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A Short Seller Manipulation Technique Used by OTC Market Makers
http://otcshortreport.com/blog/john-lux/a-short-seller-manipulation-technique-used-by-otc-market-makers/
MASSIVE SYDNEY AND CALIFORNIA TSUNAMIS COMING? - HAARP -
http://www.disclose.tv/news/Massive_Sydney_and_California_Tsunamis_coming/85731
August 7, 2012 -
You might remember the man who apparently predicted the
Japanese earthquake and tsunami:
Mitchell Combes?
Story is that he posted a 104 hour
countdown to the earthquake on his Facebook page and
got it 100% correct.
Different thoughts and ideas circulate as to whether that was a legit prediction or not.
Nonetheless he has just posted his first real prediciton since the Japanese earthquake and tsunami, and if he is correct, we are in for a massive global incident very shortly.
Here is what he posted about 45 minutes ago on his Facebook page (see image above):
"Ok everyone, you've been warned of what's to come, we are getting extremely close to the 104 hour tsunami warning. I strongly advise that if you live on the east coast of NSW and west coast of USA, have your evacuation gear ready to go as soon as possible. I said on March 11 that California would be next after Japan's countdown... Sydney's earthquake will be magnitude 9.5, California's earthquake will be magnitude 9.6, followed by two 9.4's, all of these tsunamis will be created in the same exact hour."
Will he be correct?
When asked how far inland these tsunamis would reach and when exactly he will give his 104 hour countdown he replied, "70 miles inland. Days..."
He is describing an unprecedented event that would pretty much change the face of the planet - if correct, nothing to be taken lightly.
Coombes states he hacks into HAARP and once the HAARP
personnel fire up the array, they cannot simply shut it down.
In other words, once the process has begun, the exercise is a
done deal.
From the moment the array is fired up, says Coombes, there are
approximately 104 hours before the destruction occurs and the
process cannot be aborted.
Coombes maintains that he will ONLY give the 104-hour alert
once the array start-up process has already begun.
Thus, once the countdown announcement has been given, he cannot
recant without being exposed as a fraud.
Make of it what you will, just thought it could be handy to post
in here, just in case.?
What does everyone think? Who knows... are these massive Army moves related:
Read more: http://www.disclose.tv/news/Massive_Sydney_and_California_Tsunamis_coming/85731#ixzz230iCU8Wg
God Bless
Ps.
Please, let the People know so they can prepare etc.
TIA
The US Gold & Silver Mines will be in huge demand again -
US Cities Going Bankrupt In Economic Crisis -
http://stratrisks.com/geostrat/3210
Ex....
Stockton, Calif., Could Become Nation’s Biggest Municipal Bankruptcy -
http://stratrisks.com/geostrat/5120
Stockton California: Real estate seized by Wells Fargo as city preps bankruptcy contingency plan
http://stratrisks.com/geostrat/6295
RON PAUL is the # 1 solution to US economics -
In 1930 the Gold Mines provided the bread &
butter for the People -
history often repeat itself -
ex....
http://www.suttergoldmining.com/s/home.asp
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76078348
The best places to look for the elusive yellow Au metal
are where it has been found before -
http://investorshub.advfn.com/UNICO-INCORPORATED-%28AZ%29-UNCO-6582/
Ben Swann: Mitt Romney Did Not Win The Nomination
http://libertycrier.com/politics/ben-swann-mitt-romney-did-not-win-the-nomination/
Not bad Bob, Shareholder power!
The Best NEWS in 2012 -
It took long time but better late than never -
UNCO (and ACTC): SEC Charges Penny Stock Financiers and
Two Public Companies With Illegal Unregistered Stock Distributions
http://www.sec.gov/litigation/litreleases/2012/lr22381.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22381 / May 30, 2012
Securities and Exchange Commission v.
Mark A. Lefkowitz, Compass Capital Group, Inc.,
Mark A. Lopez, Unico, Inc.,
Steven R. Peacock,
Shane H. Traveller, and Advanced Cell Technology, Inc.,
United States District Court for the Middle District of Florida,
Civil Action No. 8:12-CV-1210T35MAP
SEC Charges Penny Stock Financiers and Two Public Companies With Illegal Unregistered Stock Distributions
The Securities and Exchange Commission filed a civil injunctive action today in
the United States District Court for the Middle District of
Florida against Mark A. Lefkowitz, Compass Capital Group, Inc.,
Mark A. Lopez, Unico, Inc.,
Steven R. Peacock,
Shane H. Traveller, and Advanced Cell Technology, Inc., alleging
that they violated the federal securities laws in connection
with the unregistered distribution of billions of shares of
penny stocks through the repeated misuse of the exemption from
registration contained in Section 3(a)(10) of
the Securities Act of 1933.
Section 3(a)(10) provides an exemption from registration that permits a company to issue common stock to public investors “in exchange for one or more bona fide outstanding securities, claims or property interests” without having to file a registration statement “where the terms and conditions of such issuance and exchange are approved after a hearing upon the fairness of such terms and conditions” by any court or any governmental authority “expressly authorized by law to grant such approval.” The Complaint alleges that the Section 3(a)(10) exemption was not available for any of the stock offerings at issue because the terms and conditions of the exchanges – including the fact that the issuers were raising capital through such exchanges – were not fully disclosed to the court.
According to the Commission’s Complaint, in or about early 2006, Lefkowitz, a penny stock financier, devised a strategy for penny stock issuers to pay off past due debts while, at the same time, improperly raising additional capital in reliance upon Section 3(a)(10). According to the Complaint, Lefkowitz executed his illegal strategy with Lopez, the chief executive officer of Unico, a penny stock issuer based in California, and William Caldwell IV, the chief executive officer of Advanced Cell Technology, a penny stock issuer based in Massachusetts. The Complaint further alleges that Peacock and Traveller, two penny stock financiers who learned of the illegal strategy from Lefkowitz, executed the strategy with Unico and other penny stock issuers.
The Complaint alleges that from September 9, 2006 through January 29, 2009, in order to satisfy the fairness hearing requirement of Section 3(a)(10), more than fifty pre-settled lawsuits were filed in a Florida state court purportedly to settle past due debts owed by Unico, Advanced Cell, or other penny stock issuers (collectively, the “Penny Stock Issuers”) to Compass Capital Group and several offshore financing entities affiliated with Lefkowitz, and Sequoia International, Inc., an entity affiliated with Peacock and Traveller (collectively, the “Financiers”). The Complaint further alleges that in each case, one of the Penny Stock Issuers entered into a written settlement agreement with one or more of the Financiers whereby the Penny Stock Issuer agreed to issue unrestricted common stock to the Financiers at a substantial discount to the prevailing market price, purportedly to retire the past due debt. The settlement shares allegedly were worth multiple times more than the debt that was to be extinguished and the Financiers agreed to remit monies to the Penny Stock Issuer following the sale of the settlement shares to the public on the open market. According to the Complaint, none of the settlement agreements submitted to the court for approval, disclosed, nor did the parties ever apprise the presiding judges of, the existence of the side agreements, that the market value of the shares to be issued greatly exceeded the debts that were to be extinguished, or that significant sums of monies would be remitted to the Penny Stock Issuers as a result of the Section 3(a)(10) settlements.
According to the Complaint, at the conclusion of each of the hearings, the Florida state court granted a Section 3(a)(10) exemption from registration and, thereafter, unrestricted shares were issued to the Financiers, who quickly sold the shares on the open market to public investors unaware of the dilutive effects of the new stock issuances. Also according to the Complaint, the Financiers subsequently remitted millions of dollars to the Penny Stock Issuers, either directly or through an intermediary, as financing, making it an improper capital raising transaction for the Penny Stock Issuers.
The Complaint alleges that Unico extinguished approximately $4.0 million in past due debts but separately raised more than $9.2 million as a result of monies later remitted to it by the Financiers. Advanced Cell allegedly extinguished $1.1 million in debts while separately raising more than $3.5 million through monies later remitted by or on behalf of the Financiers. The Other Penny Stock Issuers allegedly collectively extinguished approximately $1 million in debts while separately raising more than $1.2 million. The Complaint also alleges that Lefkowitz and his affiliated entities profited by at least $1.7 million from these transactions and that Peacock and Traveller profited by at least $455,000.
The Complaint alleges that Unico filed false and misleading disclosures with the Commission concerning the monies it received from the Financiers and that Unico and Advanced Cell failed to timely disclose the settlement agreements and issuance of over 9 billion and 260 million unregistered shares of their respective common stocks in connection with the Section 3(a)(10) settlements. In addition, the complaint further alleges that Peacock, aided and abetted by Traveller, failed to report his beneficial ownership of more than five percent of the outstanding shares of Unico common stock in December 2006.
The Complaint charges all of the defendants with violations of the securities offering registration provisions, Unico and Advanced Cell with periodic reporting violations, Lopez for aiding and abetting Unico’s periodic reporting violations, Peacock with beneficial ownership reporting violations, and Traveller for aiding and abetting Peacock’s ownership reporting violations. The Commission seeks permanent injunctions, disgorgement of illegal profits with prejudgment interest, and civil penalties as to Unico, Advanced Cell, Peacock, and Traveller; a permanent injunction and a civil penalty as to Lopez; disgorgement of illegal profits with prejudgment interest and civil penalties as to Lefkowitz and Compass Capital; and an order barring Lefkowitz, Compass Capital, Lopez, Peacock, and Traveller from participating in any future offerings of penny stock.
