The SEC wasn't contacted out of frustration, but as a follow-up to my conversations with them last fall about "hit pieces," an area in which I was told was being reviewed. I specifically called one person (Elaine Greenberg) and received a return call from one of her associates with the same title. Opposite to your beliefs, Mr. Novakovic was very very interested in reviewing these "hit pieces" and the documents that may have been forged. In more casual conversation with this gentleman, he noted that the majority of complaints he's currently looking at are those involving stock promoters. He stated he was very frustrated that there's not much action he can take against these promoters, as they all (for the most part) are very good about pushing their limits, but not actually breaking the law. Personally, I believe this guy is very very interested in the chance to actually bust someone (especially a group) for the kind of illegal behavior I informed him about. I can almost promise you that if someone can show Mr. Novakovic that Muddy Waters, Citron, Chimin Sang or whomever, forged or altered documents, created false spreadsheets, indictments will be handed down. Nothing more, nothing less as you say ? I strongly strongly disagree and have no doubts whatsoever that if the case is presented to Mr. Novakovic in the manner he's requested, heads will indeed roll. He and I spoke about the investing public's perception of the SEC and the lack of manpower and he assured me the SEC is trying its best to improve and take all claims seriously. He WANTS to review this case and he WILL review this case and indictments WILL be handed down IMO ...........
"The SEC doesn't solicit information nor does it discuss investigations. Period. The SEC also does not have the manpower to go after opinion bloggers, especially when those bloggers are most likely living abroad and impossible to indict. The people that run these bear raids are well aware of the law and its limitations. The SEC has pages of information on its web site warning investors of newsletter manipulation. They don't have time to deal with unsophisticated investors crying over a Company's inabilty to effecively wage a counter PR/IR campaign against smear bloggers. I would guess Joe called the SEC (out of frustration), was directed to someones voice mail, that person returned his call, listened to Joe's complaints and was polite by telling him to send in information. Nothing more, nothing less. I highly doubt the SEC is going to get involved. If anything bombarding the SEC with complaints is going to get CCME investigated.. not the bloggers."
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