Senator Bennett made a very important point in his exchange with
Cox at the Senate Banking Committee Hearing on last Thursday,
February 14, 2008.
He described naked short sales as the sale of "counterfeit"
shares.
He used the word "counterfeit" shares four or five times.
This was deliberate.
That is obvious because in his seminal speech on naked shorting
on the Senate Floor on July 23, 2007, less than seven months ago, he
did not once use the term "counterfeit" shares, but only the
words "naked shorting," or twice used "phantom shares."
As you know, each such naked short sale constitutes a sale of
a counterfeit security is a violation of Sections 513 and 514 of
Title 18 of the Criminal Code of the United States.
Violations of these sections of the Criminal Code are Class B
Felonies.
Naked short sales of shares not delivered is the sale
of "counterfeit securities," shares sold in the name of a company,
but not issued by the company from its authorized shares.
They are as criminal as the passing off of counterfeit
currency, which is covered by the same statutes.
Counterfeit "securities" are also covered by these criminal
statutes and shares of stock are securities.
There have been billions, if not trillions, of such violations
of the Counterfeiting Statutes by the naked short sellers.
And, the DTTC and the SEC are aiders and abettors of these
crimes of counterfeiting
securities under Sections 513 and 514.
- When a prominent United States Senator;
- As member of the important Senate Banking Committee;
- Speaking at an important hearing with top Government
Officials;
- On the important issue of the Problems With the Economy;
- Calls the problem of naked short selling of shares at that
hearing as the selling of "counterfeit shares;"
- Then those involved better run for the hills because their
heading for long prison terms, including their aiders and abettors.
That's why Cox was fidgety and sweating.
AI