Lefkowitz, Compass Capital, and Traveller previously have been enjoined from violating various provisions of the federal securities laws, including the antifraud provisions, in connection with unrelated conduct that also involved the misuse of an exemption from registration of securities offerings. See Litigation Release No. 21319 (Dec. 2, 2009):
http://www.sec.gov/litigation/litreleases/2009/lr21319.htm
and Litigation Release No. 20695 (Aug. 28, 2008).
http://www.sec.gov/litigation/litreleases/2008/lr20695.htm
SEC Complaint in this matter:
http://www.sec.gov/litigation/complaints/2012/comp22381.pdf
Accidentally Released - and Incredibly Embarrassing -
Documents Show How Goldman et al Engaged in
'Naked Short Selling'
POSTED: May 15, 5:39 PM ET
Read more: http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515#ixzz1vCaHYeT8
Farmboynate' on 'Cobs NSS Solutions -
well, you are on the right track -
Ron Paul to cure America cancer for all PEOPLE ........
Farmboynate thank you, Cobs NSS Solutions -
right on - you are on the right track
a leader with truth and honesty will for
sure turn all around to the better for
the PEOPLE -
Ron Paul has at all time lived up to
the Constitution of USA which gives
the Freedom, Liberty and Rights for
the PEOPLE
welcome to RON PAUL 2012 -
http://investorshub.advfn.com/boards/board.aspx?board_id=9201
dd...Ex. of the B.S.-track record...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70774248
welcome to the Long TEAM - Ron Paul -
for a better future help us to save USA -
TIA
God Bless America -
Amen
Just have to say I think we need Ron paul so he can stop all this corruption and ban NSS all together and short selling........... I would reply in the RP Group but don't have a member ship anyway like your post in their on RON paul !
To 'thelimeyone' on 'Cobs NSS Solutions' -
thanks its right - the 666bolshevikz are into
all Gov. positions
incl. ex..
NWO - new world order -
OWG - one world gov. -
mass media -
IMF - etc.
its a elite666pest plaque -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32932210
absolute no Liberty or Freedom in America -
before the pest been cleaned out -
God Bless America
Regulators "wilfully ignored the abuses taking place on their beat"
AP
Former SEC chief rips agency on meltdown
Thursday October 16, 3:57 pm ET
By Julie Hirschfeld Davis, Associated Press Writer
Former SEC Chairman Levitt blames agency for failing to avert financial meltdown
WASHINGTON (AP) -- Arthur Levitt, the one-time chairman of the Securities and Exchange Commission, blamed his former agency Thursday for failures he said helped cause the financial meltdown.
A resource-strapped SEC allowed confusion and reckless risk-taking to dominate financial markets, Levitt, who led the agency from 1993 to 2001, told the Senate Banking Committee.
"As the markets grew larger and more complex -- in scope and in products offered -- the commission failed to keep pace. As the markets needed more transparency, the SEC allowed opacity to reign. As an overheated market needed a strong referee to rein in dangerously risky behavior, the commission too often remained on the sidelines," Levitt said.
His testimony came at a hearing on the roots of the economic crisis.
The SEC says the agency's enforcement staff levels are higher now, and the commission has taken many more enforcement actions, than was the case in the 1990s.
An SEC spokesman said he had no direct comment on Levitt's testimony, but noted that as chairman, Levitt hadn't sought the kind of regulations that he's now faulting the SEC for failing to impose.
Indeed, Levitt acknowledged that in 1998, he opposed imposing rules on a type of obscure and extremely complicated financial instrument -- known as credit default swaps -- that are increasingly being blamed for igniting the crisis. He instead called at the time for establishing a clearing facility to keep better track of the swaps, but didn't seek to mandate one.
"I wish that I had probed further. I wish that I had asked for swaps and derivatives to be given the transparency," Levitt said.
In the thick of the meltdown last month, current SEC Chairman Christopher Cox called for the swaps to be regulated as part of a broader financial overhaul Congress plans to tackle next year.
Sen. Chris Dodd, D-Conn., the panel chairman, blamed unscrupulous lending practices for the meltdown, saying the tactics "will be remembered as the financial crime of the century."
He said regulators "willfully ignored the abuses taking place on their beat."
tlo.
The latest dabbling/obfuscation from the SEC
http://www.sec.gov/rules/final.shtml
I love this part,"failure to comply with the close-out requirement of the temporary rule is a violation of the temporary rule". Well whoopee doo doo's, talk about stating the bleedin' obvious, & what's with all the "temporary" nonsense. No doubt about it Cox & his fellow puppet clown Commissioners have got to go. Put AGUIRRE in charge, problem solved. No NSS, no FTD's,prison for manipulators, tranparent markets, confidence restored.
"HE WHO SELLS WHAT ISN'T HIS'N, MUST BUY IT BACK OR GO TO PRIS'N" Daniel Drew.
tlo.
NSS once again the culprit, aided & abetted by the SEC
Monday, October 13, 2008
JETT: Keys to market recovery
Wayne Jett
COMMENTARY:
Amidst the global meltdown in corporate equity share prices, one stock in Europe excels. In fact, it soars. As reported by Bloomberg News on Oct. 7, Volkswagen AG is Europe's largest automaker and best performing stock in 2008, up 190 percent this year. Seemingly a miracle at first glance, VW rose 55 percent Tuesday while market averages globally dropped sharply.
As Bloomberg explains, VW's historic move higher Oct. 7 was fueled by bankruptcy of U. S. investment bank Lehman Brothers. Until its recent bankruptcy, Lehman was a leading prime broker collecting high fees for delivery of borrowed VW shares sold short by Lehman's hedge fund clients.
VW was one of the most shorted stocks in Europe, so the squeeze of short positions is understandable in that context. Yet many other stocks are heavily shorted, too. Why have they not benefited by Lehman's demise as VW apparently has?
Bloomberg's Alexis Xydias explains VW's stock movement as follows:
"Banks that lent Volkswagen's stock to Lehman for use in short sales by their clients probably recalled their loans when the brokerage collapsed on Sept. 15, according to the three people who declined to be identified because the transactions aren't public. In order to keep their client accounts balanced in the meantime, the lenders were likely forced to buy the shares in the open market, the people said."
This explanation must be parsed carefully to understand its implications.
Banks are custodians of many stock portfolios of institutional investors. Under their custodial agreements, the banks may lend shares for use by short-sellers, subject to certain reserved rights. One such right is that the loaned shares may be called back at any time for any reason (upon the owner's sale of the shares, or just because the owner doesn't want to lend them any longer). If the loaned shares are not promptly returned, the bank has the right to buy the shares in the open market and charge the account of the borrower of the shares.
That is what is being reported here. Banks that loaned shares to Lehman and its clients for short-selling are buying in the shares that have not been returned. Lehman and its short-selling clients are being charged for the expense. Short-sellers have not covered their positions, but they are being bought in by banks that loaned them shares to sell short.
To their credit, the lending banks are returning loaned shares to their clients' portfolios. However, the cost of shares may become a claim against Lehman's bankruptcy estate. Whether such claims are adequately secured by collateral is unclear, although banks are reluctant to spend their own funds for such buy-ins.
This is not about just VW, Lehman or bank custodians. This apparently extreme scenario actually depicts conditions affecting markets broadly. Share prices are sharply dislocated from underlying corporate values by trading practices and complex derivative instruments. The dislocation is perpetrated by short-sellers with important assistance from the Securities and Exchange Commission and Wall Street's allied self-regulating-organizations.
Since 2004 and before, the SEC has permitted investment banks and hedge funds to sell short and fail-to-deliver (FTD) the shares to buyers. In 2005, with Regulation SHO, the SEC "grandfathered" all existing FTDs, meaning tens of millions of shares sold short could remain undelivered indefinitely. Regulation SHO itself was riddled with provisions enabling new FTDs to be created. Only last month, effective Sept. 18, the SEC after long delay slightly tightened delivery requirements. But short-sellers and their prime brokers still find plenty of wiggle-room to move FTDs among accounts so as to avoid delivering shares to buyers who have paid for them.
Explaining its dilatory conduct, the SEC considers only the interests of Wall Street's traders - never the interests of millions of investors whose accounts contain only "entitlements" to shares for which they paid in full. A year ago, SEC's director of market regulation, Eric Sirri, conceded to a New York audience that investors would be "surprised" to learn their accounts really do not hold shares.
Severe dislocation of share prices from underlying value of corporations is caused by FTDs that dilute the share float. Extra (counterfeit) shares mean lower share prices, and unreasonably low share prices deprive businesses of new capital without dilution. Allowed to persist, lawless trading conditions destroy companies or drive them from the public markets. The most current consolidated balance sheet released by Securities Industry and Financial Markets Association (SIFMA) shows its member firms were exposed to risks of undelivered shares valued at $258 billion as of March 31, 2008.
This is the cause of destruction in recent months of the private mortgage sector, the investment banking sector and significant firms in the banking sector, not to mention many other companies in all sectors. The SEC must require sold-but-undelivered shares to be delivered without further delay.
By its actions to date, the SEC has chosen short sellers, particularly naked short sellers, to be winners in the markets by permitting extraordinary capabilities to sell shares without delivering them. SEC has justified its actions as necessary to prevent short-sellers here from suffering the fates of those who sold VW short.
