Naked Shorts Frolic While Financial System Fries

“Morgan Stanley shares have been under extraordinary pressure as of late, for no apparent fundamental reason, as we estimate liquidity, the balance sheet, and long-term earnings, prospects are sound.”

– Fox-Pitt analyst David Trone in a research note, today

Here we go again. A giant bank has some weaknesses, but it is, in all respects, a going concern — except that short sellers are peddling rumors and phantom stock, so the share price is plummeting. With the share price in peril, the rating agencies (perhaps over vigilant after taking so much criticism from short sellers and the media) put the bank’s debt ratings on review for a downgrade.

Meanwhile, short sellers corner the market for the bank’s credit default swaps, and point to the value of the CDS as evidence that the bank is doomed. They feed the media with analyses and bogus indexes that mark the bank’s assets to nothing. They spread the news that the bank’s counterparties and trading partners could bail.

The clients and partners stay with the bank. Up until now they have no reason not to.

But then, there’s more naked short selling, the hedge funds flooding the market with stock they do not possess — phantom stock. Maybe the hedge funds send a fax to CNBC with one last rumor. Over the course of a day or two, the stock price is slashed in half.

Then, suddenly, the stock is in the single digits.

As a result of the low stock price – not as result of the balance sheet – the bank’s partners and clients freak out. This time, they really do pull their money.

End of bank.

And if there are one or two more like this — end of story. The financial system will be fried.

We’ve seen precisely the same scenario with Bear Stearns, Lehman, Merrill Lynch, Washington Mutual, and IndyMac. A variant of this scenario took down AIG, Fannie Mae, Freddie Mac, and perhaps 200 other companies before them.

Morgan Stanley could be gone by next week.

We have new data for September that shows that there was plenty of short selling of Morgan Stanley (and other companies) even during the SEC’s ban on short selling, which ended Wednesday at midnight. Some hedge funds ignored the ban, and the SEC did nothing.

Worse, in place of the ban, the SEC has offered only tepid new rules (cheered by the short seller lobby) that do little to prevent the sale of phantom stock. Under these rules, short sellers do not have to borrow real stock before they sell it. They merely have to “locate” the stock. The SEC doesn’t say how it’s supposed to know whether a short seller has actually located real stock as opposed to telling his broker, “yeah, I located it, it’s in your mother’s wig” (which is pretty much how these conversations go).

Furthermore, the SEC gives hedge funds three days to deliver the stock they sell. This would be fine if they were required to possess real stock before selling. But since they are not, a hedge fund can offload a large block of phantom stock and let it eat away at the financial system for at least three days.

Sometimes, the hedge funds settle the trade with another block of phantom stock, transferred to them by a friendly broker. But even if they fail to deliver the stock, the SEC stipulates no serious penalties. Meanwhile, it shows no inclination to actually prosecute anyone for the jailable crime of short-side market manipulation.

I’m willing to bet anybody a sizeable amount of money that when the SEC releases its “failures to deliver” numbers for October, they will suggest unbridled illegal naked short selling of Morgan Stanley during this past week, even on days when the ban on all short selling was in place. The data will show that naked short selling rose to unprecedented levels just before somebody floated Wednesday’s false rumor that Morgan Stanley was going to lose its $9 billion deal with Mitsubishi.

And the data will show that after the ban was lifted, the law-breaking shorts went nuclear – with failures to deliver of well over a million shares every day. Ultimately, many millions of Morgan Stanley’s shares will be sold and never delivered, just as hedge funds have yet to deliver more than 10 million shares of Bear Stearns that they sold during that bank’s final days last March.

As I write this, Morgan’s stock price is in the single digits, trading around 7 bucks, down an astounding 70% in the 36 hours since the short selling ban was lifted. A death spiral like that does not happen naturally. Because of the short-battered stock price – and only the stock price (again, this has nothing to do with the balance sheet) — Moody’s today put Morgan’s long-term debt ratings on review for a downgrade.

I suspect another 15% off the stock price, and one more well-placed rumor, will do the trick. There will be a run on the bank. Morgan will be gone. And the global financial fire will blaze still hotter.

It is beyond surreal that our most prestigious financial media continue to allow this to happen. It is beyond comprehension that journalists – in possession of the evidence, and presumably in possession of their faculties – continue to spout the line, originally formulated by short-sellers and now woven into conventional wisdom – that this crisis is only about bad mortgages and bad managers and bad balance sheets.

