledge — a response to a question during a speaking gig in San Francisco — the California Democrat promised to create a commission to investigate what led up to the financial collapse and exactly what taxpayers are forking over to dig the economy out of its current mess.

      She was persuaded, she said, by continued public unhappiness with the huge bailouts to banks and insurance companies as well as the multimillion-dollar bonuses executives are collecting at firms such as American Insurance Group that were rescued by tax dollars.

      Pelosi said she had broached the idea to Treasury Secretary Timothy Geithner yesterday. She said she would round up support from fellow lawmakers next week when Congress returns from recess.
      …..
      While no dates or deadlines were mentioned, jockeying for members of the powerful panel already has begun. The first name to pop up is that of Elizabeth Warren, the Harvard law professor who chairs the Congressional Oversight Panel for the banking bailout.

      “She’s neither awed by the wealth of Wall Street nor cowed by the complexities of exotic financial instruments,” said Robert Borosage, co-director of liberal advocacy group Campaign for America.

      Even though Warren is not a prosecutor, Borosage endorsed her on grounds she is “independent, bold, fearless and intelligent.” But he noted that the commission would need subpoena power and a “fearless prosecutor, a modern day Pecora, committed to unearthing the truth.”

      by Elizabeth Olson
      ( http://www.portfolio.com/views/blogs/daily-brief/2009/04/16/watch-out-wall-street-sheriff-pelosis-coming )

    58. Jim Hall says:

      It just keeps getting better.

      Obama Car ‘czar’ ex-hedge fund guy Rattner (‘da Rat’) caught with claws in cookie jar?

      http://www.bloomberg.com/apps/news?pid=20601087&sid=afB9Nsc3iSfY

      Better and better every day.

      Organized crime is so much better organized than business these days…

    59. Jim Hall says:

      Marv Eatinger, it appears you are an off-topic jabberwocky.

      Please get help.

    60. Jim Hall says:

      iStandUp, Pelosi would do well to question why Golden Sacks got bailed 100% on a dollar for their CDS holdings in AIG.

      That would be a fine place to start as the Golden vermin are clearly gnawing at the wiring in walls of the white house and coin-gress, often mistakenly referred to as our collective (and, boy, can they collect…) ‘government’.

      It’s a Gordian knot of collusion. Business and other crooks will pay mightily to blunt any sword (sewing scissors?) she can wield.

    61. iStandUp says:

      …. Following the Money Trail…

      Former United States Senator John Edward Sununu…

      …has joined the board of a subsidiary to Bank of New York Mellon — a firm that, in addition to receiving bailout funds, has been hired by the Treasury Department to administer the program.

      —-
      The Sprintin’ Sununu Board Game
      By Dean Barker, Blue Hampshire
      March 4, 2009 – 05:00 am

      View the original

      The Sprintin’ Sununu Board Game, 1st Edition.

      The Sprintin’ Sununu Board Game 2nd Edition:

      NEW YORK, Feb. 25 PRNewswire-FirstCall — BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that former United States Senator John Edward Sununu has been appointed to the Board of Managers of ConvergEx Holdings, LLC, the holding company of BNY ConvergEx Group.

      …He currently is a member of the Congressional Oversight Panel created to oversee the expenditure of Troubled Asset Relief Program (TARP) funds and to provide recommendations on regulatory reform.

      The Sprintin’ Sununu Board Game, 2nd Edition (recalled):
      John Sununu, who serves on the Congressional Oversight Panel monitoring the government’s bailout progam, has joined the board of a subsidiary to Bank of New York Mellon — a firm that, in addition to receiving bailout funds, has been hired by the Treasury Department to administer the program.

      ( http://www.politicker.com/new-hampshire/62553/sprintin-sununu-board-game )

    62. Sarge says:

      to Feedchipper and Divieden,

      Thank you dearly for your kind words!

    63. Sarge,

      I echo those words. Right on.

      I notice that e military seems to have a disproportionate share of those who care about this issue. If you meet any, thank them for me.

      Respectfully,
      Patrick

    64. Jim Hall says:

      Soros, a major hedgefund creep, is getting much more attention than he regularly craves:

      http://www.soroswatch.com/

      Overdose ahead?

    65. Marv Eatinger says:

      Jim Hall
      Says:
      April 17th, 2009 at 6:27 am
      Marv Eatinger, it appears you are an off-topic jabberwocky.

      Please get help.

      Jim Hall: I have my axe to grind with the Federal Government and whether “on topic” or “off topic” I will grind the axe! I only post information that I can prove beyond a reasonable doubt. Information that has taken me years of research to back up! If the Federal Government decides to look the other way concerning Daleco Resources Corp extensive tax fraud & securities fraud violations, then at least I will have put this project into the public historical arena!

      Marv Eatinger

    66. Sarge says:

      Patrick,

      Thank you also for your support, and thank you even more for your diligent work. Keep it up!

      The military tends to be a much quieter social group when it comes to voicing opinions about public matters, but don’t doubt for a second that you have gotten our attention. I even spotted a link to Judd Bagley’s recent video clip on the military.com message boards just a few weeks ago. Link is here:
      http://forums.military.com/eve/forums/a/tpc/f/409192893/m/3700059812001

    67. $hiva says:

      Got to hand it to ol’ Paddy __ he brings out the loonies along with the academics.

      Great reading lads,especially BoBo’s blog,thats one smart easter bunny!

    68. Jim Hall says:

      Marv, we really don’t need to hear about the ordeal with HP Tech service do we?

      Brevity is the soul of wit – and the backbone of a blog.

    69. sean says:

      Not very brief Jim, but I think it might be more interesting that ME’s rants on every DC blog. LOL!!

      America is Being Looted ( a great read,imo)

      As cynical as I am, I just can’t keep up.
      That sentence is a paraphrase of a quote by Lily Tomlin that reads, “No matter how cynical you become, it’s never enough to keep up.”
      I have long been a cynic of the bailouts, and, unfortunately, I cannot detect even the slightest sliver of daylight between the prior and current administrations. The reason, I fear, is captured by this quote from Simon Johnson, the former Chief Economist at the IMF and current professor at MIT’s Sloan School of Management:

      The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.

      The unfortunate conclusion here is that our system and processes are fully “captured” by a tangled web of interests that serve themselves over everything else. Your future, my future, and our future is being systematically ruined by a self-interested group of insiders that can no longer distinguish between their good and the common good.
      Here’s the latest string of outrages from this week.

      First, it is vitally important not just that conflict of interest be absent when big money is involved in policy decisions, but also that the appearance of conflict of interest be absent. Our system of money is based on confidence (after all it is a Ponzi scheme) and therefore it is vital that our checks and balances assure that the public good is not abused by a few at the expense of the many.

      In order for the average person to pull hard on the yoke of life, straining to earn their daily wage, that wage has to be worth something. What is money “worth,” if some of us have to work to exhaustion to obtain it while a very small minority can literally conjure trillions out of thin air and distribute it amongst themselves?

      Money is a social contract, especially fiat money, and abusing the trust inherent to making that money system work is the gravest of all possible errors. I am not exaggerating here.

      This week I found out that, even as Lawrence Summers, in his role as President of Harvard University, was excoriating professor Cornell West for shirking his professorial duties by making a spoken-word audio CD, he was himself moonlighting for a hedge fund and various Wall Street banks earning millions. Here’s Frank Rich in the NYT:
      Lawrence Summers, the president’s chief economic adviser, made $5.2 million in 2008 from a hedge fund, D. E. Shaw, for a one-day-a-week job. He also earned $2.7 million in speaking fees from the likes of Citigroup and Goldman Sachs.

      Those institutions are not merely the beneficiaries of taxpayers’ bailouts since the crash. They also benefited during the boom from government favors: the Wall Street deregulation that both Summers and Robert Rubin, his mentor and predecessor as Treasury secretary, championed in the Clinton administration.

      This goes well beyond “the appearance of” a conflict of interest. If Summers were a judge, he’d have to recuse himself from the case. Nearly $8 million in a few years from Wall Street is a conflict of interest. A massive one.

      However, if smoking guns are more your thing, then this next bit of information from the same article will be to your liking:
      Summers had done consulting work for another hedge fund, Taconic Capital Advisors, from 2004 to 2006, while still president of Harvard. He tried — and, mercifully, failed — to install the co-founder of Taconic in the job of running the TARP bailouts.

      Think of the judgment of a person, long in the public eye, who has apparently learned nothing from his past scrapes with public perception, who attempts to install a past patron in a plum post involving public money being distributed to private, already wealthy recipients.

      Think of the character of a person who can rationalize the act of publicly excoriating a professor for doing something that he is secretly doing himself, but on a much grander scale.
      That person is Lawrence Summers, the man chosen by the Obama team to coordinate the bailout efforts.

      Rahm Emanuel, the current White House Chief of Staff, comes similarly burdened:
      …the banking industry recently paid Rahm Emanuel $16 million for about two years of work. That investment was recently paid back when, as President Obama’s chief of staff, Emanuel led the January campaign to release another $350 billion in bank bailout funds.
      But it goes deeper than that. Rahm Emanuel also took what I consider to be a lot of money serving on the board of Freddie Mac, a company that is certain to cost taxpayers hundreds of billions of dollars.
      Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.
      One of those allegedly asleep-at-the-switch board members was Chicago’s Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.

      Before Timothy Geithner (“Turbo Tax Timmy,” as he’s called in some circles) was appointed to the Treasury position, his career and connections were explored in depth in an excellent article in Portfolio.com by Gary Weiss:

      After the Bear deal, the Fed wound up with $30 billion in collateral, mostly in the form of subprime-mortgage securities. Even Paul Volcker, the former Fed chairman who served on the search committee that picked Geithner and who still holds him in high regard, has expressed queasiness about the way the deal was structured. In a speech to the Economic Club of New York, Volcker said the Fed took actions that “extend to the very edge of its lawful and implied powers, transcending certain long-embedded central-banking principles and practices.” Volcker later leavened this harsh assessment a bit, telling me that the Fed’s intervention “was a proper action, but it was extraordinary—something that’s never been done before, in terms of calling upon that emergency power. It tells you how seriously they took it.”