By statute, the SEC is supposed to protect interests of average investors. SEC has failed in that duty by permitting hedge funds and others to fail in delivering shares sold short. If U.S. financial markets are to recover, and the credit seizure relieved, the SEC (or Congress) must require all sold but undelivered shares to be delivered without further delay.
Wayne Jett is managing principal of Classical Capital LLC, a registered investment adviser in California.
tlo.
Might as well get rid of all the Commisioners.
Latest comments from them is they are "not very interested" in bringing back the uptick rule, despite every man and his dog telling them otherwise. Close it down, let DOJ take it over and start putting the crims in jail. tlo.
Patrick Byrne to President Bush, Go Patrick!
SALT LAKE CITY, Oct. 10 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) chairman and CEO Patrick M. Byrne sends an open letter to President George W. Bush.
October 10, 2008
Mr. George W. Bush
President of the United States of America
1600 Pennsylvania Avenue
Washington, D.C. 20500
Dear President Bush,
I was pleased to hear you say today that the SEC is taking action to stop manipulative practices in our markets. One such practice that the SEC must stop immediately is the insidious practice of naked short selling. In order for our stock settlement system to work so that trades actually settle, the SEC (or Congress) must take the following steps:
1. Enact a market-wide mandatory pre-borrow requirement for all short
sales;
2. Put in place a market-wide hard-delivery requirement on T+3 for all
sales;
3. Require that for any failure-to-deliver, broker-dealers must force a
mandatory buy-in;
4. Track each trade cradle-to-grave, so that prosecutors can go after
naked short sellers;
5. Require regular and timely disclosure by naked short sellers of when
and how many shares they are failing to deliver; and
6. Enforce these rules, including significant monetary penalties and jail
time.
In addition, I believe that Washington must conduct a 9-11 Commission kind of investigation into our nation's entire clearing and settlement system.
Naked short selling is a significant issue. It has contributed to the recent fall of some of our financial institutions and exacerbated the current market crisis.
A well functioning capital market should settle trades. Only when there are laws in place that ensure settlement of all trades and when those laws are vigorously enforced, will the scourge of manipulative naked short selling stop.
Sincerely,
Patrick M. Byrne, PhD.
Chairman and Chief Executive Officer
cc: Senator Harry Reid, Senate Majority Leader
Senator Christopher J. Dodd, Chairman, Senate Banking, Housing, and
Urban Affairs Committee
Senator Richard Shelby, Ranking Member, Senate Banking, Housing, and
Urban Affairs Committee
Representative Nancy Pelosi, Speaker of the House of Representatives
Representative Barney Frank, Chairman, House Committee on Financial
Services
Representative Spencer Bachus, Ranking Member, House Committee on
Financial Services
Christopher Cox, Chairman, Securities and Exchange Commission
Kathleen L. Casey, Commissioner, Securities and Exchange Commission
Elisse B. Walter, Commissioner, Securities and Exchange Commission
Luis A. Aguilar, Commissioner, Securities and Exchange Commission
Troy A. Paredes, Commissioner, Securities and Exchange Commission
Eric R. Sirri, Director, Division of Trading and Markets, Securities
and Exchange Commission
Henry 'Hank' M. Paulson, Jr., Secretary, Department of Treasury
tlo.
DTCC at the Heart of NSS Crimes
Article from Aaron Morgan Group
http://aaronmorgangroup.typepad.com/aaron_morgan_group_blog/
tlo.
Want to get rid of NSS?.
Get rid of Cox he is the problem, laws have been in place since 1934 they just have not been enforced. Put someone in charge who is not beholden to Wall St & the Hedge Funds, problem solved overnight. No new laws have to be enacted, just get rid of the Cox amendments(loopholes), & enforce the existing laws.
Cox has to go, I vote for Gary Aguirre to replace him. NSS out, short squeeze in. Nobody will be worried about the DOW then, & it will not cost the taxpayer a penny. tlo.
Latest from Mark Mitchell, Deep Capture
http://www.deepcapture.com/the-naked-short-selling-that-toppled-wall-street/
tlo.
Latest from the SEC
http://www.sec.gov/news/press/2008/2008-235.htm
tlo.
Naked Short Selling & Phantom Stock by Criminals in the Financial Markets
http://www.opednews.com/articles/Naked-Short-Selling-and-Ph-by-Allen-Heart-080929-462.html
tlo.
Emails show journalist rigged Wikipedia's Naked Shorts
http://www.theregister.co.uk/2008/10/01/wikipedia_and_naked_shorting/page2.html
tlo.
Latest from Deep Capture.
WSJ part of the problem.
WSJ Skips Scandal, Fills Page with Fudge
September 29th, 2008 by Mark Mitchell
Well, predictably enough: Arturo is back!
As our regular readers will recall, Arturo Bris, a professor in Switzerland, issued a report last summer claiming that the SEC’s emergency order banning naked short selling of 19 financial stocks had harmed “market efficiency.” He even claimed that the ban had caused the 19 stocks to lose value relative to the rest of the market.
Professor Arturo plainly fudged his numbers. For example, throughout his report, he calculated percent differences using subtraction instead of division — (X-Y) instead of (X-Y)/X.
Really, his errors were that elementary.
I recalculated Professor Arturo’s raw data, using mathematics instead of a magic hat, and it showed quite the opposite of what he had claimed. The emergency order improved the performance of the 19 affected stocks and had no discernible effect on “market efficiency.”
By then, however, it was too late. The financial media and the short seller lobby had glommed on to Professor Arturo’s report as evidence that the emergency order was a grave mistake. Caving into this pressure, the SEC let the order expire without further adieu.
The naked short sellers were given free reign. You know what happened next – and it wasn’t “market efficiency.”
As for those 19 stocks – including Lehman Brothers (vaporized), Goldman Sachs (nearly vaporized); Morgan Stanley (nearly vaporized); Fannie Mae (nationalized); Freddie Mac (nationalized); and Merrill Lynch (cannibalized) – you could say their “performance” wasn’t so hot. On September 18, the SEC freaked out and banned all short-selling in 800-plus stocks.
Banning legitimate short-selling was a bad idea. But soon, this ban will be lifted, and then we’ll be back to square zero – with illegitimate naked short sellers once again threatening to crater the financial system. To prevent this from happening, the media should be clamoring for the SEC to enforce a permanent, market-wide ban on naked short selling – forcing hedge funds to borrow real stock before they sell it.
Instead, The Wall Street Journal has once again trotted out Professor Arturo to regale readers with more of his mutterings about “market efficiency.” In a Journal op-ed today, the Professor makes the same sort of sweeping claims that he made last summer, though this time he has wisely avoided publishing his raw data, so it is hard to know whether he is once again botching the math.
In any case, I will address each of his points.
PROFESSOR ARTURO POINT NO. 1: “Short selling activity was not excessively high for the 799 stocks from January to the ban’s start. While the percentage of short sales to total shares outstanding hit 19.1% in March, that percentage fell to 14.8% in July, when the sector’s stock prices experienced the greatest drops since March 2007. From Sept. 1 to Sept. 12, short sales in the 799 stocks amounted to a low 6% of shares outstanding. Short sales in relation to trading volume display the same pattern.”
So what? The question is not whether short-selling increased or decreased. It is whether specific criminal hedge funds manipulated the prices of specific stocks. Of those 799 stocks, more than 50 appear on the SEC’s “threshold” list of companies experiencing excessive “failures to deliver” – pretty good evidence of illegal manipulative naked short selling.
Meanwhile, it is important to note that many companies that do not appear on the “threshold” list might nonetheless have been victimized by market manipulators The SEC’s data is incomplete and does not register much illegal naked short selling – such as that which takes place “ex-clearing.” Moreover, a company makes the “threshold list” only if excessive “failures to deliver” occur for five consecutive days.
In the cases of many big financial institutions, the data through June shows unbridled naked short selling (with “failures to deliver” often exceeding 1 million shares) in stretches of less than five days. Typically, these stretches are followed by a brief pause (keeping the stock off the threshold list), after which there is another round of unbridled naked short selling.
The SEC has ordered a couple dozen hedge funds to hand over records of their trading in American International Group, Merrill Lynch, Washington Mutual, Goldman Sachs, Lehman Brothers, and Morgan Stanley. It is not difficult to see why the SEC is investigating. Though only Washington Mutual has appeared on the threshold list, the data through June shows that each of these stocks were exposed to repeated stretches of massive “failures to deliver,” often coinciding with the circulation of false rumors. No doubt, the data through September (soon to be made public) will be even uglier.
PROFESSOR ARTURO POINT NO. 2: “Short-selling activity typically picked up after a stock fell in price, not generally before. Increases in short selling of individual stocks more often occurred the day after a sharp price drop, not before. This is consistent with research conducted by Karl Diether and Ingrid Werner of Ohio State University, and Kuan-Hui Lee of Rutgers, showing that short sellers trade in response to past negative news, and that they reveal information about forthcoming price drops. They may also want to protect their long positions from further declines by locking in prices through short sales… A detailed look at the short-selling transactions on Sept. 9, 2008 — the day Lehman Brothers fell 45% — shows that short sales were much more frequent during the second part of the day, after Lehman shares had already fallen 30%.”
