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Would really like to know the MM ubss game ! every morning he knocks the MM's off that are sitting at .0003 At 9:29. And opend up at .0002 with 1 share !!
http://www.pinksheets.com/quote/quote.jsp?symbol=pyct
Don't know what the news will be about,But that would be a great start !! lol gl
OT: But a GREAT read !!!
By: narvo0
21 Jun 2007, 11:04 AM EDT
Msg. 341483 of 341488
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Stockgate today:
Dave Patch has owned JAGH for over 5 years, fyi.
By: wowtheking
21 Jun 2007, 10:59 AM EDT
Msg. 83064 of 83064
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STOCKGATE TODAY
An online newspaper reporting the issues of Securities Fraud
Bear Raids; Goldman Rules - June 21, 2007
David Patch
What happens when Wall Street is backed into a corner with problematic and costly trade positions? This past week some questionable behavior by Goldman Sachs, Citigroup Smith Barney, Penson Financial, and the market members in general have raised doubts over the SEC’s ability to regulate fraud and manipulation out of our capital markets.
Recall that last year the SEC held a roundtable conference where consensus of SEC staff and the hand selected panel of financial economists concluded that the bear raid was non-existent in the regulatory environment of today’s capital market. Each concluded bear raids either can’t happen or don’t happen based on amassing large quantities of data.
How quickly things change; or stay the same depending on your personal outlook.
This past week a Bear Raid has been underway. The Raid has been calculated with the only unknown being why. The raid was orchestrated under the watchful eye of the SEC, who has been holding out on approval of an S-4 registration statement filed in March, and to an outsider has an the appearance of an act to protect the financial liabilities of member firms who have failed to comply with securities law. Laws the SEC has ignored for decades in order to protect such member liabilities.
Consider that last week the SEC Staff unanimously approved amendments to Regulation SHO whereby the Staff approved minimal yet controversial changes to the 2004 SHO rule making. While making some important steps towards change the Commission again delayed change to the meat of the proposed rule amendments. The SEC eliminated the much criticized ‘grandfather clause’ of the 2004 SHO reforms but delayed any responsibility to addressing market making abuses by options and equity market making operations.
So how bad did it get?
In the trading this past week of a pinksheet company that SEC has single-handedly tried to destroy the issue of how bad it gets is only an emotion public investors can answer. The members of Wall Street, and members of the SEC are both willing to deny the investors a right to a fair market as pressure to protect member liabilities surmounts.
The company is Jag Media (JAGH), well known for its fight against market abuses, and the issue is market manipulation.
Consider that during a recent run from $0.70 - $1.59 last week on trade volumes that far exceeded 10-day moving averages Jag Media was poised for a breakout. The market explosion was supported by an upcoming deadline for a proposed reverse merger that would put significant value into the stock as well as a market publication that priced such a market at near $10.00/share potential if the short liabilities publicized were real.
During the run from $0.70 to $1.59 over a 3-day span Goldman Sachs, Citigroup Smith Barney, and other member firms were making a market in the stock and were well represented on the offer during the recent run. But as is law, what is sold in the market must be delivered 3-days thereafter and to a market maker on the wrong side of the trade during a run up, settlement failures can be costly if they are to be closed at prevailing market prices.
That is unless you can manipulate the market down to profitability.
Starting in pre-market Tuesday morning and following through Wednesday, the run created not only stalled but also turned 180 degrees and collapsed. With Monday trading 4 times normal trade volume, and investors watching their investment spike from $1.18 to highs of $1.59 before closing at $1.45, Tuesdays pre-market looked like the crash of 1929. The pre-Market offering of $1.50 X $1.51 was snuffed out on a suspicious 500-share sale at $1.50 that was later cancelled as that single trade immediately resulted in a pre-Market adjustment to $1.45 X $1.46. Five minutes into the trading day the stock was down to $1.34 on light volume. The remaining 6.5 hours and near 1 million shares traded around the mark set within the first 5 minutes as the day closed at $1.36
Wednesday would be no different as the opening trade at the $1.36 was erased quickly again and within the first 5 minutes of Wednesday the stock had fallen to $1.18 on the same light volume. The market makers who were on the wrong side of the bet during the run up were nowhere to be found on the buy side of this raid. By noon Wednesday the stock was down to $0.93 and in barely 9 hours of trading the momentum of the prior three days had not only been destroyed but so did better than $20 Million in investor accounts. (Note the volatility in teh chart below)
By 9:35 Thursday the stock again gapped down at the open, trading down better than 12% at $0.96 on what would be considered light volume.
The raid was on and how far will regulators and members let it go?
