Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Roddy Boyd
New York Post cited by RGM Communications via Wayback, 16 February 2006
Two state securities regulators have issued subpoenas to get at the trading records of Wall Street’s largest firms in a quest to stamp out the controversial practice of naked short-selling, sources said.
Naked shorting — the tactic of selling shares short without properly borrowing them first in order to bet on a stock’s fall — has been a concern of state securities regulators during the past year.
Stockgate Report: Investrend Article on Targeting of DTCC by NASAA members for Subpoenas
Bud Burrell
FinancialWire cited by Sanity Check via Wayback, 14 February 2006
FinancialWire has learned from a highly-placed informed source that the Depository Trust and Clearing Corp. appears to be a target of an enforcement action by the multi-state task force formed by the North American Securities Administrators Association.
If so, this would explain a recent flurry of posts and press releases by the DTCC denying any complicity in the exploding national illegal manipulative trading scandal known as StockGate, embroiling Netflix (NASDAQ: NFLX), Overstock (NASDAQ: OSTK), Krispy Kreme Donuts (NYSE: KKD) and Martha Stewart OmniLiving (NYSE: MSO), as well as provide a measure of validation to rampant rumors that the clearing house, jointly owned by the NASD and the New York Stock Exchange has received subpoenas.
CFRN,Bud Burrell,attorney Ron Logan,’naked short’ penny stock scam,Phoenix,Arizona
Tony Ryals, 08 February 2006
Note ‘Bob O’Brien’,who refuses to identify himself, has threatened both Marc Cohodes a hedge fund manager and myself a defrauded investor in his scam on Yahhoo.com NFI and OSTK message boards. Continue reading “Article: CFRN,Bud Burrell,attorney Ron Logan,’naked short’ penny stock scam,Phoenix,Arizona”
Who Caused the SEC to Enter an Amicus Brief on behalf of DTCC in the Nanopierce Case?
Bud Burrell
Sanity Check via Wayback, 5 February 2006
It was my understanding, and that of many I know, that the SEC had told Counsel for the victims a year ago in a special purpose meeting, that they would NOT be filing an Amicus brief for DTCC in the matter of Nanopierce.
So what happened to change that position, and Why? Who got to the SEC on this issue, causing a change of mind and position? The only units able to put this kind of pressure on the SEC is either our Congress, or the Senate. So which was it.
JPMorgan faces $2.2B Fraud Lawsuit over Bonds
Reuters cited by RGM Communications via Wayback, 3 February 2006
JPMorgan Chase faces a civil lawsuit accusing the No. 3 U.S. bank of defrauding bond investors and others out of at least $2.2 billion over more than 20 years.
The lawsuit, filed Tuesday with the U.S. District Court in Brooklyn, seeks class-action status.
It accuses New York-based JPMorgan and its predecessors of deleting records for $46.8 billion of bonds that investors had not cashed in, covering up its errors, refusing to pay back bondholders, and collecting fees it did not deserve.
Bud Burrell
Sanity Check via Wayback, 2 February 2006
During my undergraduate studies, I read of an historical method of execution known as the Death of a Thousand Cuts. I have come to see that as a metaphor for how guerrilla wars (like ours) are won and lost.
Whether any of us have fully realized it or not, we have been engaged by an insidious enemy whose sole desire was to steal what was not theirs from others they viewed as their inferiors, rather than earn it legitimately. When a person was executed by the infliction of a thousand small cuts, the pain was enormous, eventually killing the subject by shock and loss of blood, but very, very slowly.
Strategic Delivery Failures in U.S. Equity Markets
Leslie Boni
Journal of Financial Markets, 1 February 2006
Sellers of U.S. equities who have not provided shares by the third day after the transaction are said to have “failed-to-deliver” shares. Using a unique data set of the entire cross-section of U.S. equities, we document the pervasiveness of delivery failures and evidence consistent with the hypothesis that market makers strategically fail to deliver shares when borrowing costs are high. We then show that many firms that allow others to fail to deliver to them are themselves responsible for fails-to-deliver in other stocks. Finally, we discuss the implications of these findings for short-sale constraints, short interest, liquidity, and options listings in the context of the recently adopted SEC Regulation SHO.
PDF (40 pages): Strategic Delivery Failures in U.S. Equity Markets
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
