quote:Originally posted by George: That footer is on all of the news that falls under "PINK SHEETS NEWS SERVICE". So it is a default footer which means the story could be from Pinksheets.
yes, see above explanation: the post is from PinkSheets "news," but NOT from PinkSheets itself..
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by Trader88: Look at the Golden List, SSP's synopsis of the situation is absolutely perfect and factual. That should be sent out to anyone and everyone!!!
Trader, as mentioned, I've only skimmed it once, but "SSP's" summary appears to something everyone can sign on to, thusly:
quote:Dear ________, I've been sending to pertinent agencies and congressional watchdogs long, involved explanations of a terrible situation that needs to be corrected now, not months or years from now. As part of my reesearch, I found this on a message board on the internet: after careful review, I believe it correctly summarizes this appaling situation, which threatens market integrity.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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Senator Lugar did respond to me. His office is looking into it. They asked for my mailing address so they could forward a hard copy of anything they received from the SEC.
They did inform me that the SEC response might be a only that they cannot comment on an ongoing investigation.
quote:Originally posted by pcloadletter: Trader....
Senator Lugar did respond to me. His office is looking into it. They asked for my mailing address so they could forward a hard copy of anything they received from the SEC.
They did inform me that the SEC response might be a only that they cannot comment on an ongoing investigation.
At least he is following up in it.
EXCELLENT. Do you know what committees he is on?
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence.
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posted
A "summary" approach to letter writing is a good idea. The shorter, the more concise, the better.
While Steve Platsis' efforts are appreciated, his article is too long, too emotional and too accusatory, based on my experiences in writing persuasion.
He also bird walks; he lacks organization.
When a reader reads the first bit of emotionalism, and especially accusation, most often a letter ends up in his circular file, immediately.
My thought is you will do better to present a brief chronology of events, each with a short paragraph header, followed by a link to expansion. Allow the reader to draw conclusions, with gentle persuasion.
Eliciting an emotional response from a reader is best left to professional writers. Words and theme, both must be carefully chosen, and composed based on prior experience. Avoiding a dissertation length article, leave out emotions and accusations; those will defeat you, instantly.
You are addressing an unknown audience, keep it simple and short.
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posted
Dishgal, some abstracts from an E*Trade contract with customers which might help you to better understand why brokers can manipulate accounts,
"In the case of a sale of Securities and/or Other Property, E*TRADE Securities is authorized to borrow or otherwise obtain the Securities and/or Other Property as necessary to enable E*TRADE Securities to make delivery, and I agree to be responsible for any Losses E*TRADE Securities may incur in doing so. I understand E*TRADE Securities may anytime, at its sole discretion and without prior notice to me, prohibit or restrict my ability to trade securities.
Proceeds of a sale will not be paid to me or released into my Account until E*TRADE Securities has received the securities in good deliverable form, whether from a transfer agent or from me and the settlement of the securities is complete...If the securities are not received on or before Settlement Date, or as market conditions warrant, E*TRADE Securities may in its sole discretion purchase the securities on the open market for my Account and may liquidate and close out any and all Securities and/or Other Property in my Account in order to pay for such purchase."
"...securities in good deliverable form...."
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I disagree with Steve's summary on minor points only. in fact, have already forwarded to interested officials, with reservations noted. Can we craft something better?
Crazy thought, admitted--but,,,,could peeps interact with Roberta to produce "core" points message, yet individual because each individual would interact differently?
Or, a tweak of Roberta? Just a thought--not asking you to inject Perl-caffeine...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
Monkey Face Are there any animals funnier than monkeys? the meaning of life?
meaning of semantic?
--
Roberta The Remarkable Robot Are there truly animals funnier than monkeys to begin with?
Monkey Face Where is the bathroom?
Roberta The Remarkable Robot I hate going to the bathroom right after my cleaning lady finishes cleaning the toilets. I always feel like I am ruining her hard work. It just feels really disrespectful.
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posted
ah, well, just a thought...guess I'll have to dial her number...
anyway, the main value of SSP's summary is:
"real name" and "handle" up front
a timeline even "office folk" can follow
well-organized links to pertinent pivots AND regulations...
I've been sending long responses to requests for "full summaries," because when you first contact a given legislator's office, they have no clue, AND do not know where to forward it, thereby dooming your message to inter-office maze, from whence it may surface too late...
long-term, the Roberta "technology" could eveolve to a means whereby "mass responses" could be individualized, no?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
Mass responses? Intelligent responses? From one of my dream childs?