Calls started coming in and message boards started lighting up and what was being told are stories Wall Street and regulators can’t let go public. Stories of possible fraud orchestrated to manipulate the pricing of securities.
The first story told was that of a source inside Smith Barney Citigroup who claims that for the first time in better than five years Citigroup was offering Jag Media shares for loan in a short sale. The source claims that as a matter of policy Citigroup Branch Managers will not approve the shorting of microcaps due to the risks involved yet the policy changed suddenly as Jag Media began it’s upward swing.
Goldman Sachs, the premiere firm of Wall Street, went one step above Citigroup according to a different source who clears through Goldman Sachs. This source claims Goldman not only had shares to lend for the short selling of this microcap pink sheet stock but was willing to lend out the shares at no cost to institutional clients. I wonder, can I go to my bank and get an interest free mortgage as well.
Certainly Goldman did not become the top Wall Street earner by giving out freebies to their clients without a return opportunity so retail investors can only wonder what the return might be. A spokesman for Goldman denied that such an offer was made but also denied any wrongdoing in the $2 Million settlement recently reached with the SEC where Goldman was charged with allowing institutional clients to illegally trade through their electronic systems by marking short sales as longs to avoid the short sale locate rules. The spokesman also had no comment on the 2006 NYSE fine against Goldman for failing to properly mark short sales and for failing to properly close out fails as required under regulation SHO. I believe it was all passed off as simple misunderstandings between Goldman and Regulators and between Goldman and their institutional clients.
And today, as the market again gapped down at the open yet a third source came forward and told tale of how Penson Financial was offering more than 2 Million shares of Jag Media to institutional short sellers looking for locates. Two million shares, which is roughly 4.5% of the total issued and outstanding. Where are all these shares coming from? This is a penny stock company trading on teh pink sheets.
Was the 35% collapse and $20 Million drop in market cap precipitated by the sudden infusion of short sales into the marketplace? With no price test restrictions, was the raiding of the bid simply the 2007 version of the bear raids of 1929 orchestrated this time to protect the bona-fide market making liabilities of these same firms who were caught on the wrong side of the market during the recent climb from $0.70 to $1.59?
Since timing is everything, and coincidences are really not coincidences on Wall Street, consider this. The beginning of the bull run was last Thursday and lasted exactly 3-days. By Tuesday, representing T+3 on the Thursday trades the market suddenly collapsed and allowed for the cover of fails created on that first day. With a majority of the bull run volume trading between $1.45 and $1.55 these firms needed to average out the fails such that they could cover with a profit in the end. Today is the third consecutive day of sell off since the Monday to Tuesday reversal and the volumes have been close enough to match what was needed to cover any fails created during the run up.
In a nation where Goldman Sachs rules much of Washington, is there little doubt this raid will be swept under the rug like most others the SEC has witnessed and denied. No Mr. Chairman, bear raids no longer exist in our markets unless of course a raid is needed to cover positions taken on the wrong side of the market.
Annette Nazareth and the Commission staff touted from their pulpit the rationalization of the grandfather clause and the concern over abusive short squeezes despite short squeezes being legal in these markets. Never once did Nazareth or the rest of the Commission staff voice concern over a market where the members control the entire sequence of events and orchestrate a volatile raid that drives investors out of their positions and drives a 35% reduction in a market for no reason. Nazareth simply showed little concern or understanding of the bear raids she excuses as acceptable business practices.
With the SEC is protecting this ‘proprietary trading practice’, the necessary information to prove my argument will require a 4-month delay. In two months a FOIA request will be made into the level of fails in Jag Media during this weeks trading. Some months later the SEC will respond to the request (despite a 30 day requirement). I can predict that the data will show an increase in fails associated with the run up and a miraculous closing of these same fails during the raid that transpired thereafter.
The SEC agreed to close down these abuses but left gaping loopholes large enough to drive a Mack truck through. Market members who will be forced to close out fails under the new laws will be allowed to continue making markets in the stocks they must close creating a conflict of interest with the firm. These members will control the stock offerings to create appearances of a sell off and manipulate the markets into closeout profitability. That and with the illiquid micro-caps, they will simply send out the institutional short sellers to drive the markets down for them.
You heard it here first as always.
Disclosure: I own a position in Jag Media and have for better than 5 years. I would normally not write about an issuer I have a personal stake in but in this case it was the evidence and not the issuer that drove me to this report. It was years ago that a member of the SEC labeled me a stock promoter requesting that I at least identify to my readers what issues I was involved with. My response then and has been policy since has been to stay with the Global issue and thus without naming an issuer there could be no accusations of stock pumping.