Again, so what? I have no doubt that most short-selling occurs after prices start to drop. Most short selling is legitimate. What should concern The Wall Street Journal is the vast amount of illegitimate naked short selling that is occurring just before hedge funds leak distorted information and false rumors to The Wall Street Journal.
For example, one day last June, somebody naked shorted, and ultimately failed to deliver more than 1 million shares of Lehman Brothers – just before the world was treated to the false rumor that Lehman had gone to the Fed for a bailout.
PROFESSOR ARTURO POINT NO. 3: “Prior to the ban’s start, spreads, liquidity and other metrics for the financial services sector roughly matched the entire market’s norms.”
Yes, “prior to the [current] ban’s start” – namely, during the July to August period when the SEC banned naked short selling of 19 financial stocks – spreads, liquidity and other metrics did, indeed, “roughly match the market’s norms.” In other words, banning naked short selling did no harm whatsoever to the markets. Professor Arturo’s raw data showed this, though he suggested to the press that the opposite was true.
PROFESSOR ARTURO POINT NO. 4: “After the [total ban on short selling] took effect last week, we saw a dramatic shift for the worse (market quality and stock liquidity declined) as investors found it increasingly difficult to hedge market risks. Liquidity dried up.”
In August, Professor Arturo similarly claimed that “liquidity” had dried up after the SEC banned naked short selling in 19 financial stocks. However, his raw data showed precisely the opposite.
This time, he provides no raw data, so who knows if liquidity dried up? In any case , the total ban on short-selling will be lifted, so there is little sense in arguing against this policy. The question, again, is whether naked short selling has been used to manipulate stocks, and whether the SEC is going to do anything about it.
PROFESSOR ARTURO POINT NO. 5: Bid-ask spreads increased more for the 799 stocks than for the market overall. Comparing the period Jan. 1, 2008, through the ban’s first week shows that relative spreads (that is, the bid-ask spread relative to the quote mid-point) increased from 3.38% to 5.33%. This increase is not due to the financial crisis itself, as relative spreads have also increased from the beginning of September to the past week (from 3.87% to 5.33%).”
I cannot believe this gobbledygook was allowed to appear in the Wall Street Journal. So, from a randomly selected date in January, through a day one week after the short selling ban took affect, spreads increased. From the beginning of September (whenever that was) to “the past week” (whenever that was) spreads increased by precisely the same amount.
What does this mean? Nothing. The question is whether spreads increased during the period of the ban, which went into affect on September 18 — not “at the beginning of September.”
More importantly, since nobody is suggesting that the total ban on short selling remain in effect, the question is whether spreads increased by some catastrophic amount during the period when the SEC banned naked short selling (temporarily preventing the market from collapsing by a catastrophic amount). In his earlier report, Professor Arturo wrote that “spreads increased” during the ban on naked short selling. However, his raw data showed that spreads on the 19 affected stocks increased by more than any other stocks..
PROFESSOR ARTURO POINT NO. 6: “The intra-day trading range has almost doubled for the 799 stocks over the past week. This means that liquidity deteriorated. Less liquidity makes it more difficult for investors to trade without a severe market impact, and prices are less transparent.”
In his last report, Professor Arturo cited “trading range” as a measure of volatility, not liquidity. As a measure of liquidity, he cited “increased spreads” (which, I have noted, did not, in fact, increase). I suppose it is a matter of convenience for him to now use trading range numbers to support his theory about liquidity (which did not worsen during the more important ban on naked short selling).
PROFESSOR ARTURO POINT NO. 7: “By last Friday, share prices for the 799 stocks did rise 0.11% relative to the market and adjusted for risk. However, such an increase is not statistically significant. The 799 stocks had performed much better in the two previous weeks: Between Sept. 1 and Sept. 19, they outperformed the market on a risk-adjusted basis by 6%. To be sure, one has to believe that much of this movement was attributed to the likelihood of some type of bailout package being passed.”
Financial stocks outperformed the market from Sept 1. to Sept. 19? Tell that to Lehman Brothers, Morgan Stanley, Goldman Sachs, American International Group, Washington Mutual, Merrill Lynch, Bank of America, etc., etc.
Were these stocks manipulated? Why is the Journal not asking that question?
PROFESSOR ARTURO POINT NO. 8: As a result of the ban on short selling, stocks “reacted sluggishly to news. The 799 shares reacted more slowly to news than stocks outside the ban’s umbrella — a key sign of market inefficiency. In an efficient market, individual stocks should be affected primarily by company-specific news rather than overall market activity.”
Professor Arturo made a similar claim about the stocks affected by the July-August ban on naked short selling. His raw data, however, showed precisely the opposite to be the case. During the ban on naked short selling, the affected stocks reacted to news faster than before.
In the absence of any raw data to support this latest claim, I am not inclined to believe it.
PROFESSOR ARTURO POINT NO. 9: In recent weeks, “Investors had difficulty getting pricing for stocks. Trading was down, stock-borrowing costs had soared, and uncertainty hung over the market due to the bailout’s fate and the SEC’s increase of stocks the ban originally covered. The balance of buying and selling that is so critical for markets to function was effectively gone.”
In other words, the market went haywire. That is hardly news. The news (though you don’t read it in The Wall Street Journal) is that this mess could have been prevented if the SEC had expanded its emergency order banning the naked short selling that was quite demonstrably destroying our markets.
Posted in 9) The Deep Capture Campaign |
tlo.
SIGN THE PETITION NOW!!!
Before it's too late
http://mainstreetamericans.info/
tlo.
Naked in Wonderland - must read!
Naked in Wonderland
Recent concerns about short-selling have culminated in a regulatory flurry of emergency orders and amended orders. What should be of concern, however, is not short-selling per se: As its devotees frequently remind us, short-selling is a vital and legitimate market activity. What should be of concern are specific types of stock manipulation that cloak themselves within legitimate activities such as shorting, and which, in one way or another, rely upon loopholes in our nation's system of stock settlement.
"Settlement" is the moment in a stock trade when the seller receives money and the buyer receives stock. Our settlement system has huge loopholes that allow sellers to sell shares but fail to deliver them. In such cases, the system creates IOUs for shares, and lets those "stock IOUs" circulate in the expectation the seller will soon correct his error. This is harmless--as long as the IOUs are inadvertent, temporary and few.
Manipulators are exploiting these loopholes, however, selling stock they do not intend to deliver. This is often referred to as "naked short-selling" (short-selling because they feign selling borrowed shares; naked because they don't really borrow shares, but instead deliberately rely on loopholes to generate and hide stock IOUs).
But naked short-selling is just one form this manipulation takes. Other forms include failed long-sales, abuse of the option-market-maker exception, failed offshore deliveries and ex-clearing abuses. The common denominator of these manipulations is that they flood the system with stock IOUs that are deliberate, persistent and massive.
By whatever name, these actions create small, medium and large problems.
The small problem is that stock IOUs corrupt corporate democracy because the system has trouble distinguishing real stock deserving real votes from stock IOUs with fake votes. In 2006, Bloomberg Markets wrote, "A robust market for stock loans puts into circulation billions of borrowed shares that can create multiple votes that corrupt corporate elections."
Bloomberg quoted Registrar & Transfer CEO Thomas Montrone: "It is an abomination. ... A lot of the time, we have no idea who's entitled to vote and who isn't. It's nothing short of criminal." Bloomberg suggested arbitrageurs are exploiting this, and concluded that until it is fixed, "double and triple voting on one share will continue to make a mockery of shareholder democracy."
The medium problem is that manipulators selling millions of stock IOUs drive down share prices: If they choose the right target (e.g., a large financial firm already weakened by exposure to the mortgage crisis, or a small biotech company sipping at capital as it develops drugs), this can crash the firm.
According to former Undersecretary of Commerce for Economics Dr. Robert Shapiro, "There is considerable evidence that market manipulation through the use of naked short-sales has been much more common than almost anyone has suspected, and certainly more widespread than most investors believe."
His research turned up at least 200 companies that were destroyed, for "a combined market loss of more than $105 billion." Shapiro added, "we believe that this type of stock manipulation has occurred in many hundreds and perhaps thousands of cases over the last decade. ... Illicit short-sales on such a scale or anything approaching it point to grave inadequacies in the current regulatory regime."
The large problem is that unsettled stock trades create systemic risk. Imagine that a hedge fund generates IOUs on 5 million shares of a $1 stock and carries this as a $5 million liability. To settle these IOUs, the fund must obtain stock. However, the act of buying 5 million shares of a thinly traded stock forces its price up (i.e., a "squeeze"). The fund must pay more than $1 per share, so the $5 million liability balloons.
The Securities and Exchange Commission has revealed that, during the second quarter of 2008, there were $14.9 billion in stock IOUs at just the tip of the non-settlement iceberg. The commission refuses to reveal (and, in fact, may not know) the size of the whole iceberg. Public data suggests the entire bucket may be over $150 billion; settling it would cost more than $150 billion, but perhaps far, far more.
Our settlement system lies within a black-box called the Depository Trust & Clearance Corporation. The DTCC is essentially unregulated, but is owned by those who benefit from seeing these activities continue--investment banks, which in return for prime brokerage fees, enable manipulative hedge funds.
When these loopholes began to be exposed this winter, Wall Street started to eat its own. In a moment of Shakespearean irony, Bear Stearns--with its legendary willingness to provide cover to manipulative hedge funds--became the target. Stock IOUs in Bear Stearns soared, as they subsequently did in Lehman Brothers (nyse: LEH - news - people ), Merrill Lynch (nyse: MER - news - people ), Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ).