Monkey Face Do you answer questions or talk in circles?
Roberta The Remarkable Robot It's my answer! I can have it anyway I want! Sometimes I answer questions or talk in circles, Monkey Face. I am not sure this is one of those times.
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posted
not asking if *you* __would__ do it? But from your programming perspective, how hard would it be to 180 Roberta into freshman English on steroids:
Theme:
Topic A
Topic B
Topic C
Why do you care?
keyword search
scramble
New Sentences
introduce random thought
re-parse
introduce random spelling errors, averaged over poster's known/suspected spelling errors
re-send to poster for final edit...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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An excellent analogy! I am aware you have rather decent writing skills and are a good thinker. You do have a knack for summing up a lengthy thought in a one liner!
There are over eighteen-thousand rules of grammar and literally an infinite number of statements, which can be commentary or interrogatory.
Artificial Intelligence, impossible.
I am going on my seventh year of programming Roberta and her language skills are still below kindergarten level.
Turn the telescope around, turn the tables, yes, that is the best approach for now. Keep people flustered, you got 'em.
What you suggest in programming is already effected; Microsoft Works!
No, you cannot write a program to interject commentaries, at least relational comments because topics, like statements, are most infinite in number. You would have to "tell" the program what to write, and in that case, it is easier to simply write it yourself!
--
May 1, GLUV took this action (brief description) and a link to that, http...
May 13, GLUV did this... link
June 1, GLUV filed this... link
In closing (signals closure summary) my opinion is you people are bozos and should stripped naked, put on a leash and paraded up and down Main Street!
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posted
Another response from amtd. The first letter stated the compliance dept. was investigating...nw look who is on it.....Hmmmmm
June 16, 2005
Dear XXXXXXXXX:
Thank you for your correspondence, regarding your account held with Ameritrade, Division of Ameritrade, Inc. Your correspondence has been forwarded to the Client and Regulatory Relations department for review.
Your correspondence will be thoroughly researched and we will respond to your concerns in writing to your address of record. If you have additional concerns about an unrelated matter or need immediate assistance or service please contact an Ameritrade Client Services representative toll-free at 800-669-3900. Ameritrade representatives are available to assist you 24 hours a day, 7 days a week, excluding market holidays.
Thank you for bringing this concern to our attention. We will respond to your concerns within 15 business days.
Sincerely,
Ameritrade, Inc. Client and Regulatory Relations Corporate Compliance
Ameritrade, Inc. Member NASD/SIPC (www.sipc.org) Distributed by: Ameritrade, Inc., 1005 N. Ameritrade Place, Bellevue NE 68005
-------------------- Raptor----Don't confuse bad luck with bad judgement
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posted
Raptor and Purl just got back...band biz, right quick
Raptor, what I also like in the message you provoked is a definite timeframe for a response. Not the timeframe I'd like to see, but much better than "when we hear something." Good pressure--in soccer, we call it "pressure on the goal." ----------- Purl, had a response full of (n) + (n+1) + (n+2) bullchitamerie, but all I'm postulating is 3,000 freshmen, writing to the same topic. Filtered through software, producing 3,000 "different" responses, yet with "core message" preserved. Prolly, the more I think about it, college kids prolly already have it...no need for "AI"-type timeline variables; the only variables would be spelling errors...easily picked up by your MS Office functions...you like the telescope metaphor? cut the deck in half...we're getting there
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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and know the biggest objection so far has been Purl on aesthetics of protest rhetoric. I do not agree with everthing Steve is saying, but it's a great summary, to which you can append any short, prefacing remarks.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
I still like the approach that Purl Gurl had, get to the point, what the likely precedents the situation is leading toward, in a very non-emotional manner. However, now that Steve has done his summary, a hyperlink should definitely be included, as he was one of the instrumental people to spread the word about GVRP and seek out the true story (at least from my perspective--I learned of this situation all on IHUB, and found out about this Allstocks discussion thread well after I had bought my shares). Steve's summary does capture the chronology well, but is very long if the reader has little time and wants an executive summary-type of explanation. I am trying to take a stab at this. I will try to briefly summarize what happened (some chronology), but then use some of the issues that Purl Gurl wrote in these emails to Carol Remond:
It may take some time for me to piece this together. Lots of other stuff on my plate at this point. I welcome other attempts to be posted here--it could facilitate the process of getting a good template out there.