      Still, misgivings about the deal are hard to ignore, no matter how catastrophic the consequences of not intervening might have been. It doesn’t help that the deal is teeming with connections that are sure to raise questions. Dimon is one of the three class-A directors of the board of the New York Fed, and its head is Stephen Friedman, a former Goldman Sachs chairman, who still sits on the investment bank’s board. The New York Fed’s board also includes Richard Fuld of Lehman Brothers, a firm that is another oft-rumored potential candidate for a bailout. Fuld is a class-B director, meaning that he is elected by member banks, astoundingly, to represent the public. (Friedman is also supposed to be looking out for you: He was “appointed by the board of governors to represent the public.”) Thus Geithner reports to a board that is composed of people who are not only under his purview but would also benefit from any potential bailouts. The structure of the New York Fed’s board bears more than a passing resemblance to that of the New York Stock Exchange in the bad old days, when member firms, regulated by the N.Y.S.E., were heavily represented on its board.
      Even more intriguing is Geithner’s informal brain trust, loaded with Wall Street luminaries. Since coming to the Fed in November 2003—recruited by then-New York Fed chairman Pete Peterson, co-founder of the Blackstone Group—Geithner has learned the ways of the financial industry at the feet of some of its biggest legends. He was almost immediately taken under the wing of Gerald Corrigan, a gregarious former New York Fed chief who is now a managing director of Goldman Sachs. Corrigan describes his relationship with Geithner as close, and it has flourished since Geithner’s first days at the Fed. Another frequent adviser—“you don’t want those things to get too formal,” Corrigan notes—is also a preeminent banker, Merrill Lynch C.E.O. John Thain, a Goldman alumnus and former head of the N.Y.S.E.  Over the years, Thain has often talked to Geithner—“sometimes I talk to him multiple times a day,”

      Given this extensive set of interconnections, you might think that he’d be careful to project the right image when stepping into the Treasury role – but instead he saw fit to place a Goldman Sachs insider in the position as his top aide last January (before anybody was paying too much attention to all this insider self-dealing):
      WASHINGTON — Treasury Secretary Timothy Geithner picked a former Goldman Sachs lobbyist as a top aide Tuesday, the same day he announced rules aimed at reducing the role of lobbyists in agency decisions.

      Mark Patterson will serve as Geithner’s chief of staff at Treasury, which oversees the government’s $700 billion financial bailout program. Goldman Sachs received $10 billion of that money.
      Just a few months later, in March, when questioned about the appearance of conflict of interest, Geithner bristled at the suggestion:
      “I am just asking the questions,” Waters said, “because the talk is…that this small group of decision makers at the center of it is Goldman Sachs and that’s what’s causing a lot of the distrust, because people are thinking or believing that Goldman Sachs, because of the connections, have had a lot to do with the decisions that are being made.”

      Geithner took umbrage.

      “I think it’s deeply unfair to the people who are part of these decisions to suggest that they were making judgments that in their view were not in the best interest of the American people,” Geithner said.
      Apparently Mr. Geithner found it completely confusing why anybody would see anything at all wrong with a regular revolving door between positions of extreme financial power over public money and the firms set to benefit from public money.

      To me, that is a sure sign that someone is too deeply embedded, too deeply conflicted, too detached from reality to even know where to draw the line. Timothy apparently cannot distinguish between the “best interest of the American people” and Goldman Sachs raking in billions of undeserved public dollars. To him, those are one and the same thing and that’s a major reason why I have grave doubts that the bailouts will succeed.

      Now let’s cross into the surreal. One of the more grossly mismanaged companies on the face of the planet, the one that will cost taxpayers close to a trillion dollars when all is said and done, is Fannie Mae, the Government Sponsored Enterprise, or GSE. Last night (Monday, April 14th, 2009) this came across my newswire:
      7:30 [FNM] Fannie Mae Chief Executive Herb Allison to run TARP: WSJ
      So who is it, do you suppose, that picked the CEO of Fannie Mae to run TARP? Could it be Summers and Geithner and Emanuel?
      You bet. That’s the vetting team.

      As far as I am concerned, the CEO of Fannie Mae should be defending himself in court, not running a massive wealth redistribution program.
      Meanwhile, Goldman Sachs reported strong earnings yesterday, much of them based on the fact that Goldman Sachs received full payout from side bets it had made with AIG, on which it should not have been paid a single dime. Goldman Sachs is a business run by grown-ups, who knew that making bets on the unregulated OTC derivatives market did not come with any public guarantee. Nonetheless, Goldman was immediately bailed out, in full, on these side-bets, by the Treasury Department.
      The funny thing is, Goldman Sachs actually did the prudent thing and hedged their side bets with AIG (presumably by shorting AIG stock…that way, if AIG failed to pay off their side bets, the stock price of AIG would slide, thereby covering some of the losses for Goldman Sachs). So they were already “made whole” on these losses by their hedging activity.

      So you might wonder how is it that a company that is not in danger of failing and has strong earnings and has prudently covered (or hedged) its bets comes to receive tens of billions of dollars of public money anyway? How can this be? More importantly, what does this tell us about the prospects for the bailout?

      Here’s where we simply need to return to the opening quote:

      The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation:

      recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.

      My cynicism stems from the fact that, as I string together the dots comprising this entire bailout fiasco, I can come to only one conclusion:

      Our “public policy” is not being conducted in the interests of the people, by the people, and for the people.
      Public policy appears to be in the grip of a very powerful and self-interested cabal that seemingly has no concern for the future or the health of this country and does not even see the need to be cautious enough to mask its efforts.

      The fact that the bailout trajectory did not waver in the slightest while passing from the Bush to the Obama administration indicates that the bailout is not a function of who’s in political power, it is a function of something else, of some other power.

      I fear that Simon Johnson has nailed it: “[The] recovery will fail unless we break the financial oligarchy that is blocking essential reform.”

      By continuing on our current path, using the same people who created the mess to clean up the mess, we are wasting time, we are wasting money, and we are wasting opportunity. Worse, we are risking the very sort of public backlash that has been thankfully missing from our cultural landscape for a long, long time.
      Now, if you’ll excuse me, I have to go jogging to see if I can catch up with my cynicism.

      http://www.chrismartenson.com/blog/america-being-looted/16444

    70. To Sarge says:

      Sarge, it is heroes like you that do what is difficult and share info like this on military sites.

      For those who are to defend us against all enemies, foreign and domestic than Sean’s post is one to share with anyone in armed forces.

      I thought George was bad, but now that Obama follows the exact same policies, I’m realizing that neither runs our government and they are two puppets of the same master.

      http://www.youtube.com/watch?v=mPh7sUvhZ3E

      “The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.”

      Our enemy is simple. Anyone that doesn’t follow the constitution, any judge that doesn’t enforce the constitution, anyone that tries to steal from state rights.

      A basic American right is the right to property and anyone that stands in the way of that is a domestic enemy.

      See next post:

    71. To Sarge says:

      I’ll start this by saying our military deserve our deepest respect; they are people that put their lives on the line to protect our values.

      They are our last defense against tyranny.

      I believe in the self fulfilling prophesy and the power of a strong vision.

      I have a vision of military personal arresting corrupt judges, politicians, banksters. media like Herb Greenberg or Gary Weiss and others that have gone against the constitution and committed crimes for either personal gain or gain for foreign countries. I see rolling guillotines for those that chose $ over their fellow American and military justice.

      Some people chose to sell IOU’s to collapse our economic system, bankrupt ordinary home owners and entice the entire nation into a debt that can’t be repaid.

      I’m talking treason.

      What if a crime syndicate:

      - gained control of the media
      - gained control of key judges
      - had their people elected to key federal positions
      - had their people instituted as regulators

      and because of their position generated trillions in profit they could recycle to maintain their stranglehold.

      Take AIG/Goldman Sachs for instance. They could take tens of billions from tax payers, give themselves bonuses, declare a huge profit, then tell taxpayers to bend over because it is for their own good and some people still believe they live in a democracy instead of a fascist dictatorship.

      Fascists need to be arrested and tried by military for not following the constitution that IS what differentiates us from banana republics.

      My vision is that people like sarge do what is right, instead of what their leaders tell them is right and they die for OUR COUNTRY instead of dying for IRAQ.

      My vision is that the bansters stop sending those that would protect us overseas and those that would protect us arrest the thieves.

      A corrupt billionaire’s head falls into the bucket as easily as a corrupt lap dogs’

      We have the power to demand that the fascists are stopped from stealing from the rest of us.

    72. iStandUp says:

      Dr. Jim DeCosta,

      Since you have been studying Abusive Naked Short Selling for over 29 years(?) and have seen, written about, and analyzed it, I was wondering if you could put together a Time Line of events that brought us to our present sad state of affairs where THE WALL STREET COUNTERFEIT MACHINE is allowed to operate with impunity?

      … time permitting, of course, and only if you see it useful…

    73. Fred says:

      We need transparency. That means publishing the total number of shares printed on customer accounts by all brokers, for every stock, at least as often as the short interest data. That gives us a good estimate of the true “float”.

      That would also provide evidence of FTDs.

    74. Dr. Jim DeCosta says:

      Fred,

      You’re right on the button. In fact the ’33 Securities Act (“The Disclosure Act”) mandates the public release of all facts “material” to the prognosis for an investment. Nothing could be more “material” to the prognosis for an investment than knowing that there are already so many FTDs/”securities entitlements”/”phantom shares” already poisoning the share structure of a corporation that the corporation may have already been preordained to die an early death.

