If you fail to find entertainment value in seeing illegal naked short selling proponent Gary Weiss publicly caught telling irresponsible lies, then you may consider this post optional and stop reading now.
On the other hand, if you – like me – do enjoy seeing Weiss ensnared in the traps he’s haphazardly laid for others, you’ll appreciate what follows.
Earlier, I wrote about how I successfully confirmed my suspicion that Gary Weiss had spawned a new pro-illegal naked short selling sockpuppet in the form of Daily Kos blogger “Tom Sykes”.
As expected, both Weiss and “Sykes” responded on their respective blogs with furious and indignant denials and repeated insistence that I was lying.
As it turns out, DeepCapture.com reader Andrew Perez also has a blog on Daily Kos (in addition to his contributions to The New Argument), and he took justifiable offense at the con Weiss was attempting to pull on Daily Kos readers, penning a particularly well-written overview of the situation. In that post’s comment section, “Sykes” went on the offensive, but soon began to bob and weave as Perez worked to pin him down.
The key moment in their exchange is summarized below (you can read it in full here):
Perez: Correct me if I’m wrong: you are Gary Weiss. If you take offense with me addressing you as Gary, will you please confirm or deny that you are Gary Weiss? I asked you to do so already and you ignored my request.
Sykes: No I’m not and I’m not going to engage with you anymore. I just read the comments that you made on Deep Capture before you marched over here like a good Soldier of Byrne to write your little smear piece. You are much more of a shill for that creep than I thought you were. You use his tactics, you have his values. You belong there, not here.
Perez and I separately contacted Daily Kos administrators with evidence proving they were being scammed by Gary Weiss. I didn’t hear back, but Perez did. Via email, a Daily Kos administrator told him: “Sykes has been banned based on my evaluation of the material you and others provided.”
We can officially and unambiguously add Tom Sykes to the long list of abusive sockpuppet identities Gary Weiss has unsuccessfully created to trick people into believing illegal naked short selling is somehow a good thing.
Haha…It seems Gary/Tom/too many to name/type just don’t get it. He is outsmarted 100%. I can not picture him in my mind without a big fat “L” in the middle of his forehead for loser. Mental health evaluation is in order.
weisshole busted …LMAO again!!!!
Haha, I bet you they confirmed that based on the login history, email address, and other identifying information that he is the same person claimed in the articles. Gary Weiss is a total dumbshit as are his friends. There is far more information that will come to light in the coming months…..
When your footprints stink like Sasquatch, and you’re not clever enough to cover your trail, your days of cryptozoology are over!
Doesn’t mean you’re not still a freak, however.
October 8, 2012Nice! A New England person! You guys, I’m bummed… don’t compare Leadville and WS, tons of people can answer that one. Compare VT50 and Stonecat to some of the western courses, AR50 / ? VT100 to ??? Call her back, get that answer. I want to know how the NE courses compare to the courses I don’t get to run, but always hear about.
I could laugh myself to tears (if I weren’t crying already):
I wonder, we know Floyd Schneider monitors these stories and the responses, will he present this information to his other bogs (SI) or will he run and hide from this evidence as he paints nothing but Weiss’ drivel.
Dear Gary Weiss,
You are one of the vilest human beings that I have ever come across. I do not know how your in-laws in India deal with shame you bring them; I imagine that unlike you they are honorable people. This must be very painful for them.
Because I know you read these comments, I will offer you some advice. The jig is up and the heat is on; you have become a joke, and your personal and professional reputation is in flames. Salvage what remains of your dignity and come clean; call the FBI right now and confess everything. Who knows maybe you can make a deal and get in the Witness Protection Program.
Otherwise you will continue to go down hard, and I will continue to take pleasure in your destruction. Expedite the inevitable, Gary.
LMAO! What a moron shit for brains.. yea you weiss!
Because, as I stated previously, the man couldn’t be bothered to learn anything about the environment he was operating in. there is something wrong with his brain, and I mean besides being a psychopath. Hannibal Lecter is a psychopath (well, fictional) but he’s a SMART psychopath. If Gary Weiss can’t admit to himself that he’s out of his league here, then the DTCC shouldn’t be paying him to do this job. Period. They need to hire professionals, or at the very least insist as part of his contract that Gary acquire the services of an amoral hacker, and I could even put him on to a few good ones. He could try http://www.attrition.org for example, although Jericho’s people are probably more firepower than he needs and almost certainly more than he can afford all by himself. But the DTCC makes billions a DAY, they could afford it.
