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WHY HAS THE SEC FACILITATED SYSTEMATIC TERRORIST MONEY LAUNDERING?

Blogs ~ Bud Burrell - Front and Center
Posted by: bburrell
6/30/2009 12:03 PM

Yesterday, in scanning terrorism sites, I found a link to The Terror Finance Blog, and bells went off. Searching back, I found that they had referenced the twice convicted felon Amir Elgindy as a primary example of such market related actions. I then remembered that the DOJ had indicated that they expected to file as many as 35 to 40 additional indictments in this case, which involved bribery of FBI agents, which is normally a very hot button with the DOJ. Typically, not a single superceding indictment was forthcoming.

The DOJ could not have made this case without finding that the SEC was in it up to their collective duffs. Despite this, not one SEC official was indicted, despite plentiful evidence of their collusion with Elgindy, attorneys Weiss and Lerach, and many more. Hard evidence was the foundation of the conviction of Elgindy, in the form of clean transcripts of the actual web site he ran in support of his shorting syndicate. This site demonstrated the involvement of many of the major hedge fund operators, market makers, and more.

The most repeated and glaring reference I have made with regard to illegal naked short selling has been to its role as a tactical tool to launder money and evade taxes, moving money offshore for various terrorist enterprises, including organized crime, terrorists and narco-terrorists, domestic and international. I have proved this over and over again, in case after case, only to be met by a black hole of silence from our authorities. I have shown them link after link to name after name, all of them repeatedly involved with one another is hundreds of transactions. The silence of the response has been deafening.

I am now forced to query whether or not our SEC is in fact a supporting co-conspirator in these various criminal and terrorist enterprises by choice. There are reports of the topics of their meetings with the worst of these scum perpetrators. Billions of dollars of investments have been stolen or converted from the securities of thousands of companies and issuers, taken from the pockets of millions of individual investors. The SEC in its arrogance doesn’t even deny this anymore.

Can the SEC be allowed to continue to stand in this light? How can the DOJ ignore such horrific conduct, executed with such impunity and arrogance? The SEC IG is being ignored by the SEC. What he needs are real police powers, like the OPR (Office of Professional Responsibility) of the FBI. He needs to either get these powers, or bring in the DOJ and GAO to investigate the SEC with grit and authority. Jim Cramer said it best. You just need to arrest one illegal short seller and “Perp Walk” him, and this would be over here in the US. Globally is another issue.

As we watch the major news organizations go into the tank on this matter, one has to ask why. Many major journalists were named as being linked to the Elgindy matter, the proto-proof that counterfeiting of all forms of commercial securities was being used for racketeering and terrorism money laundering. Where was their testimony? Where were the indictments of these co-conspirators and supporters, the major hedge funds who bragged about abusing the law?

The mechanisms now being used are much harder to penetrate than they were 5 to 8 years ago. Offshore special purpose entities are now wholesale, used by all operating elements of this criminal activity, in a monstrous treasonous conspiracy. Did Enron teach nothing to our law enforcement officials? This is Enron Redux, times billions.

I encourage you to reach out to your elected officials, first nicely, then with a figurative fist if nice doesn’t work. Do the same to FINRA, surely worse than even the SEC. Their members would not have behaved quite so badly if FINRA itself had not given its tacit approval to their malfeasance and greed.

If you say this will take too long, I say, so what. I was described by every insult imaginable 6 to 8 years ago. Not now. It is better to be feared for speaking up, than to have dirt kicked in your financial and legal face by vermin when you don’t.

http://www.thesanitycheck.com/Blogs/BudBurrellsBlog/tabid/84/EntryID/785/Default.aspx


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