In an absurdity worthy of Lewis Carroll, the SEC promulgated a temporary (and now expired) emergency order against doing to these and 16 other firms what has been illegal for seven decades: selling non-existent stock and deliberately relying upon stock IOUs. That the 19 companies protected included prime brokers widely thought to be enabling naked shorting may fairly be described as "Kafkaesque."
Since its Aug. 12 expiration, four of the 19 firms have been lost. The rest of the financial market balances on a precipice as the SEC temporizes, adopting half-measures with Nerf penalties, draconian measures (such as forbidding all shorting in financial stocks), contradictory measures (re-opening the option-market-maker exception for financial stocks), and "don't ask, don't tell" measures (such as yesterday's, requiring option-market makers not to sell puts to someone they think is increasing a net short position in a financial stock).
While the SEC performs its best headless chicken imitation, we must not be distracted from the fundamental problem: Our system is rife with unsettled trades that are deliberate, persistent and massive.
Commenting on this last year, Warren Buffett's partner, Charles Munger, said, "Those delays in delivering sometimes reflect tremendous slop in the clearance process. It is not good for a civilization to have huge slop. Sort of like how it isn't good to have a lot of slop in nuclear power plants." Charlie Munger is known for many things, but careless word choice is not one of them.
Patrick M. Byrne is the chairman and chief executive officer of Overstock.com and writes for DeepCapture.com.
http://www.forbes.com/opinions/2008/09/23/naked-shorting-trades-oped-cx_pb_0923byrne.html
tlo.
SEC Expands Sweeping Investigation of Market Manipulation
Measure Will Require Statements Under Oath by Market Participants
FOR IMMEDIATE RELEASE
2008-214
Washington, D.C., Sept. 19, 2008 — The Securities and Exchange Commission today announced a sweeping expansion of its ongoing investigation into possible market manipulation in the securities of certain financial institutions. The expanded investigation will include obtaining statements under oath from market participants.
Hedge fund managers, broker-dealers, and institutional investors with significant trading activity in financial issuers or positions in credit default swaps will be required, under oath, to disclose those positions to the Commission and provide certain other information.
The Commission also approved a formal order of investigation that will allow SEC enforcement staff to obtain additional documents and testimony by subpoena. Investigators from NYSE Regulation and FINRA will be conducting a separate, parallel inquiry in coordination with the SEC by making on-site visits to various broker-dealers to address concerns about recent short selling activity.
"Investors have a right to know that the rule of law is being enforced and that our capital markets are not being manipulated," said SEC Chairman Christopher Cox. "We are working together with our regulatory partners at NYSE Regulation and FINRA in order to quickly identify, isolate and aggressively prosecute any violations of the federal securities laws during this period of market turmoil."
Linda Chatman Thomsen, Director of the SEC's Division of Enforcement, added, "Abusive short selling, market manipulation and false rumor mongering for profit by any entity cuts to the heart of investor confidence in our markets. Such behavior will not be tolerated. We will root it out, expose it, and subject the guilty parties to the full force of the law."
The Commission's actions follow recent reports of trading irregularities and allegations of false rumor mongering, abusive short selling and possible manipulation of financial stocks.
# # #
For more information, contact:
Scott Friestad
Deputy Director, SEC's Division of Enforcement
202-551-4962
John Polise
Assistant Director, SEC's Division of Enforcement
202-551-4981
http://www.sec.gov/news/press/2008/2008-214.htm
tlo.
Banks, lawmaker push SEC to curb illegal shorting
Tue Sep 16, 2008 11:07pm EDT
http://www.reuters.com/article/businessNews/idUSN1646414820080917?feedType=RSS&feedName=businessNews
http://news.yahoo.com/s/nm/20080917/bs_nm/sec_shortselling_dc
Very good news indeed and long over due....
at least 8 yrs over due....
ex..
at 9/11 2001 - the nss robbed about fiat$6 trillion -
from the IT market -
after so many CEO's of IT comp. -
were murdered -
http://www.ivarkreuger.com/chart.htm
God Bless America
http://investorshub.advfn.com/boards/board.aspx?board_id=6745
More from the SEC:Daily disclosure of short positions(Hedge Funds)
Statements of SEC Chairman Christopher Cox
Statements of SEC Chairman Christopher Cox and Enforcement Division Director Linda Thomsen Regarding Immediate Commission Actions to Combat Market Manipulation
FOR IMMEDIATE RELEASE
2008-209
Washington, D.C., Sept. 17, 2008 — Securities and Exchange Commission Chairman Christopher Cox and SEC Enforcement Division Director Linda Chatman Thomsen issued the following statements today concerning ongoing and forthcoming Commission actions to investigate fraud and manipulation in the nation's securities markets:
"Millions of investors entrust their savings to our securities markets because they can be confident that our markets are orderly, liquid, efficient, and rational," said Chairman Cox. "The turmoil in today's markets, particularly in the financial sector, is challenging that assumption for ordinary Americans. Markets are the best tool a free society has to price and allocate assets across a complex economy, but as is well known from experience, sometimes the wisdom of crowds is supplanted by crowd behavior. We need well-functioning markets to help us draw the line between reasonable miscalculation and error or something worse involving the failure of due diligence, self-dealing, and conflicts of interest. It is thus vitally important that the market mechanism continue to inspire investor confidence.
"In order to ensure that hidden manipulation, illegal naked short selling, or illegitimate trading tactics do not drive market behavior and undermine confidence, the SEC today took several actions to address short selling abuses," Chairman Cox continued. "In addition to these initiatives, which will take effect at 12:01 a.m. ET on Thursday, I am asking the Commission to consider on an emergency basis a new disclosure rule that will require hedge funds and other large investors to disclose their short positions. Prepared by the staffs of the Division of Investment Management and the Division of Corporation Finance, the new rule will be designed to ensure transparency in short selling. Managers with more than $100 million invested in securities would be required to promptly begin public reporting of their daily short positions. The managers currently report their long positions to the SEC."
Chairman Cox continued, "Director Thomsen and the Division of Enforcement will also expand their ongoing investigations by undertaking a series of additional enforcement measures against market manipulation. The Enforcement Division will obtain disclosure from significant hedge funds and other institutional traders of their past trading positions in specific securities. Those institutions will also be required immediately to secure all of their communication records in anticipation of subpoenas for these records."
SEC Director of Enforcement Linda Chatman Thomsen said, "The Enforcement Division has been investigating and will continue to investigate any suggestion of manipulative trading. We are committed to using every weapon in our arsenal to combat market manipulation that threatens investors and capital markets."
The Commission is actively considering additional actions as appropriate.
http://www.sec.gov/news/press
Bravo to Dave Patch . The SEC is the enabler for those who have destroyed and will continue to destroy the Markets . The DTCC and Brokerages are fully complicit in the facilitation of counterfeit shares being sold without ever locating and delivering those shares , in my conspiracist opinion .
Investors' only hope is for the SEC to be de-commissioned and for Congress to appoint an accountable Overseer of the Markets . The DTCC must be also be Congressionally ordered to reveal ALL Outstanding Shares for ALL Securities . Complicit Brokerages should then be required to locate and deliver REAL shares for all of their customers regardless to any naked short squeezes that would occur . It would be long overdue restitution by the complicit .
IMO this should be a Presidential Election platform to completely reform the Markets . Fifty million stock market victims would vote for the Candidate who promised Stock Market Reform to its roots . Which Candidate would step up to protect the citizenry , for he would surely win the November Elections in a landslide .
On an aside , everyone knows the faster than lightning action by Government in freezing bank accounts and assets of anyone who is even suspected of cheating on their taxes ...BEFORE guilt is determined , so the almighty Government has the consumate power WHEN they want to use it . NOW is the time .
So far , Bugs Bunny would do a better job at protecting the citizenry .
Renee
Patrick Byrne comments on SEC latest:
Overstock CEO Comments on SEC's New Rules Against Naked Short Selling
9/17/2008 3:08 PM - PR Newswire
'No penalties for financial rapists' declares Byrne
SALT LAKE CITY, Sept 17, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
Overstock.com, Inc. (Nasdaq: OSTK) chairman and CEO Patrick M. Byrne comments on the SEC's September 17, 2008 press release (see http://www.sec.gov/news/press/2008/2008-204.htm) that purports to protect investors against naked short selling.
Dr. Byrne commented, "At the core of the SEC announcement is a decision that if a hedge fund naked shorts a stock, its broker isn't supposed to let them naked short again. But guess what: they were not supposed to naked short in the first place. Instead of giving the buyer who receives the fail the right to put it back to the naked short selling participant, the SEC once again opts for no penalties for financial rapists.
"If the SEC were anything but a hedge fund bootlick," continued Byrne, "it would not have taken the half-measure of a pre-borrow requirement applied only as a penalty for those failing to deliver within T+3, but would have instituted a market-wide pre-borrow requirement (as it did in its July 15, 2008 Emergency Order protecting Upper Caste financial firms), and mandatory buy-ins at T+3.
"Some questions for the SEC:
1. How will the SEC determine whether an institution is in compliance with this rule? The only way to determine compliance is through an SEC audit, something that could only occur months after the fact. In the case of a bear raid, that will be too late.