This is what happens when you work on the cheap, Mr. Weiss. Please remember that I warned you. These people are GOOD. Maybe not the best, but better than YOU. If you cannot admit your own shortcomings to yourself, you will never improve.
This also tells me a lot about the quality of people in general that work for the DTCC. If they routinely tolerate this sort of incompetence from their operatives, then they probably don’t have very high expectations of themselves, either.
Jericho’s people are old school Red Team personnel from the National Security Agency. Entire job involved hacking sensitive government computer systems, required that they be outsiders. Old bros of mine, don’t screw with Jericho!
You could salvaage your life — go to the DOJ with your informaton. Taqke a lawyer with you and get a deal for your information.
A must see video….Sums up the crooks criminality..
Gary Weiss could be our “Dennis Levine” from the the book Den of Thieves that finally (the first time around that is)brought down Ivan Boesky and Michael Miliken. I have to bet either him or Herb Greenburg. Who will drop dime first?
How sweet it is? But only after he shut down his Hedge Fund. You think maybe someone alerted him that this was coming?? I do!!
Pequot Capital, Samberg get SEC Wells Notices: WSJ
Pequot Capital, Samberg get SEC Wells Notices: WSJ
I got a pretty rude reponse from dkos when I asked about the situation:
From: Tim Lange
Date: Fri, Jul 31, 2009 at 5:06 PM
Subject: Re: [DKos Community] stock manipulator – Gary Weiss
It was a diary. There are thousands of diarists.
This diarist has been banned.
In all fairness, their official policy is probably not to respond to specific queries about user deletions. I’m the same way: helps to avoid unnecessary legal entanglements.
Here comes the heat:
Beautiful article! I’ve bookmarked it, more grist for the mill…
SCANDAL BIGGER THAN BERNIE
Look no further than the FED and you have your bigger than Madoff Ponzi Scam. AUDIT THE FED….
Jim, back on topic, that was a hell of a link. Lets see if it takes the reg. agencies 10 years (as it did with Madoff) to ALLOW the perp(s) to confess, or they will take this warning at fair value and do their jobs!! Bet I know the answer to that. Thanks agin. GOOD STUFF!!!
I take offense that you people would find, what word am I searching for, GLEE, yes, Glee, at the destruction of this poor man’s charade.
Just kidding. BWAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
Sorry. But after having our collective asses kicked for so long, this is like an extra piece of pie.
Nice job, Judd. No wonder they hate you so much. Tremendous sign of “respect”, if they have such an emotion.
Gary Weiss is a fool, and he got nailed like a fool.
Evolution in action. I have no pity whatsoever.
Sean, the CDS investigation (if it ever happens) will lay bare the most flagrant of the naked short perps. Expect to see some pay the price for the debacle regarding Lehman and most of the financials.
But, again, I could just be dreaming.
The only thing the SEC fears more than inaction and collusion is a publicly humiliating defeat at the hands of a better-armed adversary, such as Goldman Sachs.
Sean, Cramer will drop first.
August 12, 2009, 12:41 pm
Pequot Capital Management, the once-prominent hedge fund run by Arthur J. Samberg, has been notified by the Securities and Exchange Commission that it intends to file civil insider trading charges against the firm, according to a letter sent to Pequot investors on Monday.
“The Commission staff intends to recommend that the Commission bring civil injunctive actions against them, alleging that they violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 there under,” the letter said, referring to Mr. Samberg and the firm. (Read the full text of the letter after the jump.)
Anon, how could I forget the Cramer man, but I think he is in too deep. I have him third!!LOL!!!
Be interesting to see where this clown turns up next (and if he’ll have the comments section disabled). I doubt we’ve seen the last of him, he keeps coming back to the table for more (even though the only thing on the menu seems to be his own foot with a side of humble pie). Keep it up Gary Weiss, your megalomania provides us some truly great entertainment. Epic fail.
Keep it up Judd!
Ginger, I think this is the beginning of the end of these guys. This guy will drop dime on John Mack and others and the domino effect will begin. No one wants to go down alone like Bernie. Samberg will be the Levine of the 1980’s mark my word!! Thank you for the link and post.
Excellent work as always, Judd. BTW the photos you find of this creep are priceless!
