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When fraud takes place and money is stolen from investors it eventually has very devastating long term affects on everyone.
These defrauded individuals will no longer be able to spend the money they had to begin with affecting the economy.
Think of it this way you have a full wallet of money and it all goes missing, now try to spend money on that new T.V., car, etc...
Gold's recent move is due to its alternative role to global currencies which have sunk in value relative to bullion. Indeed gold historically served as the currency of last resort. Gold is money, it is the Chicken Little of the financial markets, it is the universal safehaven and a hedge against what ails us.
As in the game "Texas Hold 'em", the US once held all the winning cards but in the past few years has succeeded, by bluffing. Simply put, America's insatiable demand for cheap oil and financing has placed it in a vulnerable position, depending on its very competitors for financing. That cannot continue for too long. The US has gone "all in" before the "flop" card. Gold is a surefire winner when Uncle Sam has such a losing hand.
China's desire to increase its gold reserves would reduce currency risks and change asset allocation - a potential shift with major implications for the global financial and commodity markets. The Chinese State Agency has recently stated its intention, "to optimize the currency and asset structure and to actually boost investment returns of the country's foreign exchange reserves". That set off alarm bells and a doubling of the bet.
Central banks limited their gold sales due to the extension of the Washington Agreement limiting gold sales to only 500 tonnes annually. The European central banks reluctance to sell more gold was due partly to the misguided Bank of England's sale of 300 tonnes near the bottom of the market at $275 per ounce. On the other hand, Argentina, South Africa and Russia are looking to boost their reserves of gold. Awash with petrodollars, Russia has expressed an interest to double their reserves to 10 percent. China has about 600 tonnes of gold, less than 2 percent of their reserves and thus would need to increase its reserves by eight times just to get to the European level. The coming New Year is the Year of the Dog and a good year for weddings according to Chinese tradition. Gold will be a good thing to give during the year.
We believe the Asians have winning cards this time and are no longer waiting for the "turn" card. If they decide to buy less paper, the US current account deficit could not be financed at current exchange and interest rates, since the American savings rate is near-zero. America's problem is a "made in America" and not in Asia. And with a burst housing bubble, it has been estimated that over $2.5 trillion in mortgages will come due this year and next at carrying values twice what they were when they were originally written.
The dollar is the world's currency. The massive US current account deficit is now more than 6.4 percent of GDP and is unsustainable. In the 80s, when current account deficits were less than 4 percent of GDP, the greenback fell 40 percent. The US budgetary deficit widened to $83.1 billion in November, the largest deficit of any November. The deficit is expected to top $400 billion up from $318 billion a year ago, for the third year in a row. Debt service payments represents 15 percent of the deficit. America's reluctance to curb its insatiable appetite for cheap energy is causing it to import more and more expensive oil, raising its indebtedness further. Concerns over the ability of the US to finance their deficits has led to a loss of confidence in dollar assets and the beginning of a spiraling down in the value of its currency and its assets. The US must import more than $2 billion of capital from abroad every day or 80 percent of the world's savings - truly unsustainable.
Because the US owes abroad much more than it owns, consumes more than it produces, there are too many dollars. Foreigners are converting those dollars to Euros and to gold. Gold will trade beyond its last peak of $850 as these global imbalances are poised to come home to roost. Gold will continue to outperform dollar assets. Gold's bull market has only just begun.
Sure looks like the Mob to me too.
This was too organized for a single person to transfer millions of dollars.
We the shareholders are victims in this crime since the money has just vanished.
How can the government just stand by and let this happen, banks get robbed, even tiny little stores get robbed and what happens insurance covers them.
In fact if it brings back some memories on a recent robbery that took place involving a shoppers drug mart store.
A guy came up holding a knife to the sales clerk demanding money, and the clerk was no wusy so he pulled out his own knife and in save the stores money. In return the sales clerk got fired, because these stores actually have a policy and special training that in case of a robbery they are to simply hand over the money as their insurance will cover it.
It sounds rediculous that the guy got fired for being proactive but he didn't follow their prolicies for which they get a couple hours worth of training before being hired.