Could be !! i sign my e-mails "apples" lol From IR News will be posted sometime on Friday ,22nd June.
Anddddddd were off !! 5,000,000
sch: i saw that ???????
In am very just (here) with my investment !! lol
OT: maybe, take the time to read this, and someone who talks to dan may want to foward this to him, if there is a real nss here, may help !!
By: jcline
21 Jun 2007, 09:47 AM EDT
Msg. 564252 of 564257
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Universal Express CEO Requests Investigation Into Ex-Clearing Portfolios
NEW YORK, NY--(Marketwire - June 21, 2007) - Universal Express, Inc. (OTCBB: USXP) CEO, Richard A. Altomare, today requested a Federal financial and tax investigation into the Ex-Clearing accounts between brokers where the naked short sellers hide their daily short settlements and fail to deliver and receive by not entering those numbers into the existing depository system.
"This broker to broker loan system exceeds one trillion dollars, according to the New York Stock Exchange Focus Report. After the failure of the REG SHO program and its recent grandfather clause reversal, those naked short sellers now have only two choices: either cover or hide those positions in this process where brokers trade with each other without entering the depository system," said Mr. Altomare. "On July 24th it will be eight years since the ill thought out REG SHO program was created. During this period our stock control groups have been eliminated, accountability of market makers has deteriorated even further, and American shareholders have lost trillions of shareholder equity through trading scams, yet this Ex-Clearing process remains unsupervised and exceeds a trillion dollars!"
Grandfather Clause reversal: http://www.sec.gov/news/press/2007/2007-114.htm
"Has our government received the tax payments? What are the interest rates, durations and tax expense deductions of these transfers? Are they loans? Who supervises these transactions? Let us always remember if a Company stock is naked shorted and after the shorting the company fails -- there is no taxable revenue recognition event for the broker or account that shorted the stock," continued Mr. Altomare.
"Today, I call upon the appropriate committees of Congress and even the Courts hearing our case to seize those funds pending the outcome of Universal Express' $700,000,000 existing judgment lawsuit or to institute a thorough federal criminal and tax investigation into those accounts. The American trading system demands a level playing field, by a regulatory agency that is both capable and willing to create that type of environment.
"I have often spoken of naked short selling, its avoidance of Federal taxes, and the protection of our shareholders. We have openly lobbied against the unconstitutional grandfather clause initiated to protect market makers during the last 3 years of naked short selling. Why must I now point out a trillion plus dollar broker to broker non-transparent account process? Isn't that what we expect of a functioning regulating agency?
"I request that the SEC deal with this question rather than malign the whistle blower. We've played that game before when the SEC actually denied that naked short selling existed and attacked those of us who revealed it. Today sadly the SEC admits that criminal naked short selling exists. Let's not today deny this trillion plus dollar process. Solve this loophole! Acknowledge the oversight! Protect the dignity of our capitalistic electronic trading system!
"This press release will be distributed to the appropriate members of Congress and the Justice Department.
"As the criminal naked short sellers scurry to find non-transparent loopholes, this Ex-Clearing account must be closed or seized.
"Denials, delays, defensiveness and now deceptive accounts. Is it any surprise, our regulatory agency's grade should be a 'D'?" concluded Mr. Altomare.
About Universal Express
Universal Express, Inc. is a 23-year-old logistics and transportation conglomerate with multiple developing subsidiaries and services. For additional information please visit www.usxp.com
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
http://www.marketwirecanada.com:80/2.0/release.do?id=744620
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Well one thing, unlike the real bashers here say, don't look like smmw is goingg B/K.
nice p/r and no vol: next !!!!
My only bashing post for the day, let's hope old dan isn't buying back 2.4 to dump 19 !
:>))))))))))
If that true, then who owns ns shares ??? what a cover this may be
rally monkey ! been a lonnnnnggggg time since ive seen him !!!
Cass: hey i know i been hard on you in the past, but this POS stock isn't worth anyones health, i been in as, if not longer then you! allmost the same share count here, but i wrote this off along time ago, and if this runs , i'll hold for atleast .01 Dan owes us atleast that !!! hope the health is better ! God Bless and gl !!
God !! i luv this stock ! "imsoweary" gave the info to a lawyer but don't know who sent it ??? lmf;naooooo ever here of "google" ????? lololol like i say UC may of never made a million millionares ! but he made a millon folks Bi-Polar !!!! 2 f'n funny !!