Taken from a poster MFM1021 on investorsvillage board.. And very much on TOPIC!!
weiss = jabba
JABBA the HUT told to dig his own grave…and he does!
Wouldn’t bother to add a ‘hit’ to read the article posted this morning on the ‘son of TSDC’ blogsite but presume it was penned by gary sweatzoid. Typically, his handlers don’t realize the irony in bringing further attention to Patrick and the FTD caper.
Firstly, delusions do not survive 4 years. And smart guys like Ted Kaufman, Wm Black tend not to buy into conspiracy theory delusional postulation.
This helps me conclude that the super smart bad guys fail to realize how obviously damaging the likes of weiss, antwar, medchal, oldguyblows,ie. their paid lackies, are to their incidious scheme. They will eventually be toppled by their simple greed and runaway hubris.
Yep, the Sith Lord does exist and his name is mike milken. The ex-felon, sociopath poorly disguised as a current day philanthropist will be sent back to his 8 x10 pen where he belongs. And he’ll have a couple of hundred friends to play with once Bill Black introduces a modern day Percora to his growing list of congressmen committed to the return of regulation and honesty.
We will prevail.
Understand how much they made here
(Virally distribute this to every person you know and ask them to forward it to change the world and you will understand why government doesn’t report to democracy and why we all become poorer).
Anyway and you will understand why they hope to fractionally own the shares you think you own.
If we all understand, there will be a run on the scumbags and they will go under and we will get our democracy back.
did i misunderstand this video as it being in favor of a new world order?
the very end seems to suggest it would be better to have a new world order.
Great video, send it to all you know.
Snow flakes are piling up and the avalanche is near. Things are happening behind the scenes and the scrawny little men behind the curtain are about to be arrested.
We have always been in power, but we are just now getting the knowledge to take back our power, our democracy, our media and arrest the scumbags that want to be our prison masters.
They silenced the population once by controlling the schools and media but the internet changes everything.
We control things now!
Everyone asks, what can they do?
Start sending the links to their friends. Every video on this site. The money one is a good start. The Lehman one too.
Your friends will ignore you, but they will secretly watch and forward the videos until like snowflakes, we reach the critical avalanche of change. Your friends will be afraid of standing out from the crowd.
It must be frustrating to write letters, email people, hand out flyers, to no end.
It must be frustrating for the snowflakes to land month after month, year after year, thinking they make no difference, but they do pile up until change is really sudden and when it happens, it changes everything!
Suddenly, there is a paradigm shift. It is coming and don’t be afraid of it. You will be the new leaders and when the shift comes, the Patricks of the world will be approached for advice.
Another one of Milikens henchmen in trouble again..
Icahn sued by hedge fund for hurting shareholders
Fri Aug 14, 2009 8:24am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
Wall Street slides after weak consumer sentiment data
Southwest shares slump after losing Frontier bid
Oil falls below $69 on U.S. consumer confidence data
More Business & Investing News… Featured Broker sponsored link
* Icahn ignored bids for XO Holdings-R2 Investments
Aug 14 (Reuters) – In a role reversal, billionaire investor Carl Icahn is being sued by a hedge fund for allegedly hurting shareholders interests in a company where he is the majority owner.
Hedge fund R2 Investments LDC alleges in a lawsuit filed with the Supreme Court for the State of New York that Icahn ignored bids for XO Holdings Inc that could have raised the telecommunications company’s share price.
R2 said Icahn turned down a bid which was higher than XO’s share price and chose to refinance the company’s debt by buying $780 million in preferred stock, according to court documents.
Uh oh, Judd.
I hope my post doesn’t give the impression that I’m a fanatical Superman fan. I’m really not. But I do remember being struck, at a very young age, by the dizzying concept of Bizarro Superman as portrayed in Super Friends cartoons on Saturday mornings. It was while checking my facts on this post that I encountered all sorts of additional relevant tidbits that worked their way into it, such as the properties of various colors of Kryptonite (which I previously did not even know existed).
From TommyToyz on investorsvillage
Meanwhile, across the pond…………..
We cannot accept a continuation of taxpayers underwriting global investment banking
Osborne would scrap ‘failed’ FSA
George Osborne said he would crack down on “risky” investments by high street banks
A Conservative government would abolish the Financial Services Authority and hand regulation back to the Bank of England, George Osborne has confirmed.