2. Where is the 'buy-in' requirement? Under the new SEC rules a crooked hedge fund can still naked short sell without settlement and keep that short open indefinitely. It appears that only future naked short sales will require a pre-borrow and that there is still no closeout requirement for failed trades.
3. What of manipulative day trading? Chairman Cox has admitted that the financial stocks did not have a significant level of naked shorts, but rather collapsed under day trading activities. The new rule fails to address this, the very activity that generated the need for the July 15, 2008 emergency order. The manipulative day trading short seller never has a position open for three days. However, under the new rules, he can still use a single locate multiple times to create the best leverage possible to drive natural investors out of the market.
4. Where are the penalties? Without meaningful penalties, these rules have no bite. The SEC needs to make sure that the rules are strictly and aggressively enforced -- both for failures to deliver that occur within the CNS system and outside the CNS system in ex-clearing trades, where, I suspect, there is naked shorting that makes the object of current SEC concerns look like small potatoes.
"Rule 10b-21, the short selling anti-fraud rule, is a carefully contrived joke. It moves from a low-penalty too-vague-to-enforce rule, to a high-penalty too-vague-to-enforce rule. Without strict and aggressive SEC enforcement (for which the SEC has zero demonstrated record) it will be just more lines of meaningless pabulum in the Federal Register.
"On the bright side, the SEC has eliminated a major loophole in Regulation SHO, the options market maker exception. There was never a good reason why options market makers should have been allowed to naked short and fail to deliver in perpetuity. For taking this long overdue action, I applaud the SEC.
"What is needed is a Congressional investigation into the abortion that is our nation's stock settlement system, focusing especially on the DTCC. A healthy next step would be to unplug the SEC and move its functions into the DOJ."
About Overstock.com
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.
Overstock.com(R) is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding investor protections against naked short selling. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.
http://www.overstock.com
Copyright (C) 2008
Same old, Same old...
Dave Patch addresses the SEC on recent action against NSS ( in an email to the Chairman, Commissioners, and designated officials )
From: Patch, David
Subject: SEC Denies Public Protection - AGAIN
Mr. Chairman,
I must commend you on the steps taken today towards addressing naked short sale abuses. With Congress, public issuers, and investors alike seeking to have you and your staff tarred and feathered for the egregious negligence executed under the umbrella of federal protection you stepped out today and threw caution to the wind and told us all to pound sand.
I fully understand that the Commission staff and the Office of Economic Analysis is not convinced that this is a real issue that is destroying public confidence in our Capital markets. I understand that the OEA is not committed at looking at this issue seriously by dedicating the time and resource into analyzing actual trade data before opining on how this may or may not impact our markets. And I understand that private meetings with wealthy short sellers such as Jim Chanos provide opportunity for the Commission to gain support material into the positions taken despite the conflicts such meeting may create. But what I don't fully grasp is why the general public must carry the burdens for the SEC's negligence. Why should we be the people who must work longer to protect our retirements? Why should we be the people who must cut our expenses because we can't afford to pay our bills due to the destruction of our personal savings accounts? Why should we suffer the pains so that people like jim Chanos and his peers can be provided ample opportunity to destroy public companies, local communities, and the financial stability of families across this nation.
Today the SEC took yet another half step to a whole problem. The SEC maintained loopholes in the short sale process so that certain short sellers would not have to carry the burden of expense in the execution of rapid short sales never intent on existing by settlement day. These are the very same short sellers who destroyed confidence in our financial markets and now the short sellers who will continue to destroy other markets and other public issuers.
Let me help you out here:
Hard T+3 Close-Out Requirement; Penalties for Violation Include Prohibition of Further Short Sales, Mandatory Pre-Borrow
The Commission adopted, on an interim final basis, a new rule requiring that short sellers and their broker-dealers deliver securities by the close of business on the settlement date (three days after the sale transaction date, or T+3) and imposing penalties for failure to do so.
If a short sale violates this close out requirement, then any broker-dealer acting on the short seller’s behalf will be prohibited from further short sales in the same security unless the shares are not only located but also pre-borrowed. The prohibition on the broker-dealer’s activity applies not only to short sales for the particular naked short seller, but to all short sales for any customer.
Although the rule will be effective immediately, the Commission is seeking comment during a period of 30 days on all aspects of the rule. The Commission expects to follow further rulemaking procedures at the expiration of the comment period.
Under this rule there are serious flaws in the Commissions thinking.
1. To determine a lack of compliance to this rule it requires the SRO's or SEC to conduct an audit of the failing firms. These audits are not done daily but periodical. By the time the violation is identified the culprit is long gone with the monies and the markets manipulated by the potential abuse. This rule is a responsive rule instead of a pro-active rule.
2. This rule, as it stands will yield compliance violations at the BD level and will rarely result in penalties imposed on the originating seller. Compliance violations rarely achieve the penalty status as that which investors lost by the violation itself. This rule can likewise by circumvented by engaging in a separate violation; marking the trade long and failing that trade instead.
3. This rule does nothing to address the initial abuses of multiple locates on a common share during the time of trade execution. Since multiple locates can exist, fails will exist. This also allows, instantaneously, for there to be too many short sales executed at a single moment in time. Such trading creates the leverage the short seller need in order to drive down a market.
4. The day trader. How does this rule impact the abuses associated with the rapid day trading short seller? Using multiple locates and acting in concert with other hedge funds, a market can be destroyed within the 3-day settlement window and so long as the trades are covered by T+3 the SEC and SRO's have no authority to take enforcement action. This rule simply redefined the window of time a short seller has to abuse a stock and create profit and with sophisticated computer programs the systems will be set up to cover this window. If a portion of the trade falls into the settlement window the trade will fail but…the SEC does not require a mandatory close-out with guaranteed delivery, the Commission only restricts future short sales until it is closed out.
5. Close-out of fails. What ever happened to mandatory w/Guaranteed delivery? The NASD presented the SEC with an argument in 2004 that identified how failed trades were not being closed out because it was not "cost effective" for the failed party to do so. The SEC continues to fail in adopting such language. In fact, the Commission is aware that firms have engaged in rolling failed trades to restart the clock. Nothing in this law changes that tactic. Nothing in this law requires that on T+4 the failing member must go into the market at market open and purchase this stock under guaranteed delivery status. Without such specific language members will game the system to make the close-out profitable.
Mr. Chairman your time is limited but your legacy will live on forever. This Commission will be remembered in history as the most conflicted of all time. The Comission staff that allowed a group of bandits to run rampant across our capital markets and destroy so much of our nations family wealth.
There will be people who no longer can afford to retire, as well as people who will lose their homes and their familes due to financial ruin and it will all be due to the negligence of this Commission.
The Commission has failed to hear the voices of the people and instead has listened to those who have their own self-interest in mind. This is the grandfather clause all over again and this delay is only a delay that will most likely force Congress to step in and make law for you.
Shame on you.
Dave Patch
___________
tlo.
The Securities and Exchange Commission on Wednesday outlined sweeping restrictions on "naked" short-selling in an effort to prevent pessimistic investors from driving down stock prices too far, too fast.
The new rules force short-sellers and their broker-dealers to deliver their borrowed securities within three days of the transaction date. Market makers are no longer immune from the naked short rules.
Another new regulation also makes short sellers liable for fraud to lie about their intention or ability to deliver securities in time for settlement.
"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," SEC Chairman Christopher Cox said in a statement. Regulators "will now have these weapons in their arsenal in their continuing battle to stop unlawful manipulation," he added.
In an ordinary short sale, an investor borrows a stock for a fee, and sells it betting that the price will go down. He then buys back the stock at a later time to return it to the owner. In "naked" short sales, the investor must locate shares to borrow, but does not actually borrow or deliver them.
The SEC had put in place temporary restrictions on naked short selling of certain financial stocks over the summer as several firms were suffering from precipitous declines in market value. When those temporary rules expired in August, the stocks continued falling hard and fast, culminating in federal takeovers of Fannie Mae (FNM Quote - Cramer on FNM - Stock Picks), Freddie Mac (FRE Quote - Cramer on FRE - Stock Picks) and American International Group (AIG Quote - Cramer on AIG - Stock Picks) and a bankruptcy filing by Lehman Brothers (LEH Quote - Cramer on LEH - Stock Picks).
The new rules will apply to all securities and are effective as of 12:01 a.m. on Thursday.
http://www.thestreet.com/story/10437867/1/sec-bans-naked-short-selling.html?puc=_cnnmoney&cm_ven=CNNMONEY&cm_cat=Free&cm_pla=Feed&cm_ite=Feed&puc=cnnmoney&
Very good news indeed and long over due.
Banks, lawmaker push SEC to curb illegal shorting -
better to late than never! ~
but what about another clownz joke ~? ~
100s of times we heard it nss before ~ ? ~
nothing done in the last 10 yrs ~ ? ~
by nwo bolshevilkz 666 scamz bagz ~ ? ~
http://news.yahoo.com/s/nm/20080917/bs_nm/sec_shortselling_dc;_ylt=AonucawecxGed.DrbDQEctSb.HQA
God Bless America
Great board here everyone. Have you seen this page?
http://www.failstodeliver.com/default.aspx
Informed me that i had already signed.
http://sec.gov/comments/s7-20-08/s72008-528.pdf
tlo.
