The Securities Exchange Commission is becoming woke – opinion
DARLENE CASELLA , 17 April 2021
Franklin D. Roosevelt was president when the Securities Exchange Commission was created in 1934. The function of the SEC was to regulate the buying and selling of securities, and to reform the stock exchanges. Its Holy Grail was to protect investors.
Prior to the stock market crash in 1929, there was no regulation of financial markets. A flower shop could sell stocks and bonds. The shoe shine boy gave hot stock tips. Unregulated Wall Street was deficient of accurate audited information regarding securities issued or sold. False information, fraudulent rumors and get-rich-quick schemes abounded. Speculation, insider trading, manipulation, short selling and buying on low margin credit was rampant. Prominent stock brokerage firms existed, but trustworthy information was out of the question for the average person. Continue reading “Article: The Securities Exchange Commission is becoming woke – opinion”
Tesla Customers Report Being Charged Double on New Cars
Yaёl Bizouati-Kennedy, 30 March 2021
“Things @Tesla has done for me in the past 2 days: 1) stolen 5 figures directly from my bank account, and that of at least 400 other buyers 2) not delivered the car that was promised yesterday and paid for (TWICE, as it turns out) 3) provided zero contact. Thanks, @elonmusk!” one of these Tesla buyers, Tom Slateery, posted on Twitter.
Slattery told CNBC that on March 24, he received a text from Tesla saying the car he had ordered in January could be delivered to his home in one to three days via the company’s “contactless” delivery service.
The following day, Slattery found his bank account “depleted by nearly $53,000 more than he expected — the sum he agreed to pay for a long-range, all-wheel-drive, 2021 Tesla Model Y. It would be a second Tesla for his family,” according to CNBC. Continue reading “Article: Tesla Customers Report Being Charged Double on New Cars”
Douglas L. Kennedy is a member of the board of directors at the Federal Reserve Bank of New York. He is the president and chief executive officer of Peapack-Gladstone Bank. Kennedy is a graduate of Sacred Heart University in Fairfield, Connecticut with a bachelor’s degree in economics and an MBA in finance. He sits on Sacred Heart’s board of trustees and is also a member of Montclair State University’s board of trustees. Doug serves on the boards of the New Jersey Bankers Association and New Jersey Chamber of Commerce.
Federal Reserve Bank of New York
U. S. Senator John Kennedy (R-LA) is a minority member of the US Senate Committee on Banking. He was elected to the U.S. Senate in 2016. He also serves on the Appropriations, Budget, Judiciary and Small Business & Entrepreneurship committees. He serves as the chairman of the Senate Appropriations subcommittee Financial Services and General Government. Prior to his election to the Senate, Kennedy was state treasurer of Louisiana for five terms. Sen. Kennedy served as secretary of the Department of Revenue, special counsel to Gov. Roemer and secretary of Gov. Roemer’s Cabinet. He was also an attorney and partner in the Baton Rouge and New Orleans law firm of Chaffe McCall.
Continue reading “Subject: John Kennedy (R-LA)”
Supreme Court Decides Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning
Chuck Webber, Jeffrey P. Justman, James G. Martignon, 05 May 2016
On May 16, 2016, the Supreme Court of the United States decided Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132, holding that that the “arising under” test for federal-question jurisdiction under 28 U.S.C. § 1331 determines whether federal courts have exclusive jurisdiction under section 27 of the Securities Exchange Act of 1934 (the “Exchange Act”) of lawsuits to enforce liabilities or duties created by that Act. (The Court did not address the portion of section 27 that gives federal courts exclusive jurisdiction of “violations of this chapter or the rules and regulations thereunder” with respect to criminal and regulatory enforcement actions.)
Greg Manning owned stock in Escala Group, Inc., a company traded on the NASDAQ. Between 2006 and 2007, Escala’s share price plummeted and Manning lost most of his investment. Manning blamed Merrill Lynch and other financial institutions for devaluing Escala during that period through “naked short sales” of its stock, under which one borrows stock from a broker and sells it to a buyer on the open market, but never delivers the shares back to the buyer. “Naked” short sales of stock may be designed to drive down a company’s stock price, and are accordingly regulated by Regulation SHO. Continue reading “Article: Supreme Court Decides Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning”
Wall Street’s Big Win
Rolling Stone, 4 August 2010
Cue the credits: the era of financial thuggery is officially over. Three hellish years of panic, all done and gone – the mass bankruptcies, midnight bailouts, shotgun mergers of dying megabanks, high-stakes SEC investigations, all capped by a legislative orgy in which industry lobbyists hurled more than $600 million at Congress. It all supposedly came to an end one Wednesday morning a few weeks back, when President Obama, flanked by hundreds of party flacks and congressional bigwigs, stepped up to the lectern at an extravagant ceremony to sign into law his sweeping new bill to clean up Wall Street.
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Criminal Syndicalism a Class A Federal Felony, Viewed at Insurrection and Sedition (that’s Treason for the Non-Law Types)
Sanity Check via Wayback, January 18 2006
I was prompted to search Federal Criminal Code for references to how manipulative criminal syndicates were viewed under the Law of the United States. This search led me to two pages in Eustace Mullins’ controversial book, “The World Order”, published in 1985. On page 214, I found that according to his research, prior case law going back to the mid-1800’s viewed “combinations of capitalist and financiers for the purpose of manipulating from a large capital foundation/source to be directly chargeable as “Insurrection and Sedition”. That’s Treason for you non-lawyers out there.
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