posted
LOL..Tex..weren't you the one that was mentioning "odd" the other day? That question is "odd"..j/k I have been saying "Po-it-er" or to give it an accent.."Poe-ter" (long 'o' sound)
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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That's right folks, it is I, DONIBOY. Unfortunately, I lost my old password when I changed jobs and now I have to start over. So what's the word? Are we rich from CSHD yet????
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posted
I was wondering if anyone else has the sick mind that I have to interpret my intentionally ambiguously worded post that way. Congrats wally, you're the pervert I knew you could be!
quote:Originally posted by wallymac: What corner? Just Kidding.
posted
You all have turned this into a cult board. It remindes me of the rocky horror picture show in its day. (before my time) No one really watched the movie, they just went to have a good time and a laugh. I come over here and I am never disapointed. There is always a laugh to be had.
Later guys.
-------------------- Must be an easier way! Disclaimer: Don't buy or sell on my advice I am not a licensed broker.
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Tue, 31 Jul 2007 20:16:51 GMT American Stock Exchange
NEW YORK, July 31 /PRNewswire/ -- The American Stock Exchangeâ (Amexâ) today announced two final disciplinary actions for violations of Securities and Exchange Commission (SEC) Regulation SHO short sale rules in connection with trading activity in threshold securities, which occurred on various options and equity exchanges. In the first action, Scott H. Arenstein and his firm SBA Trading, agreed to a fine of $3.6 million, disgorgement of $1.4 million in trading profits, a censure and a five-year suspension from Amex membership in any capacity, including employment or association with an Amex member or member organization during such period. In the second action, Brian A. Arenstein and his firm ALA Trading, LLC agreed to a fine of $1.2 million, disgorgement of $1.8 million in trading profits, a censure and a five-year suspension from Amex membership in any capacity, including employment or association with an Amex member or member organization during such period.
SEC Regulation SHO generally requires market participants to locate shares to borrow prior to effecting a short sale transaction. However, options market makers receive a limited exemption from this requirement when selling an underlying equity security short to hedge options positions established during the course of bona fide options market making activity.
Despite the fact that neither respondent was acting as a bona fide options market maker in the particular securities in question, each of them improperly utilized this market maker exemption to impermissibly engage in naked short selling by failing to locate securities to borrow and then engaged in a series of close out transactions designed to circumvent his Regulation SHO delivery obligations in such securities by creating the appearance of a bona fide repurchase of the securities he initially sold short. As a result of this violative trading activity, they were able to maintain impermissible naked short positions in a number of Regulation SHO threshold securities for a virtually unlimited period of time.
"Regulation SHO is a critically important framework of regulatory requirements designed to prevent and deter abusive short selling and reduce persistent fails to deliver. The respondents' circumvention of these requirements was egregious and improperly contributed to persistent fails to deliver in certain Regulation SHO threshold securities," said Claudia Crowley, Senior Vice President and Chief Regulatory Officer of the Amex. "This settlement should send a strong message to other market participants that trading which involves the improper use of the Regulation SHO market maker locate exemption and circumvention of the requisite delivery obligations are unacceptable and will result in serious sanctions."
Scott H. Arenstein, SBA Trading, Brian A. Arenstein and ALA Trading consented to findings that they violated SEC Rule 203, Article V, Sections 4(h) and (i) of the Amex Constitution and Amex Rule 958 - ANTE. In settling these matters the respondents neither admitted nor denied the charges.
This violative activity was detected and investigated by the Financial Industry Regulatory Authority (FINRA), formerly the NASD, acting on behalf of the Amex's Regulatory Division.
The Decisions and related Stipulations of Facts and Consent to Penalty can be viewed at the following link:
quote:Originally posted by glassman: any of you guys see this yet?
Tue, 31 Jul 2007 20:16:51 GMT American Stock Exchange
NEW YORK, July 31 /PRNewswire/ -- The American Stock Exchangeâ (Amexâ) today announced two final disciplinary actions for violations of Securities and Exchange Commission (SEC) Regulation SHO short sale rules in connection with trading activity in threshold securities, which occurred on various options and equity exchanges. In the first action, Scott H. Arenstein and his firm SBA Trading, agreed to a fine of $3.6 million, disgorgement of $1.4 million in trading profits, a censure and a five-year suspension from Amex membership in any capacity, including employment or association with an Amex member or member organization during such period. In the second action, Brian A. Arenstein and his firm ALA Trading, LLC agreed to a fine of $1.2 million, disgorgement of $1.8 million in trading profits, a censure and a five-year suspension from Amex membership in any capacity, including employment or association with an Amex member or member organization during such period.
SEC Regulation SHO generally requires market participants to locate shares to borrow prior to effecting a short sale transaction. However, options market makers receive a limited exemption from this requirement when selling an underlying equity security short to hedge options positions established during the course of bona fide options market making activity.