      FINRA, the DTCC, the NSCC and the SEC all have this information yet refuse to release it. Why? Because if people had a clue as to how “rigged” these markets are to go downwards then nobody would invest in them.

    75. sean says:

      I know that I am not the first to think of this but here goes… What would happen if someone or some group/company/citizen/member of the media, informed the other countries and their citizens that invest in the US Capital market, that the game was/is rigged and that our regulators knew about it and was party to it? What would happen? Anyone? I know that I would be pretty upset if that news became public. Would’nt you??

    76. mhelburn says:

      I found the following absolutely fascinating and frightening. It compares to the turmoil that Fitts experienced when she tried to the the right thing at HUD. Her story which is very similar can be found at http://www.dunwalke.com

      This story is even more so and certainly worth the read. http://www.scribd.com/doc/14227076/Behind-the-Curtain4909

    77. Anonymous says:

      SEC to Prudential Securities – Give us $68 million and we’ll make your little Wall Street stealing problem go away
      By: Don Robertson
      Tags:

      * COVER-UP/DECEPTIONS/PROPAGANDA
      * CURRENT EVENTS
      * WHITE HOUSE

      Reuters – NEW YORK, April 17 – A unit of Prudential Financial Inc (PRU.N) has agreed to pay $68 million to settle two regulatory probes into improper market-timing involving variable annuities, but the insurer said it is entitled to be reimbursed for the costs.

    78. narco says:

      Mary:

      Here’s another post from Catherine Fitts:

      http://www.narconews.com/narcodollars1.html

      Scroll down to the picture of Grasso and see if you can come up with theories why he received $187 million to run the SEC or why they railroaded Cramer’s buddy Spitzer when he tried to crack down on Wallstreet?

      http://money.cnn.com/2004/05/24/markets/spitzer_grasso/

      Imagine if organized crime (drugs, arms sales, money laundering, etc.) took control of Wallstreet, then used the profits to control the media and politicians.

      Welcome to reality.

    79. mhelburn says:

      Just a little correction, narco. Grasso was kissing and hugging while at the NYX, not the SEC.. but then who can tell the difference?

      I’ve followed Fitts for some time. She addresses the economics of our policies which most of our legislators are unable to do because they become biased by their special interest contributions. They don’t look at the long term. It is just whatever they need for the next election.

      Here is a report you might appreciate. It is a bright spot in that it was well-constructed program and has measureable results. http://www.montanameth.org/documents/MMP_Fact_Sheet.pdf

      I’m astounded at the progress made over the last four years. The fiscal savings is one thing, but the savings in human suffering are hard to estimate, but just as real.

      Tom Seibel deserves The Medal of Freedom for his efforts.

      Here is the latest video they have produced with victims testifying. http://montanameth.org/Take_Action/mamDoc.php

      We have to address the economics of everything and spend our resources efficiently. We have to look at the societal costs of corruption and the redistribution of wealth.

      Doddism, the purchase of lawmakers by special interests to pass legislation, has to stop. “Lobbying” is too generic and doesn’t give the full context of the money that changes hands and the leverage achieved with a relatively small contribution and the resultant profits and the societal costs.

    80. ron doc says:

      mhelburn, the trouble as I see it is that the whole of Washington, both parties, seem to be filled with Doddist’s, converted from idealism to Doddism by the flood of dirty money from a flood of dirtbags who use the money they steal from us all to futher the destruction of America. An for what? For their likely to be short term gain? Do these scum think their childeren, or even themselves will benifit from a society turned into a lawless open sewer of a place to exist?

      The question I fear to answer in my own being is this one. Is God in the process of judging America for our allowing evil to have taked over while we as a Nation did the easy thing and ignored wrong? Has he ‘given us over as a Nation like Israel and Rome in the past? I am afraid that is what we are seeing unfold. Is it too late for America to return to God given morality and equal justice? Maybe. We told, and are telling God to get out of everything we have and do and so maybe he has granted our request.

      Sarge though does give me hope that the criminal element may be underestimating how easy it would be, with enough power and money, to subvert the military and domestic police forces to use against the American citizens for evil purposes.It is reasuring to know we have such independent and wise thinkers in these forces. I tip my hat and extend my gratitude for all you and fellows in arms do for us here at home Sarge!
      God bless and keep you!

      I have heard that on the lower levels of police forces, in many places in US, as well as in the military there is discussion of what will happen if despots take control of our Governments with just such evil purposes. At that time we can only hope those people who serve will decide to uphold the Constitution over orders on any evil men.

      A time of such choice may be sooner than we think.

    81. ron doc says:

      As a follow up to the last post. With things getting like they are now I feel fortunate that I have entered the start of the elderly stage of my life, and thankful that I lived in the times that I have. I fear greatly for my kids and grandkids outside of faith in God can take care of them while I am unable, and truely never was on my own short of his help.

      God has been good and wants to be good to those who seek him.

    82. narco says:

      Mary, I caught my mistake, then didn’t correct it, because, what’s the difference with the revolving doors.

      I’m a Fitts fan, too; she’s a smart, courageous lady.

    83. Anonymous says:

      In 1986, David Brown was convicted of passing inside information to Ivan Boesky on a takeover deal.[39] Robert Freeman, who was a senior Partner, the Head of Risk Arbitrage, and a protégé of Robert Rubin, was also convicted of insider trading, with his own account and with the firms.[40]

      On November 11, 2008, the Los Angeles Times reported that Goldman Sachs, which earned $25 M from underwriting California bonds, had advised other clients to “short” those bonds. Shorting is essentially betting that the state will default on the bonds, which serves to drive up the cost of the issue to the state.

      In April 2009, Goldman Sachs hired a law firm to pursue the founder of GoldmanSachs666.com, a site generally publishing negative articles on Goldman Sachs. The site owner discloses that he has a short position Goldman stock. Article’s Source

      During 2009 Goldman Sachs came under criticism for the revolving-door relationship in which its employees and consultants have moved in and out of powerful US Government positions, where there may exist the potential for a conflict of interest. The previous Treasury Secretary, Hank Paulson was a former CEO of Goldman Sachs. The current chief economic adviser to President Obama, Lawrence Summers, was noted for receiving $5.2m from hedge fund D.E. Shaw in 2008 and speaking fees (ranging from $45k to $135k) from banks including Goldman Sachs, JPMorgan Chase, Citigroup, Lehman Brothers and Merrill Lynch[41]

      http://en.wikipedia.org/wiki/Goldman_Sachs

    84. Anonymous says:

      Watch the protectionism (CNBC) for Cramer erupt when a different view about investing arises. Alas, Cramer as well!!!!

      http://www.dailyfinance.com/2009/04/17/cramer-freaks-out-and-attacks-me/

    85. iStandUp says:

      It look like 90 and 91 are SPAM…..

    86. iStandUp says:

      I have recently heard in the news that all banks are undergoing a “Stress Test” by some government agency – ?.

      How about a similar “Stress Test” being performed on every Market Maker?

      … To see HOW MUCH “Financial Toxic Waste” each Market Maker has created in the form of Un-Delivered Shares of stock?

    87. sean says:

      Istand..it looks like 90 and 91 are GONE!!LOL!!!

      Also you may want to take a look at the unreleased stress tests here. Be ready to be shocked and not in a good way!!

      Sunday, April 19, 2009
      LEAKED! Bank Stress Test Reults !

      The Turner Radio Network has obtained “stress test” results for the top 19 Banks in the USA.

      The stress tests were conducted to determine how well, if at all, the top 19 banks in the USA could withstand further or future economic hardship.

      When the tests were completed, regulators within the Treasury and inside the Federal Reserve began bickering with each other as to whether or not the test results should be made public. That bickering continues to this very day as evidenced by this “main stream media” report.

      The Turner Radio Network has obtained the stress test results. They are very bad. The most salient points from the stress tests appear below.

      1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent.

      2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans.

      3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.

      4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.

      5) Five large U.S. banks have credit exposure related to their derivatives trading that exceeds their capital, with four in particular – JPMorgan Chase, Goldman Sachs, HSBC Bank America and Citibank – taking especially large risks.

      6) Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s, 382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital!

      7) Not only are there serious questions about whether or not JPMorgan Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, can continue in business, more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts!

      The debt crisis is much greater than the government has reported. The FDIC`s “Problem List” of troubled banks includes 252 institutions with assets of $159 billion. 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with $2.32 trillion in total assets in prior quarter.

      Put bluntly, the entire US Banking System is in complete and total collapse.

      More details as they become available. . . . . .

      http://turnerradionetwork.blogspot.com/

    88. pattern seeker says:

      From the “if only there were a pattern” file.

      Shocker: Banks Gave Big to Senators

      Friday, April 17, 2009 11:03 AM

      By: Dan Weil
      Article Font Size

      When banks were actually making money, they weren’t tossing it around just for their own compensation.

      Bank execs also happily lined the pockets of senators involved with banking legislation. Surprise, surprise.

      Forbes put together a ranking of senators who received by the highest share of their campaign contributions from the finance, insurance, and real estate industries between 2003 and 2008.

      Not surprisingly, Sen. Chris Dodd (D-Conn.), chairman of the Banking, Housing and Urban Affairs Committee, comes in first. And the committee’s ranking Republican, Richard Shelby of Alabama, places second.

      Here are the top five, with the share of their donations received from the finance industry and the total dollar amount of those donations:

      • Chris Dodd (D-Conn.): 35.7 percent, $9.1 million.

      • Richard Shelby (R-Ala.): 33.4 percent, $2.5 million.

      • Charles Shumer (D-N.Y.): 32.8 percent, $3.3 million.

      • Tom Carper (D-Del.): 32.5 percent, $1.5 million.

      • Mike Crapo (R-Idaho): 32.2 percent $947,000

      Simon Johnson, former chief economist of the International Monetary Fund, points out that this situation resembles what often happens in an emerging-market economy: simple cronyism.