My point is that if a tiny store can have insurance to cover them in case of a robbery, what about shareholders who use an unsafe stock market and our money has gone missing ???
It doesn't matter if it was the easter bunny that took the money, it should be an automatic that stolen money especially millions of dollars should be compensated by a companies insurance or the lawyers that signed the paperwork.
Any comments ?
Please explain why you think involving the FBI is useless?
*WOW! It appears that we are moving forwrd if not only playing by the rules
and approaching the end result as per the intelligence rule. It has been a
long jourey for all shareholders. Hopefully we see a very positive outcome.
Read below to the current post from the CMKM website.*
Thanks Ming.... from the millionaire Board
TO: FBI FIELD OFFICE – LAS VEGAS, NV
« Thread Started Today at 6:47pm »
(mods, please delete if already presented here
CMKM DIAMONDS, INC.
6f5 S. Broadway
Tyler, Texas 75701
www.cmkmdiamondsinc.com
*TO: FBI FIELD OFFICE – LAS VEGAS, NV
1787 W. LAKE MEAD BLVD.
LAS VEGAS, NV 89106
ATTN: CHIEF: CMKM TASK FORCE
FROM: MARK FAULK, CEO*
*February 7, 2009*
We are aware of a multi-year investigation by a joint task force of the FBI,
DOJ, and IRS
into fraud committed against CMKM Diamonds, Inc. and its shareholders.
We understand that the Victim Notification System (VNS) was established as
part of the
FBI's commitment to ensure that victims of federal crime are treated fairly
as their case
moves through the criminal justice system.
We also understand that once identified as victims, we have the following
rights (among
others) as specified in the "Help for Victims of Crime" brochure as
published by the
Department of Justice:
The right to confer with the attorney for the Government in the case;
The right to full and timely restitution as provided in law;
The right to proceedings free from unreasonable delay.
I direct your attention to the enclosed CD, labeled "CMKM Shareholders' List
4-09-08".Please read the cover letter carefully, and please expedite adding
the entire shareholder list
to your "victims list" for CMKX.
If there is any reason why the above request CANNOT be completed, or if you
have
questions regarding the list, please call me at your earliest opportunity to
discuss. CMKM
Diamonds, Inc. has 50,000 shareholders who have been waiting for 4 years for
justice. We
believe that this issue should be resolved immediately.
Thank you.
Sincerely yours,
Mark Faulk, CEO
CMKM Diamonds, Inc.
615 S. Broadway
Tyler, TX 75701
Ph: (903) 262-8397
The FBI investigation should not surprise any of us but what do you make of that ?
I agree "We have confirmation the IRS criminal division is looking into CMKX, plus other agencies. When they have all their ducks in a row, I believe there will be indictments, if not something is seriously wrong. "
Darn it... there go the rest of my stocks issued from CMKX
temporary suspension of trading in the securities of the following issuers lol
The SEC is lacking authority ... same thing over and over they'll be trading again after the suspension is lifted a week later. hmmmmmmmmmmmmmm
20 years in prison would be perfect! They won't last 1 year with Bubba and his bar of soap lol
The concept is similar extra shares introduced into the pool that should not be sold publicly!
No one knew what they were up to, when we were buying our Billions of shares. Most people bought shares straight through their broker.
How can the Transfer agent provide billions of unrestricted shares without first clearing this with the SEC ?
What do the illuminati have to do with this ?
The squids with the ' eyeball ' on their arm, or chest ;)
http://www.jesus-is-savior.com/False%20Religions/Illuminati/dollar_ase.gif
lol yes and maybe we can ask these great people to provide some tips for the public in the movie how easy it is to rob millions without lifting a single finger. How it can be done from the comfort of your own home.
Perhaps they'll give the SEC some tips in the movie on how it takes no effort to bypass billions of shares and sell them to the public for months.
Wait a minute maybe they were just trying to make a point to the world. If the SEC had no clue, how could they possible know anything about NSS.
I think these guys have a way out. They did all this to prove to the world that NSS is possible. Based on the outcome here they have proved it. Why ? Whell because they introduced unregistered shares into the stock market and got away with it.
