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I am only worth what you perceive me to be worth.
A penny is only worth a penny if you listen to your government and the Federal Reserve, but in the two trillion dollar underground economy of America, a penny is worth a dollar to those who understand the mechanisms by which this country is controlled and dominated by certain vested interests.
And renember, I didn't dub myself "The Penny King", I was given the honorable title by a homeless person who had hunted me down after he had heard I was buying pennies from homeless people for a nickel each. Eccentric? Highly and proud of it. Delusional? Hardly close to it. But I've got your number bubba!
Actually it comes to $3,600 an hour and if I were you I wouldn't touch TLXX for anything more than .0001 until all the dust settles. As soon as I get out of jail maybe I could wind up being the Chairman of the Telynx board, after all, Matt and I go way back, and this is the third request in the last year by me personally, and lord knows how many other people have clamoured to become the chairman of that message board here at Ihub, I wonder why?
The idea of Free Thought Flow came to me while I was in Vancouver, B.C., Canada on Memorial Day, 2004.
While the rest of the country I had just left behind, which didn't at that time compose a majority of Americans, remembered the fallen dead of all the wars fought by the United States, I was busy focusing my attention on the future of humanity.
My concerns were numerous, my ideas to bring about a better world were slowly seeping into society through various channels. But where did all these ideas come from and why were they being channeled through me particularly.?
This was not only a mystery to me, but to many others who are both friends and enemies.
Yes, I have many enemies who would dare to destroy my reputation, my vision, my intentions, so often that I must retreat some time into my own world and contemplate how to deal with them and the concerns of the world around me.
My reputation in some circles is stellar. On the other hand, my reputation in the world of finance has been shattered by the battle being fought between free thought and the United States government.
Why does the global military financial media complex want to control your thoughts?
Because thoughts precede reality and the government controlled global military financial media complex knows this but maybe you didn't.
Let me explain. Let us presuppose and presume that the entire universe we live in is composed of electronic images that we create with our thoughts and that we are all somehow interconnected through an invisible eternal infinite network of awareness levels.
Based on the assumption that there are two or more people who have similar thoughts and therefore agree on a particular event, a specific time to meet, or a place to assemble, then that event takes place only because of the prior thoughts that made the agreement by those who shared the thoughts and the agreement.
The sharing of thoughts through various forms of communication, across time and space, and into the lives of others through various means is probably the greatest freedoms one could have but this freedom is so precious that just taking it away would cause the collapse of the entire civilization of mankind.
Mankind is not civil, but its civilization is a process that takes a long time, particularly when most governments on this planet promote the concept that man is an animal. There are at least some people in the world today who understand the meaning of dignity.
This then brings us back to the connection between free thought and the current battles and wars being waged on this planet by certain vested interests who could not pass a simple quiz such as "Why are idiots stupid?".
The battles being fought between free thought and the United States government are now over! Think about it. If everyone shared that thought in America, would it become a part of everyone elses reality or just theirs?
My observation is that not everyone on this planet has to agree on everyone elses opinion or observation, but we don't need to kill everyone who disagrees with us. Is this not a civil way to conduct social progress?
It is also observed that less than 5% of a target audience needs to receive a certain thought form in order to sway its opinion toward the positioning being sought.
This is marketing jargon which just means that sometimes to control any given situation, if you can just manage to communicate with 5% of your own reality, the rest of reality will take care of itself. Sort of a built in safety mechanism of the universe.
When the idea of free thought flow hit me, I started to write, and decided I would just write down whatever thoughts came up and put them into electronic form.
The problem with it was that when I decided to share some of these thoughts with others far and wide, it made a few them upset or angry because I was messing with their reality. Some people have full time occupations attempting to suppress other people's realities.
Let's just say the government is well aware of who I am but the general masses in America are not and they want to make sure it stays that way. And that is a good thing, because the more they resist certain ideas, the faster the reality they portray will come about, but like I mentioned earlier, there are still people in the government who cannot answer the question "Why are idiots stupid?"
Having recently gone for a walk in the garden at my new home in Kamloops, I returned to continue this bloggishness. I enjoy a good long walk in any garden. Our growing community of five people have planted Strawberries, Mint, Oregano, Lavendar, Sage, Thyme, Marigolds, Morning Glories, Paper Moons, and yesterday a Raspberry.
Blackberries, Lemon Balm, tons of Fennel, Roses, Iris, and more have been well established for some time.
The idea of planting seeds is an interesting study in multiplication. Recently it is true, I was arrested because someone reported to the FBI that I had been saying I was planning on blowing up the Federal Reserve Banking System.
Actually, just three days prior to the arrest I was working on the screenplay I have dubbed, "The Penny King" and put the finishing touches on a scene to be shot in front of the Fed Res Bldg in San Francisco.
In the scene, a thousand people show up in front of the building and all start chanting, "Show us the money!" A silver SUV pulls up loaded down with huge bags of cash and a bald headed man with no shirt on starts ripping open the bags and handing dollar bills out to everyone who hands him a penny. Moments later he disappears while the chanters go on 24/7 surrounding the entire building so no one can get in our out.
Quite a far cry from blowing up a building wouldn't you say?
Is it time for all good men to come to the aide of their planet?
While I was in Mexico recently I noticed the following recent developments:This dusty village is on the edge of ruin. It was once a thriving coffee-growing village, but many farmers have been forced to abandon a livelihood practiced by their families for generations. With the World Summit on Sustainable Development tackling such issues in Johannesburg this week, MSNBC.com looks at a key question: how small farmers, like these in Mexico, can stay on their land and out of the destitute shanty towns of Mexico City and other urban areas of the developing world.
In recent years, coffee has made fortunes for corporations around the globe, but the profits haven't trickled down to farmers. In fact, the traditional farmers of El Paraiso -- and their brethren in places like Kenya, Indonesia, Brazil and Zambia - are being driven out of business by low prices and corporate farms that produce ever higher crop yields.
• The facts on one of the world's great commoditites, imagine the price of coffee collapsing to a penny a pound?
From a business standpoint, this may seem natural: Companies that market the world's coffee are not charities. Like every industry, they buy their raw materials as cheaply as possible and mark them up as much as possible, pocketing the difference for their investors.
But in Mexico and other coffee-producing nations, the social and environmental costs of doing business this way have been enormously high. The World Bank estimates that 540,000 Central American laborers have lost their jobs due to the current coffee crisis.
Villages have turned into ghost towns as their inhabitants, no longer able to make ends meet, crowd into the dangerous and ever-expanding shantytowns that ring major cities in the developing world. Mexico City, one of the world's largest urban sprawls with 21 million inhabitants, is filled with such refugees.
Large, corporate farms do increase productivity and yield. But they also consume good land at an alarming rate. In Brazil, huge swaths of the Amazon rainforest are burned illegally to make room for these farms. In Mexico, illegal timber harvesting has led to flooding and erosion that also destroys prospects for agriculture.
Increasingly, grass-roots organizations and some governments are asking: Is there a future for small-scale farmers in places like Mexico? And, if not, what will the millions of peasants do for a living when their farms are bankrupt?
What if 21 million Mexicans fled Mexico and came to America to scarf up pennies so they could cash them in for a dollar each? Do you know what its like to have swarms of Mexicans with their hands out surrounding your car?
I just can't figure out what I did wrong, so I guess I will just try to figure it out publicly. Its time to weigh in with all the people who have been following me around for the past three years. Yes, I am The Penny King, and for the past ten years I have been selectively buying pennies from the homeless, and almost anyone who I have come into contact with for a nickel each. Well, it is all about to change in an overnight hurry and I will attempt the unattemptable, the purely fictional and impossible task of collapsing the entire US economy as a retaliatory measure against the U.S. Government for their, corruption, abuse of power, political prosecution, harrassment, civil disobedience, and general overall incompetence.
Maybe its because I planned and announced the rise and fall of the US dollar on the global currency markets that I have had this battle with the US government for the past 30 years, and yes it is true I work in the intelligence field and get paid a very high price for the types of information I not only have access to, but which generally comes to me in such volumes that I cannot alone deal with the total amount of corruption going on in America today.
That a small cabal of people at the highest levels of government could not only hoodwink 300 million Americans, but that they can then persecute, prosecute, arrest and detain, without legal counsel, and without constitional democratic civilized rights, any person who sets foot in our land.
Now granted, I am not an American, but I am a Canadian citizen, with a green card, contrary to the false rumors and libelous posts of others not only on Raging Bull but here at Investors Hub as well. And there is quite a large group of people following us over at Silicon Investor who have been faithful and loyal fans due to the nature of the technology about to be unleashed on this planet, but which will be denied to all Americans for their recent greed and corruptions.
And yes, I let the SEC get a $600,000 judgement against me personally as well as a company which I still officially indirectly control, which also controls a public traded company, (or should I say, the topic is in dispute at this stage of development)so that we could take our battles with the US Government to the next obvious level.
Thousands of my readers, (my advisee's) have been following me around the internet through various (probably in the thousands) web groups, bulletin boards, blogs, and what have you. And yes, I do charge one dollar per second for my advisory services, making me one of the most highly paid consultants in the World. In fact certain governments have accepted my advice freely and thereafter followed it to the letter resulting in greater economies of scale and higher concentrations of global economic power.
Now here comes the challenge! George Soros put his foot in his mouth when he launched his anti Bush canmpaign (pun intended) by responding to a Wall Street Journal Reporters question, "Would you bet your entire fortune on the defeat of George Bush?" And the response Soros gave was, "If someone guaranteed it!"
What a window of opportunity I thought, so I put out the word to some of our loyal volunteers, and actually got as far as talking with someone at the Soros Orgs about guaranteeing the defeat of George Bush by a simple wager with the good old Hungarian relative, kind of like discovering you had a very, very rich uncle.
In case some of you out there who could not honestly answer the question, "Why are idiots stupid?", and who wouldn't know better if they tried with all their intelligence available to them, Soros personal fortune is estimated by the media at around $7 billion, and yes, George is Hungarian like me. He is legendarily known in world wide high finance circles as the only person in the history of this planet who made a billion dollars in one year (1993) by shorting the British Pound against the onslaught fo the Euro.
It is a natural law of intelligence gathering science that "at some point you will run across false data about your target and if you act on it there will be severe repurcussions to your image publicly, privately and politically." The flip side of counter intelligence is double counter intelligence. This is a good way to make money. Provide the type of intelligence that doubles your money every day so that within 28 days you become a millionaire, at least if you know how to trade penny stocks that double every day or at least that in 28 days.
The judgement says I have been barred from trading in Penny Stocks. This is good, because now I can legally advise anyone on Penny Stocks and get my regular rate of $3,600 per hour. After all, I don't even have to buy the stock, my audience is so far and wide, it doesn't take much for the people who know me, and who trust me, despite all the rumors of my demise, my incarceration, about my own personal life, and about my personal habits which are choices for any sane person, to make a 10,000% return on their investment, but as the infamous Due Dillinger would say, "Ya Gotta be Quick!"
Some people have asked why I don't charge more for my knowlege of such intelligence activities and information available to me. I say the reason I am cheap is that it only takes me a split second to put out the word to buy or sell this or that stock and make it rocket into the sky or rocket into the bottom of the dung pile. Certainly this might be illegal in the eyes of the SEC depending on how it was done, so trust me, I know I am treading a thin red line and operating in a gray area, and I am not an attorney, despite the denial of my rights to a proper jury trial under the constitution, but those in the know about the SEC vs me and Us vs the SEC, and those who know the difference and make the connections will figure it out soon enough.
Getting back to Soros, my pitch to George was very simple: "I will guarantee the defeat of George Bush if you will put your money where your big fat lying mouth is". Naturally George may not even have gotten the proposed wager, but it was published around the net and linked with other news stories published independent of the general media.
A few weeks later, George retracted his previous public statements published by the Wall Street Journal. Now don't get me wrong, I admire and respect Soros, but when he puts out irresponsible statements like that, he invites the likes of every assasin on the planet to come knocking on his door, and frankly, I am concerned about Mr. Soro's security, as I witnessed first hand a lecture in Berkely where his life was extremely in danger, and his security was highly vulnerable to attack and utter failure.
But what if I changed my tactics and went totally underground, into the underground economy (a trillion in cash trades hands in this market every year.) and built a new economy by destroying the current one? Would I not soon become known as the greatest financial robin hooded terrorist in the world?
Frankly, some moron reported that I was "making threats to blow up the Federal Reserve Bank in San Francisco" and yes, Homeland Security and the FBI picked me up and we had a very nice chat about the whole thing, and yes, I have lots of information for sale to the highest bidder. But despite this blunder, I am back online and moving towards the impossible unbelievable goal previously mentioned.
And what goal is that you might ask? That of becoming the worlds first trillionaire by trading the US Dollar against all the foreign currencies in the world. Humor me.
What if someone came along and started buying pennies from anyone who wanted to sell them for a dollar each? What would the impact of the value of the dollar have on the world markets if something of this nature were to become highly publicised around the world, in fact it could be that it is already being covered in many foreign news markets, and the only people who haven't got a clue as to what is going on in this country today, are the American people themselves.
I would suggest your feedback to Matt so I can get out of jail and continue this bloggishness on the regular boards.
Oil Companies Exceed Fed. Land Limit
By DAVID PACE, Associated Press Writer
WASHINGTON - A single New Mexico family and a dozen big oil companies, including one once headed by Commerce Secretary Don Evans, now control one-quarter of all federal lands leased for oil and gas development in the continental United States despite a law intended to prevent such concentration, federal records show.
Since 1997, mainly as a result of mergers and acquisitions, six companies have exceeded the legal limit of 246,080 acres in lease holdings on public lands in states other than Alaska. But the Bureau of Land Management (news - web sites), in charge of enforcing the 1920 law, has chosen to extend compliance deadlines for years.