      “The financial sector boom that happened in the United States and in other countries had this characteristic very much like an emerging market boom,” he said in a recent speech.

      “At first it makes sense. You have some efficiency gains, you’re generating sensible profits,” he says.

      “Then the sector gets more politically powerful. It’s able to take control of its own regulatory destiny. And it does that in a way that feeds into further concentration of political power.”

    89. Jim Hall says:

      Some in the media, unfortunately, not many of the major players, are starting to express indignation over being robbed by shorts:

      http://www.standard.net/live/news/170234/

      Imagine!

    90. sean says:

      Jim Hall, they need to STOP the Practice of SHORTSELLING PERIOD!!!! When are they going to realize that this practice is the root of ALL EVIL???

    91. Anonymous says:

      pattern seeker..

      Let the Treasury and Fed SPIN begin…… As expected

      http://www.time.com/time/business/article/0,8599,1892401,00.html

    92. Anonymous says:

      post 97 was meant for reply to sean !

    93. Kevin says:

      I was reading a piece by John Mauldin and he brings up the point that the money supply is $2 trillion cash, propping up $50 trillion in debt, so the cash is being leveraged 25 to one.

      It’s like musical chairs. You literally can’t pay off the debt because even if every cent of cash was used to pay off debt, the system would be short $48 trillion.

      As everyone tries to pay off the debt, it pushes down asset values because they sell assets to try to pay off the debt.

      The system is clearly not sustainable and in 1929-1930′s required the reset button to be hit (world war 2).

      His article reminded me of the fraud that is our clearing system, where every real share props up so many claims, that the claims can never be honored.

      I have trouble seeing where this might end and I don’t think it will be well.

    94. ron doc says:

      For Sarge and his fellow service men.

      Thank you for your service!

      It is the soldier,
      not the President,
      who gives us democracy.
      It is the soldier,
      not the Congress,
      who takes care of us.
      It is the soldier,
      not the Reporter,
      who has given us Freedom of Press.
      It is the soldier,

      Author unknown
      not the Poet,
      who has given us Freedom of Speech.
      It is the soldier,
      not the campus Organizer, who has given us the
      Freedom to Demonstrate.
      It is the soldier,
      who salutes the flag;
      who serves beneath the flag,
      and whose coffin is draped by the flag.

    95. sean says:

      There is something fishy going on with this guy!!

      Making the Market Safe
      Posted By:Tom Brennan
      Topics:Stock Picks | Stock Market
      A few key things need to happen before retail investors are playing on the same level field as big money managers, Cramer said Monday. He wants the uptick to be brought back, the end of naked short selling, indictments of the people who broke these rules – all around SEC enforcement.

      Cramer shouldn’t even have to call for this, but he does. And he will continue to until the market is fair play for everyone. Watch the video for more on what it will take to get there.

      Questions for Cramer? madmoney@cnbc.com

      Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

      http://www.cnbc.com/id/30308768

    96. sean says:

      Thanks Anonon I got it.Sad..very sad!!!

    97. iStandUp says:

      What is clear to me is….

      Former SEC Enforcement Director Linda Thomsen acted as a defense lawyer for the The Wall Street Counterfeit Machine when she worked for the SEC.

      The lawyers at the SEC know that if they pursue the criminal activities of the Hedge Funds, they will:

      1) Be blackballed by the Financial Industry, and NOT be able to obtain a multi- million dollar job when they leave the SEC

      2) Be fired by the SEC management team as Staff Attorney Gary Aguirre was.

      And now Former SEC Enforcement Director Linda Thomsen, who acted as a defense lawyer for the Wall Street Criminals when she worked for the SEC, has obtained a job to continue her defense lawyer work to defend those accused of Wall Street Crimes.

    98. Jim Hall says:

      Oh no, another rat with his claw in the cookie jar:

      http://www.reuters.com/article/politicsNews/idUSTRE53K0WI20090421

    99. sean says:

      IStand,(105) that is the best/pertinent post so far on this blog. You have nailed it in a nutshell. Nuff said!!!

    100. sean says:

      Sorry that should have been 104 not 105!!

    101. iStandUp says:

      Fraud Enforcement and Recovery Act (FERA) of 2009
      —————————————

      Kaufman, on Floor, Calls for Passage of Financial Fraud Bill

      Now on floor, bill will allow federal agencies to ramp up prosecutions of Wall St misdeeds

      April 20, 2009

      WASHINGTON, DC – In the aftermath of the financial meltdown that has thrown the American economy into a serious recession, U.S. Sen. Ted Kaufman (D-DE) spoke on the Senate floor today in support of legislation to ensure that lawbreakers will be identified and prosecuted for financial fraud.

      Punishing complex financial crimes and deterring future fraud are paramount to restoring confidence in our decimated financial markets, he said during a speech on the Fraud Enforcement and Recovery Act (FERA) of 2009, bipartisan legislation he introduced with Sens. Patrick Leahy (D-VT) and Chuck Grassley (R-IA). Debate on the legislation began today.

      “If we want to restore the public’s faith in our financial markets, and in the rule of law, then we must identify, prosecute, and send to prison those individuals whose fraudulent conduct has so severely damaged our economy, and harmed so many hard working Americans,” Sen. Kaufman said. “The public needs to know that when mortgage brokers, or credit raters, or Wall Street bankers break the law, they’ll be treated like the criminals they are. We can’t have one set of rules for people who rob banks and another set of rules for banks who rob people.”
      …….. Continued at link……

      ( http://kaufman.senate.gov/press/press_releases/release/?id=ebb59a07-f76d-4546-98e2-c02a921e75e5 )

      I just heard about this and do not yet know if this applies to the WALL STREET COUNTERFEIT MACHINE.

    102. Anonymous says:

      This video shows that George Bush tried to warn Congress in 2002 that this economic crisis was coming, if something was not done. But congress refused to listen, along with Barney Franks. This video says it all.

      Also that the liberal AMERICAN media did not want this video on You Tube, so they had Time Warner threaten a law suit (proprietary rights) if it was not taken off.

      This link is of the same video but is routed through Canada . Everyone in America needs to see this!

      http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1

    103. ron doc says:

      iStandUp, since it is Washington, who it applies to will be only detirmined by who’s check go’s to whom.

      It is over for our US government leaders. They have failed to protect the Citizens at every turn, in every event. The modern form of the money trusts still rule the pretend rulemakers.

      They all deserve what they will get, eternity to burn!

    104. sean says:

      Here is for your reading pleasure

      U.S. Securities & Exchange Commission calls TRN about “Stress Test” Story
      By: ezaltheladiespa
      21 Apr 2009, 10:08 AM EDT
      Rating: Rate this post: Msg. 1182781 of 1182783

      Jump to msg. #
      U.S. Securities & Exchange Commission calls TRN about “Stress Test” Story

      North Bergen, NJ — This afternoon at around 3:00 PM eastern US time, Turner Radio Network (TRN) received a call from John Polesi at the U.S. Securities & Exchange Commission in Washington, DC.

      Mr. Polise asked about our story concerning the “stress test” as reported lower on this page. He specifically asked if we did, in fact, have a copy of the report?

      I asked why he wanted to know? He replied “it is a material document.”

      He went on to say that the SEC is trying to determine what aspects of the report – if any – the SEC might require publicly traded companies to disclose publicly. I replied that I am aware that such discussions have been taking place between the SEC, the US Treasury and the Federal Reserve and that reports of those discussions have appeared in the main stream media of late.

      He then asked “If I send you a request for documents, will you send the report to me?” I replied, “Would the request be a Subpoena?” He responded “No” and then asked, “If the request did come in the form of a Subpoena, if I got the Commission to approve one, would you supply the document?” I responded “We would have to speak with our legal counsel first, but I suspect we would move to quash any such Subpoena.”

      He thanked me for my time and hung up.

      Caller ID indicated the call originated from 202-551-2000, but that is a non-working number. So we called directory assistance in Washington, DC and obtained the correct number for the US SEC.

      After dialing the correct number, we got an automated attendant and selected 5 for the SEC media office. A young man named Kevin answered and confirmed for us that John Polise does work for the Enforcement Division of the SEC and that all telephone calls originating from their office show up on caller ID with that non-working phone number. As such, it appears this inquiry was legitimate.

      Clearly, our report about the bank stress test results has struck a raw nerve in Washington, DC and elsewhere. To have both the United States Treasury comment on our story and the United States Securities and Exchange Commission call us literally within hours of our report indicates how seriously the powers-that-be are taking our revelations.

      If there was nothing to our report, why all the fuss?

      If they think anyone at TRN might be intimidated by a federal inquiry, they are sadly mistaken.

      We have successfully defeated investigations by the FBI, The Joint Terrorism Task Force, The US Secret Service, the US Marshal Service, the US Capitol Police and a host of state and local law enforcement agencies over the past eight years of our existence. The SEC doesn’t faze us at all.

      We’ve ruffled a lot of feathers with this report. Stay tuned for further developments.

    105. iStandUp says:

      Dr. Jim DeCosta,

      I think we agree that ABUSIVE NAKED SHORT SELLING (Counterfeiting) is a type of PONZI SCHEME, although not a classic one.

      Based upon the following explanation of a PONZI SCHEME, ABUSIVE NAKED SHORT SELLING (Counterfeiting) would qualify as a PONZI SCHEME:

      “A Ponzi scheme is a scam investment designed to separate investors from their money.”
      ( http://economics.about.com/od/financialmarkets/f/ponzi_scheme.htm )

      ABUSIVE NAKED SHORT SELLING is very specifically designed to separate investors from their money.

      The explanation of a PONZI SCHEME continues as:

      “The scheme is designed to convince the public to place their money into a fraudulent investment.”