Despite the fact that neither respondent was acting as a bona fide options market maker in the particular securities in question, each of them improperly utilized this market maker exemption to impermissibly engage in naked short selling by failing to locate securities to borrow and then engaged in a series of close out transactions designed to circumvent his Regulation SHO delivery obligations in such securities by creating the appearance of a bona fide repurchase of the securities he initially sold short. As a result of this violative trading activity, they were able to maintain impermissible naked short positions in a number of Regulation SHO threshold securities for a virtually unlimited period of time.
"Regulation SHO is a critically important framework of regulatory requirements designed to prevent and deter abusive short selling and reduce persistent fails to deliver. The respondents' circumvention of these requirements was egregious and improperly contributed to persistent fails to deliver in certain Regulation SHO threshold securities," said Claudia Crowley, Senior Vice President and Chief Regulatory Officer of the Amex. "This settlement should send a strong message to other market participants that trading which involves the improper use of the Regulation SHO market maker locate exemption and circumvention of the requisite delivery obligations are unacceptable and will result in serious sanctions."
Scott H. Arenstein, SBA Trading, Brian A. Arenstein and ALA Trading consented to findings that they violated SEC Rule 203, Article V, Sections 4(h) and (i) of the Amex Constitution and Amex Rule 958 - ANTE. In settling these matters the respondents neither admitted nor denied the charges.
This violative activity was detected and investigated by the Financial Industry Regulatory Authority (FINRA), formerly the NASD, acting on behalf of the Amex's Regulatory Division.
The Decisions and related Stipulations of Facts and Consent to Penalty can be viewed at the following link:
posted
disgorgement is good, but who gets the hairball, er, i mean funds?
you can bet that for every one you see? there's at least 100 you don't, prolly 1000 in this type of deal..
as this mortgage fiasco continues to unfold? i suspect more and more of these cases will come to light.
i have to say i was caught by surprise that so many hedges were allowed to use mortgage money as leverage to trade... i never thought they'd allow such an IIliquid asset to be posted as collateral for a highly liquid market...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
Source if you do that, and somehow miraculously CSHD turns around. You'd be one of the richest to come out of it, what will you do with that money? haha
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A central character in the U.S. Securities and Exchange Commission's investigation in to Pequot Capital quit his job Friday, the day the Senate issued a scathing report about his role in the investigation.
Walter J. Stachnik, who has been inspector general of the SEC since the job was created in 1989, retired Friday, the day the Senate said his role in the investigation of allegations that Pequot Capital engaged in insider trading and other suspicious trading was "flawed from the beginning and hindered by missteps during the entire process."
The SEC's official line is that Stachnik's retirement was planned, but no interim or permanent placement has been named, and the SEC hasn't even gotten around to announcing his departure. Stachnik could not be reached for comment. Nelson Egbert remains deputy inspector general.
The inspector general of the SEC is supposed to act as an impartial arbiter of the agency's conduct, auditing commission operations, programs, activities, functions and organizations, and investigating allegations of staff misconduct, according to the SEC's Web site.
But the 108-page Senate report, the product of a joint investigation by the Finance and Judiciary committees, said the inspector general had "failed in its mission." The report added that, based on interviews of current and former SEC staff, the inspector general is "not well respected" and perceived as "a tool of management, used for retaliatory investigations against disfavored staff."
"The SEC needs to take immediate action to restore the independence, competence and confidence" in the Office of the Inspector General, the report says.
The Senate investigation into how the SEC handled allegations of insider trading at Pequot Capital began last year, after a former staff investigator at the SEC, Gary Aguirre, said he had been fired for raising questions about the SEC's treatment of him in the course of his work.
The report paints a picture of an agency mired in political favoritism, one that delayed the Pequot investigation, disclosed information about the case to lawyers for the people being investigated, and displayed deference to a well-known Wall Street executive.
Aguirre led the SEC's investigation into the suspicious trading by Pequot, including allegations of insider trading. Pequot is an influential hedge fund founded by Arthur Samberg, a close friend of Morgan Stanley (nyse: MS - news - people ) Chief Executive John Mack, the Wall Street executive for whom the SEC allegedly played favorites.
Aguirre has contended he was fired in the summer of 2005, at the peak of his investigation, after complaining to higher-ups at the agency that he was being stonewalled by the SEC in proceeding with the case, namely in his desire to interview Mack.
The SEC closed the Pequot case last fall without taking action.
An SEC spokesman said Tuesday he was not aware of any connection between the timing of Stachnik's retirement and the release of the report.
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quote:Originally posted by milliam: Cool and interesting.
Actually, its pretty darn sad...all of it! Will it ever end, this rotten, power hungry, corrupt government manipulation?
Agreed!!! Until some of us little people start running for office and throw these corrupt politicians out it's not going to change. Oh GOD! I just heard Kennedy on TV again. Perfect example. Daily in Chicago another example. Everyone seems to look the other way when the bad politicians do 1 out of 10 things right and throw them a bone.
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