In fact, an Associated Press computer analysis found the Interior Department agency permitted companies it knew were in violation of the law in Wyoming to continue to acquire thousands of acres of new oil and gas leases in that state. The bureau has given the companies additional years to comply.
"They should not be purchasing leases," said Tom Lonnie, the bureau's assistant director for minerals, realty and resource protection. Before acquiring a lease, a company must certify that its holdings do not exceed the legal limit.
The government can cancel leases held by companies that exceed the cap. Agency officials acknowledge they have never done that nor denied a company's request for more time to comply.
Companies in violation of the state limit as a result of a merger or acquisition have 180 days to comply.
"We try to work with them instead of hitting them with a hammer," said Bob Bennett, the bureau's Wyoming state director.
When Anadarko Petroleum of Houston asked for a two-year extension to get back into compliance after a 2000 merger with Union Pacific Resources put it over the limit in Wyoming, the bureau said yes. That was the case, too, for a 2002 request by Encana Oil and Gas of Canada.
In the first 15 months of Anadarko's extension, the company acquired 70 new leases in Wyoming totaling more than 100,000 acres. A year after granting Encana the extension, the bureau allowed Encana to acquire two new leases totaling more than 2,000 acres in the state.
Anadarko relinquished 50 of its leases to meet a deadline this April 30 to get back under the acreage cap, Lonnie said. Encana has until October to comply. Four other companies that had gone over the cap in Wyoming since 1997 are now in compliance.
Bureau officials say they have to rely on companies to provide accurate accounts of their holdings because the agency's computerized records do not track transfers of lease operating rights or the ownership of divided shares of leases.
The lax enforcement coincides with the Bush administration's push to open new public lands for oil and gas development. In March, bureau records showed 40 million acres of federal lands were under lease in the continental United States. That is 5.3 million more acres than when President Bush (news - web sites) took office.
Companies and individuals that dominate federal oil and gas leasing have been major financial supporters of Bush and the Republican Party. Since the 1999, the top 25 owners of federal oil and gas leases have directed 86 percent of their $8.2 million in political donations to the GOP.
Individuals and companies affiliated with the Yates family of Artesia, N.M., which is by far the biggest lease holder, have given $276,926 to GOP parties and candidates since 1999, and just $11,400 to Democrats.
Vice President Dick Cheney (news - web sites) visited Artesia in March to raise money for a GOP congressional candidate backed by the Yates. A month earlier, he was in Albuquerque for a presidential campaign fund-raiser that took in more than $200,000.
Denver-based Tom Brown Inc. was over the acreage limit in Wyoming from 1997 to 2000, while current Commerce Secretary Evans was the company's chief executive.
As Bush's campaign chairman, Evans raised millions of dollars from the oil industry for the winning 2000 campaign. When he resigned at Tom Brown before joining the Cabinet in 2001, Evans received a retirement package worth more than $5 million.
Encana, which the government says has exceeded the acreage limit since 2002, announced plans last month to acquire Tom Brown. The merger would join two of the top three federal oil and gas lease owners.
Environmental groups contend the administration is rewarding its financial backers by ignoring the acreage law while pushing more public lands into development.
"It's clear from the data that there is no reason for the Bush administration to issue leases on America's last remaining wild public lands, other than as a favor to their most generous political patrons," said Dave Alberswerth, public lands director for the Wilderness Society.
Lonnie, the BLM's assistant director, said administration officials have left enforcement of the acreage law to bureau officials in the states. He said agency officials are following the same policies they used in the Clinton administration.
Enforcement efforts consist mainly of annual record title checks by bureau officials in each state, Lonnie said. Companies near the limit are asked to produce a record of their holdings for review. But Lonnie said no attempt is made to verify that the record is complete unless there is reason to believe something has been omitted.
Congress limited oil and gas lease ownership in 1920 amid concerns that a few companies would monopolize mineral rights on public lands by cornering leases they did not intend to exploit. But changes in the law over the years and new interpretations have allowed companies to amass far more than the current 246,080-acre limit per state.
Legislation pending in Congress would remove any producing lease from that cap.
The top 25 of the more than 10,000 owners of oil and gas leases, for example, now control more than one-third of all leased acres and 37 percent of the acres in leases actually producing oil and gas, the AP analysis found.
The Yates family, through nearly three dozen companies, individuals and trusts operating out of the same building in Artesia, controls 2.7 million acres of oil and gas leases on public lands. That includes more than 1 million acres in Wyoming, more than 800,000 acres in New Mexico and more than 500,000 in Nevada.
"We pay very close attention to that acreage limitation and are in compliance with it all the time," said Randy Patterson, vice president for exploration at Yates Petroleum.
A dozen companies with Yates family members as officers show up in BLM lease owner records, all with the same address. When the General Accounting Office (news - web sites), the investigative arm of Congress, questioned the arrangement in 1994, the bureau's chief lawyer ruled the law does not require that lease holdings of affiliated companies or individuals be counted together.
The acreage limit applies to individuals and their share of leases held by corporations in which they own more than 10 percent. When the bureau last audited individual holdings in the Yates family businesses eight years ago in Wyoming, it found no violations of the acreage cap.
Large public corporations cannot take advantage of the law the way the Yates family does because their subsidiaries are considered part of the company and their combined lease holdings must be below the state acreage limit.
Both big oil companies and independent operators have another way to amass lease holdings in excess of the state limit. They can enter into agreements with other companies, approved by the government, to develop the oil or gas on several adjoining leases as a unit under fairly strict controls. In return, they get to exclude that acreage from the cap.
Tom Brown, for example, owns 378,790 acres of oil and gas leases on public lands in Colorado, but more than 260,000 acres are excluded from the cap because of such agreements. Encana owns more than 400,000 acres of leases in Colorado, but only 155,715 are counted against the acreage limit.
In all, Encana controlled more than 1 million acres of federal oil and gas leases in March; Tom Brown controlled 856,887 acres.
Other companies that have been in violation of the acreage cap in recent years, all in Wyoming, are BP Amoco, Devon Energy Corp., and Marathon Oil. The combined public land oil and gas leases of those companies in March were 645,969 acres by Devon, 446,615 by BP Amoco, and 358,611 by Marathon.
___
On the Net:
A list of the top 100 federal land lease holders is available at: http://wid.ap.org/oilgas/lease_acres.html
Guess I better do my time! Let me know when you are done being the judge, jury and executioner.
The proverbial fox appears to have been assigned to guard the henhouse. The town arsonist has been named chief of the fire department. The staff recommendation by Annette Nazareth, director of the division of market regulation at the U.S. Securities and Exchange Commission to “outlaw” ownership of paper certificates at the same time the Depository Trust and Clearing Corporation is under intense scrutiny for alleged electronic counterfeiting has begun hitting the small public company markets, company executives, shareholders and manipulative short-selling opponents like the proverbial ton of bricks.
A Dow Jones (NYSE: DJ) article by Judith Burns sparked the uproar, as the inextricably intertwined web of connections between the SEC and the DTC, which is sagging from the weight of conflicted governance by representatives from a rollcall of industry heavyweights, including NASD, which owns NASDAQ (OTCBB: NDAQ), the New York Stock Exchange, Goldman Sachs (NYSE: GS) and Lehman Brothers (NYSE: LEH), to name only a few.
The rule proposal would bar stock transfer agents from handling shares that carry any limitations on transfer. Control over stock certificates is one of the ways that small companies have combated illegal naked short sellers. Burns quoted Nazareth as saying that these companies’ “self-help” efforts “aren’t helping U.S. markets overall.” Nazareth was quoted as saying restrictions on stocks are “a significant step backwards” in the “move from paper stock certificates to automated computerized trading.”
Nazareth said that abusive “naked” short selling has been a problem “in some cases,” but that is “best dealt with by a pending SEC proposal,” presumably Regulation SHO.
SEC Commissioner William Donaldson purportedly publicly refused to answer any questions from the NASD about the timing of the Commission’s consideration of the Regulation at a conference where he was simultaneously proposing early reforms of the mutual fund scandals. The Dow Jones said, however, that Robert Colby, SEC deputy market regulation division director, predicted the SEC will take that to a vote in early June.
The Dow Jones report noted that “naked short-selling occurs when sellers don't buy shares to replace those they borrowed, a manipulative practice that can drive a company's stock price sharply lower.
The stock certiticate plan has been put to a 30-day comment periodl Then the SEC would have to vote to adopt it. If adopted, Colby was quoted as saying that regulators might “sue firms that seek to impose restrictions on stock transfers.”
The recent lawsuit filed by Nanopierce Technologies (OTCBB: NPCT) alleges that the Depository Trust and Clearing Corp. has a lot of reasons, almost one billion of them a year, to keep illegal naked short selling in operation. It was the shot across the bow by the legendary Houston law firms of Christian, Smith, Wukoson and Jewell, and OQuinn, Laminack and Pirtle, whose notches already include environmental targets, the breast implant industry and the tobacco industry, all brought to their knees.
In comments to the U.S. Securities and Exchange Commission, C. Austin Burrell, who is providing litigation support and research for the law firms, said that StockGate is more massive than anyone may have imagined. “Illegal Naked Short Selling has stripped hundreds of billions, if not TRILLIONS, of dollars from American investors,” and have resulted in over 7,000 public companies having been “shorted out of existence over the past six years.” Burrell said some experts believe as much as $1 trillion to $3 trillion has been lost to this practice.
He stated that the restrictions on short selling were deliberately put into the Securities Acts of 1933 and 1934 because of the first-hand evidence then available that the “sheer scale of the crashes was a direct result of intentional manipulation of US markets through abusive short selling by a massive conspiracy.”
Burrell noted that the 65-lawyer team presided over by lead lawyers Wes Christian and John O’Quinn has uncovered more than 1,200 hedge fund and offshore accounts working through more than 150 broker-dealers and market makers in a joint cooperative effort to strip small and medium size public companies of their value.
Recently the NASD and U.S. Securities and Exchange Commission approved an interim naked short-selling band-aid, requiring U.S. brokers to make an “affirmative determination” that short-sellers, even foreign short-sellers, mostly Canadian, can find certificates to cover before processing the order.
The SEC is considering even more stringent rules under proposed “Regulation SHO,” but even before the ink has dried on these orders and proposals, some three dozen of the most “shorted” small public companies listed in the FinancialWire “StockGate 100” were listed on the “wild west” Berlin Stock Exchange, whose executives admitted in an exclusive FinancialWire interview was without their permission or authorization. This allows market manipulators the benefit of the “arbitrage” loophole that none of the present regulations or proposals aim to fill. Among the most recent demanding “delisting” from the Berlin exchange include BGR Corp. (OTCBB: BGRR), Advanced ID Corporation (OTCBB: AIDO), Goldspring Inc. (OTCBB: GSPG), Whistler Investment (OTCBB: WHIS), and Datascension, Inc. (OTCBB: DTSN). Berliner Freiverkehr (Aktien) AG has been singled out as the broker and market maker that has been “listing” the companies. It is suspected that one broker, RA Angsar Limprecht, is involved in all if not most of the listings.
Last year, many besieged public companies sought refuge from the manipulation by seeking to exit the DTC, but on June 4, 2003, the SEC stated “the issues surrounding naked short selling are not germane to the manner in which DTC operates as a depository registered as a clearing agency. Decisions to engage in such transactions are made by parties other than DTC. DTC does not allow its participants to establish short positions resulting from their failure to deliver securities at settlement. While the Commission appreciates commenters' concerns about manipulative activity, those concerns must be addressed by other means.”
The Nanopierce lawsuit, said to be the first of many out of the box, emphatically suggests otherwise. According to lawyer Christian, et.al., the DTC is at the very heart of the problem, and has almost a billion dollars a year at stake in keeping the problem.
The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the SEC. The depository supposedly brings efficiency to the securities industry by retaining custody of some 2 million securities issues, effectively "dematerializing" most of them so that they exist only as electronic files rather than as countless pieces of paper. The depository also provides the services necessary for the maintenance of the securities it has in “custody.”
According to the suit, the DTCC has an enormous pecuniary and conflicted interest in the entire short selling scandal through the huge income stream they were realizing from it every day. They have made literally billions of dollars lending individual real shares, in most cases over and over, getting a fee each time they made a journal entry in the “Stock Borrow Program.”
The Stock Borrow Program was purportedly set up to facilitate expedited clearance of stock trades. Somewhere along the line, the DTCC became aware that if it could lend a single share an unlimited number of times, it could collect a fee each time, according to Burrell. “There are numerous cases of a single share being lent ten or many more times,” giving rise to the complaint that the DTCC has been electronically counterfeiting just as was done via printed certificates before the Crash.
“Such re-hypothecation has in effect made the potential ‘float’ in a single company's shares virtually unlimited and the term ‘float’ meaningless. Shares could be electronically created/counterfeited/kited without a registration statement being filed, and without the underlying company having any knowledge such shares are being sold or even in existence.” Burrell said the Christian/O’Quinn lawsuits will seek to show that the “counterfeiting/creation of unregistered shares is a specific violation of the Securities Act of 1933, barring the ‘Sale of Unregistered Securities’.”
While the Nanopierce lawsuit has been filed at the state level, another companion lawsuit just heading to the courts on behalf of Exotics.com (OTC: EXII) will be argued at the Federal level.
Nanopierce’s suit in the 2nd Judicial District Court in Nevada, is Case No. CV04-01079, alleges that the DTC’s “stock borrow program” was “purportedly created to address SHORT TERM delivery failures,” but that the “end result of the program has been to create tens of millions of unissued and unregistered shares to be traded in the public market,” and in some instances resulting in “two or more shareholders who purchase shares in separate transactions to own the same shares.”