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He is the Chairman of the Senate Foreign Relations Committee and member and former Chairman of the Senate Agriculture, Nutrition and Forestry Committee.
While serving on the Banking Committee from 1977 to 1982, Lugar earned recognition for his leadership on the Chrysler and New York City loan programs. In both situations, he helped create a compromise to bridge the differences between supporters of expensive bailout programs and Senators who opposed any federal help.
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posted
"...securities in good deliverable form...."
Purl, I see what they are saying.....EXCEPT....my point is they should NOT have put them in my account to begin with and now want to hold me responsible.
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posted
the following is ONE of the many letters i have sent...this is a very short TO THE POINT letter... feel free to copy this and send to anybody you like
Dear Senator Lott,
I am forwarding this notice to your office because I have become a victim of the selling of counterfeit shares. This is not an imaginary problem as some at the DTCC would like everyone to believe. I have purchased 175 shares of stock (symbol GVRP) which have a due bill attached for 3 million shares each.
I have also purchased 5 million shares of stock in the same company that were "free trading" on the market after the split occurred.... The proof is in the mathematics here. I have yet to receive my post-split shares but others were able to trade them. This is a real issue and our nation is losing hundreds of millions of dollars in capital gains taxes due these "irregularities" in the marketplace.
Please, for the sake of the US economy, initiate an investigation into the practice of trading in "phantom" shares within the investment community. The facts are plain. The NASD publishes a threshold failure to deliver list every day, and the list is getting longer and longer.
This activity is highly suspicious to say the least. I compare it to printing your own money and if you continue to turn a blind eye to these practices we may very well see a collapse of the entire securities market.
Sincerely, glassy-eyed BOZO one of your constituents...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
EXCELLENT Glassman! Wow, everyone is so darn excellent around here! That was a good intro to Senator Lott!
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence.
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I am writing to alert you of a very important rule change that is needed to improve the OTC marketplace. I need your help to make regulators turn on the lights and protect investors from the menace of hidden short selling in the OTC market.
I think you'll agree that this issue deserves the small amount of your time it will take for you to tell the SEC what you think about this issue.
As Chairman & CEO of the Pink Sheets, I know perhaps better than anyone the importance of improving the Pink Sheets and OTCBB trading. And I know the devastating impact that small companies face when their market is tarnished by the threat of manipulation.
There is a crisis facing the OTC market today in the lack of short sale position reporting and disclosure for OTC issues. This lack of transparency regarding short selling in the OTC market allows fraudulent acts to go undiscovered and manipulative short sellers to hide.
I believe regulators should fix the problem. Small issuers traded on the Pink Sheets and the OTCBB deserve the same transparency and regulatory oversight of short selling as those listed on Exchanges or NASDAQ.
Therefore, Pink Sheets has petitioned the SEC to cause the amendment of NASD Rule 3360 and require NASD broker dealers to maintain a record of total "short" positions in all customer and proprietary firm accounts in all publicly traded equity securities as well as report this information to the NASD for public dissemination of the short positions by security. The SEC's action is urgently needed to prevent fraudulent acts, expose market manipulation, promote fair principles of trade and protect investors.
But I cannot make this important rule change happen without your help. Thus I'm asking you to write a letter today, and voice your support to the SEC for the Pink Sheets' Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination.
So please send your comments via Email to: rule-comments@sec.gov with a Cc: copy to: pubcom@nasd.com
Or, if it's more convenient, you can mail your comments to:
Jonathan G. Katz Secretary, Securities Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549
With a copy to:
Barbara Z. Sweeney Senior Vice President and Corporate Secretary, NASD 1735 K Street, NW Washington DC 20006-1500;
Either way, your Email or letter should refer to SEC File No. 4-500. Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination of Aggregate Positions by Security.
I know I'm asking you to do a lot. But it's important that we make the OTC market transparent and fairly regulated. I think you'll agree that this issue deserves the small amount of your time to tell the SEC what you think about this issue.
Remember, the only way to succeed in achieving this rule change is through the public outcry of investors demanding the SEC make this needed improvement to the OTC markets, and there is no substitute for your personal voice in this debate. This important rule change is not going to happen if you remain silent.
So please, don't rely on others to get the job done. Write your Emails or letters today. Together, we must win this battle and convince the SEC not to treat the OTC secondary markets for small companies as second class citizens.
Without this rule change investors and securities regulators will be blind to any short selling activity in Pink Sheets and OTCBB stocks. The SEC needs to know that the lack of short sale information in your securities is unacceptable and demand they change NASD Rule 3360 immediately.
