this the first crack in the dam???? « Thread Started Today at 10:49am »
-------------------------------------------------------------------------------- See last sentence in this post - Maybe we should register as a lobbyist with the Federal Government.
Why would this guy be registered as a lobbyist?????? Hmmmmmmmmmmmm
Could this be another indication of a huge fail to deliver or Naked short sale similar to CMKM.
If that is so, this is a crack in the dam and an indication of huge fail to deliver and the beginning of public disclosure by investors of naked short sale of epic proportions?
Look at the names of the Companies, Microsoft, Exxon, CITI, and other banks.
'-Texas man files investments that indicate holdings worth more than $8 trillion
--One filing claims ownership of nearly a trillion Microsoft shares
--Recent questionable filings with the SEC vanish from agency filing system
A spate of recent documents submitted by a Texan indicate nearly trillion-dollar stakes in some huge publicly traded companies, highlighting the open and unmonitored nature of the Securities and Exchange Commission filing process.
Since the beginning of the month, Johnny Earl Satterwhite has indicated huge holdings of Exxon Mobil Corp. (XOM), City National Bancshares Corp. (CYN) and other companies and securities in a series of SEC filings. Combined, the claimed investments are worth more than $8 trillion, according to the documents.
A Satterwhite filing on Tuesday claimed ownership of nearly a trillion shares of software maker Microsoft Corp. (MSFT). That is about 1,500 times more than company co-founder Bill Gates owns, and, in fact, more than the 8.4 billion shares Microsoft has issued in its 36-year history.
Satterwhite's filings on Exxon Mobil, City National Bancshares and other companies claim similar-sized stakes, which exceed the number of shares outstanding at those companies.
On Thursday, the spree of Satterwhite filings came to an end, when the 69 documents vanished from the SEC's electronic filing system.
A SEC spokesman said he was investigating the disappearance.
Satterwhite didn't respond to a request for comment.
The spate of now-vanished filings underscores the open nature of the SEC's filing process. The agency receives thousands of documents daily and allows companies and individuals to file electronically through its Edgar system to speed the process.
Securities lawyers say the SEC does little review of filings.
Earlier, an SEC spokesman declined to comment on Satterwhite or the filings.
Stephen Fox, a securities lawyer at Herrick, Feinstein in New York, said the SEC doesn't conduct "substantive review" of filers, but he's never seen anything like the Satterwhite filings before. Although the filings appear official, careful study of details -- such as the number of shares owned -- makes them "look like a practical joke," he said.
In a phone interview earlier in the week, Satterwhite said the filings were made on behalf of a group of individuals, whom he declined to identify. He said he doesn't act as adviser to the group and has no connection with the companies they claim to be invested in. "
" Satterwhite, 51 years old, made his first submission to the SEC on June 2 and picked up steam throughout the month. In addition to companies, the filings indicate large holdings in investment vehicles.
Satterwhite said he has lived in Texas most of his life and moved to Killeen about a year ago from San Antonio. He said he also is registered as a lobbyist with the federal government on behalf of the same group he represents in the SEC filings. "
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