Hence MM's are doing this for sure!
No wonder the LARD didn't want to share the transaction records for such a long time!
Become a movie star! (only brave men/wymen) here is your chance to work with Michael Moore and become very popular.
This is all you need...
February 11, 2009
Friends,
I am in the middle of shooting my next movie and I am looking for a few brave people who work on Wall Street or in the financial industry to come forward and share with me what they know. Based on those who have already contacted me, I believe there are a number of you who know "the real deal" about the abuses that have been happening. You have information that the American people need to hear. I am humbly asking you for a moment of courage, to be a hero and help me expose the biggest swindle in American history.
All correspondence with me will be kept confidential. Your identity will be protected and you will decide to what extent you wish to participate in telling the greatest crime story ever told.
The important thing here is for you to step up as an American and do your duty of shedding some light on this financial collapse. A few good people have already come forward, which leads me to believe there are many more of you out there who know what's going on. Here's your chance to let your fellow citizens in on the truth.
If you have any info that would help, please contact me at my private email address: bailout@michaelmoore.com.
For the rest of you on my email list who don't work in the financial industry, you're probably wondering, "What the heck is this all about? I thought he said he was making a romantic comedy!"
Well, I just can't say much right now. I'm sure you can understand why. One thing I can tell you is that you're gonna like this movie when I'm done with it. Oh, yeah...
So, again, if you work for a bank, a brokerage firm or an insurance company -- or if you have seen things or heard things that you believe the American people have a right to know -- please contact me at bailout@michaelmoore.com.
Thank you in advance for your help!
Yours,
Michael Moore
bailout@michaelmoore.com
MichaelMoore.com
I'll see what they have to say about that.
In case you missed this:
CMKM Diamonds, Inc. has recently taken a number of steps to encourage the Department of Justice, Federal Bureau of Investigation, and the Internal Revenue Service to finally issue indictments and commence criminal proceedings against former CEO Urban Casavant and insider John Edwards and their cohorts, who blatantly stole $250 million from the Company and its shareholders.
Over the last two weeks, CMKM and its shareholders have contacted hundreds of public officials, including congressmen, federal regulators, criminal agencies, and people within President Obama’s administration. Although our letter was addressed to President Obama, our hope was that anyone in a position of authority would hear our plea for justice. One CMKX shareholder, a United States Air Force pilot who was just one of dozens of soldiers who were ruthlessly targeted in this massive fraud, worded it this way in his email to public officials: “The SEC, DOJ, FBI, etc. have dragged out this case for years and have no sense of urgency”.
While the Company cannot say for certain whether or not there was any “sense of urgency” in the past, we can confirm that the Company and its shareholders’ efforts have not fallen on deaf ears. Of particular significance was a single email directed to 20 people within the DOJ, FBI, IRS, SEC, and FINRA, containing the CMKM Plea for Justice, along with an introductory email, which said, in part:
I am aware of a joint Task Force consisting of the DOJ, FBI, and the IRS, assisted by the SEC, that has been investigating this massive fraud for the past few years. I know that our criminal agencies are overworked and underfunded, but this fraud is a travesty. These shareholders have been waiting for years to see criminal charges filed against those who blatantly stole hundreds of millions of dollars from them. Current management at CMKM Diamonds has in the past assisted the various agencies in their efforts, but I would like to extend that offer once again, We have hundreds of thousands of pages of bank account records, transfer agent records, and trading records, as well as other evidence that might be helpful to your efforts. Please contact me if I can be of assistance, and I would appreciate a reply so that I can at least be assured that this investigation has not been abandoned.
And please......PUT THESE CRIMINALS IN PRISON!!
When that email was sent out, the Company received a phone call from a member of the Task Force less than two hours later, asking us to assist them in their investigation. We are doing everything within our power to help them expedite their investigation, and will continue to do so. It is my belief that they are continuing their efforts with a renewed sense of urgency.