"I know nothing"
-Manuel,
"They who can give up essential liberty to purchase a little temporary safety,deserve neither liberty or safety"
-Benjamin Franklin
"The people are the only sure reliance for the preservation of our liberty" -T.Jefferson
Sign a petition and make an impact -
http://www.petitiononline.com/mrktrfrm/petition.html
tia.
pass it along>>>>>>>>
God Bless -
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Assistants NYBob Hilander tecch10000 |
This board has been created for people with concerns about naked short selling. Ideas about how to combat NSS are welcome. Articles, questions and general information about specific stocks are also welcome.
Shorters are not welcome here any vulgarity will not be tolerated.
Board Rule OFF TOPIC HE SAID/SHE SAID will be deleted
Yes there is a strategy which we have put together -
which we believe would resolve the NSS situation.
The information is free and available to any company CEO -
that requests it.
Further details are available from -
cob@3marketears.com
must enclose a company letterhead -
for verification.
Pass this on to any company if you feel
they have been victimized by nss -
Do you have any suggestions? -
please, let's hear them -
Getting to the heart of the matter.
Try Explaining Naked Short Selling (NSS) to any regular joe and they are likely to shake their heads and think you are bonkers. Before you run off screaming with your hands covering your ears please hear us out.
There are many many publications on this subject which cover a myriad of topics from internet bashing to an SEC cover up and we are going to throw our ideas into the ring in an attempt to simplify it for you - If you have any questions (no matter how trivial) please do not be afraid to ask - We are not experts but will attempt to answer.
Q. What is naked shortselling?
A. The selling of a share that you do not own, basically stock market counterfeiting.
Q. How is this possible?
A. The stock market in the US does not link transactions. For example, you buy a flight ticket over the internet and pay with your credit card, your ticket and payment are linked together and you receive your itineray within about 5 minutes. You buy shares over the internet your payment is not directly linked to those shares.
Q. Is this legal.
A. It is legal for a Market Maker to Naked Shortsell.
Q. Can I find out how many shares have been naked shorted in a particular stock?
A. No
Very oversimplified but you get the picture. Now there are a great many fantastic sites out there which explain this in more detail. Our point is, that it is possible to counterfeit shares - WE DO NOT THINK IT SHOULD BE POSSIBLE.
There are petitions for market reform and complaints are flying in to the Securities and Exchange Commission by the bucketful. We salute the efforts and work of the pioneers of these actions.
Our stance is "Hit the NSS where it hurts", in the pockets. Reform can only happen if the truth is revealed, the correct action will reveal the TRUTH
A (Very Brief) Encyclopedia of Securities Fraud -
http://www.abanet.org/buslaw/blt/2007-03-04/donley.shtml
Naked short selling:
Where a trader sells short a security (i.e., borrows a security
and then immediately sells it, hoping to buy it back at a
lower price in the future for a profit) without owning,
or having arranged to borrow, the security.
http://www.buyins.net/press/nakedshort/html/2007/06
THIS 101 TEACHING ABOUT ETF'S AND NAKED SHORTING...
From Atag: This Link Is Good For 101 Trading.[Naked Shorting] -
http://www.businessjive.com/nss/darkside.html
To: SEC, U.S. Congress -
Market Reform Petition -
http://www.petitiononline.com/mrktrfrm/petition-sign.html
Whoa! 40 new Sinatures! C'mon everybody -
Spread this around and Lets Get it Off to Congress! -
http://www.petitiononline.com/mrktrfrm/petition.html
by: fish777 - thanks!
TIA!
Welcome to the Cobs NSS Solutions forum board -
9/11: The Conspiracy Files -
http://news.bbc.co.uk/2/hi/programmes/6160775.stm
Former MI5 kicks their butts on Sky news Brit TV
http://officialconfusion.com/David%20Shayler%20SkyNews051206.wmv
Money, Banking & The Federal Reserve -
http://video.google.ca/videoplay?docid=1349705906064948002&q=gold+money
Precious Metal Charts Page -
http://tinyurl.com/8bhho
Those who make peaceful REVOLUTION impossible will
make violent REVOLUTION inevitable.
- John F. Kennedy
Shut Down The Federal Reserve: Save America!
http://www.ipetitions.com/petition/AFTF_P_1/
†With God all things are possible†
by: todd h
The Fiat Money System -
Dr. Bill Veith in studio w/ Alex Jones -
http://tinyurl.com/y3gdzh
Hard Rock Au Real Money Safety Treasure Box -
http://tinyurl.com/gpjhq
Has the 666 destroyed the US$? -
http://globalfire.tv/nj/07en/globalism/us_insolvent.htm
HON. RON PAUL OF TEXAS -
Before the U.S. House of Representatives -
The End of Dollar Hegemony -
http://tinyurl.com/uq9kf
Join GATA -
http://www.GATA.org.
Gold Show -
2007 Vancouver Resource Investment Conference -
Vancouver Convention and Exhibition Centre -
Sunday and Monday, January 21 and 22, 2007 -
http://www.cambridgeconferences.com/ch_jan2007.html
Please pass it along >>>>>>>>>>>>>>>>>>>>>>>>>>>>>
http://www.sec.gov/comments/s7-12-06/s71206.shtml
NAKED SHORT SELLING:
(All information is true and accurate to the best of my knowledge - Hilander Posted: 2-1-07)
There has been rampant abuse in the OTCBB stocks over the past decade of naked short selling.
Naked Short Selling is stated to be illegal by the SEC, but goes on every day. For up to date issues discussing naked short selling go to:
http://www.investorshub.com/boards/read_msg.asp?message_id=15826016
Investors-Hub: Cobs NSS Solutions Message Board. Post#476 Tecch10000 posted a one hour video “Darkside of the Looking Glass” about Hedge Fund’s Naked Short Selling. http://www.businessjive.com/nss/darkside.html
NOTES & TERMINOLOGY:
• (DTCC) Depository Trust & Clearing Corporation = Back office for Wall Street to settle accounts daily between MM. The DTCC is not the government. Far from it, it’s a private company chartered under the banking laws of NY, partially owned by the Federal Reserve and by the NYSE. It’s a for profit entity.
• (NASD) National Association of Securities Dealers: To take appropriate action against the violators of naked short regulations.
• (FTD) Failure to Deliver: Big boards have 150M to 200M/day shares outstanding. Other boards have a 1/2 to 1B outstanding shares/day.
• Non Objecting Beneficial Owners (NOBO) The NOBO listing, allows the company to identity a portion of its beneficial shareholders who maintain their ownership through a brokerage and who have instructed their broker that they do not object to the disclosure of certain ownership information. The NOBO list shows a more complete corporate ownership profile than is available from the transfer agent alone.
• Ex-Clearing-Two brokerage houses clearing trades between themselves
• 97% of all trades are electronic
• Regulation SHO-Short selling fighting back against NSS
• Reg SHO Grandfathering has been illegal since 1934
• Short Squeeze-Buy In IOU Shares drives the price up
• Iomega went up 5X, due to short squeeze. This would cause Wall Street and Hedge Funds to lose money and would go bankrupt.
• SEC created July1, 1934 as a self-regulatory organization (SRO)
• What can we do? Settle the trades & disclose the fails
• Go To: www.the sanitycheck.com
News by QuoteMedia
www.quotemedia.com
Sent By: GOLDENBOLLOX
Date: 11/20/2006 11:39:26 AM
From Private Message Post
DETERRENCE:
The single greatest DETERRENT measure to naked short selling abuses on Wall
Street is by far and away the FEAR of an untimely buy-in leading to a “Short squeeze”. What the SEC has to realize is that DTCC policies have surgically removed any fear of a buy-in from the risk-reward analyses done by even securities fraudsters before engaging in naked short selling campaigns. Of all of the studies done in this realm the one by Evans says it the best.
Geczy, Musto and Reed (2003)
Clearest research revealed the stunning statistic that 99.875 % of even “Mandated” buy-ins were successfully circumvented by DTCC participants. This battle is not going to be easy.
At the 11/30/05 NASAA Forum on Naked Short Selling: (Paraphrased Notes)
The moderator asked why the SEC and NASD were so intently interested in preventing an artificially manipulated lower share price from ever rising. Your terminology “Manipulative short squeezes” is missing some context. The manipulation has already occurred and the share price was irrefutably “Manipulated” to the downside. You at the SEC must have trouble with this concept?
Silence filled the room.
Can you not understand that a cash-strapped and manpower-lacking SEC should welcome naturally occurring DETERRENT phenomena like short squeezes or more accurately the fear thereof to act as an invisible regulator to DETER this type of activity? Astronomically high naked short positions and their delivery failures and resultant issuer-damaging “Share entitlements” being MISSREPRESENTED as legitimate shares on monthly brokerage statements do not just happen. Ethical MMs move up their “Offer” levels after naked short selling a moderate amount of shares into buy orders in dominated markets. Predatory MMs apply a “Blanket” of naked short sale orders because they can’t allow the share price to advance due to the cost of collateralizing their previous astronomically high naked short position. This is not the “Accidental” behavior of naïve market participants unaware of how the system works as there is clear intent to defraud.
Overvoting is a considerable problem in our markets. An April 2006 news story reported that the Securities Transfer Association reviewed 341 shareholder votes in 2005 and found overvoting in every instance. Drummond, Corporate Voting Charade, Bloomberg Markets, Apr. 2006, p. 98. According to information found on the Corporate Counsel web site, overvoting may be occurring at 95% of shareholder meetings.