One can argue that, in the long run, the world is better off without half of Wall Street – without its ponzi schemes and paper profits, the sickening salaries and arrogance. Certainly, anyone with a Shakespearean state of mind will appreciate the fates of Morgan Stanley, Lehman, and Bear – all of which eagerly pimped their dodgy prime brokerage services to the very short sellers who destroyed them.

But it does not require Shakespearean nuance to see that this crisis is not just about scandalous banks. It is about criminals destroying banks that are tawdry, yes, but possessing of some virtue, and capable, if left unmolested, of carrying on and contributing to society – perhaps even staving off a global calamity.

Moreover, these same criminals are destroying many other companies, most of which are run by honest people who labor far from the insalubrious alleyways of southern Manhattan. The SEC maintains a list of companies whose stock has failed to deliver in excessive quantities. As I explained in an earlier dispatch, many victims of naked short selling (including some of the big banks) do not appear on that list. But surely it is a scandal that more than 300 companies, many of them financial firms that have nothing to do with Wall Street, do appear on the list.

Surely, it is an even bigger scandal that around 100 of those companies have appeared on the list chronically, day after day, for months on end, and though the sheriff posts the names of these rape victims on its wall, it has yet to prosecute a single rapist. The SEC tells us that a billion shares remain undelivered on any given day — and yet it doesn’t bother to find out which hedge funds sold the phantom stock.

It might be too late, but if Washington and the financial media really want to save the world, they ought to start by demanding that hedge funds borrow real stock before they sell it. And what the heck: Maybe some newspaper could offer the radical suggestion that the SEC should tell hedge funds that they can either go to jail or close out all unsettled trades – today.

If one hedge fund manager were to get cuffed, all the others with outstanding “failures to deliver” might scramble to buy real stock so they can settle. The markets might soar. The innocent victims might get some relief. And the delinquents on Wall Street would get some time to clean up their acts.

Meanwhile, would anyone care to guess which company the naked short sellers will take down after Morgan Stanley?

And would anyone like to share a bunker with canned goods and weapons?

* * * * * * * *

If you’d like to place that bet on the Morgan Stanley data (I’ll give 2:1 odds that it will show short sellers offloading massive amounts of phantom stock , with more than a million “failures to deliver” every day) feel free to contact me. [email protected].

* * * * * * * *

  1. Yesterday a gentleman I invest with on occasion called and told me his broker called him and practically begged him to sell his MS shares, because another broker friend had called him and told him that John Mack was going to be indicted.

    While John Mack should have been indicted, no question about it, this was clearly a false rumor–we all know that John Mack has “juice” and is untouchable personally. As it turned out my friend did not sell (obviously should have when told to) until today and took a bath.

    The point is, this is not bullshit there is a concerted effort on the street to take MS down. I suppose big short is, among other things, trying to queer the Japanese deal that is supposed to close this coming week. We’ll see.

  2. What makes you think the people running the short game are even in the US where they can be nabbed.

    The only way to get confidence back is a programmatic change to eliminate FTDs.

    I suggest moving to a real time exchange.

  3. God Bless You, Mark and Co.!

    I’m writing letters each day, got my canned food, and looking for a shooting range to practice my skills.

  4. Time to use the Patriot Act on the Hedge Funds. They are damaging the USA in ways al-Qaeda never-ever could. So, what are Bush and Cheney waitng for?

  5. The World Bank computers were hacked and it was announced on the day the world markets disintegrated.,2933,435681,00.html

    It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution’s highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank’s network for nearly a month in June and July.

    In total, at least six major intrusions — two of them using the same group of IP addresses originating from China — have been detected at the World Bank since the summer of 2007, with the most recent breach occurring just last month.

    Note that his story is from FOX, and this has been going on for sometime. Why in the biggest financial crisis on record, do we get this news now and not earlier? Do they want to fix it, which apparently they haven’t been able to do? Or is the timing of this just to make the people more nervous?

  6. Mark,

    I’ll take that bet. Know why? If I lose, I simply won’t deliver to you. After all, isn’t that how we do things here in what used to be America?