While we provide assistance to the Task Force, we believe it is in the best interest of CMKM Diamonds and its shareholders to continue to encourage a swift conclusion to the investigation, while at the same time being careful not to impede their progress. This is why we have followed up our letter by posting a petition to the DOJ, FBI, and IRS Task Force investigating CMKM Diamonds. Inc (CMKX). We intend to send them a preliminary copy as soon as we reach a thousand signatures, but we hope to have many more in the near future. We encourage all shareholders and other advocates for justice in our financial system to sign the petition and help us distribute it to others who might join our fight.
The Company has also mailed a Letter of Request to the Task Force asking that all CMKM Diamonds, Inc. (CMKX) shareholders be added to a victims’ list under the Victim Notification System (VNS). All recognized victims on the list have certain rights as specified in the “Help for Victims of Crime” brochure published by the Department of Justice, including “The right to proceedings free from unreasonable delay”. We have included a list of all shareholders who we have been able to identify through the cert pull conducted in late 2005 and 2006. Although this list is incomplete, it will give the FBI (during the investigation phase) and the DOJ (once charges have been filed) a starting point in contacting victims in the CMKM Diamonds, Inc. fraud case.
As we move forward with our civil lawsuits and other company business, CMKM Diamonds, Inc. will also continue to work with all federal agencies to ensure that all those who conspired to steal an estimated $250 million are punished to the fullest extent of the law. I would like to thank our Advisory Committee, Board of Directors, Corporate Counsel, and our dedicated shareholders for their untiring efforts in this cause.
Mark Faulk, CEO
Its about time action is being taken!
Want a home for 70% off? Head to Naples Florida. Or Merced and Salinas California.
http://sootandashes.blogspot.com/2009/02/want-home-for-70-off-head-to-naples.html
I agree with you 100% the Commercial Real Estate is going to go first, price for food has already been jacked because we have to eat and next we'll see a ton of stores going under because people will only spend on necessities. Lots of deals out there soon, may want to hold off on that T.V. purchase or Car purchase there will be some amazing deals out there.
What happens if a bank accidentally puts $1,000,000 into your account and you spend it ?
They go after anything of value, else its a prison sentence.
I say with the way the econmy is going these guys better watch their backs because you never know when a shareholder will demand their money be returned. Bubba is waiting for them in Jail too so either way they're in deep S**T ;)
Obviously they didn't carry thousands of dollars in cash in their pockets and spent it that way.
Cheques were issued.
The CMKM Diamonds Plea for Justice Petition to DOJ, FBI, and IRS Task Force investigating CMKM Diamonds, Inc. (CMKX) was created by CMKM Diamonds, Inc. and written by Mark Faulk, CEO (4justice@cmkmdiamondsinc.com). This petition is hosted here at www.PetitionOnline.com as a public service. There is no endorsement of this petition, express or implied, by Artifice, Inc. or our sponsors. For technical support please use our simple Petition Help form
Whats so funny about millions of dollars going missing ?
Only $3 million stolen from armoured truck and its all over the news.
$250 million stolen from shareholders and ZERO News WHY???
http://www.globaltv.com/globaltv/ontario/story.html?id=1261261
Now 774 !
This could be huge if a mass email was sent to Millions of people by someone ;)
http://www.petitiononline.com/CMKX/petition.html
UnShareholders:
Total number of phantom shares:
33,683,600,360
Total number of affected companies:
21
Top 10 named brokers:
e-Trade
TD Ameritrade
Schwab
Bank of America
UBS
Pershing
RBC
Scottrade
Goldman Sachs
Pension
http://www.unshareholder.com/registerstatus.php
Guess who ever said that doesn't know all the facts about CMKX either. lol
your cummalative GPA needs to be around 3.8 or higher !
Thats all :)
To go to the Air Force Academy (or any service academy), you can start now by excelling in academics. SAT/ACT scores will be big; if you can take PSATs or practice exams to improve your score, do so. GPA is also an important facet, as well as what classes you take: 4 years math, chemistry, physics, AP/honors classes. No matter what your major is at USAFA, you will have to take engineering classes there, so they want you to have a good base.
From the athletic side, be involved in some kind of sport - it doesn't have to be with your HS. Sports captaincies look good on your application as well, if you are given that opportunity. Something like 85% of accepted cadets will have played a varsity sport in HS. You'll need to be able to run well, too... remember that Colorado Springs may be a higher elevation than you're used to running at.