The complaint alleges that the DTC has a colossal disincentive to stop the “stock borrow” program, booking revenues from services of $425,416,000 and similarly, the NSCC deriving revenues of $293,133,000.
Further, the suit alleges that “open positions” resulting from this activity at the close of business on December 31, 2003, “approximated $3,025,467,000” due to NSCC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC’s “Stock Borrow Program.”
Nanopierce claims that DTCC and NSCC have joined in a “scheme” to “manipulate downward the price of the affected securities, thereby reducing the market value of the open fail to deliver positions.” The suit also claims that the defendants have permitted sellers to maintain open fail to deliver positions of tens of millions of shares for periods of a year and even longer.
It quotes the National Association of Security Dealers as admitting that “concerns have been raised by members, issuers, investors and other interested parties about potentially abusive short selling activities occurring in the marketplace. In particular, naked short selling, or selling short without borrowing securities to make delivery, can result in long term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes such extended failures to deliver can have a negative effect on the market. Among other things, by not having to deliver securities, naked short sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity.”
Nanopierce claims that it had “relied on material misrepresentations and omissions by DTC and NSCC in trading its shares in the stock market “without knowledge of Defendants’ fraud-on-the market through statements they made about the clearing and settlement services they provided.” Further, it claims that the Defendants acted with “scienter” since they had a major financial financial motivation to falsely represent their services, which Nanopierce claims are also anticompetitive.
The largely unregulated DTC has become something of a defacto Czar presiding over the entire U.S. markets system, wielding more day-to-day influence and control than the SEC, the NASD and NASDAQ combined. And, as the SEC’s June 4 ruling indicates, its monopoly over the electronic trading system appears even to be protected.
The Depository Trust and Clearing Corp.’s two preferred shareholders are the New York Stock Exchange and the NASD, a regulatory agency that also owns the NASDAQ (OTCBB: NDAQ) and the embattled American Stock Exchange! Regulators, regulate thyself?
In an era when corporate governance is the primary interest for the SEC and state regulators, the DTCC is hardly a role model. Its 21 directors represent a virtual litany of conflict:
They include Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C); Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC);
Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thompson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM).
In their comments to the SEC regarding Regulation SHO in January, the 50 state regulators, through their association, the North American Association of Securities Administrators (NASAA) issued what many consider to be a strong warning that if the DTC is not dealt with in the final regulations, state regulators such as New York State Attorney General Eliot Spitzer may step to the plate.
In what many considered to have been explosive comments, Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities, warned "NASAA urges the Commission to reconsider its stance regarding the role of the Depository Trust and Clearing Corporation (the DTC). As a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The ability of the overall proposed rule would be severely impared unless the Commission undertakes to implement such a prohibition.”
As the Nanopierce lawsuit reveals, those were indeed strong words, meddling as it did, in a substantial revenues base for the DTCC.
Recently, leading market makers and brokers named in various lawsuits and other actions, including FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion’s (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN). A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), and ETrade Group, Inc. (NYSE: ET), were forced to comply with new short-selling market regulations imposed by the NASD after the SEC had “sat on” the NASD request to plug material loopholes for almost 2-1/2 years.
“The new rules expand the scope of the affirmative determination requirements to include orders received from broker/dealers that are not members of NASD ("non-member broker/dealers").
The new rule is on the web at http://www.nasdr.com/2610_2004.asp#04-03
The rule itself, while welcomed by small companies and their shareholders in the U.S., nevertheless raised an outcry because the NASD’s request to put it into effect had set on a shelf at the SEC since 2001.
The scandal has embroiled hundreds of companies and dozens of brokers and marketmakers, in a web of internaitional intrigue, manipulative short-selling and cross-border acctions and denials.
Comments on Regulation SHO ended January 5, and may be viewed at http://www.sec.gov/rules/proposed/s72303.shtml .
Some 122 companies, including 13 brokers, such as FleetBoston (NYSE: FBF), Goldman, Sachs & Co. (NYSE: GS), H. Myerson & Co., Inc. (NASDAQ: MHMY), Olde / H&R Block (NYSE: HRB), Charles Schwab (NYSE: SCH), Toronto-Dominion’s (NYSE: TD), TD Waterhouse Group and vFinance, Inc. (OTCBB: VFIN). A.G. Edwards, Inc. (NYSE: AGE), Ameritrade Holding Corp. (NASDAQ: AMTD), Deutsche Bank AG (NYSE: DB), and ETrade Group, Inc. (NYSE: ET), have been embroiled for over a year in a raging controversy
The remaining 109 companies among the 122 named to date have issued press releases or been named in the media as having been victimized, or as taking various actions, either alone or in concert with other companies, to oppose manipulative trading in the form of illegal naked short selling. The actions have ranged from lawsuits to withdrawals and threatened withdrawals from the electronic trading system managed by the Depository Trust & Clearing Corp., to withdrawals from toxic financings, to the issuance of dividends or name changes designed to squeeze manipulators, to joining associations or networks or to contacting regulatory authorities to provide documentation of abuses or otherwise complain.
The complete list of those 108 companies include Advanced Viral Research Corp. (OTCBB: ADVR), AdZone Research, Inc. (OTCBB: ADZR), Amazon Natural Treasures (OTC: ANTD), America's Senior Financial Services (OTCBB: AMSE), American Ammunition, Inc. (OTCBB: AAMI), AngelCiti Entertainment (OTCBB: AGLC), ATSI Communications, Inc. (OTC: ATSC), Federal Agricultural Mortgage / Farmer Mac (NYSE: AGM) Allied Capital (NYSE: ALD), American Motorcycle (OTC: AMCYV), American International Industries (OTCBB: AMIN), Ameri-Dream (OTC: AMDR), Adirondack Pure Springs Mt. Water Co. (OTCBB: APSW), ATSI Communications,Inc. (OTC: ATSC) Bluebook International (OTCBB: BBIC), Blue Industries (OTCBB: BLIIV), Bentley Communications (OTCBB: BTLY), BIFS Technologies Corporation (OTCBB: BIFT), Biocurex (OTCBB: BOCX). Broadleaf Capital Partners, Inc. (OTCBB: BDLF), Chattem, Inc. (NASDAQ: CHTT), Critical Home Care (OTCBB: CCLH), Composite Holdings (OTC: COHIA), CyberDigital, Inc. (OTCBB: CYBD). Diamond International Group (OTCBB: DMND), Dobson Communications Corp. (NASDAQ: DCEL), Eagle Tech Communications (OTC: EATC), Edgetech Services (OTCBB: EDGH);
Also, Endovasc Ltd. (OTCBB: EVSC), Enviro-Energy Corporation (OTCBB: ENGY), Environmental Products & Technologies (OTC: EPTC), Environmental Solutions Worldwide, Inc. (OTCBB: ESWW), EPIXTAR Corp. (OTCBB: EPXR), eResearchTechnologies, Inc. (NASDAQ: ERES), Flight Safety Technologies (OTCBB: FLST), Freddie Mac (NYSE: FRE), FreeStar Technologies (OTCBB: FSRCE), Front Porch Digital,
Inc. (OTCBB: FPDI), Geotec Thermal Generators, Inc. (OTCBB: GETC), Genesis Intermedia (OTC: GENI), GeneMax Corp. (OTCBB: GMXX), Global Explorations Inc (OTC: GXXL), Global Path (OTCBB: GBPI), GloTech Industries, Inc. (OTCBB: GTHI), Green Dolphin Systems (OTCBB: GLDS), Group Management (OTCBB: GPMT), Hop-On (OTC: HPON), H-Quotient, Inc., (OTCBB: HQNT), Hyperdynamics Corp. (OTCBB: HYPD), International Biochem (OTCBB: IBCL), Intergold Corp. (OTCBB: IGCO), International Broadcasting Corporation (OTCBB: IBCS), InternetStudios, Inc. (OTCBB: ISTO), ITIS Holdings (OTCBB: ITHH), Investco Corp. (OTCBB: IVCO), Lair Holdings (OTC: LAIR), Lifeline BioTechnologies Inc. (OTC: LBTT), Life Energy & Technology (OTCBB: LETH), MBIA (NYSE: MBI);
Also, MegaMania Interactive (OTC: MNIA), MetaSource Group, Inc. (OTCBB: MTSR),Midastrade.com (OTC: MIDS), Make Your Move (OTCBB: MKMV), Medinah Minerals (OTC: MDMN), MSM Jewelry Corp. (OTC: MSMC), Nanopierce Technologies, Inc. (OTCBB: NPCT), Nutra Pharmaceutical (OTCBB: NPHC), Nutek (OTCBB: NUTK), Navigator Ventures (OTC: NVGV), Orbit E-Commerce, Inc. (OTCBB: OECI), Pitts & Spitts (OTC: PSPP), Sales OnLine Direct (OTCBB: PAID), Pacel Corp. (OTCBB: PACC), PayStar Corporation (OTC: PYST),Petrogen Corp. (OTCBB: PTGC), Pinnacle Business Management (OTC: PCBM), Premier Development & Investment, Inc. (OTCBB: PDVN), PrimeHoldings.com, Inc. (OTC: PRIM), Phlo Corporation (OTCBB: PHLC), Resourcing Solutions (OTC: RESG), Reed Holdings (OTC: RDHC), Rocky Mountain Energy Corp. (OTCBB: RMECE), RTIN Holdings (OTCBB: RTNHE), Saflink Corp. (NASDAQ: SFLK), Safe Travel Care (OTCBB: SFTVV), Sedona Corp. (OTCBB: SDNA);
Also, Sionix Corp. (OTCBB: SINX), Sonoran Energy (OTCBB: SNRN), Starmax Technologies (OTC: SMXIF), Storage Suites America (OTC: SSUA), Suncomm Technologies (OTC: STEH), Sports Resorts International (NASDAQ: SPRI), Technology Logistics (OTC: TLOS), Swiss Medica, Inc. (OTCBB: SWME), Ten Stix, Inc. (OTCBB: TNTI), Tidelands Oil (OTCBB: TIDE), Titan Construction (OTC: TTCS), Trezac Corp. (OTCBB: TRZAV), Universal Express, Inc. (OTCBB: USXP), Valesc Holdings, Inc. (OTCBB: VLSHV), Vega Atlantic (OTCBB: VGAC), Viragen (AMEX: VRA), Viragen International (OTCBB: VGNI), Vista Continental Corporation, (OTCBB: VICC), Viva International (OTCBB: VIVI), Vtex Energy (OTCBB: VXENE) and Wizzard Software (OTCBB: WIZD), WorldTradeShow.com (OTC: WTSW) and Y3K Secure Enterprise Software, Inc. (OTCBB: YTHK).
Earlier in 2003, the SEC fined Rhino Advisors, Inc., $1 million for its representation of Amro International in the financing and manipulation of Sedona Corp. Amro, also known as AMRO, was registered in Panama, a secretive offshore haven, but was not named in the SEC settlement. Another 60 public companies may have been manipulated by the fined Rhino Advisors and its indicted principals, or its funding apparatus, Amro.
These include:
All American Food Group Inc (OTC: AAFGQ), Amanda Co Inc (OTC: AMNA), Antra Holdings (OTC: RECD), Aquis Communications Group Inc (OTCBB: AQUIS), Avanir Pharmaceuticals (AMEX: AVN), Bionutrics Inc (OTC: BNRX), Brilliant Digital Entertainment Inc (AMEX: BDE), Bravo! Foods International Corp. (OTCBB: BRVOE), Butler National Corp (NASDAQ: BUTL),Calypte Biomedical Corp (OTCBB: CYPT), Chemtrak Inc/DE (OTC: CMTR), Clicknsettle Com Inc (OTCBB: CLIK), Corporate Vision Inc (OTC: CVIA), Crown Laboratories Inc/DE (OTC: CLWB), Dental Medical Diagnostic Systems Inc (OTC: DMDS), Detour Media Group Inc (OTC: DTRM),
Also, Digital Privacy Inc/DE (OTC: DGPV), Senior Services Inc (OTC: DISS), International Inc (OTC: DYNX), Endovasc Ltd Inc (OTCBB: EVSC), Esynch Corp/CA (OTCBB: ESYN), Focus Enhancements Inc (NASDAQ: FSCE), Frederick Brewing Co (OTC: FRBW), Greystone Digital Technology Inc (OTC: GSTN), Havana Republic Inc/FL (OTCBB: HVNR), Henley Healthcare Inc (OTC: HENL), Hollywood Media Corp (NASDAQ: HOLL), Ibiz Technology Corp (OTCBB: IBZT), Diagnostic Systems Inc/FL (OTCBB: IMDS), Imaging Technologies (OTCBB: IMTO), Integrated Surgical Systems Inc (OTCBB: RDOC),
Also, Interferon Sciences Inc (OTC: IFSC), Interiors Inc (OTC: ITRNA), Laminaire Corp (OTC: THMZ), Medisys Technologies Inc (OTC: SCEP), Milestone Scientific Inc/NJ (AMEX: MS), Nevada Manhattan Group Inc (OTC: NVMH), Innovations Inc (OTCBB: NTGE),Systems Group (OTC: OSYM), Pacific Systems Control Technology Inc (OTCBB: PFSY), Professional Transportation Group Ltd Inc (OTC: TRUC), Rnethealth Inc (OTC: RNTT),
Also, Sand Technology Inc (NASDAQ: SNDT), Sedona Corp (OTCBB: SDNA), Silverado Foods Inc (OTC: SVFO), Stockgroup Information Systems (OTCBB: SWEB) Surgilight Inc (OTC: SRGL), Tasty Fries Inc (OTCBB: TFRY), Tech Laboratories Inc (OTCBB: TCHL), Teltran International Group Ltd (OTC: TLTG), Titan Motorcycle Co of America Inc (OTC: TMOTQ), Trans Energy Inc (OTCBB: TSRG), Motorcycle Co (OTC: UMCC), Universal Communication Systems Inc (OTCBB: UCSY), Medical Systems Inc (OTC: UMSI), Vianet Technologies Inc (OTC: VNTK),Viragen Inc (AMEX: VRA), Webcatalyst Inc (OTC: WBCL), Worldwide Wireless Networks Inc (OTCBB: WWWNQ), and ZAP (OTCBB: ZAPZ).