  7. So let me get this right,,,,

    AIG sold insurance that has it taking risk in exchange for premiums on CDS’s that say reference Lehman or Bear. The Purchaser of the CDS has bet “on the nose” and wins…
    but unlike the ‘real betting world” there are no bent bookies to reduce the odds when the outsider bet becomes popular.
    For a further laugh the Purchasers (I assume giant hedge funds) would first weaken the Reference of the CDS using Termite shorting (like that?), more than just writing bullets, thats legit to a point. I’m talking about sending outsized ” desk to desk tickets”, my husband says its a RACKET, The way real guys test that is they try and buy the whole bloc DVP, same day money for paper, the seller’s CNXL and try again another day.If the guys on both sides are mates they box the stock on the FAIL, and catch the SHEEP that sell in. WORKS 99% OF THE TIME. ONLY the BD’s see the menu.

    I thought Judd that you may want to look into it, its called Brass or Brasc.


  8. My latest NNS conspiracy theory is GM is going to be taken out because of their development of the electric car.

    My opinion is that the gas and oil guys are colluding with the hedge funds and now the rating agencies to bring down GM because it will cut into consumption so dramatically.

    Just a theory.

  9. Hi,

    Why dont you send this piece of article to your congress and perhaps G7, and Bushy??

    Instead of just talking here if you do know it is true and factual!

    Dont just sitting here every second of delay will set off Global infestition from these crooks !!

    God bless …


  10. The SEC is Driven by the “Principle of Greed?”

    As the stock markets around the whole world are being driven down day after day and the retirement funds of American citizens are being literally destroyed, the SEC continues to sit on its hands and do nothing to stop illegal naked shorting other than its temporary bans on specific stocks, which have now expired.

    And COX’s statement about having new rules in place in two weeks to stop naked shorting? – has not happened. The SEC continues to talk about the naked shorting problem, and then does nothing or takes an action, a baby step action, which fails to solve the problem.

    Thank you for detailing the SEC’s continuing refusal to take decisive steps against illegal naked shorting:

    “Naked Shorts Frolic While Financial System Fries
    October 10th, 2008 by Mark Mitchell

    Morgan Stanley could be gone by next week.”

    When I see the financial markets around the world is being destroyed by counterfeiting hedge funds, and also see our SEC refusing to implement a solid solution to naked shorting, I have to come to the conclusion that the SEC is being driven by the “Principle of Greed”, which is the same principle driving the counterfeiting hedge funds.

    The “Principle of Greed” driving the counterfeiting hedge funds and endorsed by our SEC’s actions, is that the rich and the powerful have the “RIGHT TO MAKE EASY MONEY” by “CREATING PHANTOM STOCK” shares to naked short any company they want to.

    And after they manipulate a stock price downward with PHANTOM SHARES, they can either buy “real” shares on the open market to “cover” these PHANTOM SHARES or they can “cover” these PHANTOM SHARES with new PHANTOM SHARES created legally by friendly Market Makers (the SEC says this is Legal), who are driven the same “Principle of Greed”.

    Since the SEC will not protect our financial markets, and Congress is doing nothing, and the FBI is probably being forbidden by our elected officials from doing anything, we, the American people, will have do something ourselves to uncover and expose the SEC’s “Principle of Greed” guiding its every step.

    Any ideas on how we can do this?

  11. ………..Since the SEC will not protect our financial markets, and Congress is doing nothing, and the FBI is probably being forbidden by our elected officials from doing anything, we, the American people, will have do something ourselves to uncover and expose the SEC’s “Principle of Greed” guiding its every step.

    Any ideas on how we can do this?

  12. FWIW, the following letter, titled: Institutionalization of Lying, Cheating and Stealing Under Ruse of “more efficient markets” was sent to Gretchen Morgenson at the NY Times, and 38 other mainstream media alleged “journalists.”

    Ladies and Gentlemen:

    It came as no surprise today to read long-time naked shorting denier and hedge fund shill Joe Nocera’s N.Y. Times “woe is me” piece asking “so why didn’t we know any better?” What a joker, that Nocera, (along with the editor who allows him to continually misinform and misdirect, especially as to the real causes and culprits of our financial meltdown).

    While those causes are in fact complex and diverse, they are all uniquely interrelated in origin. There should be no mistaking the fact that the tragedy that has engulfed the world didn’t have to happen– would never have happened had the Wall Street/DC banking power structure not captured control of the system and decided to institutionalize lying, cheating and stealing under the ruse of “more efficient markets.”

