Replies to post #165290 on CMKM Diamonds Inc. (fka CMKX)

[Sec 10]

Then why aren't they on the SHO list, ignutz, and why have twelve separate get shorty suits been dismissed as lacking sufficient factual pleading to prove a cause of action?

The TOTAL fail to deliver position due to participants on the books of the NSCC as of December 31, 2004, was three billion dollars. That sum comprised the market value of all fails T+4 and longer for over 7,000 exchange listed and otc securities. Considering the NSCC clears over a trillion a day in transactions, the figure is trivial.

So where is this huge problem that nobody can demonstrate the existence of to a court, and that shows up in no data?

[NSS_Boss]

From January's Stock Selector. Com

http://boards.stockselector.com/message.asp?mid=79136&symbol=SSBOARD8

The Highlights:

Twenty civil cases have now been filed by O'Quinn, Laminack & Pirtle, Christian Smith & Jewell, and Heard, Robins, Cloud, Lubel & Greenwood, LLP, all of Houston, Texas. The consortium of law firms, famed for the giant awards they obtained suing tobacco companies. The group recently brought suit against the Depository Trust and Clearing Corp. for allegedly participating in the short-selling conspiracy through its "stock borrow" program which the attorneys say is nothing more than an illegal electronic printing press for stock certificates.

Lead counsel John O'Quinn said: "We are committed to the relentless pursuit of justice."

In comments to the U.S. Securities and Exchange Commission, C. Austin Burrell, who is providing litigation support and research for the law firms, said that StockGate is more massive than anyone may have imagined. "Illegal Naked Short Selling has stripped hundreds of billions, if not TRILLIONS, of dollars from American investors," and have resulted in over 7,000 public companies having been "shorted out of existence over the past six years." Burrell said some experts believe as much as $1 trillion to $3 trillion has been lost to this practice.

He stated that the restrictions on short selling were deliberately put into the Securities Acts of 1933 and 1934 because of the first-hand evidence then available that the "sheer scale of the crashes was a direct result of intentional manipulation of US markets through abusive short selling by a massive conspiracy."

Burrell noted that the 65-lawyer team presided over by lead lawyers Wes Christian and John O'Quinn has uncovered more than 1,200 hedge fund and offshore accounts working through more than 150 broker-dealers and market makers in a joint cooperative effort to strip small and medium size public companies of their value.

According to lawyer Christian, et.al., the DTC is at the very heart of the problem, and has almost a billion dollars a year at stake in keeping the problem.