Stop the Naked Short Selling of America
These Defendants, acting in the course and scope of their employment by the United States of America as duly authorized Commissioners of the Securities and Exchange Commission, a federal agency, through their acts and omissions knowingly, consciously, wrongly, without compensation and without due process of law have effected a taking of property from each of the named Plaintiffs and all who are similarly situated.
PDF (18 Pages): CMKM Lawsuit Against the SEC 9 January 2010
Goldman Sachs and Madoff – Mr. Paulson Shocked To Learn There’s Gambling Going On In There!!!
Bob O’Brien
Sanity Check via Wayback, 11 January 2009
Apparently, Goldman knew that Madoff was a fraud almost a decade ago. As this article in the Telegraph points out, there was a company-wide ban against doing anything with his firm after they did diligence on him:
“More than a decade ago bankers from Goldman Sachs’ asset management division were despatched to Bernard Madoff Investment Securities to discover how the legendary fund manager maintained such consistently good returns.
The American banking giant prided itself on managing funds in-house but if it could get a better deal for its clients at Madoff, Goldman would gracefully admit it and allocate some funds.
One former Goldman partner said: “I remember the guys came back baffled. Madoff refused to let them do any due diligence on the funds and when they asked about the firm’s investment strategy they couldn’t understand it. Goldman not only black-listed Madoff in the asset management division but banned the brokering side from trading with the firm too.”
Who is RESPONSIBLE for the Current Market Counterfeiting Crisis?
Bud Burrell
Sanity Check via Wayback, 31 January 2006
Besides transfer agents, our legislature have only one agency of significance that reports directly to them outside the Cabinet system. It is the Securities and Exchange Commission. The power the SEC has is granted it by legislative acts (called laws, not rules) of the Congress and the Senate.
When the SEC fails to discharge its duties authorized to it by Congress, they may fail to discharge a delegated authority, but the responsibility remains squarely on the shoulders of its enabling Branch, the bi-cameral legislature of the US Government. If the responsibility for the performance of agencies under the Executive branch sits on the shoulders of the US President, so does the performance of the SEC, good or bad, go to the credit or discredit of the Legislative Branch. If the SEC doesn’t get the funding it needs to discharge its duties, Congress and the Senate are to blame.
Federal Regulators Continue to Deny Scope and Implications of Counterfeiting
Bud Burrell
Sanity Check via Wayback, 10 January 2006
Over the past three years, Federal Regulators have continued to systematically deny the evidence of the existence of massive fails to deliver from numerous sources, many of which have gotten credible exposure on numerous levels from highly informed parties that these regulators can not dismiss out of hand. The implications are many, but the most serious are those connected to a massive counterfeiting conspiracy, conducted by a very sophisticated coterie of parties who have been affiliated with one another for literally decades through varying sides of the securities industry, both buy and sell side.
Christopher Byron
New York Post cited by RGM Communications via Wayback, 26 September 2005
One of the first things any new chairman of the Securities and Exchange Commission does after getting the job is to clear his throat, put on his best “I mean business” scowl, and announce to the world just how tough he intends to be on the miscreants of Wall Street.
Normally, this harmless ritual lets the man taking on Washington’s most thankless job preen a bit in public before getting smacked to the canvas by a system that basically doesn’t want him to be tough at all.
But these are not normal times — and the one thing this country needs more than anything is a government that knows what it is doing and that deserves to be taken seriously by its citizens.
Christopher Byron
New York Post cited by RGM Communications via Wayback, 27 June 2005
On Thursday the Securities and Exchange Commission’s departing chairman, William Donaldson, will step down from his two-and-a-half year stint as Wall Street’s top regulator, vacating the most thankless and difficult job in the administration to make way for President Bush’s third nominee.
Though Donaldson is widely credited with having been an effective and activist-oriented SEC chairman who — among other things — pursued more high-profile corporate-fraud cases than any chairman before him, he actually initiated only one major SEC fraud probe that has led to litigation against a defendant.
