That is interesting, seems the SEC is getting some heat lately. I think it's just the beginning. Maybe enough of us have called our Congress people to get them to do something......finally. I really wonder if GTEM's sp will see any recovery from just the mm's/shorting/naked shorting possible change in the way business is done. More likely the unfolding improvements in company progress will make the point moot.
Posted by: KingArthur In reply to: None
Date:7/27/2007 3:46:15 PM Post # of 82891
Here's an interesting article on NS...
..Universal Express' General Counsel Charges SEC With Permitting the Destruction of Over 5,000 Public Companies Friday July 27, 10:02 am ET
NEW YORK, NY--(MARKET WIRE)--Jul 27, 2007 -- Universal Express, Inc. (OTC BB:USXP.OB - News) General Counsel, Chris Gunderson, charged the SEC today with permitting the destruction by naked shorters of 5,000 to 7,500 small public companies over the last 10 years. He intends, if requested, to testify before the Senate Banking Committee. ADVERTISEMENT
"The SEC has permitted the destruction of thousands of small public companies by failing to regulate naked shorting and by protecting stock counterfeiters. The now admitted naked shorting scandal, involving the sale of trillions of counterfeit and phantom shares into the market in the names of those companies, resulting in the destruction of their share prices, forcing them out of business and devastating the investments of millions of small investors, while eliminating the jobs of tens of thousands of their employees, continues today," stated Mr. Gunderson.
"The SEC has permitted the ongoing destruction of American small public businesses, without conscience. The primary source of economic expansion and job growth for our economy is that of developing public companies," continued Mr. Gunderson.
"Universal Express' $700,000,000 naked shorting judgment obviously upset and embarrassed the SEC. Since that judgment, the standard SEC operating procedure of vilifying the victim, intimidating partners and attempting to silence the whistleblower has been in force against Universal Express. Nevertheless the SEC has failed to deliver the protection to investors and developing companies attacked by this counterfeiting scandal. I applaud Senator Bennett's courageous position on naked short selling as he presented it this week," concluded Mr. Gunderson.
"Mr. Gunderson's frustration at the SEC and the naked shorting scandal, as well as his bringing these serious abuse of power problems to the main stream media is admirable. Losing billions of dollars daily in the interest of unscrupulous brokers and other dishonest interests is reprehensible. Let's count on our Senators to support Senator Bennett and act on this scandal as Universal Express awaits a jury trial to do the same," said Richard A. Altomare, Chairman and CEO of Universal Express, Inc.
Nerd, when was the last time you saw this happen with Globetel? Was today an important date in that regard? Things like this can end up being a clear signal of things to come when later viewed in retrospect.
Very interesting nerd. I'd say there is more than 1 poster out there really bummed right now.sec is watching this. bank on it.Monday should be sweet!kona
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