The shadow chancellor told BBC One’s Andrew Marr show the system of banking regulation set up by Gordon Brown had “patently failed”.
He is due to unveil detailed proposals for a new banking regime on Monday.
Labour said Mr Osborne and Tory leader David Cameron “called it wrong” on the banking crisis due to “inexperience”.
Mr Osborne said a new consumer protection agency would be created with the “clout” to make sure the public were treated fairly.
“Given everything that has happened, it would be bizarre to stick with a system of regulating the banks that failed so spectacularly,” he said.
Sorry, here is link for above referenced post!!
Thought this would be helpful for all to see..
I would like you all to see the ridiculous media trying to convince us that big brother is protecting us and that the SEC is “finally” doing their jobs. Please note that with all the blatant fraud and crime out there, people loosing their homes and savings the SEC stats indicates that they have imroved their investigations by 10% and 30% over 6 years ago. Although fraud in the last year or so is up 1000%. How stupid do they think we really are, or are we??
Unshackled, Wall Street’s cop goes hard on fraud
Fri Aug 14, 2009 4:12pm EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
By Rachelle Younglai
WASHINGTON, Aug 14 (Reuters) – Wall Street’s top cop has a lot to prove and it’s been taking no prisoners.
After enduring a thorough thrashing for its supervision of the now-defunct Bear Stearns and missing Bernard Madoff’s $65 billion fraud, the Securities and Exchange Commission has made a near-180 degree turn to crack down on financial fraud.
Last week, the SEC filed charges against Bank of America (BAC.N), pursued its first naked short selling case and settled fraud charges with General Electric (GE.N), as well as with former AIG (AIG.N) executive Hank Greenberg.
Since SEC Chairman Mary Schapiro took the helm late in January, the agency has opened 525 investigations, a 10 percent rise over the same period last year.
It also filed 397 enforcement actions, a 30 percent jump from the year-ago period.
At this rate, Schapiro is on pace to at least match the agency’s record number of 679 enforcement actions brought in 2003, when former chairmen Harvey Pitt and Bill Donaldson were in charge. For a factbox on how many enforcement actions were brought over the past seven years click: [ID:nN1475595]
Also driving the SEC’s new aggressiveness is Robert Khuzami, a former federal prosecutor chosen by Schapiro to fill the job of enforcement director.
Khuzami — known as tough, organized and driven — has planned dramatic changes, such as taking steps to speed up investigations by giving top enforcers more subpoena power.
“This is the biggest shift in power from the commission to the staff in the history of the enforcement division.” said Walter Ricciardi, a former SEC enforcement deputy director, now in private practice at the Paul Weiss
The rest of the story can be read here..
Interestingly enough, Congress issued a report in 1991 on short selling in which it stated that the publication Barron’s was used by short sellers to spread negative information about companies. Louis Corrigan from Kingsford Capital, a hedge fund with heavy short positions, also reportedly told Spanish authorities that Afinsa was a fraudulent company.
If there were only a pattern.
Yes, Sean, Barron’s. I watched Eric Savitz publish bullcrap articles against Apple all year last year. Phony analysts, the whole enchilada.
I never visit Barron’s anymore.
Also, does this reaction by our regulators sound familiar??
(From the above link)
Escala reported possible manipulative trading to the SEC and NASDAQ, but neither launched an investigation. In May of 2006, on the day that Afinsa’s office was raided in Spain, Escala’s shares lost the majority of their trading value and never recovered.
I wonder how Mary Shapiro would react if she were asked about this?
You can’t make this stuff up.. read on (another expert from above article)
In March, Steve Forbes wrote an op-ed in the Wall Street Journal discussing some of the causes of the financial crisis. He said, “What sellers soon realized was that the SEC was turning a blind eye to naked short-selling, thus adding even more pressure to beleaguered bank equities.…They picked their targets and relentlessly sold financial stocks short.”
Wall Street needs a dose of common sense
Wall Street needs a dose of common sense
August 16, 2009
Wall Street firms pride themselves on hiring the best and the brightest, yet they constantly do dumb things in pursuit of profits that bring the whole financial industry into disrepute.
The most recent example of Wall Street’s political and ethical blindness is the use of flash orders combined with high-frequency trading, wherein firms use super-high-speed computer programs to briefly post orders to buy or sell stocks.
