posted
Here is a video about SEC(Donaldson) being called out in front of senate. When asked about NSS and the story with the man owning al the stocks in Global that he kept in his stock drawer and then it still traded 50 million shares, he said and I quote:
"Ah, Ah, duh, Ah, short selling is legal, duh."
The senator says" We are here to address NAKED short selling Mr. Donaldson."
Donaldson says "Ah, Ah, duh, AH, there are three ruled regarding regulation SHO..."
At that point he is cut-off for being a jackass and reprimanded by the Senator. Here it is folks NSS is getting some real attention.
posted
I don't think its going to go away, its just starting to heat up! First lawsuit is going forward! Check it out:
Subject: DTCC Order to Produce Stock Records - Yeah!
March 7, 2005 (FinancialWire) The Depository Trust and Clearing Corp., in a shocker that could have far-reaching repercussions in the naked short selling scandal known as StockGate, has been ordered by a New York state court to produce trading records for Eagletech Communications (OTC: EATC). The DTCC has been accused by many of acting with impunity, and is hardly a role model for unconflicted governance. Its 21 directors include Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers NYSE: LEH); and Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C). The largely unregulated DTC has become something of a defacto Czar presiding over the entire U.S. markets system, wielding more day-to-day influence and control than the SEC, the NASD and NASDAQ combined. Transparency is not of the DTCC's strong suits. In the past it has stonewalled all requests for full and complete trading records. The DTCC's two preferred shareholders are the New York Stock Exchange and the NASD, a regulatory agency that also owns the NASDAQ (OTCBB: NDAQ) and until recently, the American Stock Exchange. Eagletech was represented in the winning motion by the law firms of Christian Smith & Jewell of Houston, Texas and Koerner Silberberg & Weiner, LLP, of New York City. Eagletech is a plaintiff in a stock manipulation action pending in the state of Florida. Attorney Wes Christian commmented: "This is a significant victory in our on going battle to bring restitution to our clients for the brazen manipulations that were perpetrated against them. Our ability to obtain these records is essential. The judge's clear ruling takes us further down that road." Other DTCC board members include Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Patts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC); Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE:MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR);James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thompson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM). In their comments to the U.S. Securities and Exchange Commission regarding Regulation SHO in January, the 50 state regulators, through their Association, the North American Association of Securities Administrators (NASAA) issued what many consider to be a strong warning that if the DTC is not dealt with in the final regulations, state regulators such as New York State Attorney General Eliot Spitzer may step to the plate. In what many considered to have been explosive comments, Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities, warned "NASAA urges the Commission to reconsider its stance regarding the role of the Depository Trust and Clearing Corporation (the DTC). As a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The ability of the overall proposed rule would be severely impared unless the Commission undertakes to implement such a prohibition." This is one of dozens of lawsuits filed by the same law firm. Many of the pleadings allege that the DTCC operates a "stock lending" program that aids and abets illegal naked short selling, and in doing so, takes in almost $1 billion annually.
Could this have a big impact? Oh Yeah! Opens the door to the wide open position.
Posts: 94 | From: USA | Registered: Feb 2005
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posted
The funny thing about this is... the reverse split happen 2/1/05. They filed a S-8 on 1/3/05. So... On Feb 1st midnight, the split happened, then the the company released all those shares from the S-8. Those guys bought up the exact float on 2/3/05 after the split and filed a form 3 and claimed they have 100% of the float. Then someone contacted the senator claiming, "naked shorting". It's funny that nobody from his office would check!!! All the profiles will have the new OS of around 1 million until a new 10Q or something.... LOL!!
Posts: 39 | Registered: Dec 2004
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