Seek out leadership positions, whether in school, clubs, or sports. Be involved in the community, etc. The academies are looking for "well-rounded" applicants, so you've got to hit all 3 categories.
As for your congressman's or senator's recommendation - you will not start that process until the summer after your junior year (when you start the official application). You contact each office individually - 2 senators & your district's congressman - and they will give you details on how to set up an interview.
You might also look into Civil Air Patrol, if there is a nearby unit you can be involved with.
Finally - check USAFA's website for information regarding their Summer Seminar program. This is a week to spend at the Academy, learning from current cadets about life there and getting to experience some of what it's like. Also, they will see you and add an evaluation of you to your admissions packet.
Basically you'll need a lot of Good luck!
You better have all A's or they won't consider you for the program. So yes very smart!
In case you missed it...
http://www.petitiononline.com/CMKX/petition.html
If it was all legit the insiders would not have got their hands on our money in the first place. There are more individuals involved and some of them are starting to point fingers which is what I expected to see in the long term. There is always a trail to follow and all it takes if for someone scared to start talking to the authorities.
Washington said: "FINRA is even less competent than the SEC," he said, calling the self-regulator corrupt and beholden to industry.
So there you have it the SEC gets their ass kicked because they fear the Big Boys!!!
By Rachelle Younglai and Karey Wutkowski
WASHINGTON (Reuters) - Harry Markopolos, a former investment manager who warned U.S. regulators about Bernard Madoff, criticized the Securities and Exchange Commission and said on Wednesday that Madoff had help in running his alleged $50 billion fraud.
Markopolos told Congress that the SEC staff was neither willing nor able to uncover what Madoff, accused of having run the world's biggest Ponzi scheme, was really doing. He also said that he knows the names of a dozen other so-called feeder funds that helped Madoff raise money from pension funds and wealthy investors and that he would turn these over to regulators this week.
Calling SEC staff "too slow, too young and too undereducated," Markopolos said regulators "did not understand the red flags and could not do the math."
"They looked at the size of Madoff and said he's a big firm and we don't attack big firms," Markopolos said about U.S. regulators.
Madoff, a former chairman of the Nasdaq stock market, has been accused of running a massive Ponzi scheme in which he paid of earlier investors with money from later investors.
The failure of the SEC to detect the massive scandal was examined at a U.S. House Financial Services subcommittee hearing on Wednesday. The panel is gathering information before it launches a broad reform of U.S. financial regulations.
At the hearing, Markopolos described his probe of Madoff and attempts to share information with SEC officials. As early as May 2000, Markopolos said, he provided the SEC's Boston office with evidence that he said should have triggered an agency investigation of Madoff.
Over the subsequent years, Markopolos said he resubmitted the evidence to the agency, but to no avail.
"I gift-wrapped and delivered the largest Ponzi scheme to them," said Markopolos, who is now working as a fraud examiner.
Markopolos said the SEC's enforcement division lacks experienced financial experts and is hindered by lawyers who do not understand red flags. Markopolos also highlighted turf battles between the SEC's Boston and New York regional offices and said the agency was captive to industry.
"There are no incentives for the SEC to find fraud," he said.
Markopolos and Madoff were Wall Street competitors when Markopolos was the former chief investment officer of Rampart Investment Management. Markopolos began looking closely at Madoff in 1996 after his boss at Rampart asked him to figure out how to match the returns of Madoff's firm. Markopolos said his analysis convinced him it was impossible for Madoff to consistently outperform the markets.
Markopolos had harsh words for some SEC employees, such as Meaghan Cheung, the agency's New York branch chief whom he had contacted in November 2007. Cheung, Markopolos said, never grasped the concepts in his report or asked him any questions.
"Her arrogance was highly unprofessional, given my understanding of her responsibility and mandate," Markopolos told the Congressional panel, which held the hearing as it considers broad financial regulatory reforms. Cheung left the SEC in fall of 2008.