This earns the firms rebates from the exchanges and allows them to determine the direction of the market quickly and trade ahead of less-fleet-footed investors, thus getting better prices.
To some observers, this practice is akin to front running, which is illegal. Proponents say that the flash orders increase market liquidity and help all traders get better prices.
The trouble is, the practice won’t pass the smell test for average investors, if and when they become aware of it. Investors will likely think that they are being abused by investment firms with extraordinary computer power at their disposal.
Likewise, it is unlikely to pass the smell test with a skeptical Congress. Members of Congress could have a field day interrogating Wall Street bosses over its use and whether they have gained fortunes by taking advantage of the small investor.
As a result of the mess that the mortgage backed securities disaster helped create, Congress is already suspicious of, and even angry at, Wall Street.
The suspicion is apparently compounded by hedge funds’ use of naked short selling and naked credit default swaps, and the huge salaries and bonuses being paid to some of the same investment bankers who helped create the disaster.
The Securities and Exchange Commission has said it will investigate flash orders and high-speed trading.
It should carefully examine the extent of flash orders and high-frequency trading, and their impact on the market and all in-vestors. Only if the benefits to the whole market clearly outweigh the costs, should the practices be allowed to resume.
Likewise, the SEC should continue to study the extent to which naked shorting was used to drive down the prices of vulnerable stocks in last year’s market crash, while leaving the naked-shorting ban in place until there is clear evidence that naked shorting was “not guilty.”
In the same manner, the SEC should ban naked swaps until it can gather evidence on their role in the near collapse of American International Group Inc. of New York and several other swaps sellers during the crisis. If naked credit default swaps contributed to the seriousness of the crisis, the SEC must find a way to ban them and police the ban.
Financial market purists will argue that banning these tools will make the financial markets less efficient.
However, the financial markets will get a whole lot less efficient if Congress steps further into the regulatory arena than it already has. And that is a possible outcome if it is unhappy with the SEC’s efforts to restrain practices that Congress thinks are inimical to the well-being of most investors.
Compare profit to penalty.
SEC Proposes bid test:
Let’s see how long they decide to talk about it…
Let’s stop this shorting nonsense, now:
The new Weiss:
John Carney said: Mar 19, 8:18 AM
The coincidence of naked shorting and rumors has a far more innocent explanation.
Those rumors helped sparked spikes in short selling, and primes brokerages struggled to keep up with the heavy volume. Sometimes the brokerages sold shares on behalf of clients that they had not yet located or borrowed.
Most naked shorting likely occurs in this way. That is, “naked short selling” is actually a problem originating with prime brokers failing to locate and borrow shares for clients, rather than part of a nefarious market manipulating strategy.
There’s little evidence that naked short selling is an effective means of manipulating stock prices. A recent paper made this point: “In permissible short selling, the party owed shares is the security lender (who used to own the shares before lending them for short selling), while the party owning the shares is the new buyer. In naked short selling, the party owed the shares is the new buyer, while the party owning the shares is (still) the current owner. The buyer in both cases is the same, so the price should not be different. The only difference is who acts as the effective lender of the security: in permissible short selling, the lender is the current owner; in naked short selling, the new owner acts as the effective lender. From a price perspective, it is difficult to see how that matters.”
To put it differently, short-selling can depress prices and increase volatility. But it can do this without “naked shorting.” There’s no real added value to naked shorting in terms of depressing stock prices. (Although it can save money in fees paid to securities lenders.)
I just posted the following message on the MEDX Yahoo board.
It looks possible that the Naked Counterfeit Short Selling of the biotech company MEDX shares through the years MAY ALLOW the proposed merger with BMY to easily succeed, since ONLY THE YES votes are being counted (YES votes = Tendered Shares):
“Naked Shares Could Make This Merger Successful….
BMY and MEDX BOD could receive the percent vote they need to close this merger simple by VIRTUE of all the unknowable amount of COUNTERFEIT SHARES Floating in the Clearance and Settlement System by the manipulating Hedge Funds as Guests of Corrupt Market Makers.
So how many official outstanding share are there for MEDX?
To quote from the MEDX Schedule 14D-9 on page 3:
“The shares of Common Stock are hereinafter referred to as the “Shares.” As of July 24, 2009, there were
128,952,242 Shares issued and 128,918,402 Shares outstanding.”
