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Naked Shorting -StockGate: Dateline Could Blow Lid Off 'Stockgate,' Says Website Jun 14, 2004 7:54:00 AM
Jun 14, 2004 (financialwire.net via COMTEX) --
(FinancialWire) FinancialWire learned several months ago that "Dateline," the investigatory TV program aired by General Electric's (NYSE: GE) NBC unit, has been preparing a blockbuster expose of "Stockgate," the term coined by FinancialWire to encompass the massive naked shorting scandal, that could cause the entire financial community to implode, but FinancialWire had honored requests from participants to keep the plans for the program confidential.
That has changed now following a story by The Faulking Truth website. "It's been called the biggest financial scandal in the history of the world, with incurred losses estimated by some experts at well over $1 trillion dollars. It's a scandal that involves over 1,200 offshore hedge funds, over 150 US brokers, [including Charles Schwab (NYSE: SCH), A.G. Edwards, Inc. (NYSE: AGE), and ETrade Group, Inc. (NYSE: ET)], and has already bankrupted over 7,000 US companies in the past six years," said Mark Faulk in an article at http://www.faulkingtruth.com/article/?Investing101&1005 , entitled "Is Dateline Losing Credibility Over StockGate Story Delays?"
"According to many of the lawsuits filed to date, the crooks include terrorist groups and organized crime syndicates. Sources say that this scandal, which involves an intricate system of selling electronic counterfeit shares of stock in an effort to destroy the market value of small publically traded companies by utilizing a method known as 'naked short selling', will eventually implicate almost every major broker in America, all of the governing bodies that oversee trading, and will extend into Canada and Europe," stated the article.
"Amazingly, the SEC has admitted it had been 'observing' naked short selling for six years, but up to now has done absolutely nothing to put a halt to it.
Titan Motorcycles WAS an outstanding company here in Phoenix. Really made a beautiful & quality machine. Even custom motorcycles.
All we knew here in Phoenix is that they had gone out of business due to financial problems. Now I think I know what kind.
Thank-you for posting this!
blue_in_MI
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bingo, i also stumbled across that earlier this week. pretty fascinating stuff, no doubt. my gut feel is that it's a bit overstated, but - i would *LOVE* to see eliot spitzer take a look into some of this otc naked shorting stuff. when it comes to the markets, that guy is my HERO! except i'm still a little peeved he let dick strong walk away with $700M off the wells fargo deal, instead of carting him off in handcuffs like what should have happened
Wallace#1
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bingo,
I, too, saw this earlier. Still, it's extremely important to get it plastered all over the place. Nice going!
blue -
How're you doing girl? I am still holding CTDH and still frustrated with it.
laststock007
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Wow, very interesting article. I'll post some links on naked short selling.
Enjoy the weekend everyone.
-ls007
Linda C.
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Hmmm... Just got this back from the I.R. firm for TSBB, Honeycutt Capital. Well, it's nice to hear back on the issue. Thanx for posting it, bingo2004.
____________________________________________
Linda, thanks for your heads up. We all know this is a serious situation.
Ray Larson, Honeycutt Capital
From: Linda **** <****@yahoo.com> To: jjenkins@tsbfinancial.com CC: honeycuttcapital@hotmail.com, info@tsbfinancial.com Subject: NAKED SHORTING SCANDEL ON DATELINE NBC...??? Date: Fri, 18 Jun 2004 15:36:08 -0700 (PDT)
Disgusting how this is allowed to harm yours and other good OTC-BB companies (to say nothing of all who invest in them)! In this day and age, one would think the stock market would be above the status of the Wild, Wild, West...
Sincerely, Linda
P.S. Keep up the excellent work!
MOSES2
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I'm not trying to brag, but if I was short, I wouldn't go around naked (if you know what i mean).
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