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It is obvious by now that the SEC is 1) defunded deliberately
2) hence understaffed 3) VERY "cozy" with those they regulate
4) silences whistleblowers
Don't look to the SEC for help, in other words. Congress or
a lawyer or both are our only avenues to justice, here.
It's obviously due to the principle of the matter. Not
to mention it would hurt phantom shareholders if he walked.
NWSEN, Grassley and his assistant, Burns, aren't the only
game in town. Did you write your Senator to investigate, I
hope? And what was the response? My Senator is overwhelmed
with being pivotal in the health care bill mess, and this
is not a good time to pressure her on another matter, alas.
I believe the investigation was in response to Snowe's
assistant asking about the status of BCIT, and awaiting
response. The response was Mr. Neri's noncomittal, vague
phone call to me, in which he denied SEC's power over DTC
or any knowledge of the global lock.
Meanwhile, Sen. Snowe is busy with the health
bill, to put it mildly. Once that is resolved, I expect
to pursue BCIT with her.
That was verbal from her assistant (Snowe's), not
from the Senator. It was probably before he had Mr. Neri,
of SEC, phone me. The result of the phone call was poor,
Neri not even knowing the sex of my Senator and telling me
the SEC had no power over the DTC. This is obviously not
where I want to go with this, so other actions are going to
be requested, as soon as the health care bill debate is
resolved (Snowe being inthe middle of that scramble).
Similarities, I say. A set of books, details of which
are kept hidden (DTCC's buys and sells of BCIT , especially
during August 2005) and Madoff's books , hidden on his
upper floors. Crooked and secret. And the SEC lets
them both walk.
No, my original letter said Snowe is awaiting SEC response
on my behalf. We know it will contain the excuse of filings
and no known TA. I will appraise her of the fact that
these are not the real reasons, imho. And I hope to
persuade her to look beyond pat excuses to the real issue.
Kruy, I have received one letter from Senator Snowe, in which there is no mention of the SEC conducting an ongoing investigation. Please quote anything contrary, as what you
state is wrong.
I won't deny the suspicion that SEC doesn't want BCIT to
trade, but it has not stated so, publically... letting DTC
be the fall guy. But it is more than coincidence the SEC
let Madoff undergo novice interviewers only. The SEC
so stated in their recent hearing before the Senate Banking
Committee, that the Madoff complaints never reached their
experts' desks. Wonder why.......... ???
Could it be Madoff was a friend. Could it be the brokers
who are short BCIT are friends?
There is a similarity between our case and the Madoff case:
In Madoff's case, there were two sets of books, and also in BCIT's case: there were two sets : one set was BCIT's showing
legitimate shares, the other by DTCC showing wildly inflated
number of shares.
Well, no matter what, with the "disruptive"- to -the
market number of nss, once BCIT starts trading, it will
get halted. There is no end to the bs to which those who have
pocketed our money for FTDs will resort . Unless they are
threatened with criminal punishment, that is.
I expect a long battle, but so what. I won't quit. I have
been pushing for this to trade for 4 years. Why quit, with
justice on our side? Evenually, somebody will see it, just
like those who ran with Madoff, eventually found out.
And with our feisty CEO, it is never dull.... Go BCIT,
GO Energy Source; GO MEGAS
(I found Megas letter to Burns cathartic... expressing just the way I
feel when I hear that the SEC sent their novice lawyers
to investigate Madoff, rather than a seasoned auditing
expert (if the SEC even HAS such a creature, which I doubt).
The SEC is a farce, laughable if it weren't so damaging and
compromised our entire nation is hostage to these criminals.)
I'm on my way, next week, to meet with another Senatorial
assistant, to see what depth of understanding he has, vis a vis
Burns. And if it is comparable, I intend to complain directly
to his employer, the Senator. I won't waste my breath on
an assistant, unless he shows a steep learning curve.
To be continued....
thanks to fructose and hurlycuppers for info. much appreciated.
am composing more nagging mail to Senators re BCIT,so will
use the Bloomberg video to educate same. also looking to
contact Markopolos, if I can find an address. Was impressed
with his testimonies before Senate Committees, and know he
has no illusions about senate being easily dooped.