      The CLEARANCE AND SETTLEMENT SYSTEM that guarantees delivery in 3 days even though delivery never happens with Naked Shorting (Counterfeiting):

      “is designed to convince the public to place their money into a fraudulent investment.”

      The “CLEARANCE AND SETTLEMENT SYSTEM” FRAUDULENTLY tells stock market investors that it will guarantee delivery, when it does NOT in the case of ABUSIVE NAKED SHORT SELLING (Counterfeiting).

      And the FRAUD is further perpetrated via FRAUDULENT monthly brokerage statements delivered over the Internet and by U.S. Mail to unsuspecting investors, since the “CLEARANCE AND SETTLEMENT SYSTEM” has been “rigged” by the Wall Street Criminals to HIDE the truth that delivery was NEVER MADE.

      The explanation of a PONZI SCHEME continues as:

      “Once the scam artist feels that enough money has been collected, he disappears – taking all the money with him.”

      This part of the classic PONZI SCHEME does not seem to quite work with Wall Street PONZI SCHEMEs.

      For example, Bernie Madoff with his 65 Billion Ponzi Scheme did not disappear with the money. Maybe it should be said that he could not disappear – that it was impossible for him to disappear, since he could not find a place to hide. Instead, Bernie was forced to continue his Ponzi Scheme by its nature until he finally gave himself up for some reason.

      In the case of ABUSIVE NAKED SHORT SELLING…

      Is it possible for the Corrupt Market Makers and their Corrupt Hedge Fund Guests to simple walk away from their ABUSIVE NAKED SHORT SELLING PONZI SCHEME designed to separate money from unsuspecting investors?

      The only possibility I see is through the DTCC process (? I forget the name of it) by which Corrupt Market Makers and their Corrupt Hedge Fund Guests simple “erase” their crimes from the books? So their Short Positions Disappear?

      I am hoping that you Dr. Jim DeCosta and/or others can help develop this new description of the PONZI SCHEME delivered by Wall Street Criminals called…..

      ABUSIVE NAKED SHORT COUNTERFEIT SELLING

    106. Jim Hall says:

      TRN better not be manipulating the market.

    107. iStandUp says:

      The last paragraph should read:

      I am hoping that you Dr. Jim DeCosta and/or others can help develop this new description of the PONZI SCHEME created by Wall Street Criminals called…..

      ABUSIVE NAKED SHORT COUNTERFEIT SELLING

    108. Fred says:

      About the call to TRN from the SEC —

      Why do you suppose they askef about the report? Do they want a copy that they don’t have? Or do they want you to prove you have something that they can accuse you of obtaining by illegal means? What harm can come by supplying them with a copy?

    109. DCN says:

      I pulled up this little diddy playing around with Google’s new News Timeline (http://newstimeline.googlelabs.com/), check this out:

      Congress Needs to Needs to Cut Naked Short Abuses. The Prescott Courier – Feb 14, 1988.
      http://news.google.com/newspapers?id=GoMOAAAAIBAJ&sjid=2oEDAAAAIBAJ&dq=naked-short-selling&pg=2694%2C2821195

    110. Sammy says:

      1988 – great find DCN (post 116).

      So, 21 years later and dick all has been done about it.

    111. Sammy says:

      Post 116 is such a good find, it should go on the front page of this site at the very top.

      From 1988, warning that investors will be ripped off if this crime is allowed to continue. People should right click and save it to their hard drive before google censors it.

      It is written in such a way that any investor can understand it as 1 2 3.

      1 – I place a buy

      2 – my broker gets my money, minus interest and doesn’t demand my purchase be filled.

      3 – seller’s obligation to me is wiped out when he is able to overwhelm all buying and bankrupt the company. At that point, seller has my money.

      It’s so offensive that your own broker would do this to you, but you know at a gut level it is true.

    112. Sammy says:

      I wonder if this is the same Roxie Webb from Prescott that wrote the 1988 article.

      http://roxiewebbsecuritiesmanagement.com/history.html

      A potential supporter now? If Deepcapture could reach him, he may be able to spill dirt from the 80′s and 90′s that got us into this mess and why regulators didn’t regulate.

      Remember, the DTCC didn’t arrive until 1999.

    113. Jim Hall says:

      An apostle of the Church of ShortSelling quoting the chapter and verse:

      http://dealbook.blogs.nytimes.com/2009/04/21/another-view-tighten-short-selling-rules-for-now/?hp

      Last name is Weiner, so appropriate!

      Whining in a hairshirt.

    114. sean says:

      It is time for the answers to become public. Who became rich so that we could become poor and lose our jobs and homes. IT WAS INTENTIONAL!!!

      “A systematic attack on the American economic system”

      Manipulators on Wall Street get exposed via a new movie “Stock Shock” coming out on DVD in June. Dr. Trimbath makes an appearance and lays it out.

      Watch the trailer here: http://stockshockmovie.com/

      From the webpage…..

    115. Jim Hall says:

      More opining from the shortseller’s camp:

      http://jutiagroup.com/2009/04/20/they-have-to-blame-someone/

      They must be feeling some pressure. Keep it up folks. Write/call your representative invertebrate in Washingtub today!

    116. iStandUp says:

      Here are Rep. Gary Ackerman words to members of the SEC on February 2nd 2009 concerning their inability to uncover the Bernie Madoff’s Ponzi Scheme in spite of help from Mr. Markopolis nearly a decade earlier:

      “I am frustrated beyond belief.

      We’re talking to ourselves and you are pretending to be here.

      I really do not understand what’s going on.

      Previous witness said, you guys, as an agency, act like you are deaf, dumb and blind…

      And I figured you were coming here, you were going to testify to Congress…

      You have told us nothing.
      And I believe that’s your intention.

      I figured you’d leave your blindfolds and your duct tape and your earplugs behind, but you seem to be wearing them today …

      What the heck went on?

      Your mission, you said, was to protect investors.
      And to detect fraud quickly.

      How’d that work out?
      What went wrong? …

      It seems to me with all of your investigators…

      One guy with a few friends and helpers discovered this thing nearly a decade ago, led you to this pile of dung that is Bernie Madoff, and stuck your nose in it, and you couldn’t figure it out!

      You couldn’t find your backside with two hands if the lights were on!

      Could you explain yourselves?

      You have single handedly defused the American public of any sense of confidence in our financial markets, if you are the watchdogs.

      You have totally and thoroughly failed in your mission. Don’t you get it?…

      What happened here? …

      Do we start with hear no evil? See no evil? Or do no evil?
      Take your pick.”

      ( http://www.youtube.com/watch?v=FOKSkaQoF_I&feature=PlayList&p=BB8182F8E40ACD74&playnext=1&playnext_from=PL&index=34 )

      ( Rep. Gary Ackerman, D-New York, 5th District, Bayside – on 02/05/09. His spoken words to members of the SEC during a hearing on the Madoff Fraud.)

    117. sean says:

      Maybe, the first “suicide” of many to come.

      Freddie Mac acting CFO apparent suicide: reports
      Wed Apr 22, 2009 8:18am EDT

      WASHINGTON (Reuters) – David Kellermann, the chief financial officer of mortgage giant Freddie Mac, was found dead in his Virginia home on Wednesday, an apparent suicide, police said and CNN said..

      Kellermann, 41, was discovered before dawn in his suburban Washington home in Fairfax County, Virginia, police said. They did not confirm the exact cause of death but CNN said it had confirmed he had committed suicide.

      FROM HIS BIO>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
      David Kellermann’s Summary
      Financial services executive with close to 20 years of experience, starting with the day-to-day line valuation, trading, and investing of complex mortgage-backed instruments, debt, and interest-rate derivatives, including swaps, swaptions, options, and futures. With that critical experience, I have succeeded at an ever-increasing level of responsibility in managing a Company with $1 + trillion balance sheet.

      My definition of success is the full utilization of my experience and abilities, and those of a carefully chosen and trained team along the lines of excellence.

      David Kellermann’s Specialties:
      Complex financial instrument valuations, Corporate Finance, and Public Company Accounting and Reporting.

      David Kellermann’s Experience
      Interim Chief Financial Officer
      Freddie Mac
      (Public Company; 1001-5000 employees; FRE; Financial Services industry)
      September 2008 — Present (8 months)
      Responsible for internal and external financial management, disclosure and reporting for $1.8 trillion balance sheet of complex financial instruments and insurance contracts.
      Responsible for numerous activities that support the financial management of the Company, including; global equity investor relations; capital structure decisions and management, planning, budgeting, and forecasting; and internal controls.

    118. Jim Hall says:

      David Kellermann may or may not be the ultimate culprit as he started in the role in 2008.

      Would like to know what his FRE experience was prior to that.

      Did he recommend the CDS/CDO involvement?

    119. Anonymous says:

      You will see lots of people associated with this be suicided by those that want to shut them up.

    120. mhelburn says:

      Historical perspective:

      The graft and secrecy that has taken this country down has been going on for generations of Presidents, providing funding for covert activities, money laundering, and dirty tricks.

      Link that ties the S&L takedown, taxpayer costs to Bush I, his friends, the CIA and the Mob. The GSE’s are huge and the lax policies could have made it possible to steal from the mortgage funders as it was possible to get bogus loans from the S&Ls.

      Considering that Kellerman had been at FRE for sometime, he did know a lot…
      Today: David Kellermann acting CFO of Freddie Mac has committed “suicide”. He has been questioned about what’s going on at Freddie Mac. Maybe he had something to say that would be damaging? Have a look at this if you have time. Part 2 starts out with the same introduction, but about 2 minutes in, the story goes into more details that aren’t included in Part 1. http://www.brasschecktv.com/page/411.html

    121. Redwood says:

      David Kellerman is the new Cliff Baxter.

    122. narco says:

      It remind me of when Gary Webb committed suicide instead of finishing his tell all book.

      I think arms, drugs and money laundering through the market are all part of the same criminal syndicate.