REGULATORY REFORM EYED
The subcommittee's chairman Paul Kanjorski, a Democrat from Pennsylvania, said he was going to introduce legislation that would give audit watchdog the PCAOB the authority to examine auditors of broker-dealers.
Madoff's auditor was a small, unknown firm that was not registered with the PCAOB.
Top SEC officials told the panel that the agency was considering a number of changes in light of the Madoff case, including how frequently investment advisers are examined. The SEC is now able to examine only about 10 percent of all registered advisers every three years, as advisers far outnumber the agency's examination staff.
Other issues the SEC is examining include unregistered advisers and funds, the outdated regulatory system for brokers and advisers, and the need to strengthen the custody and audit requirements for regulated firms.
Since learning of Madoff's arrest, the industry-funded Financial Industry Regulatory Authority has stepped up its review of the broker-dealer industry. In prepared testimony, interim FINRA Chief Executive Officer Steve Luparello said the broker-dealer watchdog was looking at custody issues in joint broker-dealers and investment advisers as well as reviewing brokers whose registered representatives may have referred clients to Madoff's advisory business.
Markopolos also had harsh words for the broker-dealer watchdog and its predecessor, the NASD. "FINRA is even less competent than the SEC," he said, calling the self-regulator corrupt and beholden to industry.
(Additional reporting by John Poirier in Washington and Svea Herbst Bayliss in Boston; Editing by Lisa Von Ahn and Gerald E. McCormick)
http://www.reuters.com/article/topNews/idUSTRE5133ZF20090204?pageNumber=1&virtualBrandChannel=0
My Benz ;)
The OTC stocks need to have some basic control and a Transfer agent issuing Unregistered needs to be held liable for being an accomplist in these SCAMS. They should inform the authorities when millions of dollars are involved.
Try putting in $10,000 CASH into a bank account and see what happens. You will be monitored!
As for what you're saying about investing in good companies yes follow what the wealthy profitable people are doing such as:
http://www.coattailinvestor.com/members/default.aspx
Here are some examples of what they're holding...
POT, PBR, KFT, PG, COP
The biggest infaltion we have ever seen.
I guess investing in anything food related would be of great value down the road.
Any great companies that have the greatest potential to go up... way up ?
"short selling can actual serve as a healthy conduit" I'm sure it can but not for the investors!
I sure you would love for your neighbour to grab the keys to your car and drive it whenever he feels like it too. lol
Is it ok if we start shorting our Homes ???
Lets argue it legally in the courts its what the stock market thats doing it too so why can't I short my House ???????????????????????????????/
Wait its legal!
We're all going to pay for this Bailout, nothing is free!
Just wait till you buy your groceries one year from now, you have to eat right ?
You'll be lucky to see a single $1 when you retire.
Your kids will see ZERO $$$.
Very true Jimmy someone is stealing from the people in the USA and no one seem to care. We're all better off holding something tangible like Gold.
The stock market is like this...
You invest 10,000shares at $1/share in a over the counter stock after a year the company does a reverse split of 1000:1
Now you're holding 10 shares still worth $1/share so you have just lost your money. The $10 you can claim as a loss.
Was it a worthless company ?
Lets see we had people put thousands of dollars into this compnay hence its value money wise is $$$$$$$$$$$$$$$$$$$
yet the stock value went down.
Why??? Hmmmmmm maybe because something else is going on.
Like Illegal NSS!!!!!!!!!!!!!!!!!!!!!!!!!!
Just pick 100 pink sheet companies and look at their trends.
They have all done this. Is it just chance?????????
No the stock market is a SCAM! Sorry but that the reality.
Hey don't go calling granny names she is a personal friend of my. lol
Fine I'll show you proof we have!
This is Bush,CMKX and NSS in black and white as being illegal!!!
http://www.sec.gov/comments/s7-12-06/s71206-378.pdf
So if the Govn't can't do anything about this how deep in S**T are we in ????????????????????????????????
If its so legal why have a SEC NSS list ?
How do you know this for a fact,
do you have access to the the DTCC tape?
http://www.nasdaqtrader.com/Trader.aspx?id=trader_sec_shortsale