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Re: patchman post# 243594

Thursday, 10/22/2009 1:40:13 AM

Thursday, October 22, 2009 1:40:13 AM

Post# of 346921
Patch, the spin control isn't working

An earlier post from me regarding you and Cain:

"The SEC is relying on the daily abuse we can see on the grey market to mete out punishment until they are ready to take a case to court.

They are also allowing their non-disclosure of findings to PROMOTE MORE AND FUTURE FRAUD.

Says who? Mr. Charles E. Cain, Assistant Director of Enforcement of the SEC.

This according to SEC watchdog David Patch.

I have written to Mary Shapiro and Charles Cain, asking them to verify what Mr. Patch has stated.

Is it just me, or does that make your blood boil?

Following is my letter, which includes exactly what Patch said on Ihub.

******************************************

Dear Ms. Shapiro;



I am forwarding to you a posting from Investors’ Hub (Ihub), made by David Patch.



I cannot believe that what Mr. Patch is saying about the SEC could possibly be true. Please advise as to the accuracy of his comments. Also, if you confirm that the SEC is, in fact, acting in the manner Mr. Patch says you are, I am sure that not only myself, but the investment community at large, will take appropriate legislative and judicial action to rectify this situation immediately.



Sincerely:

Jay Booth



Mr. Patch’s comments:



“The system sucks so badly because investors act like fools.

Basically what Cain* told me is that they have a case against SPNG, they have not filed an administrative order to take it to court because they are not prepared to do so, and as such they rely on the demotion to the Grey markets as the public notice. it can trade there until they are ready and if that means $6 Million in trade volume and abuses daily so be it.

Now on the flip side there are these loons who look at this as further opportunity to spin NSS scandals and such when the SEC knows full what what the con really is. The SEC allows the non-disclosure of findings to promote more and future fraud.”

*Charles E. Cain, Ass’t Director, Div of Enforcement, SEC
**********************************************************

So, was your plan to work AROUND Cain, at the time you posted the above? And foolish? Incredibly idiotic for him to say it to you, and for you to convey it to us, IMO. All I can hope is that Ms. Shapiro read my letter to her, and concurs.
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