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Stock transfer agents would be
barred from handling shares
that carry any limitations on transfer under a
proposal floated Wednesday by
the U.S. Securities and Exchange Commission.
The SEC is seeking to halt a trend in which
companies have imposed
restrictions on stock transfers to combat short
selling abuses. Small
companies whose shares chiefly trade in the
over-the-counter Bulletin Board
market believe restrictions will keep shares from
falling into the wrong
hands, but their "self-help" efforts aren't
helping U.S. markets overall,
said SEC market regulation division director
Annette Nazareth.
Nazareth called restrictions on stocks "a
significant step backwards" in the
move from paper stock certificates to automated
computerized trading of
shares that can be easily transferred.
Abusive "naked" short selling has been a problem
in some cases, but is best
dealt with by a pending SEC proposal, not
restrictions on transferring
shares, Nazareth told the SEC.
Short sales involve selling borrowed stock, and
produce profits when stock
prices decline. The practice is legal although
subject to certain
restrictions by the SEC. Naked short-selling
occurs when sellers don't buy
shares to replace those they borrowed, a
manipulative practice that can
drive a company's stock price sharply lower.
A previously issued SEC proposal, dubbed
Regulation SHO, would update
short-sale rules and clamp down on abuses. Robert
Colby, SEC deputy market
regulation division director, predicted the SEC
will vote on whether to
adopt that proposal in early June.
In the meantime, the SEC voted to seek public
comment for 30 days on its
plan to ban transfer agents from handling stocks
that carry restrictions
such as requiring shares held in certificate form
in the name of the
individual shareholder. Final adoption of such a
change would require a
second vote by the five member SEC. The SEC staff
recommended the new rule
take effect within 90 days of approval.
The rule targets transfer agents because they are
directly regulated by the
SEC. Regulators said their ability to ban
companies from restricting stock
transfers is less certain. In the case of
companies that try to exert
control by handling stock transfers themselves,
Colby said regulators might
have to sue firms that seek to impose
restrictions on stock transfers.
My question is what specifically is the charge of the TOU violation?
I read that entire book in 1974, its not surprising that it has made its timely way onto the internet and particularly the Investors Hub board particularly at this time. I often wondered if it wasn't actually written by the CIA which has been in control of the Church of Scientology since its first inception.
http://www.investorshub.com/boards/read_msg.asp?message_id=3172207
Excellent!
Follow this:
http://www.investorshub.com/boards/read_msg.asp?message_id=3172207
Kant: "There is the knowable and the unknowable."
Hubbard: "How did Kant know?"
Follow this thread:http://www.investorshub.com/boards/read_msg.asp?message_id=3172233
Follow this thread:http://www.investorshub.com/boards/read_msg.asp?message_id=3172229
Follow this thread:http://www.investorshub.com/boards/read_msg.asp?message_id=3172223
Follow this thread:http://www.investorshub.com/boards/read_msg.asp?message_id=3172218
Here ya go honey for the bees....http://www.investorshub.com/boards/read_msg.asp?message_id=3172207
Puke assed motha fucka...
Hit this nigger! What is that shit nigger? You want to hit this nigger? Hit this nigger!Puppets and Puppetry. Beaumont, Cyril. The Studio Publications. New York, 1958.
The Puppet To-Day
Thackeray's The Rose and the Ring
The Tony Sarg Marionette Book
Helen Joseph's A Book of Marionettes
Bufano's How to be a Puppet Showman
Paul McPharlin of Detroit produces an annual publication Puppetry
making it's first appearance in 1930, and also participated in the formation in 1937 of the society called The Puppeteers of America
Among representative American puppeteers may be mentioned the following stellar characters:
Marjorie Batchelder,
Gustave Baumann,
Bill Baird,
Remo Bufano,
Ralph Chesse',
Donald Cordry,
Weaver and Kathryn Dallas,
Perry Dilley,
William Duncan,
Sue Hastings,
R. Bruce Inverarity,
Helen Joseph,
Otto Kunze,
Edward Mabley,
Jerome Magon,
Harold and Roy Patton,
Paul McPharlin,
Basil Milovsoroff,
Elena Mitcoff,
Nicholas Nelson,
Bernard Paul,
Romain Proctor,
Rufus Rose,
Tony Sarg,
Martin and Olga Stevens,
and
Donald B. Vestal.
In Belgium,
Carlo Speder.
At Verviers there is a curious Betie'me or Bethlehem, which consists of a series of tableaux composed of puppets and appropriate setting arranged in small glazed cases, which are place on trestles and covered with cloths. The spectators are guided past the cases by an old woman who, as each covering is drawn, explains the incident shown.
In Czechoslovakia, puppetry is not only a highly popular entertainment, but also a well-organised educational force, as may be gathered from the fact that the republic can must over 2,000 puppet theatres; it is true, however, that these are mainly amateur.
Their traditions are three centuries old. At first there were travelling puppeteers who journeyed from village to village, bringing entertainment to country folk, and acquainting them with adaptations of stage plays by native and foreign authors; this led to the puppet theatre.
Joseph Skupa (1892-1957), with his puppet clown, Kasparel, a kind of Czech Punch, attracted attention by satirical comments on the Austro-Hungarian monarchy, then dominating the country After the First World War, Skupa founded the first professional theatre in the Czechoslovak Republic; he also created two puppets, later famous throughout Europe: Spejbl, a dull-witted father, and Hurvinek, his precocious and cheeky son.
Human puppeteering is currently being practiced by all governments existing today on our planet. It is time to cut their strings.
Death Tolls for the Man-made Megadeaths of the Twentieth Century
30 Worst Atrocities of the 20th Century
When the 80 missing Nukes from the old USSR secular states turn up in the hands of terrorists who seek revenge against the British, Americans, Isreali's and their supporters, it will leave the Hemoclysm at the doorstep of the Bush/Blair/Sharon Administrations.
"It's very possible, therefore, that future historians will consider these events to be mere episodes of a single massive upheaval -- the "Hemoclysm", to give it a name (Greek for "blood flood") -- which took the lives of some 155 million people. All in all, over 80% of the deaths caused by Twentieth Century atrocities occurred in the Hemoclysm."
http://users.erols.com/mwhite28/atrox.htm
http://users.erols.com/mwhite28/war-list.htm
http://users.erols.com/mwhite28/warstatx.htm
http://users.erols.com/mwhite28/demowar.htm
History tends to repeat itself. Be prepared, for the worst is yet to come!
COMING SOON "FREE PRESS RELEASE DISTRIBUTION AT NO COST" FOR ALL OTC AND PINK SHEET COMPANIES
Puppets and Puppetry. Beaumont, Cyril.
The Studio Publications. New York, 1958.
The Puppet To-Day
Thackeray's The Rose and the Ring
The Tony Sarg Marionette Book
Helen Joseph's A Book of Marionettes
Bufano's How to be a Puppet Showman
Paul McPharlin of Detroit produces an annual publication Puppetry
making it's first appearance in 1930, and also participated in the formation in 1937 of the society called The Puppeteers of America
Among representative American puppeteers may be mentioned the following stellar characters:
Marjorie Batchelder,
Gustave Baumann,
Bill Baird,
Remo Bufano,
Ralph Chesse',
Donald Cordry,
Weaver and Kathryn Dallas,
Perry Dilley,
William Duncan,
Sue Hastings,
R. Bruce Inverarity,
Helen Joseph,
Otto Kunze,
Edward Mabley,
Jerome Magon,
Harold and Roy Patton,
Paul McPharlin,
Basil Milovsoroff,
Elena Mitcoff,
Nicholas Nelson,
Bernard Paul,
Romain Proctor,
Rufus Rose,
Tony Sarg,
Martin and Olga Stevens,
and
Donald B. Vestal.
In Belgium,
Carlo Speder.
At Verviers there is a curious Betie'me or Bethlehem, which consists of a series of tableaux composed of puppets and appropriate setting arranged in small glazed cases, which are place on trestles and covered with cloths. The spectators are guided past the cases by an old woman who, as each covering is drawn, explains the incident shown.
In Czechoslovakia, puppetry is not only a highly popular entertainment, but also a well-organised educational force, as may be gathered from the fact that the republic can must over 2,000 puppet theatres; it is true, however, that these are mainly amateur.
Their traditions are three centuries old. At first there were travelling puppeteers who journeyed from village to village, bringing entertainment to country folk, and acquainting them with adaptations of stage plays by native and foreign authors; this led to the puppet theatre.
Joseph Skupa (1892-1957), with his puppet clown, Kasparel, a kind of Czech Punch, attracted attention by satirical comments on the Austro-Hungarian monarchy, then dominating the country After the First World War, Skupa founded the first professional theatre in the Czechoslovak Republic; he also created two puppets, later famous throughout Europe: Spejbl, a dull-witted father, and Hurvinek, his precocious and cheeky son.
Human puppeteering is currently being practiced by all governments existing today on our planet. It is time to cut their strings.
Death Tolls for the Man-made Megadeaths of the Twentieth Century
30 Worst Atrocities of the 20th Century
When the 80 missing Nukes from the old USSR secular states turn up in the hands of terrorists who seek revenge against the British, Americans, Isreali's and their supporters, it will leave the Hemoclysm at the doorstep of the Bush/Blair/Sharon Administrations.
"It's very possible, therefore, that future historians will consider these events to be mere episodes of a single massive upheaval -- the "Hemoclysm", to give it a name (Greek for "blood flood") -- which took the lives of some 155 million people. All in all, over 80% of the deaths caused by Twentieth Century atrocities occurred in the Hemoclysm."
http://users.erols.com/mwhite28/atrox.htm
http://users.erols.com/mwhite28/war-list.htm
http://users.erols.com/mwhite28/warstatx.htm
http://users.erols.com/mwhite28/demowar.htm
History tends to repeat itself. Be prepared, for the worst is yet to come!
COMING SOON "FREE PRESS RELEASE DISTRIBUTION AT NO COST" FOR ALL OTC AND PINK SHEET COMPANIES
Are all agencies of the government puppets to some hidden power in America today? Stay tuned folks, and get ready for the ride of your life!
Puppets and Puppetry. Beaumont, Cyril.
The Studio Publications. New York, 1958.
The Puppet To-Day
Thackeray's The Rose and the Ring
The Tony Sarg Marionette Book
Helen Joseph's A Book of Marionettes
Bufano's How to be a Puppet Showman
Paul McPharlin of Detroit produces an annual publication Puppetry
making it's first appearance in 1930, and also participated in the formation in 1937 of the society called The Puppeteers of America
Among representative American puppeteers may be mentioned the following stellar characters:
Marjorie Batchelder,
Gustave Baumann,
Bill Baird,
Remo Bufano,
Ralph Chesse',
Donald Cordry,
Weaver and Kathryn Dallas,
Perry Dilley,
William Duncan,
Sue Hastings,
R. Bruce Inverarity,
Helen Joseph,
Otto Kunze,
Edward Mabley,
Jerome Magon,
Harold and Roy Patton,
Paul McPharlin,
Basil Milovsoroff,
Elena Mitcoff,
Nicholas Nelson,
Bernard Paul,
Romain Proctor,
Rufus Rose,
Tony Sarg,
Martin and Olga Stevens,
and
Donald B. Vestal.
In Belgium,
Carlo Speder.
At Verviers there is a curious Betie'me or Bethlehem, which consists of a series of tableaux composed of puppets and appropriate setting arranged in small glazed cases, which are place on trestles and covered with cloths. The spectators are guided past the cases by an old woman who, as each covering is drawn, explains the incident shown.
In Czechoslovakia, puppetry is not only a highly popular entertainment, but also a well-organised educational force, as may be gathered from the fact that the republic can must over 2,000 puppet theatres; it is true, however, that these are mainly amateur.
Their traditions are three centuries old. At first there were travelling puppeteers who journeyed from village to village, bringing entertainment to country folk, and acquainting them with adaptations of stage plays by native and foreign authors; this led to the puppet theatre.
Joseph Skupa (1892-1957), with his puppet clown, Kasparel, a kind of Czech Punch, attracted attention by satirical comments on the Austro-Hungarian monarchy, then dominating the country After the First World War, Skupa founded the first professional theatre in the Czechoslovak Republic; he also created two puppets, later famous throughout Europe: Spejbl, a dull-witted father, and Hurvinek, his precocious and cheeky son.
Human puppeteering is currently being practiced by all governments existing today on our planet. It is time to cut their strings.
From An Excerpt of the latest issue of the Free and Clear Intelligence Review. Copyright G! Alex Gabor
GAG
The truth may never be known in any event....
Far from being crippled by the U.S.-led war on terror, al-Qaida has more than 18,000 potential terrorists scattered around the world and the war in Iraq (news - web sites) is swelling its ranks, a report said Tuesday.
AFP/File Photo
Al-Qaida is probably working on plans for major attacks on the United States and Europe, and it may be seeking weapons of mass destruction in its desire to inflict as many casualties as possible, the International Institute of Strategic Studies said in its annual survey of world affairs.