      He’s the one that broke the story that while the DEA banned drugs to keep prices high, the CIA was bringing them into the country to fund their unauthorized arms activities.

      http://en.wikipedia.org/wiki/Gary_Webb

      “On the morning of December 10th 2004, 49 year old, Gary Webb was found dead in his modest, recently sold Carmichael, California home. Webb allegedly died from two *self-inflicted* gunshot wounds to the head from a .38 caliber pistol. The Sacramento coroner, Mr. Lyons, hastily ruled Webb’s death a suicide heralded by his now infamous pronouncement: “It’s unusual in a suicide case to have two shots,” he said, “but it has been done in the past, and it is in fact a distinct possibility.”

    123. narco says:

      George Bush’s Iran Contra ran drugs through Bill Clinton’s Mena Arkansas. John Kerry ran the hearings on Iran Contra and John McCain was on the advisory board of a group funding the death squads.

      http://whatreallyhappened.com/RANCHO/POLITICS/MENA/mena.html

      What if the two parties are actually one party (two sides of the same coin) and they try to divide us with phony left / right issues when the real issue is that a criminal syndicate runs the country and is bleeding the average person dry?

    124. iStandUp says:

      The NEW WALL STREET PONZI SCHEME
      …Endored by…
      …..the “Securities Cops” – the SEC and the NSCC.

      The Corrupt Market Makers and their Corrupt Hedge Fund Guests with the help of the Corrupted Clearance and Settlement System here in the United States have devised a New Type of PONZI SCHEME….
      …Instead of stealing money from their investors, they steal money from unsuspecting buyers of long shares of stock.

      With this New Type of PONZI SCHEME, Corrupt Market Makers and Corrupt Hedge Funds steal money from Long investors via ABUSIVE NAKED SHORT COUNTERFEIT SELLING while at the same time damaging or destroying Corporations subjected to their COUNTERFEIT SELLING….

      One way to describe a PONZI SCHEME is:

      “So you borrow from Peter, you pay Paul. Then you borrow from John to pay Peter. It just keeps going on and on, until the whole thing collapses of its own weight.” (Vinny Catalano on NPR.org)

      This is HOW The NEW WALL STREET PONZI SCHEME works…

      A Corrupt Wall Street Firm using the THE WALL STREET COUNTERFEIT MACHINE takes an order from Peter-Long-Shares for xxxx long shares in company ABCD. (We will call this Corrupt Wall Street Firm, Take-Your-Money-and-DELIVER-NO-SHARES.)

      Instead of selling xxxx shares of company ABCD to Peter-Long-Shares, they take Peter-Long-Shares’ Money and put it in an interest bearing account with the intent of NEVER DELIVERING xxxx shares of Company ABCD to Peter-Long-Shares.

      Since the firm Take-Your-Money-and-DELIVER-NO-SHARES, did NOT Own, and did NOT Borrow shares of ABCD Company, it sells Counterfeit Shares to Peter-Long-Shares.

      The STOCK SHARES sold to Peter-Long-Shares were:

      - NOT Owned
      - NOT Borrowed
      - NOT Delivered
      - WILL NEVER BE DELIVERED

      And CORRUPT Clearance and Settlement System allows Peter-Long-Shares’ stock account to SHOW Delivery of Long shares even though his money sits in an Interest-Bearing-Account unused to buy long shares in ABCD.

      Because the Clearance and Settlement System FRAUDULENTLY guarantees delivery in 3 days, Peter-Long-Shares receives a confirmation that his order for long shares in ABCD was filled. And the next monthly brokerage account statement FRAUDULENTLY states xxxx long shares of ABCD were Delivered to his stock account.

      Even though Peter-Long-Shares paid 100% of the cost for xxxx long shares in ABCD (plus a commission fee) – HIS MONEY was NEVER USED to BUY Long Shares of ABCD, and the intent of the SELLER, Take-Your-Money-and-DELIVER-NO-SHARES, was to NEVER DELIVER ANY LONG SHARES to Peter-Long-Shares’s stock account.

      At this point TWO IMPORTANT QUESTIONS Must be Asked?

      1.) What happens to Peter-Long-Shares’ money that was NEVER USED TO BUY LONG SHARES in ABCD?…
      …That now sits in a money-bearing-account whose interest is Not given to Peter, but instead is given to a brokerage company?

      2.) And what did Take-Your-Money-and-DELIVER-NO-SHARES “SELL” to Peter-Long-Shares?
      … when it Did NOT OWN, Did NOT BORROW, NEVER DELIVERED and NEVER INTENDS TO DELIVER REAL SHARES of ABCD to Peter-Long-Shares in exchange for cash payment at 100% the cost of xxxx long shares in ABCD?

      This is where the brilliant design of THE WALL STREET COUNTERFEIT MACHINE by Wall Street Criminals (and protected by the captured SEC) allow corrupt Wall Street Players to operate a PONZI SCHEME with impunity day after day, year after year.

      The CORRUPT CLEARANCE AND SETTLEMENT SYSTEM has been converted from the Congress Mandated “DVP” to the illegal “CVP”:

      - DVP: “Delivery Versus Payment” (LEGAL)

      - Payment by Buyer at 100% the Cost of Stock Shares

      …To Receive…
      - Delivery of Real Company Shares

      …Was ILLEGALLY Converted To…

      - CVP: “Collateralization Versus Payment” – (ILLEGAL)

      - Payment by Buyer at 100% the Cost of Stock Shares

      …To Receive…
      - Delivery of Counterfeit Company Shares to fulfill the Fraudulent 3 Day Delivery Guarantee
      - Buyer’s money NOT USED to buy Real Shares of Company Stock
      - Buyer’s money put in an interest-bearing-account
      - Buyer is essentially Sold a FUTURES CONTRACT, in which the SELLER promises to buy and then deliver Real Shares at some unspecified future date to replace the Counterfeit Shares created for delivery to Buyers account.
      (NOTE: The CORRUPT CLEARANCE AND SETTLEMENT SYSTEM allows the Seller of Counterfeit Shares to NEVER DELIVER real shares, since there is NO TIME LIMIT for delivery. )
      - With the ILLEGAL Collateralization System, the SELLER is allowed to gain access to the Buyer’s Money BEFORE the Seller Buys and Delivers Real Shares of Company Stock to Buyer who make a Payment at 100% the Cost of the Company Shares.

      This is the NEW WALL STREET PONZI SCHEME that the SEC and NSCC “securities cops” allow the Brilliant Wall Street Criminals to operate day after day, year after year with impunity.

      The CORRUPT MARKET MAKERS along with their CORRUPT HEDGE FUND GUESTS are allowed by the “Securities Cops” to “sell” Counterfeit Shares of Company Stock, which is mis-leadingly called “Naked Short Selling”, to unsuspecting buyers of real stock shares under the cover of the Fraudulent 3 Day Delivery Guarantee, and the monthly Fraudulent Brokerage Statements received by Buyers showing they have real long shares.

      But UNREPORTED and HIDDEN by the “Securities Cops” is the simple fact that the CORRUPT MARKET MAKERS along with their CORRUPT HEDGE FUND GUESTS are allowed to gain access to the Buyers Money without requiring them to BUY REALS SHARES AND DELIVER REAL SHARES of company stock shares to the Buyer (even though the Buyer paid 100% of the Cost of REAL Company Stock Shares).

      With this NEW WALL STREET PONZI SCHEME, the Corrupt Hedge Funds do not steal money from their investors…

      … instead they steals money from unsuspecting Buyers of Real Shares of Stock, who are unknowingly sold Counterfeit Shares of a company stock, and whose money is eventually diverted into the pockets of Corrupt Market Makers and Corrupt Hedge Funds so they can pay themselves and/or their investors more money – robbing Peter-Long-Shares to Pay Take-Your-Money-and-DELIVER-NO-SHARES and their investors.

      The Corrupt Hedge Funds selling Counterfeit Shares of stock are NOT Brilliant Stock Pickers…

      … they are merely Brilliant Wall Street Criminals with a NEW PONZI SCHEME who are protected by the “Securities Cops,” the SEC and the NSCC.

      What could be simpler than selling Counterfeit Shares of Stock, setting up Counterfeit Short Positions with these Counterfeit Shares, and Stealing the Cash Money that was Never used to Buy Real Shares?

      This NEW PONZI SCHEME is a win-win for all the Corrupt Market Makers and their Hedge Funds Guests:

      - They make “Easy Money” on their Counterfeit Short Positions by increasing the supply of shares for sale to make their Short Positions Self-Fulfilling – Increasing Supply of Stock Shares AUTOMATICALLY LOWERS PRICE.
      (This is illegal, criminal manipulation of a stock)

      - And They make “Easy Money” by taking the Cash Money supplied by the Buyers for Real Shares of Stock, which were NEVER Bought and NEVER Delivered.
      (This is illegal use, illegal diverstion of the buyers money)

      And unlike a classic Ponzi Scheme, this NEW WALL STREET PONZI SCHEME will NOT COLLAPSE until and unless the Wall Street Security Cops declare these ILLEGAL Actions a CRIME… At this moment, the SEC and the NCSS are the great protectors of this NEW WALL STREET PONZI SCHEME.

    125. iStandUp says:

      The above is a First Draft.

      All suggestions for correcting it or for improving it are welcome!

    126. Jim Hall says:

      Dead men such as David Kellerman sometimes tell tales.

      He may have just gotten overwhelmed or have been involved in the genesis of the issues.

      Can’t say, but let’s stay tuned.

    127. Sammy says:

      istandup, I love this summary from DCN’s link 114. It was written in the 1980′s warning this practice had to be banned or it would bankrupt vulnerable companies.

      http://news.google.com/newspapers?id=GoMOAAAAIBAJ&sjid=2oEDAAAAIBAJ&dq=naked-short-selling&pg=2694%2C2821195

      The basic idea:

      1. You purchase a share
      2. Your broker and the crooked seller both think it will go down. Rather than ask for the share to be delivered, your broker keeps your money and collects interest on it.
      3. Eventually, the crooked seller overwhelms all buying and bankrupts the company. Your broker has to give your purchase money to the crooked seller now.