    It would also not have happened if the once proud free press had not thoroughly capitulated and allowed the truth, known and spoken by many, to be repeatedly scorned, derided and ignored by Nocera and his wolves in sheep’s clothing cohorts.

    Be there any uncorrupted journalists left, here are some more truths to be ignored to their– and our collective peril.

  13. Accompanying the foregoing letter was a copy of MM’s 10/10 Naked Shorts Frolic piece and other recent Deep Capture reports and commentaries.

  14. Oh dear__ the DTCC resorts to issuing semi misleading Press Releases ON A SATURDAY AFTERNOON !!!

    NEW YORK, Oct 8 (Reuters) – The value of credit default swaps backed by defaulted Lehman Brothers bonds will be set on Friday, with protection sellers expected to face massive losses of around 90 percent of the insurance they sold.


    DTCC says “The payment calculations so far performed by the DTCC Trade Information Warehouse relating to the Lehman Brothers bankruptcy indicate that the net funds transfers from net sellers of protection to net buyers of protection are expected to be in the $6 billion range (in U.S. dollar equivalents).”

    DTCC Addresses Misconceptions About the Credit Default Swap Market

    Last update: 3:28 p.m. EDT Oct. 11, 2008

    NEW YORK, Oct 11, 2008 (BUSINESS WIRE) — The idea that the industry lacks a central registry for over-the-counter (OTC) credit default swaps (CDS) is grossly misleading and has resulted in inaccurate speculation on a number of matters, including the overall size of the market, its role in the mortgage crisis, and the size of potential payment obligations under credit default swaps relating to Lehman Brothers. The extent to which such speculation has fueled last week’s market turmoil is difficult to determine.

    The facts are these:

    Central Trade Registry
    — In November 2006, The Depository Trust and Clearing Corporation (DTCC) established its automated Trade Information Warehouse as the electronic central registry for credit default swaps. Since that time, the vast majority of credit default swaps traded have been registered in the Warehouse. In addition, all of the major global credit default swap dealers have registered in the Warehouse the vast majority all contracts executed among each other before that date.
    Size of the Market
    — Reported estimates of the size of the credit default swap market have so far been based on surveys. These surveys tend to overstate the size of the market due to each party to a trade separately reporting its own side. Thus, when two parties to a single $10 million dollar trade each report their “side” of the trade, the amount reported is $20 million, which overstates the actual size by a factor of two since both reports relate to a single $10 million contract. When examining the outstanding amount of actual contracts registered in the Warehouse (not separately reported “sides”) as of October 9, 2008, credit default swap contracts registered in the Warehouse totaled approximately $34.8 trillion (in US Dollar equivalents). This is down significantly from the approximately $44 trillion that were registered in the Warehouse at the end of April this year.
    Percentage of the Market Related to Mortgages
    — Less than 1% of credit default swap contracts currently registered in the Warehouse relate to particular residential mortgage-backed securities. Mortgage-related index products also have some components relating to residential mortgages and, as a whole, also constitute a relatively small fraction of total credit default swaps registered in the Warehouse.
    Payment Obligations Related to the Lehman Bankruptcy
    — One of the many central servicing functions of the Trade Information Warehouse is to calculate payments due on registered contracts, including cash payments due upon the occurrence of the insolvency of any company on which the contracts are written. Calculated amounts are netted on a bilateral basis, and then, for firms electing to use the service, transmitted to CLS Bank (the world’s central settlement bank for foreign exchange) where they are combined with foreign exchange settlement obligations and settled on a multi-lateral net basis. Currently, all major global credit default swap dealers use CLS Bank to settle obligations under credit default swaps. It is expected that all major institutional players in the credit default swap market will use the same process for settlement by the end of 2009.
    — The payment calculations so far performed by the DTCC Trade Information Warehouse relating to the Lehman Brothers bankruptcy indicate that the net funds transfers from net sellers of protection to net buyers of protection are expected to be in the $6 billion range (in U.S. dollar equivalents).
    DTCC has long supported the U.S. and global capital markets as a critical part of their operational infrastructure. We stand ready to play a constructive role in whatever overall regulatory environment ultimately emerges for the credit default swap market. We do believe, however, that whatever environment emerges should be based on assessment of the facts as they stand, rather than speculation.
    About DTCC
    DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC’s depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 110 other countries and territories, valued at US$40 trillion. In 2007, DTCC settled more than US$1.86 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas.
    DTCC Deriv/SERV LLC, a wholly-owned subsidiary of DTCC, provides automated matching and confirmation for OTC derivatives contracts, including credit, equity and interest rate derivatives. According to major market participants, over 90% of credit derivatives traded globally are electronically confirmed through Deriv/SERV. The Trade Information Warehouse, a service offering of Deriv/SERV launched in November 2006, is the market’s first and only comprehensive trade database and centralized electronic infrastructure for post-trade processing of OTC derivatives contracts over their lifecycles, from confirmation through to final settlement.
    For more information on DTCC and DTCC Deriv/SERV, visit
    Stuart Z. Goldstein, 212-855-5470
    [email protected]
    Judy Inosanto, 212-855-5424
    [email protected]