Osama bin Laden (news - web sites)'s network appears to be operating in more than 60 nations, often in concert with local allies, the study by the independent think tank said.
Although about half of al-Qaida's top 30 leaders have been killed or captured, it has an effective leadership, with bin Laden apparently still playing a key role, it said.
"Al-Qaida must be expected to keep trying to develop more promising plans for terrorist operations in North America and Europe, potentially involving weapons of mass destruction," IISS director Dr. John Chipman told a press conference releasing "Strategic Survey 2003/4."
At the same time it will likely continue attacking "soft targets encompassing Americans, Europeans and Israelis, and aiding the insurgency in Iraq," he added.
The report suggested that the two military centerpieces of the U.S.-led war on terror — the wars in Afghanistan (news - web sites) and Iraq — may have boosted al-Qaida.
Driving the terror network out of Afghanistan in late 2001 appears to have benefited the group, which dispersed to many countries, making it almost invisible and hard to combat, the story said.
And the Iraq conflict "has arguably focused the energies and resources of al-Qaida and its followers while diluting those of the global counterterrorism coalition that appeared so formidable" after the Afghan intervention, the survey said.
The U.S. occupation of Iraq brought al-Qaida recruits from across Islamic nations, the study said. Up to 1,000 foreign Islamic fighters have infiltrated Iraqi territory, where they are cooperating with Iraqi insurgents, the survey said.
Efforts to defeat al-Qaida will take time and might accelerate only if there are political developments that now seem elusive, such as the democratization of Iraq and the resolution of conflict in Israel, it said.
It could take up to 500,000 U.S. and allied troops to effectively police Iraq and restore political stability, IISS researcher Christopher Langton told the news conference.
Such a figure appeared impossible to meet, given political disquiet in the United States and Britain and the unwillingness of other nations to send troops, he said.
The United States is al-Qaida's prime target in a war it sees as a death struggle between civilizations, the report said. An al-Qaida leader has said 4 million Americans will have to be killed "as a prerequisite to any Islamic victory," the survey said.
"Al-Qaida's complaints have been transformed into religious absolutes and cannot be satisfied through political compromise," the study said.
The London-based institute is considered the most important security think tank outside the United States. Its findings on al-Qaida's expanding structure and growing support by allied terrorist networks around the world track with similar assessments from governments and other experts.
The IISS said its estimate of 18,000 al-Qaida fighters was based on intelligence estimates that the group trained at least 20,000 fighters in its camps in Afghanistan before the United States and its allies ousted the Taliban regime. In the ensuing war on terror, some 2,000 al-Qaida fighters have been killed or captured, the survey said.
Al-Qaida appears to have successfully reconstituted its operations by dispersing its forces into small groups and through working with local allies, such as the Great Eastern Islamic Raiders' Front in Turkey, the report said.
"Al-Qaida is the common ideological and logistical hub for disparate local affiliates, and bin Laden's charisma, presumed survival and elusiveness enhance the organization's iconic drawing power," it said.
U.S. officials have obtained new intelligence deemed highly credible indicating al-Qaida or other terrorists are in the United States and preparing to launch a major attack this summer, The Associated Press has learned.
AP Photo
AP Photo
Slideshow: Homeland Security
The intelligence does not include a time, place or method of attack but is among the most disturbing received by the government since the attacks of Sept. 11, 2001, according to a senior federal counterterrorism official who spoke to the AP on condition of anonymity Tuesday.
Of most concern, the official said, is that terrorists may possess and use a chemical, biological or radiological weapon that could cause much more damage and casualties than a conventional bomb.
"There is clearly a steady drumbeat of information that they are going to attack and hit us hard," said the official, who described the intelligence as highly credible.
The official declined to provide any specifics about the sources of the information but said there was an unusually high level of corroboration.
Despite that, the official said there was no immediate plan to raise the nation's terrorism threat level from yellow, or elevated, to orange, or high. The threat level has been at yellow — midpoint on the five-color scale — since January.
Los Angeles police held a news conference Tuesday to reassure the public. "We would be foolhardy to ignore those statements, but I think it would be irresponsible to panic," said John Miller, head of the LAPD (news - web sites) counterterrorism bureau.
New York Police Commissioner Raymond Kelly said city officials have not been advised that terrorists are plotting an attack there.
"We are receiving highly sensitive intelligence information on a regular basis, including today, and there is nothing in that reporting to indicate a specific threat or looming attack against New York City," Kelly said in a statement.
Attorney General John Ashcroft (news - web sites) and FBI (news - web sites) Director Robert Mueller plan a news conference Wednesday to outline an intensive effort by law enforcement, intelligence and homeland security officials to detect and disrupt any potential plots. And the FBI plans to dispatch a bulletin to some 18,000 state and local law enforcement agencies warning of the threat.
The FBI also has already created a special task force that is focused solely on dealing with this summer's threat. The task force, whose existence until recently was classified, is intended to ensure that no valuable bits of information or intelligence fall through the cracks — as happened repeatedly before the Sept. 11 attacks.
Other actions to be taken include new FBI interviews with people who may have provided valuable information in the past and a fresh examination of older investigative leads to determine if they might point to elements of the summer plot.
Beginning with Saturday's dedication of the new World War II Memorial in Washington, the summer presents a number of high-profile targets in the United States. They include the G-8 summit in Georgia next month that will attract top officials from some of America's closest allies, the Democratic National Convention in Boston in July and the Republican National Convention in August in New York.
The FBI and Homeland Security Department also are concerned about so-called soft targets such as shopping malls anywhere in the United States that offer a far less protected environment than a political convention hall.
U.S. authorities repeatedly have said al-Qaida is determined to mount an attack on U.S. soil, in part to announce to the world that it remains capable of doing so despite the money and effort that has gone into homeland security in the wake of the Sept. 11 attacks.
There also is concern terrorists might try to mount an attack to coincide with the November election. The political fallout from the March 11 train bombings in Spain taught al-Qaida that an attack timed to an election can have a major impact. Spain's former ruling party was ousted in the voting that followed the bombing, which killed 191 and injured more than 2,000.
The official did not say how many suspected al-Qaida or other terrorist operatives are believed in the country, whether they made their way into the United States recently or have been here for some time. The FBI has warned in the past that Islamic extremist groups may attempt to recruit non-Middle Easterners or women for attacks because they would be less likely to arouse suspicion.
Special security attention already is being focused to the nation's rail, subway and bus lines. The FBI last week sent out an intelligence bulletin to law enforcement agencies urging vigilance against suicide bombers, who have been used by terror groups worldwide to devastating effect but not so far in the United States.
Separately, Immigration and Customs Enforcement chief Michael Garcia told reporters Tuesday that some 2,300 of its agents are being deployed to assist in security for the high-profile events scheduled this summer in the United States. These include as many as 20 agents each day working with the Secret Service to protect the campaigns of President Bush (news - web sites) and Sen. John Kerry (news - web sites), the Democratic presidential candidate.
Garcia said his agency also is working to "tighten the investigative system" to ensure that terrorists do not enter the United States by way of human smuggling operations or through the vast, largely unprotected border with Canada.
We'll see soon enough!
Billions of Dollars of Equity in Smaller Cap US Equities, and the Future of Hundreds of US Public Companies Is At Risk. Apparently, US based Depositary Trust and Clearing Corp. is Facilitating the Naked Shorting. Allegations Include Ties to Financing Terrorism.
In what is being called "StockGate" by Wall Street insiders, more than 200 U.S. publicly traded companies have been listed on the Berlin-Bremen Stock Exchange without the Companies' prior knowledge, consent or authorization. More than 650 additional US public companies have listings pending, virtually all without the companies requesting the listings.
The listings appear to be part of an effort by domestic and foreign brokers to circumvent the recent National Association of Securities Dealers (NASD), and Securities and Exchange Commission (SEC) restrictions against "naked short selling."
Short selling is a trading practice whereby investors borrow stock from a broker to sell with the hope that the stock price will decline before they have to "deliver" the shares to cover their "short position." Often, naked shorting involves groups of people working together to manipulate the market by selling non-existent shares of stock in an effort to force a company's share price to go down. By listing the US companies' shares on the Berlin-Bremen Stock Exchange, short-sellers sought the benefit of an "arbitrage," apparently utilizing clearing facilities of US based Depositary Trust Company that none of the current regulations are designed to close.
The StockGate story has resulted in complaints to the NASD and the SEC regarding "manipulative trading" that has coincided with the "listings" on the exchange for dozens of the several hundred companies that were listed en masse by what appears now to have been one European broker.
Norma Cohen reporting in the Financial Times stated, "The Berlin listings came just weeks before a new Securities and Exchange Commission rule on so-called naked short selling. Under the new rules, those seeking to sell shares short must be able to demonstrate that they are able to gain access to the securities within two days. However, the rules contain a loophole for what are deemed to be genuine arbitrage trades, defined as short sales in shares that are listed on another stock exchange."
The Financial Times also stated that "According to a spokeswoman for the Berlin-Bremen Stock Exchange, a single broker, Berliner Freiverkehr, asked that 850 US companies that are traded Over The Counter (OTC) be added to the official list during a six-week period beginning in mid-February."
Listings for more than 200 U.S. public companies sponsored by the German brokerage Berliner Freiverkehr, have now apparently been put on hold. The companies are now shown at the Berlin-Bremen Stock Exchange's website under "filing companies" but have the designation, "NA," under the column for the "expected day of listing.
Of the companies already listed by Berliner Freiverkehr without the companies knowledge or authorization, 100 were listed on April 22. Another 43 were listed on April 2nd, and another 80 were listed on April 28th.
Many of the companies who have become listed on the Berlin-Bermen Stock Exchange are demanding the delisting of their shares. These include FemOne, Inc., Advanced ID, and GK Intelligent Systems.
At the same time many of the US companies listed on the Berlin-Bremen Stock Exchange are evaluating their legal options against the US and foreign brokerage firms that they feel are responsible for the unauthorized listings, as well as against Depositary Trust Corporation who they believe is facilitating the naked short selling.
Ray Grimm, CEO of FemOne, recently stated: "We are completely dumbfounded to learn that a corporation's stock can be listed for trading on an international stock exchange without the prior knowledge or consent of the corporation itself. There are apparently hundreds of companies in the same situation as we are, and the only plausible explanation for this is that nefarious individuals are using the arbitrage loophole to engage in naked short selling, which has had significant negative repercussions on the market price of our stock."
In a recent news release FemOne also stated, "During the past several weeks the company's share price has traded significantly lower. Management believes that the downward trending of its share price in the market is related to the unauthorized listing on the Berlin-Bremen Stock Exchange, which the Company learned became effective on April 22, 2004."
"We intend to follow the lead of other companies listed on the Berlin-Bremen Stock Exchange, all without prior authorization, in demanding both delisting and evidence of who was ultimately behind the unauthorized listings," Grimm added.
Recently, columnist, Jack Anderson, who writes the “Washington Merry-Go-Round,” alleged that much of the naked short selling in small cap stocks drains small U.S. companies of their market caps and their small investors of their nest-eggs specifically to funnel money into terrorist hands, a sort of double-whammy against the American capitalist system. Rumors circulating around Wall Street are quoting conspiracy theorists in stating that the Berlin-Bremen Stock Exchange short selling is a strategy to "get even with the US" over the US' Iraqi involvement.
On April 29th officials of the Berlin Stock Exchange confirmed to FinancialWire that U.S. public companies had been listed for trading without their knowledge or authorization, but denied that the purpose was to circumvent the new NASD rules that require U.S. brokers to gain assurances of "affirmative determinations" from short sellers in both the U.S. and abroad.