So officially there are 128,918,402 Shares outstanding.
But this number does NOT REVEAL How Many Counterfeit Shares are floating in the system as “security entitlements or IOUs”. “Security entitlements / IOUs” are NOT counted as official shares in the STSTEM, but one is allowed to buy them, sell them, and vote them as if they were official shares.
For the sake of illustration, let us say there are 228,918,402 Million shares of MEDX floating in the Clearance and Settlement system because of all the Naked Counterfeit Short Selling of MEDX through the years.
This would mean that there are an EXTRA 100 Million extra shares of MEDX in the Clearance and Settlement system as “security entitlements or IOUs” over and above the official float of 128,918,402 shares that have been collateralized.
In this example, the merger of BMY and MEDX would be approved with ONLY 64,459,202 shares tendered – that is with 50% of the official Shares outstanding…..
…BUT 64,459,202 in fact would ONLY BE 28% of the total share floating around the Clearance and Settlement System ( 64.5 / 228.9 million shares = 28%).
This means that 28% of the total shares floating in the system would be COUNTED as 50% of the official shares outstanding. Thus 28% would allow the merger to succeed.
This, of course, would mean that MEDX the Company and the MEDX Shareholders were getting screwed by the Naked Counterfeit Shorting Selling in many multiple ways. In this last way, by allowing less than 50% of the total shares floating in the Clearance and Settlement system to approve a merger.
Sad but true…….
THOUGHTS ABOUT THIS PROCESS……
An official count of ALL VOTES is avoided in this process chosen by MEDX BOD, since only the YES VOTES are counted – that is. only the shares TENDERED are counted.
In contrast, if the MEDX BOD had called a special meeting for a vote on the proposed merger, ALL VOTES, both YES and NO votes would have been counted.
In this process, the first 64,459,202 tendered shares will be counted as 50% of the official shares outstanding, even though it is only 28% of the total share in the system.
Also legal counsel for MEDX and BMY may very well know about this and have advised this process for a couple of reasons:
1.) Use the Naked shares to easily get 50% or more of the official share outstanding.
2.) And to flush out all the Counterfeit Shares that have been depressing the stock price of MEDX, since BMY will ONLY have to pay for the official number of shares. All the Counterfeit shares will have to be paid for by the Counterfeiters, who very well may have made much more than $16/shr over many years.
Unfortunately, the SEC regulations completely BLINDFOLD us MEDX investors and we will never be allowed to know about any EXTRA COUNTERFEIT SHARES of MEDX floating in the Clearance and Settlement System.
SEE following post for more information from Expert Dr. Jim DeCosta:
( http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_M/threadview?m=mm&bn=11469&tid=182238&mid=182238&tof=1&frt=2 )
Dr. Jim DeCosta,
I am not sure if my explanation above is 100% (please correct me where I am incorrect).
Yet in thinking about the depressing stock price effect upon targeted companies of Naked Counterfeit Short Selling, I came to the realization that a cash merger is one way for a targeted company to FLUSH OUT all the Counterfeit Shares. This may be the ONLY WAY for a company to successfully rid itself of Naked Shares.
So in the end, the Wall Street Counterfeit Machine not only can destroy a company, it can also destroy the dreams of a developing company to REMAIN INDEPENDENT and become a bigger company.
Jim Sinclair seeking help with SEC encouragement to do the right thing…before it’s too late.
I implore you to act. Send this or an email in your own words to Chairman Shapiro of the SEC.
All gold shares are small caps. That is why they have been prey to these destructive elements.
This site is read by 500,000 people.
Please make this small effort for the hard work we do to help you all on a daily basis.
Please remember in the body and in the subject to say, “In support of the above bid short selling rule.”
Email your response to: [email protected]
Dear Chairman Shapiro,
Subject: In support of the “above bid short selling rule.”
As a seasoned investor and due to hedge fund organized short raids pounding all bid in sight, markets in general and financial institutions specifically collapsed in March and are still on very precarious grounds, despite help from the “invisible” hand of the Fed. Many smaller stocks have never recovered, despite a solid future ahead of them.
I understand that you are still soliciting commentary on the matter of the Uptick Rule (above bid rule) and short selling. Illegal short selling persists and investors are being unduly punished for the benefit of “rogue traders” and under the pretext of maintaining liquidity supported by academic studies and a large parade of self interested professors.