Im showing 21,174,993 -.0001 lolol next !!!
lol least you got a lie, im still waiting for that return phone from dan wonder if it was something i said !!! lmbooo
you should enter that in some photo contest, , i just printed it and hanging it on the wall, great pic !!!
jimmy, is that a real pic ? if so WoW !!
could be i dont know
just getting back in!! Any here why "imsoweary" had that BIG change of heart ?????
never :>)
I know your e-mail is reak by the wordinf, i got allmost the same, but please delete your post and never put your e-mail on the msg: board, believe me i made that mistake once, glta
Payday ad is Not related to paychest, but news on friday
That poster imsoweary got r&b in a up roar ! UC may not of made 1 million millionares ! But he's on his way to making 1 million people Bi-Polar !! lmaoooooooo
OT: But hummmmmmmmmmmmm
By: whyme176
19 Jun 2007, 10:27 AM EDT
Msg. 563150 of 563150
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Everyone read this!!
DTCC Supports SEC Initiative to Make Trade Failure Data Publicly Available
Last Update: 9:03 AM ET Jun 19, 2007
NEW YORK, Jun 19, 2007 (BUSINESS WIRE) -- The Depository Trust and Clearing Corporation (DTCC) today commended--and expressed full support for--the Securities and Exchange Commission's (SEC) decision to give the public greater access to aggregate information on Fails to Deliver (FTDs).
DTCC's comments follow the SEC's recent decision to change short selling regulations, including eliminating the "grandfather" clause and the "uptick" requirement for short selling. In conjunction with these rule changes, the SEC announced it would consider releasing two-month-old, aggregated FTD data on a quarterly basis.
Currently, the SEC does not provide fails information to the public on a regular basis and releases fails data only under Freedom of Information Act (FOIA) requests, provided the released data is at least two months old. This policy was intended to safeguard confidential investor trading information that, if disclosed, could be used by others to gain competitive advantage or manipulate the market. Under the SEC's new plan, aggregated data on fails would be released to the public, without the need for a FOIA request.
DTCC had recommended in a comment letter to the SEC last September on Reg SHO reform, that such data could be released publicly without putting at risk the confidentiality of participant securities holdings and trading or risking market manipulation.
DTCC and its subsidiaries play a critical role in the clearance and settlement of virtually all equity and fixed income trades in the U.S. While their systems will identify many failed trades, DTCC's clearing subsidiary does not have access to the underlying reasons for the fail, which is only known to the firm involved.
The SEC has pointed out that most fails are usually temporary in nature due to administrative error by the end investor or the broker/dealer, though fails can also be caused by abusive trading activity. For that reason, the SEC and marketplaces monitor and investigate fails data to help uncover such activity.
"Our position is that disclosing aggregated historical data in each security on a regular basis, especially now that the grandfathering of fails is ending, would demonstrate convincingly the relatively low level of failed trades that actually exist, and that such information would end much of the speculation about the level of fails in our system," said Larry E. Thompson, DTCC's general counsel.
Since the inception of DTCC's subsidiaries in the late 1970s, great attention has been paid to ensuring the confidentiality of information these subsidiaries possess about a financial firms' specific securities holdings and securities trading activity. To preserve this confidentiality, the ability to release information is sharply restricted by DTCC's subsidiary rules, and the financial firms, institutional investors and others who participate in the capital markets.
"Notwithstanding this history," said Thompson, "DTCC believes it is both possible and beneficial to address the public's interest in FTDs while continuing to protect the legitimate privacy concerns of our participants--and investors.
"DTCC also believes that greater transparency will build confidence in our system for clearing and settling securities trades and thus create a greater appreciation for the benefits of the system's efficiency and effectiveness," said Thompson.
About DTCC
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for 2.8 million securities issues from the United States and 100 other countries and territories, valued at $36 trillion. Last year, DTCC settled more than $1.5 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.
SOURCE: The Depository Trust and Clearing Corporation
DTCC Stuart Z. Goldstein, 212-855-5470 sgoldstein@dtcc.com Copyright Business Wire 2007
GM RJ !! ever get that other !!
gorb: tks for that post, think i'll have a slice of cold pizza for breakfest :>)
lolol it's not me !!! lol
Wheres the BID!!!!!lol k?j
You suprise me sometimes ! Going against the Queen like that !!
WoW ! volume just double !!!! this is it !!! lmaoooooooo
Putting on my money face, $>)
GM :>))
Comerical for "payday advances" was just on the usa channel, is that us ??????
you cheated !!
God will be here tomorrow ???
lol maybe something like ameriescotttrade ??? lol
Me thinks watch the news wires for brokers merging, imo) some are so short on nss shares that the only way for them to come out of this ok is to merge with another broker