Companies with listings still pending on the Berlin-Bremen Stock Exchange include: Anacomp Inc-A, Amer Intl. Industries, Aethlon Medical, Advant-E Corp, ACR Group Inc, and Acceris Communication. Systems Evolution, Startech Enviro, Specialized Health, Solutia Inc, Skyterra Communication, Siricomm Inc., Sinofresh Health, Simtek Corp., Silverleaf Resources, Serviceware Tech, Searchhelp Inc., Schick Tech Inc., Satellite Enterprise, Safety Component,Robotic Vision, Roaming Messenge, Poseidis Inc., Polymer Group-A, Platinum Superya, Phone 1Globalwide,Pharsight Corp, Pharm Formulation, PDC Innovative, Oxford Ventures, Yi Wan Group Inc, YDI Wireless Inc, XRG Inc, Weirton Steel, Usurf America, United Energy/NV, UCI Medical Affi, Touchstone Resources, Torvec Inc, Tissera Inc, Timco Aviation, Thermoenergy, and Temecula Valley. Otish Mountain, Optio Software, Northland Cran-A, Nothern American, Newtech Brake Corp, Network Installa, Net 1 Ueps Tech, Nannaco Inc, Mr3 Systems Inc., Millstream Acqui, Mile Marker Inc, Micromem Tech, Metalline Mining, Mems Inc, Medical Makeover, Manhattan Pharma, Majesco Holdings, M2003 PLC. Loral Space &Communication, Locateplus Holdings, Life Science Resources, Liberty Star Gold, Komodo Inc, Knot Inc., Jurak Corp, Jag Media Holding-, Invisa Inc, Intl. Paper-Pfd, Integrat Security Systems, Impsat Fiber Net, Houston American, Havana Group Inc, Guardian Tech, Graphco Holdings, GFY Food Inc, Gelstat Corp., Gaming &Entertainment, Fortune Divers, First Avenue Net, Findex.com Inc, Femone Inc., Female Health, Fact Corporation, Exten Industries, Exide Technologies, Epixtar Corp., Endeavor Intl, Eline Entertainment, Ecoloclean Industries, Duravest Inc, Dtomi Inc, Dreams Inc, Directview Inc, Cytomedix Inc, CPC of America, Conectisys Corp, Comdisco Holdings, Civitas Bankgroup, Cinemaelectric, China World Trade, China Granite Co, China Enterprise, Chaus (Bernard), Chaparral Resources, Cadence Resources, Buyers United Inc., Bio-Amer Capital, Axcess Inc, Autoinfo Inc, Austral Pcific, Asia Premium Tel, Asia Pac Wire, Ascendant Solution, Aptimus Inc., Applied DNA Science, American Oil &Gas, Amer Tech Group, Amcast Industrial, Ambase Corp, Alpine Group Inc, Allegiance Telecommunicaion, Air-Q Wi-Fi orp, Aerotelesis Inc, Aegis Assessment, Accupoll Holdings, Aames Financial Corp, and Armstrong Holdings Samaritan Pharm, Sagent Tech Inc, Spacedev Inc, IVP Technology, Tech Labs Inc, Synthetic Turf C, Swiss Medica Inc, Summus Inc., Stockgroup Info, Spectrum Organic, Spear&Jackson, Sonoran Energy I, ADV Viral Research, Allergy Research Group,Zone 4 Play Inc., Zap, WinWin Gaming, Whitney Info Net, Warrantech Corp, Viragen International, Veramark Tech, Urban Television, Towne Bank, Total First Aid, Time America Inc., Thomas Group Inc., Surequest System, Summit Financial, Spectre Gaming, Sealife Corp., Scanner Technology, Roo Group Inc., Refocus Group Inc., Provectus Pharma, Power2Ship Inc, Pipeline Data, Pan American Energy, Ortec Intl. Inc, Ophthalmic Image, Northern Empire, Noble Romans Inc., New Medium Enterprises, New Jersey Mining, Naturade Inc., Nathaniel Energy, Mymetics Corp, Michelex Corp, Medicor Ltd, Market Central, Man Sang Holdings, Kolorfusion Intl, J Net Enterprises, Intl Smart Sources, International Mo, International Ca, IJJ Corp, I2 Telecom Internationa, Heritage Worldwide, Find/SVP Inc, E-The Movie Network, Ergo Science, Eos International, Elbit Vision Israel, E Med Future Inc, Dogs International, Desert Mining, Corvu Corp, Coolsavings Inc, Claxson Inter-A, Cipher Holding, China Expert Technologies, Carroll Shelby, Burzynski Research, BP International, Bns Co-Cl A, Barneys NY Inc, Ballistic Recov, Axesstel Inc, Archon Corporation, AP Henderson Group, and TVI Corp.
Apparently the naked shorting is being facilitated by the US based Depositary Trust and Clearing Corporation (DTC).
The role of the Depository Trust and Clearing Corp. in facilitating this naked shorting is just coming to light. Dow Jones recently confirmed a lawsuit by Nanopierce Technologies (OTCBB: NCPT) against the Depository Trust and Clearing Corp. and the National Security Clearing Corp. However, Dow Jones also reported that the chief spokesperson for the DTC continues to deny that it has been sued even though the papers were served on the firm's attorneys more than two weeks ago.
Nanopierce’s suit in the 2nd Judicial District Court in Nevada alleges that the DTC’s “stock borrow program” was “purportedly created to address short term delivery failures,” but that the “end result of the program has been to create tens of millions of unissued and unregistered shares to be traded in the public market,” and in some instances resulting in “two or more shareholders who purchase shares in separate transactions to own the same shares.”
The complaint alleges that the DTC has a colossal disincentive to stop the “stock borrow” program, booking revenues from services of $425,416,000.
Further, the suit alleges that “open positions” resulting from this activity at the close of business on December 31, 2003, “approximated $3,025,467,000” due to DTC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC’s “Stock Borrow Program.”
Nanopierce claims that DTC and NSCC have joined in a “scheme” to “manipulate downward the price of the affected securities, thereby reducing the market value of the open fail to deliver positions.” The suit also claims that the defendants have permitted sellers to maintain open fail to deliver positions of tens of millions of shares for periods of a year and even longer.
The suit quotes the NASD as admitting that “Concerns have been raised by members, issuers, investors and other interested parties about potentially abusive short selling activities occurring in the marketplace. In particular, naked short selling, or selling short without borrowing securities to make delivery, can result in long term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes such extended failures to deliver can have a negative effect on the market. Among other things, by not having to deliver securities, naked short sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity.”
In what is being called a gigantic conflict of interest, the two preferred shareholders of Depository Trust and Clearing Corp. are the New York Stock Exchange and the NASD, the regulatory agency that also owns NASDAQ, the OTC Bulleting Board and the American Stock Exchange.
It will be interesting to see if the SEC and the NASD take action to end this activity by the Berlin-Bremen Stock Exchange, as well as the Depository Trust & Clearing Corp.'s role in facilitating this naked shorting before it destroys hundreds of smaller cap US companies, and destroys what could be billions of dollars in investor and shareholder equity.
Billions of Dollars of Equity in Smaller Cap US Equities, and the Future of Hundreds of US Public Companies Is At Risk. Apparently, US based Depositary Trust and Clearing Corp. is Facilitating the Naked Shorting. Allegations Include Ties to Financing Terrorism.
In what is being called "StockGate" by Wall Street insiders, more than 200 U.S. publicly traded companies have been listed on the Berlin-Bremen Stock Exchange without the Companies' prior knowledge, consent or authorization. More than 650 additional US public companies have listings pending, virtually all without the companies requesting the listings.
The listings appear to be part of an effort by domestic and foreign brokers to circumvent the recent National Association of Securities Dealers (NASD), and Securities and Exchange Commission (SEC) restrictions against "naked short selling."
Short selling is a trading practice whereby investors borrow stock from a broker to sell with the hope that the stock price will decline before they have to "deliver" the shares to cover their "short position." Often, naked shorting involves groups of people working together to manipulate the market by selling non-existent shares of stock in an effort to force a company's share price to go down. By listing the US companies' shares on the Berlin-Bremen Stock Exchange, short-sellers sought the benefit of an "arbitrage," apparently utilizing clearing facilities of US based Depositary Trust Company that none of the current regulations are designed to close.
The StockGate story has resulted in complaints to the NASD and the SEC regarding "manipulative trading" that has coincided with the "listings" on the exchange for dozens of the several hundred companies that were listed en masse by what appears now to have been one European broker.
Norma Cohen reporting in the Financial Times stated, "The Berlin listings came just weeks before a new Securities and Exchange Commission rule on so-called naked short selling. Under the new rules, those seeking to sell shares short must be able to demonstrate that they are able to gain access to the securities within two days. However, the rules contain a loophole for what are deemed to be genuine arbitrage trades, defined as short sales in shares that are listed on another stock exchange."
The Financial Times also stated that "According to a spokeswoman for the Berlin-Bremen Stock Exchange, a single broker, Berliner Freiverkehr, asked that 850 US companies that are traded Over The Counter (OTC) be added to the official list during a six-week period beginning in mid-February."
Listings for more than 200 U.S. public companies sponsored by the German brokerage Berliner Freiverkehr, have now apparently been put on hold. The companies are now shown at the Berlin-Bremen Stock Exchange's website under "filing companies" but have the designation, "NA," under the column for the "expected day of listing.
Of the companies already listed by Berliner Freiverkehr without the companies knowledge or authorization, 100 were listed on April 22. Another 43 were listed on April 2nd, and another 80 were listed on April 28th.
Many of the companies who have become listed on the Berlin-Bermen Stock Exchange are demanding the delisting of their shares. These include FemOne, Inc., Advanced ID, and GK Intelligent Systems.
At the same time many of the US companies listed on the Berlin-Bremen Stock Exchange are evaluating their legal options against the US and foreign brokerage firms that they feel are responsible for the unauthorized listings, as well as against Depositary Trust Corporation who they believe is facilitating the naked short selling.
Ray Grimm, CEO of FemOne, recently stated: "We are completely dumbfounded to learn that a corporation's stock can be listed for trading on an international stock exchange without the prior knowledge or consent of the corporation itself. There are apparently hundreds of companies in the same situation as we are, and the only plausible explanation for this is that nefarious individuals are using the arbitrage loophole to engage in naked short selling, which has had significant negative repercussions on the market price of our stock."
In a recent news release FemOne also stated, "During the past several weeks the company's share price has traded significantly lower. Management believes that the downward trending of its share price in the market is related to the unauthorized listing on the Berlin-Bremen Stock Exchange, which the Company learned became effective on April 22, 2004."
"We intend to follow the lead of other companies listed on the Berlin-Bremen Stock Exchange, all without prior authorization, in demanding both delisting and evidence of who was ultimately behind the unauthorized listings," Grimm added.
Recently, columnist, Jack Anderson, who writes the “Washington Merry-Go-Round,” alleged that much of the naked short selling in small cap stocks drains small U.S. companies of their market caps and their small investors of their nest-eggs specifically to funnel money into terrorist hands, a sort of double-whammy against the American capitalist system. Rumors circulating around Wall Street are quoting conspiracy theorists in stating that the Berlin-Bremen Stock Exchange short selling is a strategy to "get even with the US" over the US' Iraqi involvement.
On April 29th officials of the Berlin Stock Exchange confirmed to FinancialWire that U.S. public companies had been listed for trading without their knowledge or authorization, but denied that the purpose was to circumvent the new NASD rules that require U.S. brokers to gain assurances of "affirmative determinations" from short sellers in both the U.S. and abroad.
Companies with listings still pending on the Berlin-Bremen Stock Exchange include: Anacomp Inc-A, Amer Intl. Industries, Aethlon Medical, Advant-E Corp, ACR Group Inc, and Acceris Communication. Systems Evolution, Startech Enviro, Specialized Health, Solutia Inc, Skyterra Communication, Siricomm Inc., Sinofresh Health, Simtek Corp., Silverleaf Resources, Serviceware Tech, Searchhelp Inc., Schick Tech Inc., Satellite Enterprise, Safety Component,Robotic Vision, Roaming Messenge, Poseidis Inc., Polymer Group-A, Platinum Superya, Phone 1Globalwide,Pharsight Corp, Pharm Formulation, PDC Innovative, Oxford Ventures, Yi Wan Group Inc, YDI Wireless Inc, XRG Inc, Weirton Steel, Usurf America, United Energy/NV, UCI Medical Affi, Touchstone Resources, Torvec Inc, Tissera Inc, Timco Aviation, Thermoenergy, and Temecula Valley. Otish Mountain, Optio Software, Northland Cran-A, Nothern American, Newtech Brake Corp, Network Installa, Net 1 Ueps Tech, Nannaco Inc, Mr3 Systems Inc., Millstream Acqui, Mile Marker Inc, Micromem Tech, Metalline Mining, Mems Inc, Medical Makeover, Manhattan Pharma, Majesco Holdings, M2003 PLC. Loral Space &Communication, Locateplus Holdings, Life Science Resources, Liberty Star Gold, Komodo Inc, Knot Inc., Jurak Corp, Jag Media Holding-, Invisa Inc, Intl. Paper-Pfd, Integrat Security Systems, Impsat Fiber Net, Houston American, Havana Group Inc, Guardian Tech, Graphco Holdings, GFY Food Inc, Gelstat Corp., Gaming &Entertainment, Fortune Divers, First Avenue Net, Findex.com Inc, Femone Inc., Female Health, Fact Corporation, Exten Industries, Exide Technologies, Epixtar Corp., Endeavor Intl, Eline Entertainment, Ecoloclean Industries, Duravest Inc, Dtomi Inc, Dreams Inc, Directview Inc, Cytomedix Inc, CPC of America, Conectisys Corp, Comdisco Holdings, Civitas Bankgroup, Cinemaelectric, China World Trade, China Granite Co, China Enterprise, Chaus (Bernard), Chaparral Resources, Cadence Resources, Buyers United Inc., Bio-Amer Capital, Axcess Inc, Autoinfo Inc, Austral Pcific, Asia Premium Tel, Asia Pac Wire, Ascendant Solution, Aptimus Inc., Applied DNA Science, American Oil &Gas, Amer Tech Group, Amcast Industrial, Ambase Corp, Alpine Group Inc, Allegiance Telecommunicaion, Air-Q Wi-Fi orp, Aerotelesis Inc, Aegis Assessment, Accupoll Holdings, Aames Financial Corp, and Armstrong Holdings Samaritan Pharm, Sagent Tech Inc, Spacedev Inc, IVP Technology, Tech Labs Inc, Synthetic Turf C, Swiss Medica Inc, Summus Inc., Stockgroup Info, Spectrum Organic, Spear&Jackson, Sonoran Energy I, ADV Viral Research, Allergy Research Group,Zone 4 Play Inc., Zap, WinWin Gaming, Whitney Info Net, Warrantech Corp, Viragen International, Veramark Tech, Urban Television, Towne Bank, Total First Aid, Time America Inc., Thomas Group Inc., Surequest System, Summit Financial, Spectre Gaming, Sealife Corp., Scanner Technology, Roo Group Inc., Refocus Group Inc., Provectus Pharma, Power2Ship Inc, Pipeline Data, Pan American Energy, Ortec Intl. Inc, Ophthalmic Image, Northern Empire, Noble Romans Inc., New Medium Enterprises, New Jersey Mining, Naturade Inc., Nathaniel Energy, Mymetics Corp, Michelex Corp, Medicor Ltd, Market Central, Man Sang Holdings, Kolorfusion Intl, J Net Enterprises, Intl Smart Sources, International Mo, International Ca, IJJ Corp, I2 Telecom Internationa, Heritage Worldwide, Find/SVP Inc, E-The Movie Network, Ergo Science, Eos International, Elbit Vision Israel, E Med Future Inc, Dogs International, Desert Mining, Corvu Corp, Coolsavings Inc, Claxson Inter-A, Cipher Holding, China Expert Technologies, Carroll Shelby, Burzynski Research, BP International, Bns Co-Cl A, Barneys NY Inc, Ballistic Recov, Axesstel Inc, Archon Corporation, AP Henderson Group, and TVI Corp.