      The technique is used to bankrupt any company that isn’t profitable and which is thinly traded enough that the crooked seller can influence the price.

    128. Sammy says:

      Notice this paragraph in the link above:

      “Naked short selling does not require the selling broker dealer to deliver any stock and that is part of the deal on the onset.”

      Part of the deal on the onset? The buying and selling brokerage have contractuallly agreed not to have a delivery?

      This was written in 1988 by the owner of a securities firm (Roxie Webb). Someone from Deep Capture should contact him to see if he knows how x-clearing arrangements are set up.

      http://roxiewebbsecuritiesmanagement.com/history.html

    129. iStandUp says:

      Sammy and DCN,

      I have saved the images from this link – thanks DCN – and plan on extracting the TEXT from this article and posting it here for everyones use.

    130. Sammy says:

      Thanks to both iStandUp and DCN. That article is a great find, written in Feb. 1988, a decade before any of this happened. The DTCC didn’t form until 1999.

      http://news.google.com/newspapers?id=GoMOAAAAIBAJ&sjid=2oEDAAAAIBAJ&dq=naked-short-selling&pg=2694%2C2821195

      It’s chilling to see the industry saw this coming and decided to screw the little guy and American small business and their employees anyway.

      It makes me wonder how many other possible good guys from the industry like this Roxie are out there to help the cause.

      I can just imagine people in the industry talking among themselves “I can’t believe congress doesn’t close this loophole, but other brokerages are grabbing these billions in investor money, so I may as well, too.”

      Then they extend the scheme beyond penny stocks to big stocks, bonds, etc. over the decades until finally they crash the whole country’s economy.

    131. Davidn says:

      Speaking of history, here’s naked shorting from 1920!

      Is anyone familiar with the Stutz Motor Car company? The shorts tried to drive his company out of business because they could smell blood as competitors went to assembly lines, but Alan Aloysius Ryan stood firm, hitting every share with a buy.

      Suddenly, one day in 1920, he announced to the world that he owned 105% of the outstanding shares and that he wanted the sellers to deliver him his shares.

      The clearing brokerages stood to be bankrupted as they stood as the middle men who facilitated the short sales, even though there weren’t enough shares to deliver.

      The NYSE decided to protect their own, even setting up a “protective committee” to protect their members. Despite the threat of criminal proceedings, they delisted the company and set the price that Ryan had to sell the naked shorts shares at. The price was far below the highest price he paid to buy the shares in his own company. They banned the private sales he tried to set up with shorts anxious to cover at $500 – $1,000 per share (stock traded $391 before being delisted), because they said he couldn’t do a private sale when sales were halted.

      The exchange argued that they were above any court and they charged Ryan with “conduct or proceeding inconsistent with just and equitable principles of trade”. His crime? Asking for the sellers to deliver what they sold to him. He complained that the governors of the NYSE exchange were the same people naked shorting his company and it was unfair for them to act as judge and jury. He tried to quit the exchange and they said he couldn’t quit because he was under investigation.

      The company was under pressure from creditors and much of the stock he bought and that had to sell at a lower price was bought on credit. His debts got intertwined with the debts of the company and he and the company went bankrupt. The same groups that lent him money were able to collapse him into bankruptcy as the shares he provided as collateral, which no longer traded had no collateral value. He was forced to sell the stock at 2% of the high price he paid for it.

      http://query.nytimes.com/mem/archive-free/pdf?res=9806E5D81131E03ABC4953DFB266838B639EDE
      http://query.nytimes.com/mem/archive-free/pdf?_r=1&res=9B03E0D71131E03ABC4E53DFB266838B639EDE
      http://query.nytimes.com/mem/archive-free/pdf?res=9507EEDD1E31E03ABC4C52DFB266838B639EDE
      http://query.nytimes.com/mem/archive-free/pdf?res=9404E6DB133FE432A25754C1A9629C946195D6CF
      http://query.nytimes.com/mem/archive-free/pdf?res=9C03EFDB133AE03ABC4952DFB066838B639EDE
      http://query.nytimes.com/mem/archive-free/pdf?res=9B06E6DD1130EE3ABC4152DFB7668389639EDE
      http://query.nytimes.com/mem/archive-free/pdf?res=9C03E7DA1639EE3ABC4C51DFB066838B639EDE
      http://query.nytimes.com/mem/archive-free/pdf?res=9F0CEED91E3EEE3ABC4951DFB7678389639EDE

      Looking with the benefit of history, you can’t help if there was a conspiracy against him by competitors, creditors and naked shorts, all from the same group, that saw great value in getting rid of a privately controlled competitor. You also wonder if this was already happening in 1920, how much more savvy and powerful the families that control Wallstreet have become in the intervening 89 years.

    132. al says:

      naked short selling features prominently in this article about the government bailout plan

      http://www.avaresearch.com/article_details-76.html

    133. Sarge says:

      To Ron Doc and the person posting as To Sarge, thank you for the confidence and support! Ron Doc, I have read that poem before, I have always found it to be relevant in times of increased political and social turmoil.

      Jim Hall, I got a kick out of those links you posted, especially this one:

      http://dealbook.blogs.nytimes.com/2009/04/21/another-view-tighten-short-selling-rules-for-now/?hp

      I was tempted to leave a comment on that story when I read it, but I noticed that everything that I had to say had already been said by the vast majority of the other responses already posted.

    134. Dr. Jim DeCosta says:

      THE CREDITING OF “LONG POSITIONS” WHEN COMBINED WITH THE WORDING OF UCC-8 CREATE WONDERFUL OPPORTUNITIES FOR “COUNTERFEITING” RELATED THEFTS

      In studying abusive naked short selling frauds you need to appreciate the role of this financial accounting term referred to as a “long position” in a corporation’s shares. First of all it has nothing to do with the “legal ownership” of the “shares” of a corporation. On Wall Street the party inscribed on a transfer agent’s “record of ownership” is the “legal owner” of those shares. The investor/purchaser of the shares held in “street name” at the DTCC becomes the “beneficial owner” of that which he purchased. When it comes to these rather peculiar “long positions”/”securities entitlements” nobody “legally owns” them. They have “holders” but no “legal owners”. That’s what makes them invisible to prospective investors and a corporation’s management team.

      In reviewing how the NSCC’s “Automated Stock Borrow Program” (SBP) operates we saw how the lending of a (conveniently) impossible to trace parcel of shares from the SBP’s self-replenishing “lending pool” of securities done in order to “cure” a failure to deliver resulted in the buying party in a transaction involving a delivery failure receiving the borrowed shares. Along with the borrowed shares came the “legal owner” title. Unfortunately for “long” investors the specific investor whose shares were chosen to “cure” the delivery failure cannot be identified and told that he just lost “ownership” of that which he purchased.

      We also saw how the brokerage firm who “donated” the shares chosen to cure the delivery failure was awarded a “long position”/”securities entitlement” theoretically denoting his right to demand those loaned out shares back at a time of his choosing. This one “loan” resulted in the transference of “legal ownership” of a given parcel of shares to the recipient as well as the generation of a separate “long position” out of thin air. UCC-8-501 then came along and empowered the “holder” of this “long position”/”securities entitlement” (the “donor” brokerage firm FBO his client the investor) to “exercise all of the rights and property interest of the “shares” that got sent electronically to the new “legal owner”. So now we have 2 separate parties being allowed “to exercise all of the rights and responsibilities that comprise the SAME parcel of securities”.

      The new “legal owner” of this particular “parcel” of shares now has all of the right in the world to “re-donate” this same parcel of impossible to trace shares right back into the same lending pool of securities it just came out of as if it never left in the first place. Once it is chosen to “cure” a delivery failure then 3 separate parties will be allowed “to exercise all of the rights and property interest that comprise that security”. The “legal owner” title will go to the most recent party receiving the borrowed shares.

      All of the rest of the parties that at one time held the “legal owner” title to this one parcel of shares now become “co-beneficial owners”. FINRA, the DTCC, the NSCC and the SEC have no problem whatsoever in this “counterfeiting machine” known as the NSCC’s SBP even though after a period of time perhaps a dozen different “co-beneficial owners” have the right to sell that SAME parcel of shares. Apparently all of these SROs and regulators have no problem with the obvious share price depressant effect associated with the massive increase in the “supply” of that which by law (UCC-8-501) must be treated as being readily sellable.

      When the DTCC and NSCC get sued for the facilitation of naked short selling crimes and “counterfeiting” abuses associated with their SBP the SEC always shows up with an “amicus curiae” brief recommending to the judge to dismiss the case because we at the SEC find no problem with how the SBP operates. They insanely claim to the judge that the SBP does not serve to “counterfeit” shares because the number of shares “legally owned” does not go up in number. That’s an interesting claim for the party with the congressional mandate to provide investor protection and market integrity.

      Of course the number of shares “legally owned” and “outstanding” does not go up in number but the number of “legally owned” shares is only one part of the “supply” variable that interacts with the “demand” variable to determine share price. The “supply” variable also includes all of these readily sellable “long positions”/”securities entitlements” that DTCC participants are creating right and left via not only SBP loans but also via every single delivery failure that the NSCC management pretends to be “powerless” to buy-in even after it becomes obvious that the seller of securities had no intent whatsoever to deliver in the first place.

      We also see this “long position” terminology on an investor’s monthly brokerage statement wherein even if the investor’s clearing firm never did get delivery of that which its client purchased the client is still awarded a “long position” in the “securities held long” column. You have to keep in mind that these “long positions” being awarded all over the place are over and above the number of shares already “outstanding” and they TECNICALLY have no “legal owner”; instead they have “holders” referred to as “security entitlement holders”.