    Copyright Business Wire 2008


    1) There are indeed “legitimate” reasons for perhaps 2 or 3 day delays in the delivery of securities sold past “settlement date” which is now T+3.
    2) To accommodate for this reality the Uniform Commercial Code Article 8 provided for the creation of “securities entitlements” or “placeholder securities” to credit to the brokerage account of the purchasers of securities that encountered delivery delays.
    3) Mere “securities entitlements” are admittedly not legitimate “shares”; they were designed to be a 2 or 3-day provisional accounting measure sometimes referred to as a “placeholder security” or “IOU”.
    4) The authors of UCC Article 8 rolled the dice and allowed these mere “securities entitlements” to be free-trading during this perhaps 2 or 3-day delay as if they were “legitimate shares”. Why? Because “legitimate” delivery failures are ultra-short termed in nature and the extra dilution and therefore share price depression effect they would indeed cause was deemed to be minimal therefore and there were 2 other backstops.
    5) The first backstop was the DTCC’s mandate to “promptly settle” all securities transactions. “Settlement” refers to “the conclusion of a securities transaction in which the securities are delivered “in good form” to the purchaser as the funds of the purchaser are sent to the seller”. This is also known as “Delivery versus payment” or “DVP”. The mandated “prompt settlement” of trades would still fit in nicely with a 2 or 3-day delivery delay.
    6) The second backstop was the SEC’s mandate to provide “investor protection and market integrity”. If the delivery delays were longer than just a couple of days then the share price depressant effect of these readily sellable but mere “securities entitlements” would be marked. In actuality it could become disastrous if massive levels of long term “securities entitlements” were allowed to accumulate in the share structures of corporations.
    7) Securities fraudsters realized that neither the SEC nor the DTCC were monitoring for the levels or ages of the “securities entitlements” accumulating in the share structures of certain targeted corporations.
    8) The “supply” of readily sellable legitimate shares plus the “supply” of mere “securities entitlements” when combined form the “supply” variable that interacts with the “demand” variable to dictate share prices. This is known as “price discovery”.
    9) In abusive naked short selling frauds the “demand” variable is also manipulated as the share price enhancing effect of buy orders is neutralized by naked short selling into these buy orders before they interact with the “supply” variable to dictate share prices.
    10) When the “supply” of readily sellable “securities” is artificially manipulated upwards by those refusing to deliver that which they sell and the “demand” variable is simultaneously manipulated downwards then the resultant share price “discovered” will have been grossly manipulated lower.
    11) The authors of UCC Article 8 that ASSUMED that all delivery failures were of a short termed “legitimate” nature were wrong and since nobody was monitoring for the levels or ages of the “securities entitlements” procreated by delivery failures securities fraudsters realized that they could take massive naked short positions in targeted corporations by merely refusing to deliver that which they were selling and intentionally and predictably manipulate the share price to near zero.
    12) The DTCC-administered clearance and settlement system in the U.S. is like no other on the planet. DTCC management unconscionably allows the sellers of securities to access the funds of investors even if they absolutely refuse to deliver the securities they were selling. All the abusive DTCC “participants/members” are asked to do is to “collateralize” the delivery obligations they were amassing.
    13) The mere “collateralization” of a debt, however, has nothing to do with the “good form delivery” of that sold which is needed to accomplish the “settlement” of a trade and the DTCC has the mandate to “promptly settle” all trades.
    14) Multi-billion dollar hedge funds and Wall Street behemoths have no problem whatsoever in merely “collateralizing” these debts. In fact, the debts needing to be “collateralized” diminish as the share price predictably tumbles from the manipulation of the “supply” and “demand” variables. As the “collateralization” needs diminish the investor’s funds flow into the wallets of those that continually refuse to deliver that which they sell.
    15) As this cash flows into the wallets of the securities fraudsters refusing to deliver that which they sell this then allows them to assume and “collateralize” yet larger naked short positions which releases yet more share price depressing readily sellable “securities entitlements” into the share structure of the corporation targeted for destruction. The result is a “self-generating leverage” which results in the “self-fulfilling prophecy” that this corporation unfortunate enough to be targeted is going down as are the investments made therein and the jobs of all of their employees.
    16) Share price “manipulation” involves the intentional altering of the natural supply and demand variables that determine share prices.
    17) Share price “manipulation” is a form of “fraud” which involves the use of deception for illicit monetary gain.
    18) The gist of these crimes is that since UCC 8 allowed “securities entitlements” resulting from delivery failures to be readily sellable due to their ASSUMED ultra short termed lifespan then any efforts to intentionally flood a corporation’s share structure with delivery failures that procreate readily sellable “securities entitlements” will with 100% certainty result in the manipulation of share prices downwards. Absolutely refusing to deliver that which you sell shows intent or “scienter”.