Apparently the naked shorting is being facilitated by the US based Depositary Trust and Clearing Corporation (DTC).
The role of the Depository Trust and Clearing Corp. in facilitating this naked shorting is just coming to light. Dow Jones recently confirmed a lawsuit by Nanopierce Technologies (OTCBB: NCPT) against the Depository Trust and Clearing Corp. and the National Security Clearing Corp. However, Dow Jones also reported that the chief spokesperson for the DTC continues to deny that it has been sued even though the papers were served on the firm's attorneys more than two weeks ago.
Nanopierce’s suit in the 2nd Judicial District Court in Nevada alleges that the DTC’s “stock borrow program” was “purportedly created to address short term delivery failures,” but that the “end result of the program has been to create tens of millions of unissued and unregistered shares to be traded in the public market,” and in some instances resulting in “two or more shareholders who purchase shares in separate transactions to own the same shares.”
The complaint alleges that the DTC has a colossal disincentive to stop the “stock borrow” program, booking revenues from services of $425,416,000.
Further, the suit alleges that “open positions” resulting from this activity at the close of business on December 31, 2003, “approximated $3,025,467,000” due to DTC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC’s “Stock Borrow Program.”
Nanopierce claims that DTC and NSCC have joined in a “scheme” to “manipulate downward the price of the affected securities, thereby reducing the market value of the open fail to deliver positions.” The suit also claims that the defendants have permitted sellers to maintain open fail to deliver positions of tens of millions of shares for periods of a year and even longer.
The suit quotes the NASD as admitting that “Concerns have been raised by members, issuers, investors and other interested parties about potentially abusive short selling activities occurring in the marketplace. In particular, naked short selling, or selling short without borrowing securities to make delivery, can result in long term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes such extended failures to deliver can have a negative effect on the market. Among other things, by not having to deliver securities, naked short sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity.”
In what is being called a gigantic conflict of interest, the two preferred shareholders of Depository Trust and Clearing Corp. are the New York Stock Exchange and the NASD, the regulatory agency that also owns NASDAQ, the OTC Bulleting Board and the American Stock Exchange.
It will be interesting to see if the SEC and the NASD take action to end this activity by the Berlin-Bremen Stock Exchange, as well as the Depository Trust & Clearing Corp.'s role in facilitating this naked shorting before it destroys hundreds of smaller cap US companies, and destroys what could be billions of dollars in investor and shareholder equity.
Billions of Dollars of Equity in Smaller Cap US Equities, and the Future of Hundreds of US Public Companies Is At Risk. Apparently, US based Depositary Trust and Clearing Corp. is Facilitating the Naked Shorting. Allegations Include Ties to Financing Terrorism.
In what is being called "StockGate" by Wall Street insiders, more than 200 U.S. publicly traded companies have been listed on the Berlin-Bremen Stock Exchange without the Companies' prior knowledge, consent or authorization. More than 650 additional US public companies have listings pending, virtually all without the companies requesting the listings.
The listings appear to be part of an effort by domestic and foreign brokers to circumvent the recent National Association of Securities Dealers (NASD), and Securities and Exchange Commission (SEC) restrictions against "naked short selling."
Short selling is a trading practice whereby investors borrow stock from a broker to sell with the hope that the stock price will decline before they have to "deliver" the shares to cover their "short position." Often, naked shorting involves groups of people working together to manipulate the market by selling non-existent shares of stock in an effort to force a company's share price to go down. By listing the US companies' shares on the Berlin-Bremen Stock Exchange, short-sellers sought the benefit of an "arbitrage," apparently utilizing clearing facilities of US based Depositary Trust Company that none of the current regulations are designed to close.
The StockGate story has resulted in complaints to the NASD and the SEC regarding "manipulative trading" that has coincided with the "listings" on the exchange for dozens of the several hundred companies that were listed en masse by what appears now to have been one European broker.
Norma Cohen reporting in the Financial Times stated, "The Berlin listings came just weeks before a new Securities and Exchange Commission rule on so-called naked short selling. Under the new rules, those seeking to sell shares short must be able to demonstrate that they are able to gain access to the securities within two days. However, the rules contain a loophole for what are deemed to be genuine arbitrage trades, defined as short sales in shares that are listed on another stock exchange."
The Financial Times also stated that "According to a spokeswoman for the Berlin-Bremen Stock Exchange, a single broker, Berliner Freiverkehr, asked that 850 US companies that are traded Over The Counter (OTC) be added to the official list during a six-week period beginning in mid-February."
Listings for more than 200 U.S. public companies sponsored by the German brokerage Berliner Freiverkehr, have now apparently been put on hold. The companies are now shown at the Berlin-Bremen Stock Exchange's website under "filing companies" but have the designation, "NA," under the column for the "expected day of listing.
Of the companies already listed by Berliner Freiverkehr without the companies knowledge or authorization, 100 were listed on April 22. Another 43 were listed on April 2nd, and another 80 were listed on April 28th.
Many of the companies who have become listed on the Berlin-Bermen Stock Exchange are demanding the delisting of their shares. These include FemOne, Inc., Advanced ID, and GK Intelligent Systems.
At the same time many of the US companies listed on the Berlin-Bremen Stock Exchange are evaluating their legal options against the US and foreign brokerage firms that they feel are responsible for the unauthorized listings, as well as against Depositary Trust Corporation who they believe is facilitating the naked short selling.
Ray Grimm, CEO of FemOne, recently stated: "We are completely dumbfounded to learn that a corporation's stock can be listed for trading on an international stock exchange without the prior knowledge or consent of the corporation itself. There are apparently hundreds of companies in the same situation as we are, and the only plausible explanation for this is that nefarious individuals are using the arbitrage loophole to engage in naked short selling, which has had significant negative repercussions on the market price of our stock."
In a recent news release FemOne also stated, "During the past several weeks the company's share price has traded significantly lower. Management believes that the downward trending of its share price in the market is related to the unauthorized listing on the Berlin-Bremen Stock Exchange, which the Company learned became effective on April 22, 2004."
"We intend to follow the lead of other companies listed on the Berlin-Bremen Stock Exchange, all without prior authorization, in demanding both delisting and evidence of who was ultimately behind the unauthorized listings," Grimm added.
Recently, columnist, Jack Anderson, who writes the “Washington Merry-Go-Round,” alleged that much of the naked short selling in small cap stocks drains small U.S. companies of their market caps and their small investors of their nest-eggs specifically to funnel money into terrorist hands, a sort of double-whammy against the American capitalist system. Rumors circulating around Wall Street are quoting conspiracy theorists in stating that the Berlin-Bremen Stock Exchange short selling is a strategy to "get even with the US" over the US' Iraqi involvement.
On April 29th officials of the Berlin Stock Exchange confirmed to FinancialWire that U.S. public companies had been listed for trading without their knowledge or authorization, but denied that the purpose was to circumvent the new NASD rules that require U.S. brokers to gain assurances of "affirmative determinations" from short sellers in both the U.S. and abroad.
Companies with listings still pending on the Berlin-Bremen Stock Exchange include: Anacomp Inc-A, Amer Intl. Industries, Aethlon Medical, Advant-E Corp, ACR Group Inc, and Acceris Communication. Systems Evolution, Startech Enviro, Specialized Health, Solutia Inc, Skyterra Communication, Siricomm Inc., Sinofresh Health, Simtek Corp., Silverleaf Resources, Serviceware Tech, Searchhelp Inc., Schick Tech Inc., Satellite Enterprise, Safety Component,Robotic Vision, Roaming Messenge, Poseidis Inc., Polymer Group-A, Platinum Superya, Phone 1Globalwide,Pharsight Corp, Pharm Formulation, PDC Innovative, Oxford Ventures, Yi Wan Group Inc, YDI Wireless Inc, XRG Inc, Weirton Steel, Usurf America, United Energy/NV, UCI Medical Affi, Touchstone Resources, Torvec Inc, Tissera Inc, Timco Aviation, Thermoenergy, and Temecula Valley. Otish Mountain, Optio Software, Northland Cran-A, Nothern American, Newtech Brake Corp, Network Installa, Net 1 Ueps Tech, Nannaco Inc, Mr3 Systems Inc., Millstream Acqui, Mile Marker Inc, Micromem Tech, Metalline Mining, Mems Inc, Medical Makeover, Manhattan Pharma, Majesco Holdings, M2003 PLC. Loral Space &Communication, Locateplus Holdings, Life Science Resources, Liberty Star Gold, Komodo Inc, Knot Inc., Jurak Corp, Jag Media Holding-, Invisa Inc, Intl. Paper-Pfd, Integrat Security Systems, Impsat Fiber Net, Houston American, Havana Group Inc, Guardian Tech, Graphco Holdings, GFY Food Inc, Gelstat Corp., Gaming &Entertainment, Fortune Divers, First Avenue Net, Findex.com Inc, Femone Inc., Female Health, Fact Corporation, Exten Industries, Exide Technologies, Epixtar Corp., Endeavor Intl, Eline Entertainment, Ecoloclean Industries, Duravest Inc, Dtomi Inc, Dreams Inc, Directview Inc, Cytomedix Inc, CPC of America, Conectisys Corp, Comdisco Holdings, Civitas Bankgroup, Cinemaelectric, China World Trade, China Granite Co, China Enterprise, Chaus (Bernard), Chaparral Resources, Cadence Resources, Buyers United Inc., Bio-Amer Capital, Axcess Inc, Autoinfo Inc, Austral Pcific, Asia Premium Tel, Asia Pac Wire, Ascendant Solution, Aptimus Inc., Applied DNA Science, American Oil &Gas, Amer Tech Group, Amcast Industrial, Ambase Corp, Alpine Group Inc, Allegiance Telecommunicaion, Air-Q Wi-Fi orp, Aerotelesis Inc, Aegis Assessment, Accupoll Holdings, Aames Financial Corp, and Armstrong Holdings Samaritan Pharm, Sagent Tech Inc, Spacedev Inc, IVP Technology, Tech Labs Inc, Synthetic Turf C, Swiss Medica Inc, Summus Inc., Stockgroup Info, Spectrum Organic, Spear&Jackson, Sonoran Energy I, ADV Viral Research, Allergy Research Group,Zone 4 Play Inc., Zap, WinWin Gaming, Whitney Info Net, Warrantech Corp, Viragen International, Veramark Tech, Urban Television, Towne Bank, Total First Aid, Time America Inc., Thomas Group Inc., Surequest System, Summit Financial, Spectre Gaming, Sealife Corp., Scanner Technology, Roo Group Inc., Refocus Group Inc., Provectus Pharma, Power2Ship Inc, Pipeline Data, Pan American Energy, Ortec Intl. Inc, Ophthalmic Image, Northern Empire, Noble Romans Inc., New Medium Enterprises, New Jersey Mining, Naturade Inc., Nathaniel Energy, Mymetics Corp, Michelex Corp, Medicor Ltd, Market Central, Man Sang Holdings, Kolorfusion Intl, J Net Enterprises, Intl Smart Sources, International Mo, International Ca, IJJ Corp, I2 Telecom Internationa, Heritage Worldwide, Find/SVP Inc, E-The Movie Network, Ergo Science, Eos International, Elbit Vision Israel, E Med Future Inc, Dogs International, Desert Mining, Corvu Corp, Coolsavings Inc, Claxson Inter-A, Cipher Holding, China Expert Technologies, Carroll Shelby, Burzynski Research, BP International, Bns Co-Cl A, Barneys NY Inc, Ballistic Recov, Axesstel Inc, Archon Corporation, AP Henderson Group, and TVI Corp.
Apparently the naked shorting is being facilitated by the US based Depositary Trust and Clearing Corporation (DTC).
The role of the Depository Trust and Clearing Corp. in facilitating this naked shorting is just coming to light. Dow Jones recently confirmed a lawsuit by Nanopierce Technologies (OTCBB: NCPT) against the Depository Trust and Clearing Corp. and the National Security Clearing Corp. However, Dow Jones also reported that the chief spokesperson for the DTC continues to deny that it has been sued even though the papers were served on the firm's attorneys more than two weeks ago.
Nanopierce’s suit in the 2nd Judicial District Court in Nevada alleges that the DTC’s “stock borrow program” was “purportedly created to address short term delivery failures,” but that the “end result of the program has been to create tens of millions of unissued and unregistered shares to be traded in the public market,” and in some instances resulting in “two or more shareholders who purchase shares in separate transactions to own the same shares.”
The complaint alleges that the DTC has a colossal disincentive to stop the “stock borrow” program, booking revenues from services of $425,416,000.
Further, the suit alleges that “open positions” resulting from this activity at the close of business on December 31, 2003, “approximated $3,025,467,000” due to DTC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC’s “Stock Borrow Program.”
Nanopierce claims that DTC and NSCC have joined in a “scheme” to “manipulate downward the price of the affected securities, thereby reducing the market value of the open fail to deliver positions.” The suit also claims that the defendants have permitted sellers to maintain open fail to deliver positions of tens of millions of shares for periods of a year and even longer.
The suit quotes the NASD as admitting that “Concerns have been raised by members, issuers, investors and other interested parties about potentially abusive short selling activities occurring in the marketplace. In particular, naked short selling, or selling short without borrowing securities to make delivery, can result in long term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes such extended failures to deliver can have a negative effect on the market. Among other things, by not having to deliver securities, naked short sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity.”