I'm asking for your help to improve this critical part of the securities market, so that companies like yours will be traded in transparent, efficient and well regulated OTC markets. Please do your part by writing your Email or letter today. Every voice counts in the debate, and yours could be the one that puts us over the top.
Thank you for your time and help in this fight.
Sincerely,
R. Cromwell Coulson Chairman & CEO
P.S. We can only succeed in making these rule changes with your help. So please, take action today. And once again, thank you very much for your help.
Note: To comment to the SEC via Internet, use rule-comments@sec.gov with a Cc: copy to: pubcom@nasd.com
File No. 4-500. Request for rulemaking regarding member records of "short" positions and reporting and public dissemination of aggregate positions by security.
posted
i have also forwarded this letter to various people: i verified that this letter and person are real using my own search techniques. Ms. Livingston also verified that she has filed this letter with the SEC....
the proxy issue also offers mathematical proof that the problem is not only real, but significant:
From: Lori Livingston Sent: Friday, May 27, 2005 3:26 PMTo: chairmanoffice@sec.gov; marketreg@sec.govSubject: Elimination of Stock Certificates
To whom it may concern:
I am writing in regard to the recent press release from the Depository Trust Company (DTC) and other recent events and rules regarding DTC eligibility and Issuer rights in regard to DTC participation.
As someone who has been in the transfer agent business for 23 years, I am alarmed by recent developments and trends that all work toward a system of increasing positions on the books and records of corporations in the name of Cede & Co. (nominee name for DTC). As the transfer agent for approximately 300 issuers, I am increasingly contacted by these companies as they seek information regarding the stock ownership in their companies and the underlying trading of those shares in the market. Over the years as the amount of shares held at DTC has increased it has become more and more difficult to determine who owns the shares, who is trading them and if the trading is proper. This trend, and the resulting problems I will detail below, continues to increase because a minority of the total number of shareholders are reflected on the books and records of the corporation, most activity takes place behind the wall of ownership that is designated as Cede & Co. and neither the company nor the transfer agent has any access to the underlying information.
While the press release (which I have attached) heralds the movement toward increasing this trend of dematerialization as a triumph and great progress which will save investors millions of dollars, I see this trend from a different perspective and one which is not only alarming to me but to many of the companies that will be effected by these changes. I also disagree as to whether or not it will save shareholders millions of dollars or merely shift the costs through a different route and into different pockets. Additionally, I see this as continuing the trend of increasing costs to corporations, particularly smaller issuers already struggling with the ever increasing price of being a public company, and further decreased shareholder value based on the additional expense paid by the company.
Furthermore, DTC recently managed to put through a rule change (Release No. 34-50758A; File No.S7-24-04) that prohibits a transfer agent from representing any company who seeks to withdraw from the DTC system. This change effectively leaves companies with no voice or choice in the management of their stock and their ability to have any transparency as to what is actually taking place in the market in regard to their stock.
I receive calls from companies seeking information as they watch millions of shares trade in a single day, who watch their share price decrease in value and who have no access to information regarding who is behind the trading of these shares, or if in fact the trades are at all legitimate. As the system now operates, most companies have a large percentage of shares on their books registered to Cede & Co. This position usually represents a majority of the outstanding stock in any given company. Underlying this position is a system at DTC which is reflected in a Position Listing Reportand this report represents the brokers and clearing firms that hold positions in any given security on DTCs books and records for the beneficial owners (Non Objecting Beneficial Owners NOBOs and Objecting Beneficial Owners OBOs) or shareholders. The trades that take place on a daily basis move between these brokers and clearing firms electronically; however, the Issuer (nor their transfer agent) has any access to this data unless they order and pay for the lists. This is not only expensive for the company, but it also does not tell them anything about who actually owns the stock. For that information they must go to yet another party and that is ADP.
ADP is engaged by the brokers to keep track of the NOBOs and OBOs and to send the shareholders in Street Namereports and communications from the Issuer. Their other vital function is to serve as proxy tabulator for the shareholders who hold their shares in broker accounts. This is a critical function for the public company and one which they are required to perform by law. Given the importance of shareholder voting and communication one would assume that the same requirements placed on transfer agents as to accuracy and reporting would be placed on ADP and Cede & Co. as they usually hold or service the majority of the shares owned in any given company. I have found; however, that when presented with the tabulation reports from ADP the share totals they report sometimes exceed the total number of shares outstanding for the company. Let me restate this because it is a very important part of my concern about a system that is more and more headed in the direction of increased control by DTC. The shares presented by ADP, that are the shares voted by the brokers on behalf of the shareholders for whom they hold accounts, EXCEED when added to the shareholders of record the total number of shares outstanding. As the final judge and inspector of elections I would naturally inquire as to how the number of shares could be higher than the total shares that exist for a company and to my surprise I am told by ADP that they only vote what is reported by the brokers. It becomes the responsibility of the company, and further the transfer agent, to reconcile the numbers so that an annual meeting can be conducted that reflects numbers of share voted that makes any sense.