BigMoneyAl, law suit against our brokers would be costly,
I think Congressional attention our best course of action
(cheaper) But I am hoping our Congresspersons can get from
DTCC and SEC IN WRITING, THAT FILINGS UP TO DATE AND
ANNOUNCED TA ARE THE ONLY REASONS FOR THE GLOBAL LOCK,
AND IF FIXED, WILL RESULT IN THE LIFTING OF THE GLOBAL LOCK.
IN WRITING, VIA CONGRESS PERSON'S DEMAND.
OTHERWISE, WE CAN EXPECT THE "DISRUPTIVE MARKET' EXCUSE,
BECAUSE OF THE DISCREPANCY IN SHARES MEGAS HAS AUTHORIZED
VERSUS THOSE THE DTCC HAS ALLOWED SOLD AS PHANTOM SHARES.
Also looking for a post --fairly recent---of letter from
Patrick Byrnes to then President George Bush about needed
reforms to stop naked short selling. Want to include in a
letter I am writing to Senator Shelby of the Senate Committee
on Banking, Houseing and Urban Affairs. anyody hve the number
of that post, think it was on ihub, but not sure.
Thanks for Harry Markopolos name, address/contact info,
anybody? Believe he lives near Boston..????
GLASZMAN, OHBULL, Such a legal tangle.. ! I should like
to draw a tree w branches to indicate who has "joint custody"
of buy=in rules. But Glaszman is right, we have to get SEC
and DTC and any other regulatory agency IN WRITING. Then we
can procede to show discrepancies far better than without
a published statement...
And we need to get a skilled auditor to request DTCC trading
records for BCIT for 2005, imho. FOIA, even if it takes
weeks, is needed for the trading data we need to show
the excess shares created out of air. Is Burns up to this?
Also, request anybody with link to Bloomberg news excellent
tutorial (video - was it Through the Looking Glass?)
on nss. want to use it. tia
anybody come up with name and/or address of that guy who
blew whistle on Madoff and whom the Senate Committees are
respectfully listening to? He could really help us, I think.
Last name was Markopoulos (sp>? need first name to Google
him. He was in Boston area,don'tknow wherehe is now, though
turn2 him: source the allegation Madoff's empire held
BCIT shares? I find this very significant and wish to know
more. tia
Oh Bull, that Second set of books concept, comparing DTC
to Madoff, is brilliant. And right on. thanks for posting.
am enclosing it in my letters.
For the Lord's sake, the DTC and SEC are our accused.
You do not conduct a congressional investigation by sending
in an assistant to inquire of the perpetrators if they
are doing anything improper by blocking BCIT. That's
like the SEC sending in novice lawyers to ask Madoff if
he is quilty, rather than doing due dilligence behind the scenes
checking from outside, third party sources, and hitting Madoff
with the inconsistencies between "stories."
Like Markopoulos said, " ...the SEC couldn't find a steak at an Outback," and had no investigators with capital market experience or auditing abilities or investigative ZEAL.
Janice, it is a big problem with pennies, our case a prime
example.
OH BULL, NICE FIND, ARTICLE BY MORGENSON. My instincts were
right, she will be a good person to contact. Will see she
hears from me this week. thats a promise. we need press,
we need DTCC and SEC in writing. push push push.
Other shareholders, please report back from your respective
Senators. We need everyone's help, not just chatter on
the boards.
Those who object to Megas's tone with a Senator's assistant,
should be the first to write their own congresspersons, and
get their assistance in forcing the DTC to release their
files of trades, and to source the excess FTD's and
force a buy in. this, instead of complaining about Megas'
efforts, should put forth some of their own. and I don't mean
posting critical and negative stuff about other peoples efforts.
Whether Megas files before or after the global lock ,OR
CONCURRENTLY, SHOULD NOT BE THE ISSUE, AND IS NOT THE ISSUE.
Of course the SEC wants to deflect from the real issue,
but whatever congressperson offers a true investigation of
the nss here, must be educated to this deliberate bs from the]SEC and DTC, and get beyond it.
Where is that Madoff whistleblower, Markopoulos (sp?).
Does anybody know how to contact him? He wouldn't be fooled
about our situationand might be happy to advise, imho.
"feedback" is not the same as a shared quote from Burns or
Foster. Either provide a quote or stop falsifying what you
post here regarding Burns or Foster. Your statement is
so negative, you need to back it up with a quote.