I have no problem with legitimate short sellers. Naked short selling (the most damaging of all) via Canada and other non-US sites persists, despite the fact it is considered illegal. What do you need to see to reinstate integrity to North American financial markets, and save investors, pensioners and businesses (large and small) that have been the foundation of a thriving America?
The time has come to take action. The frequency trading, front running, quasi-derivatives, insider trading and wanton naked short selling make a mockery of our markets. They make Mr. Madoff look like a Saint. Everyone knows it. Who will be left to trade at the end of this?
Chairman Shapiro, I realize it takes time to get up to speed on the issues confronting your organization. Please hurry, time is not on our side. You and I are getting older and future generations will pay the consequences of our inaction.
Thank you for listening,
This email was sent to [email protected] by [email protected].
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“…sucking profit out of the system…”
We have to thank the SEC for allowing NAKED COUNTERFEIT SHORT SELLING in the United States. Since this is NOT a crime in the United States as it is in other countries. And the SEC has shown NO inclination to eliminate NAKED COUNTERFEIT SHORT SELLING – NOTE the SEC’s recent use of the word “curb” instead of word “eliminate”.
The United States has the BEST “Naked Counterfeit Short Selling Machine” in the World thanks to the SEC, which in TURN attracts the BEST FINANCIAL CRIMINAL MINDS to Wall Street from around the world.
NOTE the SEC’s recent use of the word “curb” instead of word “prosecute”.
NOTE the SEC’s recent use of the word “curb” instead of word “prosecute”.
Is it not true that their first prosecution after all these years occurred only recently?
The fraternity brothers protect each other quite well.
Kaufman on SEC Expanding Uptick Comment Period: “Way Beyond Deliberative”
August 17, 2009
WASHINGTON, DC – Sen. Ted Kaufman (D-DE) released the following statement today after the Securities and Exchange Commission (SEC) announced it is again seeking public comment on reinstating some version of the uptick rule:
“For the markets to have credibility, we need urgency at the SEC to restore a level playing field for investors. The SEC’s process to date has been way beyond deliberative behavior. It’s been four months since the SEC proposed reinstating a version of the uptick rule, and we’re still in the comment period. What’s worse, if the SEC was going to seek additional comment, it should have issued immediately a proposed rule that short sellers must pre-borrow the stock or that DTCC implement a centralized “hard locate” system, two solutions that would end naked short selling with an enforceable rule that are still sitting on the SEC’s shelf.
I’m concerned the SEC is too worried about the effects of its proposed rules on convenience for high speed trading programs than it is on protecting investors through action. As we learn more every day about market developments like flash orders, co-location of servers at the exchanges, high frequency trading and dark liquidity pools, which have happened with SEC approval, I’m concerned the SEC still is not putting investor interests first.”
( http://kaufman.senate.gov/press/press_releases/release/?id=e2012ba8-6fc2-445c-aab8-ae70b2ef1de1 )
I find a pale washed NFL jersey which brings me back memories when arrange the room today.
It was 1993, when I was fourteen years old. I like American football very much and I am a loyal fan of Buffalo Bills. I extremely coveted for a Buffalo Bill’s jersey. But due to poverty, with only me and Grandpa each other, the grandfather by picking up litter to feed me and for my school, there was no extra money to buy my favorite shirt. This has made me depressed and I stole a classmate’s money to buy a cheap jersey. I was totally excited althouth it was just a cheap jersey. But soon it became public and the teacher told the whole to my grandfather. I thought grandpa would scold me severely, and even beat me, but to my surprised, he did not. He dug out some crumpled money and handed to teacher and my classmate. After bade farewell to the teacher, the gradfather took the jersey with both hands to me and kindly said to me “Happy Birthday! This jersey to be your birthday present gave you, compensate you for the past few years birthday blank.” Grandpa also told me that we should creat wealth with our own hands, not by the crookedness. These words caused great suffering for me. I put grandpa’s words in heart and told myself that I must support the family and look after grandpa well by my hands. I determined to open a jersy shop by self-effort in future. After that, I took the precious jersey along with me all the time which always alerted myself to follow the right way. Unfortunately grandpa did not wait till the day to see my jersy shop open. I shed a tear every time when I recall these things. However, I am sure grandpa in Heaven will also feel happy to see my jersey shop and happy life. I also wish grandpa all is well in Heaven