      Securities scholars argue as to whether a “loan” from the SBPs “lending pool” that involves the transference of “legal ownership” is a “loan” or a “sale”. The DTCC argues vehemently that it is a “loan” and therefore they have the right to credit the account of the “lender” with a “long position”/”securities entitlement” to denote his “right” to call in the “loan”. If it were characterized as a “sale” because of the transfer of ownership then the DTCC would have no right to credit the donor firm with a “securities entitlement”.

      A financial arrangement referred to as a “repurchase agreement” bridges this gap in that in an “RA” the seller retains the right to buy the shares back within a given amount of time. Repurchase agreements are used all the time to mask delivery failures and to facilitate naked short selling thefts. If the seller has the right to buy it back then why not just keep the shares and “hypothecate” the shares to the counterparty. “Hypothecation” refers to pledging shares without delivering them.

      The net-net of all of this is that the granting of “long positions” is very tricky and easily abused and those with a superior working knowledge of how things operate on Wall Street can absolutely run circles around Joe Sixpack. That’s why we have theoretically UNCONFLICTED SROs and UNCONFLICTED regulators THEORETICALLY protecting Joe and his family. If they refuse to do so for any of a variety of reasons then the investment funds of Joe and his family will easily be rerouted into the wallet of those “banksters” committing these thefts while leveraging their superior working knowledge of sometimes complex financial arrangements.

      The ability of Wall Street insiders to credit these nebulous “long positions” to the accounts of investors in and of itself is not that damaging. But when you factor in UCC-8-501’s mandate for clearing firms holding these “long positions”/”securities entitlements” created out of thin air to allow their “holders” to “exercise all of the rights and property interest that comprise that security then you have laid the foundation for massive levels of theft of an unknowing investor’s money by those with this superior working knowledge.

    135. iStandUp says:

      Dr. Jim DeCosta,

      You stated:
      “Securities scholars argue as to whether a “loan” from the SBPs “lending pool” that involves the transference of “legal ownership” is a “loan” or a “sale”. The DTCC argues vehemently that it is a “loan” and therefore they have the right to credit the account of the “lender” with a “long position”/”securities entitlement” to denote his “right” to call in the “loan”. If it were characterized as a “sale” because of the transfer of ownership then the DTCC would have no right to credit the donor firm with a “securities entitlement”.”

      Interesting…. Here are some thoughts that came to mind while reading this paragraph………….

      Yesterday as I was writing the first draft of the WALL STREET PONZI SCHEME, I noted in my mind and in the text that the BUYER’s brokerage statement says he is long xxxx shares, even though HIS MONEY was NEVER USED to buy long shares…. His Money was placed in an interest-bearing-account.

      By calling the shares used to cure the FTD a LOAN, the DTCC can allow the BUYER’s Money to remain in an interest-bearing-account so the Wall Street Criminals can divert this money into their pockets. The use of the word “LOAN” also allows the Wall Street Criminals to counterfeit more and more shares to drive the stock price down, which then gives them the ability to steal the BUYER’s money.

      On the other hand, IF the DTCC referred to the shares used to cure FTDs as a “SALE,” then the money in the interest-bearing-account would have to be transferred to the firm SELLING the shares to the BUYER.

      So it appears that the use of the word “LOAN” enables the WALL STREET COUNTERFEIT MACHINE to operate efficiently – creates the greatest amount of income for the Wall Street Criminals – allows the Criminals to leverage the BUYER’s money to its greatest extent.

      On the other hand, the use of the word “SALE” might cripple or prevent the WALL STREET COUNTERFEIT MACHINE was operating.

    136. sean says:

      This is a little off topic but a MUST READ!!!

      How the Wall Street Journal and the New York Times Buried the Madoff Scandal for at Least Four Years
      By EAMONN FINGLETON

      An old maxim has it that newspaper editors separate the wheat from the chaff, then print the chaff. By this standard, the editors of the Wall Street Journal showed special deftness in their handling of the Madoff affair.

      They used the occasion of whistleblower Harry Markopolos’ testimony in Washington in February to address seemingly every minuscule detail of the scam. They even published an irrelevant, if lovingly crafted, floor plan of the Madoff firm’s office in the Midtown Manhattan Lipstick building. Yet, in all their apparent desire to “flood the zone” (maybe they were angling for a Pulitzer!), one detail was missing. Not a word of explanation was offered about the curious role played by the Journal’s own Washington-based investi­gative reporter John R. Wilke.

      As Markopolos’ written testimony made clear, Wilke long ago knew the score. As far back as 2005, he had been entrusted with Markopolos’ now famous dossier raising no less than 29 red flags about Madoff. It is hardly an exaggeration to say that, on the strength of an afternoon’s research, a good reporter could have worked up any one of Markopolos’ points into a cracker of a front-page story. Taken as a whole, the dossier represented the biggest “career development opportunity” any journalist has been handed since Deep Throat delivered the goods on Richard Nixon to Woodward and Bernstein a generation ago.

      There are differing accounts of what happened next. According to Markopolos, Wilke was hot to trot but needed the blessing of higher-ups. And, unfortunately, the Journal’s “news” operation is apparently run much like an Amtrak marshaling yard. As months turned into years, Markopolos’ 29 red flags festered like so many rotten tomatoes in some desk jockey’s in-tray. Other sources, however, place the blame firmly on Wilke’s shoulders. Apparently, he started to dig but lost heart because there was so little publicly available information on Madoff’s modus operandi.

      It is all very puzzling. The question, of course, is why would Markopolos lie about something like this? And then there is the simple fact that his testimony on other, more weighty matters has already been resoundingly vindicated.

      What is not in dispute is that, to the Journal’s eternal shame, the story eventually came out only after an avalanche of redemptions left Bernie with nowhere to hide and he turned himself in. In the interim, by remaining silent, the Journal played a devastatingly ignominious role in one of the biggest and most brazen scams in history.

      If the Journal’s shame is particularly acute, virtually no one in the wider American financial journalism profession emerges from this fiasco with much credit.

      One dog that snoozed in its kennel was the New York Times. The Madoff scam was, of course, a local story for the Times, not least because Times editors undoubtedly knew many of Madoff’s victims socially. It is surprising, to say the least, that no Times person ever seems to have sensed there was something fishy going on in the Lipstick building. The Upper East Side was buzzing with rumors about his apparently sensational investment returns. Many a New York socialite either had money invested with him – and boasted of it in a loud stage whisper – or at least wanted to do so.

      Yet it was only on the day of Madoff’s arrest that the Times condescended to inform its readers that many of his more alert peers had sensed he was a fake all along. For years, he had been pegged as an outright Ponzi artist by Goldman Sachs and Credit Suisse, for instance, and he was blacklisted also at Deutsche Bank, Merrill Lynch, and UBS. Indeed, as far back as 1991, CounterPunch contributor Pam Martens, in her capacity as a Wall Street broker, had told him she was on to his game and had so advised a client. For thousands of aggrieved Times readers, who lost their life savings in Bernie’s financial Bates Motel, the question is why they were the last to know.

      For the rest of the story..

      http://www.counterpunch.org/fingleton04232009.html

    137. iStandUp says:

      My last line should read:

      On the other hand, the use of the word “SALE” might cripple or prevent the WALL STREET COUNTERFEIT MACHINE from operating.

    138. Jim Hall says:

      It is simply amazing to me that George Soros is not yet in the slammer.

      And, what’s worse, is that the administration seems to regard him as some type of Yoda while the (Times/WSJ) press lionizes him.

      Here’s our new sister site:

      http://www.soroswatch.com/

    139. Jim Hall says:

      Term ‘sister site’ is IMHO.

      But I think they are onto something/someone…

    140. Jim Hall says:

      Businessweek magazine 4/27/09, new article:

      “Banks Aren’t Yet in the Clear
      Analysts see several reasons why the recent strong earnings reports by the likes of Wells Fargo and Goldman Sachs may not be repeated”

      THIS ARTICLE QUOTES MOB-OWNED ANALYST DONN VICKERY – GRADIENT ANALYTICS.
      WHEN WILL THESE GOONS GO AWAY?

      http://www.businessweek.com/magazine/content/09_17/b4128019360698.htm?campaign_id=rss_daily

    141. Jim Hall says:

      How George Soros is attempting to ruin Bank of Ameroica:

      New Businessweek article:

      http://www.businessweek.com/magazine/content/09_18/b4129000840714.htm?campaign_id=rss_daily

      ‘The Connecticut state treasurer, Denise Nappier, who controls a $20 billion retirement fund, called for you to step down today. The Service Employees International Union has mounted a campaign against you, in part because BofA is said to be actively lobbying against the Employee Free Choice Act, which would eliminate the secret ballot in union elections.
      First of all, the SEIU would like to unionize Bank of America, and so I think they have an ulterior motive. And then secondly, I was told that the state of Connecticut owns 1.4 million shares [of BofA]. I own around 5 million, so I’m going to outvote her.’

      MoveOn involved as well (though you don’t see that in that story?? Why??). You need to go here to see the nexus:

      http://www.seiu.org/2009/04/tens-of-thousands-of-taxpayers-to-protest-at-100s-of-bank-of-america-branches-nationwide.php

      Conclusion: George Soros is behind much of the union-forming fomenting with BAC through MoveOn. Gee, do you think George might be shorting the bank/country/world? Wouldn’t he love to cripple BAC? Worker’s rights? Think George really cares?

    142. JimH says:

      Why Patrick isn’t tracking down Soros more closely eludes me…

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    1. [...] Via Fundamental Analyst 5. Wells Smoke & Mirrors Earnings Release – Via Fundamental Analyst 6. Our Captured Federal Regulator the SEC – Via Deep Capture 7. Our Captured Federal Regulator the SEC – Via Deep Capture 8. A Few Thoughts [...]

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