Bancorp International Group Inc (fka BCIT)

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Bud Burrell latest
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After reading this, I cannot help get a sense given the power the criminals have, shown in Bud's latest blog, that we somehow squeezed them because the system that is supposed to protect us from the criminals, is them.

http://www.thesanitycheck.com/Blogs/BudB....d-Shorting.aspx



Insider Trading Indictments Miss Biggest Insider Abuse of All, Naked Shorting.
Nov
30 Written by: bburrell
11/30/2010 9:57 PM



Insider Trading Indictments Miss Biggest Insider Abuse of All, Naked Shorting.
From “Front and Center”, by Bud Burrell
As we have watched the indictments, subpoenas and arrests surrounding illegal insider trading, we have noted one glaring hole not yet addressed, and it is that of the largest insider trading abuse of all, illegal and naked short selling. When the Bermuda Short Sting cases unwound, a total of 88 people were convicted of manipulation, the biggest case of its type until now. The Anthony Elgindy case involved vicious manipulations of over 2200 companies attacked, with billions of dollars in market capitalizations destroyed, and millions of shareholders wiped out, yet there were only a small handful of indictments and convictions. Many super-ceding indictments were promised, but never materialized. The now legendary Eagletech Communications case produced the conviction of 17 organized crime family leaders and soldiers, and again, many more indictments were promised but never materialized.
These broken promises were capitalized on by major defense firms representing the criminal perpetrators, who used them to hammer Federal and State Courts into submission, resulting in some of the most biased and prejudicial rulings ever seen in US Courts. The SEC and FINRA (formerly the NASD) sided with the criminals time after time, changing the rules on an almost continuing basis to protect the worst of the manipulators, including the Hedge Funds generally, their broker-dealers specifically, and ultimately themselves for being held accountable for not doing their jobs.
The laws written in the 1930’s to protect investors from predatory short sales manipulations were the direct outcome of the monstrous wave of actual counterfeiting of physical securities that were sold to an unsuspecting public



"Be sure to read this part"
.................... In the 1970’s, along came the Depository Trust Corporation, whose five year mission was to insure efficient settlement of trades. When the DTC bought the NSCC (National Stock Clearing Corp), they were presented with a magnetic opportunity to explode their profits.
First, they had to change the character of their holdings on behalf of brokers, from physical custody to a form of virtual custody created by dematerialization. Next, they took over the NSCC’s Stock Borrow program. Then, gradually over about 10 years, they made stock certificates unavailable to their owners, taking nominal ownership in exchange for their providing efficient clearing and settlement services. This also allowed them to egregiously abuse the Stock Borrow programs now under their control to support short sellers, which in their process made stock shares become nothing more than equity entitlements, and no kind of actual claim on ownership. In essence and in fact, they had created a mechanism for the virtual counterfeiting of proofs of equity ownership........


The Corporate Stock Record Book became meaningless, since the number of shares in the market regularly exceed by a wide range the actual number of shares legally authorized and issued by the Corporation and incorporated into its SEC reports.

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While thousands objected, the SEC told them to pound sand, and as with the Madoff and Stanford Ponzi schemes, they refused to listen to the victims of these complex crimes even when confronted with overwhelming evidence of theft and conversion. Ponzi schemes were no stranger to the US Government, certainly not after ruining the Social Security Scheme, and after decades of destruction of US currency by misbegotten Federal Reserve’s schemes that have decimated the value of the dollar. This decimation follows what has been done to all fiat currencies since the beginning of socialist concepts of the Progressive movement.
We now face challenges related to the almost certain implosion of not only our Federal Government and its insane debt loads including unfunded liabilities, but also by comparable or even more excessive arrogance and stupidity by our State and Local Governments following the Federal example. I see nothing short of outright Global War to be any solution to this, and I perceive the same amorality in our leadership that would permit such an abomination. Many hoped that the mid-term elections would send Washington a message that the US citizenry would no longer tolerate the lies, frauds, counterfeiting and worse that have been the real “Earmarks” of Progressive Liberal Government.
Socialism has failed everywhere it has been tried, and now we see the pending destruction of not only Europe, but of North America as well. We have gone past the debt tipping point, to a level where only focused political will supported by the US voters would change anything. I don’t see that will, and I have challenged many to show me evidence of its existence. The response today was a vote by the Senate to preserve earmarks as a special privilege. This shocked many, but it also showed that nothing has changed in our Capitol.
We are headed into a economic abyss that will make the Great Depression look like a Sunday lunch in the Park. We have no one to blame but ourselves. Not everyone will act like fat, stupid sheep. That should concern our sell-outs personally. I would not want their future. What they will experience must make the “Shunning” of the Amish look like a jeopardy question. They will be talking, and not only will no one be listening, they will be throwing rotten vegetables at these elitists. It is better than they deserve.
©2010 Bud Burrell