In what is being called a gigantic conflict of interest, the two preferred shareholders of Depository Trust and Clearing Corp. are the New York Stock Exchange and the NASD, the regulatory agency that also owns NASDAQ, the OTC Bulleting Board and the American Stock Exchange.
It will be interesting to see if the SEC and the NASD take action to end this activity by the Berlin-Bremen Stock Exchange, as well as the Depository Trust & Clearing Corp.'s role in facilitating this naked shorting before it destroys hundreds of smaller cap US companies, and destroys what could be billions of dollars in investor and shareholder equity.
Neither did they...no one will ever know the truth...
I'm not sure I need any wider audience at this time but thanks for the suggestions...
If they want to publicly post an opposition to a proposed board that covers the daily life of one human being, they are free to do so, the jury is still out until all the votes are cast but those who tell me privately they are opposed, well, that is their choice and I slant them not.
You would be better off calling the SEC and asking them to put in a cease trading order until its all legally sorted out...a lot of investors might get hurt worse than they already have without intervention by the government....strange how they can jump on one issue and totally ignore another one...sort of a giant censorship organization if you ask me.
Fuck a bitch and fuck you too, what's a punk mother fucker like you gonna do, do what you gotta get to....
You post some very interesting questions which I could answer but will not, but I am sure that justice will prevail in the end...suffice it to say that there is documentary evidence to the contrary to anything written by those who "think" they control the company now...
In a storage unit in Reno but I don't have the key...
The CFA Institute's joint efforts with the National Investor Relations Institute to forge new guidelines for the interaction of analysts and corporate issuers, and for the first time, guidelines for the growing practice of issuer-paid research, is a "commendable process," according to executives and practitioners at Investrend Research, the world's largest and oldest standards-based and fee-based independent research provider, but "needs substantial work before the investing public can be comfortable that inherent conflicts have been eliminated."
The effort by CFAI (formerly the Association for Investment Management and Research) and NIRI comes in the wake of the global research settlement involving ten investment banks, including Citigroup (NYSE: C) and Merrill Lynch & Co. (NYSE: MER), and a spate of lawsuits and threats, mostly in France, by firms such as Sodexho Alliance SA (NYSE: SDX), and LVMH Moet Hennessy Louis Vuitton against Morgan Stanley (NYSE: MWD), designed to squelch professional criticism.
Investrend Research, with some 70 analysts, and the Investrend Research Syndicate, which distributes independent research for ten standards-based research providers, is a division of Investrend Communications, Inc., whose Investrend Information division publishes FinancialWire.
In comments provided to CFAI and NIRI at those organizations’ invitation at http://www.aimr.org/standards/pdf/aimrniricommentfinal.pdf , Investrend CEO Gayle Essary suggested the organizations’ could enhance the proposed guidelines with the adoption of tenets of the “Standards for Independent Research Providers” at http://www.firstresearchconsortium.com .
The full comments are at http://www.investrendinformation.com .
First and foremost, said Essary, there is no discernable benefit to the public for analysts or their firms to own or trade stock in companies they cover. Essary called on the CFAI-NIRI task force to follow the lead of the standards-based independent research providers in eliminating what he termed an “inherent fatal conflict.” He noted that on the one hand the task force suggests it is a conflict for analysts to receive stock as a fee for coverage while at the same time “inexplicably” suggesting it is not a conflict for the same analysts to own such stock.
The two organizations propose that coverage must be paid for in cash, and “only in a manner that does not influence or seek to influence the content and conclusions of the research, not attempt explicitly or implicitly to influence the research, recommendations, or behavior of analysts or otherwise pressure analysts to produce research or recommendations favorable to the corporate issue, and ensure that the disclosures required of the analyst … are included in the research report, that are published or distributed, in whole or in part, by the corporate issuer.”
The document states that payment in “stock warrants or other equity instruments that could increase in value based on positive coverage in the report” means “analysts would have incentive to avoid negative information or conclusions that would diminish their compensation.”
“As research providers, we find no hardship in adhering to a higher standard,” said Essary, “so we urge the task force to reconcile the disparity in its proposed Guidelines by banning stock ownership altogether.”
Essary pointed out that stock ownership is at the root of many problems, noting that in January, a judge allowed a class action lawsuit against analysts at Robertson Stephens, formerly a Bank of America (NYSE: BAC) unit, over their opinions regarding Corvis Corporation (NASDAQ: CORV), over allegations that Robertson Stephens analysts recommended Corvis shares to inflate its price and then sold their own shares in the company.
Essary said that to adopt the tougher standard, because it would conflict with current CFAI practices, the six CFAI members on the task force may have to “recuse” themselves.
Several weeks ago, Essary told Nightly Business News that most of the organizations’ proposals “mirror” those originally established by Investrend Research (http://www.investrendresearch.com) some eight years ago, and more recently propogated as the “Standards for Independent Research Providers.”
The ten fee-based independent research providers that have subscribed to the “Standards” that now mirror those proposed by NIRI and CFAI are EquityNet Research, Los Angeles; eResearch, Toronto; Fundamental Research Corp., West Vancouver; Howlett Research Corp., Sechelt, British Columbia, Canada; Investrend Research, Forest Hills, NY; MarketPerform.com, White Plains, NY; SISM Research & Investment Services, Zurich; Sophia Orange Investment Advisors, LLC, Ladera Ranch, CA; ValueNotes, Pune, India; and VEReports, Miami.
Second, he said, the proposals “dance around” the idea that researchers “might” provide investor relations or other promotional services, and indicate that is “okay” if the activity is “disclosed.” Essary said it is “not okay, and NIRI’s own guidance at http://www.investrend.com/Admin/Topics/Articles/Resources/490_1073335258.doc specifically warned against such practices. We will urge CFAI and NIRI to adopt the NIRI position on this before the guidelines are finally promulgated.”
Third, the independent research provider takes issue with the practice of releasing ratings and targets without providing public access to the full research report, which its comments said could be described by some as “institutionalized pump and dump,” whereby a second class of investors receive truncated, often subsequently-released information “after the first class of investors have had an opportunity to position themselves to sell into the second wave of trading volume.”
Finally, noting that it is public corporate issuers or their investor relations practitioners who pressure analysts for “promotional” coverage, Essary said that independent research providers must be empowered to inform the public of circumstances that might result in impaired coverage. He said that because surveys show that three out of every four investors are “most influenced” by an analyst report, and that nearly nine out of ten believe that “legitimate fee-based research is objective and useful,” it is important for the two organizations, after final promulgation, to “undertake a pro-active campaign to educate investors that there is no longer any obstacle to credible, independent research on companies in which they are in invested.”
Essary said CFAI and NIRI should inform investors if companies do not have coverage it is a legitimate question for investors to ask, “Why not?”
FinancialWire, in an ongoing series, has identified a number of corporate issuers whose coverage announcements or whose provider announcements have failed to meet the proposed standards, and more often than not the Securities and Exchange Commission Regulation 17(b), including Horizon Medical (AMEX: HMP), Nymox (NASDAQ: NYMX), Genesis Technology Group (OTCBB: GTEC), Martek Biosciences (NASDAQ: MATK), Ecolab (NYSE: ECL), Clorox (NYSE: CLX), Dial Corp. (NYSE: DL), AdZone (OTCBB: ADZR), American Water Star (OTCBB: AMWS), Markland Technologies (OTCBB: MRKL), Transnational Financial Network (AMEX: TFN) and International Barrier Technology (OTCBB: IBTGF; TSX Venture: IBH), Telkonet (OTCBB: TLKO), Cytomedix (OTCBB: CYME), LocatePlus (OTCBB: LPLHA), Rockport Healthcare (OTCBB: RPHL), Universal Express Co. (OTCBB: USXP), Lifestream Technologies (OTCBB: LFTC), CareDecision Corp. (OTCBB: CDED), Life Energy and Technology Holdings, Inc. (OTCBB: LETH), and Flight Safety (OTCBB: FSFY);
Also, Playtex Products (NYSE: PYX), Ericware Technologies (OTC: ECWR), NuTech Digital, Inc. (OTCBB: NTDL), Terra Nostra Technology Ltd. (OTCBB: TNRL), and NanoSignal Corp. (OTCBB: NNOS)., DNAPrintGenomics (OTCBB: DNAP), Syndication Net.com (OTCBB: SYCI), Quintek Technologies (OTCBB: QTEK), GeneLink (OTCBB: GLNK), Quality of Life Health Corp. (OTC: QLHC), Environmental Remediation Holding Corp. (OTCBB: ERHC), Cornerstone Entertainment (OTC: CNRH), Medifast, Inc. (AMEX: MED), Workstream, Inc. (NASDAQ: WSTM), SIGA Technologies (NASDAQ: SIGA), Sub Surface Waste Management of Delaware (OTCBB: SSWM), Xfone, Inc. (OTCBB: XFNE), Offshore Systems International (OTCBB: OFSYF; TSX Venture: OSI), American Ammunition, Inc. (OTCBB: AAMI), Destiny Mediat Technologies (OTCBB: DSNY), Isonics Corp. (NASDAQ: ISON), a21, Inc. (OTCBB: ATWO); and
Also, OrderPro Logistics (OTCBB: OPLO), Military Resale Group, Inc. (OTCBB: MYRG), Timber Resources International, Inc. (OTC: TMBN), OptimumCare Corporation (OTCBB: OPMC), Command Security (OTCBB: CMMD), Molecular Imaging Corporation (OTCBB: MLRI), TechnoConcepts Inc. (OTCBB: TCPT), Sequiam Corporation (OTCBB: SQUM), Provectus Pharmaceuticals, Inc. (OTCBB: PVCT), eFoodSafety.com (OTCBB: EFSF), Intelligent Business Systems Group International, Inc (OTCBB: IGII), Chilmark Entertainment (OTC: CMKK), Tech Laboratories, Inc. (OTCBB: TCHL), BodyScan Corp. (OTC: BDYS), Wireless Frontier Internet, Inc. (OTCBB: WFRI), Ableauctions.com, Inc. (AMEX: AAC), UFP Technologies (NASDAQ: UFPT), Systems Evolution Inc. (OTCBB: SEVI), Touchstone Applied Sciences (OTCBB: TASA), JMAR Technologies (NASDAQ: JMAR), TravelZoo (NASDAQ: TZOO) Axonyx Inc. (NASDAQ: AXYX), and Epixtar Corp. (OTCBB: EPXR).
CFAI and NIRI developed the best-practice guidelines through a Joint Task Force on Corporate Issuer and Analyst Relations, with participants from Europe, Canada and the United States, that began work in June 2003. Task force members include analysts and investor relations professionals, with people from standard-setting and regulatory organizations sitting in as observers.
Samuel Jones, CFA, who served as co-chair of the AIMR-NIRI Joint Task Force, said, "Our guiding principles for developing these standards were based on the view of both AIMR and NIRI that information is the lifeblood of efficient, effective and fair capital markets. Investors need transparent information that is fairly and consistently disclosed if they are to make good investment decisions and allocate their capital appropriately."
Thomas A. Bowman, CFA, president and CEO of CFAI, commented, "Investors' interests must be front and center in all matters guiding the relationship between public company executives and research analysts. Both exist to serve the best interest of investors, although in different roles and from different perspectives. So it is important that corporate issuers respect an analyst's duty to ask hard questions, point out potential risks to investors, and make fair, unbiased assessments based on facts and their own forecasts.
"But at the same time," Bowman said, "analysts have a responsibility to be skilled and competent in conducting their research - to differentiate between fact and opinion, and to be fair and impartial in their analysis of companies. Analysts must not let outside pressures threaten their impartiality and influence their research conclusions or recommendations."
CFAI is the global, non-profit professional association that administers the Chartered Financial Analyst® curriculum and examination program worldwide and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. AIMR has almost 70,000 members in 116 countries. Its membership includes the world's more than 55,000 CFA charterholders, as well as 127 affiliated professional societies and chapters in 46 countries.
NIRI is the professional association of corporate officers and investor relations consultants responsible for communications among corporate management, shareholders, security analysts and other financial publics. NIRI's 4,700 members represent over 2,500 publicly held companies in the United States. As its mission states, "NIRI is dedicated to advancing the practice of investor relations and the professional competency and stature of its members."
Firms involved in the settlement include Bear Stearns Cos. Inc. (NYSE: BSC), Credit Suisse (NYSE CSR) Credit Suisse First Boston unit, Goldman Sachs Group Inc. (NYSE: GS), Lehman Bros. Holdings Inc. (NYSE: LEH), Citigroup's (NYSE: C) Citigroup Global Markets, J.P. Morgan Chase & Co. (NYSE: JPM), Morgan Stanley (NYSE: MWD), Merrill Lynch Cos. Inc. (NYSE: MER), UBS (NYSE: UBS) unit UBS Warburg and the Piper Jaffray unit of U.S. Bancorp (NYSE: USB).
The deadline for comments is May 31.
I tend to agree with you in that regard, and as a point of fact one should also consider the ramifications of tort claims wouldn't you dare say?
Colombia Rises Against Free Trade Agreements
Thousands of workers marched in all the large cities of Colombia Tuesday during the national strike, called by the Comando Unitario de Trabajadores (CUT).
In Cartagena 15,000 demonstrators were violently repressed by the forces of order. On the other side of the country near the Ecuadorian border, in Pasto, thousands were attacked by the police but resisted against those in uniform. In Bucaramandga, Cali, Popayán and many other countries the workers began a 24 hour strike and left their places of work to take to the streets. More that seven million students attending public schools were left with out classes when 300,000 teachers joined the strike.
The common call was: "NO TO THE FTA - NO TO THE FTAA!
http://www.indymedia.org/en/index.shtml