The following article summarizes the naked short selling situation that has developed over the last decade.
Financial Terrorism in America
By: Mark Faulk
Editor's note: "The Faulking Truth" was showcased on IBC radio on Monday, March 29, 2004, concerning our articles on naked short selling. Also, this article was quoted and linked by financialwire.net and reprinted by investrend.com and wallstreetcity.com and we have been given our own section in the investigatethesec medialinks: http://www.investigatethesec.com/MediaLinks.php
Part One: The Sucker
Picture this: You are a small-time investor who stumbles onto a start-up company that has just developed an innovative new product, a cutting edge technology, or maybe a medical breakthrough that could very well be "the next big thing". In the back of your mind, you can't help but think, "This could be the next Microsoft", and you have a chance to get in on the ground floor of a hidden gem that the big investors and analysts haven't even heard of yet. You do your homework, research the outstanding shares, study the recent press releases and filings, and read about the company on the stock message boards. Finally, you take the plunge, and decide to buy 500,000 shares at a nickel a share. That's right, you now own 1% of (there's that thought again) the next Microsoft, for a paltry $25,000. Sure it's a bit of a risk, but you know the saying, "no risk, no reward". You hit the buy button, turn off your computer, and wait for the money to roll in. A couple of weeks later, the company announces that they have secured a major financing deal, and now have the money to take their product to market, and you know you made the right decision. The volume picks up, the message boards are buzzing, and all is right with the world. But then, something goes terribly wrong. For no apparent reason at all, the stock price begins to tank, and before you even have time to react, your 500,000 shares are down 80%, and you've just lost $20,000 of your hard-earned money. What the hell happened?
The Set-up:
This same scenario is being played out time and again in every corner of America, and although there are many reasons for the failure of small, struggling, publicly-traded businesses, including mismanagement and outright corporate fraud, another, more sinister, plot is carried out every day, robbing investors of their money, businesses of their chance to achieve the American Dream of success, and hard working, dedicated employees of their dreams and even their livelihood. Worst of all up to now, this fraud has been ignored, and in many cases even condoned, by the SEC and our very own government.
This is how it works. Remember that great news that the company just released about securing financing to allow them to take their product to market? It's nothing more than an elaborate scheme perpetuated against the company, its employees, and the shareholders by a network of skilled con artists. It begins with the financial institution (usually an offshore "lending institution" based somewhere like Bermuda or the Cayman Islands), who approaches the company with promises of funding to "help" the company get their product off the drawing board and into the market. The company, who is usually strapped for cash and desperate for some financial support, considers the terms of the offer. The lender promises them say, five million dollars in exchange for company stock at a 20% discount to the market price at the time they are converted into shares (although some deals are much worse, and the lender gets their shares at as much as a half price discount from the current market price). The company does the math: five million dollars converted to shares at 80% of the current price of around a nickle a share, not too bad a deal. Plus, once the news of the financing is released, investors will swoop down in a stock-buying frenzy, the trading volume will go through the roof, and the share price will soar, meaning the company will give up even fewer shares for the money they receive. The lender makes a nice profit, the company gets their product to market, their employees are finally rewarded for their years of dedication, and the loyal shareholders hit the jackpot. Everyone is happy.
Except that none of that actually happens. Before the ink on the contracts has even had time to dry, the lender is on the phone, calling his co-conspirators.
The Con:
What happens next is complex, and involves the offshore lender, US Brokerage firms, and Canadian Brokers. The lender calls his broker, who is instructed to short sell the company's stock into the ground. Short selling involves the selling of imaginary shares into the market in the hope that the price will drop, and the short seller can then "buy back" the shares (that they never actually owned in the first place) at a cheaper price, and pocket the difference. Once a stock is sold short, a seller (or their broker) must cover their position by "borrowing" shares from other stockholders (usually those shares that are held in a brokerage house, such as ETrade, Ameritrade, etc.), and sell them into the market. It sounds unethical, and bit confusing as well? Maybe, but it is a legal practice that has flourished unchecked for years. The real problem arises when the short sellers dump so many "imaginary" shares into the market that the selling overwhelms any buying pressure, and artificially causes the stock price to crash. And this is exactly what the lender and their cohorts do.
Canada: Co-Conspirators From The North
In order to sell short enough shares to truly cause the stock to tank in price, the broker often has to sell more shares than they can "borrow" from legitimate stockholders. This practice is known as naked short-selling (meaning the short sellers never intended to cover their position by borrowing real shares from legitimate stockholders). There is only one problem. Short selling is illegal in over-the-counter stocks (known as OTC, or penny stocks), and naked short selling any stock is illegal. That's where the Canadian connection comes in. While American brokers have to follow the National Association of Securities Dealers (NASD) rules, Canadian brokers don't. Canadian investors and brokers are allowed to sell short as many shares as they want, and never have to borrow the shares from legitimate stockholders, effectively flooding the market with counterfeit shares. In fact, they can legally sell more shares into the market than even exist in the entire float. So, to circumvent the rules, the American brokers funnel their short selling activities through their Canadian connections. If there are buyers for a million shares, they short sell three million into the market, and on and on, until the stock price eventually collapses under the weight of millions and millions (or billions and billions, if necessary) of fake shares flooding the market.
The Payoff:
So, in simple terms, our lender loans the company a small part of the money they promised them and then immediately calls their co-conspirators in America and Canada, who then flood the market with hundreds of millions of counterfeit shares, causing the share price to collapse. Often, as an insurance policy, bashers are hired to discredit the company on stock message boards such as RagingBull, in effect creating an even darker picture of the company. Then, the lender converts the loaned money into shares of company stock, not at 80% of the nickel stock price that the company envisioned, but at 80% of the market price after they've effectively manipulated the stock price down to almost zero. Instead of the few million shares that the company expected to give the lender, they are forced to give them hundreds of millions (and sometimes even billions) of shares. The lender turns around and dumps those shares into the market, and the price is driven even lower, and they collect their next payment in shares at an even cheaper price. This type of arrangement has become known as "death-spiral financing", because the company is often driven into bankruptcy by the lenders, their American brokers, and their Canadian cohorts.
The Damage:
In the end, this practice amounts to financial terrorism against the United States. Legitimate companies are forced out of business, dedicated employees (who often received stock as part of their compensation) lose their jobs and their stock investments, communities lose out on the opportunity to earn substantial revenues and the employee base that a successful growing business can provide, and the stockholders lose their hard-earned money. Even more, they lose their faith in the stock market as a whole, and vow to never take a risk on a small, unproven, start-up company again. Legitimate lenders stop loaning money to small businesses (which appear to be a much higher risk), and eventually, the entire entrepreneurial spirit of America is put at risk. Make no mistake, lives are literally destroyed by this insidious practice.
What Can Be Done About It? Settle the trades & disclose the fails.
Both the SEC and the NASD have known about this practice for years, yet have stood idly by while Canadian brokers, offshore financial institutions, and their American co-conspirators have systematically financially raped and pillaged our small businesses, their employees, and small investors. Recently, numerous lawsuits have been filed by victim companies naming dozens of brokerage firms as defendants. Individuals and small independent organizations such as www.investigatethesec.com have attempted to draw attention to the problems, and finally, a few small publications such as www.faulkingtruth.com have begun to provide some coverage of the situation.
Proposed NASD and SEC rules don't go far enough to prevent this practice. Until Congress steps in and forces everyone to play by the same rules, and makes those rules tougher in regards to short selling in general (and naked short selling in particular), the OTC market will continue to be a rigged game, and the well being of America will continue to be threatened by unscrupulous foreign (and yes, domestic) interests.
Stockbroker Information -
http://www.broker-check.com/
COMPANY NEWS; KNIGHT EQUITY TO PAY $79 MILLION IN FRAUD SETTLEMENT
Archives-Published: December 17, 2004
http://query.nytimes.com/search/query?query=KNIGHT+EQUITY+TO+PAY+%2479+MILLION+IN+FRAUD+SETTLEMENT&a....
Knight Equity Markets will pay $79 million to settle charges that it defrauded its institutional investors by delaying trades and intervening in transactions to raise the price, regulators said yesterday. According to the Securities and Exchange Commission and the National Association of Securities Dealers Inc., a former institutional sales trader at Knight used deceptive sales practices to give Knight $41 million in illegal profits. Knight Equity is a subsidiary of the publicly traded Knight Trading Group Inc.
NSS Time Clock Ticking
http://tinyurl.com/5blu
http://globalfire.tv/nj/07en/globalism/us_insolvent.htm
http://globalfire.tv/nj/06en/globalism/gold_conspiracy.htm
http://www.the-privateer.com/
INFO VIDEO: Naked Short Selling Part 1
http://www.youtube.com/watch?v=Bfi3Hxasm2s
INFO VIDEO: Naked Short Selling Part 2
http://www.youtube.com/watch?v=RYUU2qZOcM0
INFO VIDEO: Naked Short Selling Part 3
http://www.youtube.com/watch?v=taLhQoTvTLw
http://www.declarationproject.us/
Shapiro Response
http://www.ncans.net/files/Response%20to%20DTCC%20Deputy%20Counsel%20Thompson%20-%20Robert%20Shapiro....
How The Khazar Rothschilds Devoured Europe
The Criminal Rothschilds - Vid
US Presidents Murdered By Rothschild Banksters
http://www.rense.com/Datapages/zionismdata.htm
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