  16. In answer to my own question above:

    “Since the SEC will not protect our financial markets, and Congress is doing nothing, and the FBI is probably being forbidden by our elected officials from doing anything, we, the American people, will have do something ourselves to uncover and expose the SEC’s “Principle of Greed” guiding its every step.

    Any ideas on how we can do this?”

    I am wondering if “We the people of the United States” need to file a CLASS ACTION LAW SUIT against the SEC for usurping power from Corporations and their stock holders by allowing Market Makers to “print” new shares of stock without the approval of the Corporation Boards and/or stock holders.

  17. Hi Mark,

    Every now and then somebody comes along and speaks the truth. And without fail, this Truth Speaker is confounded by untruth. Not only confounded but also dumbfounded.

    — Mark Mitchell wrote, “It is beyond surreal that our most prestigious financial media continue to allow this to happen. It is beyond comprehension that journalists—“.

    –Baron M.A. Rothschild wrote, “Give me control over a nation’s currency and I care not who makes its laws.”

    Check it Out. Check how the Council on Foreign Relations was founded and Its purpose. Check who owns the federal reserve and Its purpose. It is not beyond comprehension. Read some of the conspiracy theorists ideation of where our economy is ultimately going? New world order? New world economy?

    I do not consider myself a conspiracy theorist, but when the facts keep slapping me in the face, I wonder.

    In particular, I wonder if there is anyone or anything in the New World Order that would like to see America’s economy taken to ruination? Wonderment is fading into dark realization of ‘what is’, in contrast to the wonderful light of hope.

    I do not think it is surreal, it is real and very understandable. Understandable but not agreeable.

    John Horne architect emeritus

  18. Vancouver is trying to socialistically protect their million citizens from the fallout of the coming depression. Canadian banks are hyper regulated and not exposed to the derivative crisis.

    Invest here with no risk at high interest rate in low commodity dollars with 100% government guarantee:

    Read the sob story from the CEO, then read you have 100% guarantee with no upper limit from the Canadian government at a high interest rate.

    – you can invest after a one month 25% fall in the CDN dollar over the last thirty days. It will rise if the USD falls and has nearly no chance of falling further. It goes up if oil or gold or electricity goes up.

    – a high credit union interest rate

    – unlimited guarantee from the Canadian government, effective today

    “Unlimited deposit insurance for deposits to credit unions in B.C.”

  19. The NSS and CDS’s are stealing the Pensions, Retirements, 401K’s as our Congress does nothing.

    Stocks are plunging and they fail to enforce the laws.

    The Markets should be shut down until a new system is put in place.

    The People Need to Unite amongst all companies. One company at a time trying to defend the corruption hasn’t worked.

    The Courts, SEC, Congress, DTCC, FRB are all owned by the Corrupt Bankers/Illuminati.

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