You've related nothing about conversations or emails from
Burns to you. Just insinuations, which is not the same as
a direct quote. I don't buy spin.
KRUY - come on out and state/quote what Foster or Burns
told you...otherwise.. don't believe you.
Glazman, that tells us a lot. Somebody wasn't stopped
by DTCC when it came to selling. And guess who that was, lol.
I think the Grassley/Burns involvement will shake things up.
Am awaiting the DTC's next excuse...... but it will have to be
more than a clerical error, imho... and maybe excuses will
be hard to find, due to EYES OF CONGRESS.
GO BCIT
GO BURNS
It would seem a TA and updated filings and a clarification
on the "dead duck" reverse split will be an easy fix, but
I foresee another clerical error moment in the works...
slippery. But, hey, let's go with Burns watching them (DTC)
try to skate out of these excuses to others......
i MUST HAVE MISSED THE BURNS UPDATE. AND THE CHRIS EMAIL.
CAN SOMEBODY POST , PLEASE
Joda I have a friend who is a financial editor at NY Times,
but only one shot to use the contact. Am waiting for the
right moment to utilize. Meanwhile, trying to collect
all the references from brokers to the global lock's being
the reason they WILL not allow BCIT to trade. When I get
a few, will contact my Senator's office,again. Also in wings,
a chance to tape SEC's Mr. Neri saying SEC has no power over
DTC, and/or saying he doesn't know anything about any 'global
lock" Getting armed for a lawsuit, in other words.
I have somebody's email from 2/6/2006 from Scottrade,
message # 15658 or 15661, in which they state
"....While there may be a settlement in an Oklahoma Court, Scottrade will not permit any trading in BCIT until DTC removes its global lock."
IN essence, the SEC's Mr. Neri's saying we need a lawyer,
is like saying, sue the DTC, which is nonsense.
------------------------------------------------------------
I am sure I can find other such references to the global
lock being the reason we cannot trade, which leads right
back to the DTC. I'll research 2006 posts, in next day or so.
Thanks Bobbybdb, but I know , over the YEARS, there were a LOT of replies
from brokerages, citing the "GLOBAL LOCK" as the reason
BCIT was not allowed to trade. So if you don't get a reply,I can perhaps scrape up some old ones from various brokerages.
to well ordered posters: I've seen dozens of broker
replies to shareholders on this board, regarding Global Lock
as the reason the broker cannot allow trades. Perhaps a few
industrious posters here would be good enough to forward their broker responses
and I will see old Phil at the SEC gets an eyeful of this
catch 22 he wants to play. tia
On Second thought, Allez, perhaps we should write our brokers
to find out why BCIT isn't trading, and get back one of their classic
"DTC GLOBAL LOCK" statements, to forward to Neri and throw the ball right back
at old Phil at the SEC.
And since he pretends ignorance, perhaps we should do likewise,
saying something like, " what's a global lock?" etc.
allez:
re: "He wasn`t answering to the question on the DTCC global lock : this one was strangely evaded..."
I'll bet . He told me he knew nothing about it. I think
we have at least one of Phil's (Neri) Achilles' heel , here.
In a few days , let's see what he emails my Senator's office.
Got to get him onthe record saying he doesn't know anything
about Global Lock, and that SEC has no power over DTC.
(or does he, and do they? lol)
Dear Allez, I* love the part "your situation" -
when it is actually a "situation" involving the laws of
the marketplace and an entire company, BCIT.
Did you ask him about the reason for the global lock?
Did you ask him what needed to be done to remove the global
lock/freeze?
tia
allezIOM: Meant to thank you for SEC Neri contact information.
Before I go further, can you please let me know what he told you? tia
Thanks, Joda. I took a little walk down to see my Senator's
assistant, yesterday, and asked him to get any responses
to my complaints regarding the SEC and DTCC IN WRITING.
I'll give him a few days , lol.
Glazman, ohbull, thanks for the quotes on SEC authority on DTCC. i will take copies when i visit my good Senator's
assistant's office, in person, this week.
what catch 22. much like the Madoff situation. SEC
keeps hands off DTCC.
masterflash: I don't have membership on ihub, so can't retreive these, masterflash, can you give gist of these referenced posts?