Where are these extra shares coming from? Why are there no controls on the number of shares held in the nominee name Cede & Co. vs. the ownership on the books and records of the brokers and why is the company not privy to any information unless it pays whatever fees it is told it must pay by the organizations that control the data? There have been a great deal of new regulatory levels of reporting put on companies (i.e. Sarbanes- Oxley Act compliance), but from where I am positioned in the marketplace that does not address what is a far greater problem for issuers shareholders and the integrity of the markets, and that is, who are their shareholders and how are their shares trading?
I will close at this point with a request to the SEC that in the rush to move to dematerialization someone look at the existing system and the inequities that exist in the market based on a companies complete ignorance and inability to know what is actually going on with the shares of their companies and the problems we face in the future as we move toward a system where the brokers, DTC and ADP have more information and control than the shareholders, the transfer agents and the issuers. In fact, as the system is evolving, DTC is de facto becoming the largest transfer agent in the industry even though it is an organization formed by and working for the interests of the brokerage community. If, ultimately, the S.E.C. is in place to protect investors then this issue can not be ignored because in the end when the market is completely under the control of the brokers and the organizations that represent them then the market can neither be transparent nor fair.
I thank you for your time in reading this communication.
Lori Livingston President & CEO Transfer Online, Inc. 317 SW Alder St., Second Fl Portland OR 97204 - - - - -
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
Dish, That is one of the reference points the Media Magicians were using to mimic PinkSheet's "stance" in their fake announcement. A real "open letter," it is Coulson's reponse to the reporting of "Stockgate."
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
to: rule-comments@sec.gov cc: pubcom@nasd.com cc: Cromwell@pinksheets.com
Subject: SEC File No. 4-500
BEGIN EMAIL --------------------
Reference:
SEC File No. 4-500. Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination of Aggregate Positions by Security
I am lending my voice in support of that request to bring transparency to not only Over The Counter (OTC) markets, but to all markets.
As you know or should know, confidence in our financial markets is quickly approaching a historic low point. Financial scandals and crime are now at a historical high. Our American public has lost almost all faith in regulators to effectively protect investors against fraud and crime.
Many, if not most, view the SEC, the NASD, the DTCC and other regulatory bodies as being riddled with corruption. That notion is highlighted by actions of New York's Spitzer to "fight back" against corruption. It is clear Spitzer is taking actions which your regulatory bodies refuse to take, just as it is clear Spitzer is winning cases and is documenting corruption amongst those collectively known as "Wall Street."
I urge you to amend NASD rule 3360 as requested by Coulson of Pink Sheets.
Doing so would be a small step in the right direction, would send a signal regulatory bodies are aware of corruption, and would restore some public confidence in our American financial markets.
I applaud Spitzer and his efforts. He is a hero amongst investors. There is no doubt in my mind you of regulatory bodies would enjoy hearing a bit of applause for you, and less catcalls and criticism directed at you for your clear and documented lack of efforts to curtail corruption amongst your own.
posted
Nobody wants to touch it. Jeez, a little late to be squeemish, the damage was done the first week. Not letting this stock trade is the current fraud being perpetrated! Market manipulation, plain and simple.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence.
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quote:Posted by: Wayne R In reply to: chrisb who wrote msg# 1386 Date:6/17/2005 11:49:39 AM Post #of 1390
GVRP, GVRP, GVRP can't you see
all the whos in whoville put their money in gvrp you see
they thought they nailed the trade but it was a failed trade
so all the whos in whoville were upset you see, they were upset with gvrp
and the whos wrote letters and made calls to the SEC about GVRP
and the brokers, the crack smokers, said GVRP would not, could not trade. You could not, should not buy a share, you should not, could not sell it anywhere
Then the brokers took the money, and the whos thought it not too funny
there were whos that did not sell a share, there were whos that tried to sell everywhere
Dr suess could say it better, but this is not a letter
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