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   Gold/Mining/EnergyCasavant Mining Kimberlite International (CMKM)


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From: StockDung5/4/2007 11:36:30 AM
   of 2593
 
"On Monday he wrote about CMKM Diamonds, a little-known penny stock that blamed its precipitous decline on naked short-selling. Its shareholders bought the explanation wholesale, and some even went to New York and Washington to stage loony protests against the evils of naked short-selling. Turns out it wasn't naked shorts after all. It was the company's dishonest management, which is currently being sued by new management for fraud and "looting" the company. They sold over $200 million in stock to the public, but almost none of it went to the company."

Bookmark this blog: Gary Weiss
bloggingstocks.com

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May 04, 2007: 11:33 AM
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Bookmark this blog: Gary Weiss
Posted May 3rd 2007 8:35PM by Zac Bissonnette
Filed under: Management, Law, Blogs, Scandals, Columns

If you enjoy following the nakedshort-selling "scandal," you absolutely must bookmark Gary Weiss's blog. He tracks the ongoing shenanigans surrounding Overstock.com Inc. (NASDAQ: OSTK), which he referred to this morning as a "fascinating slow-mo corporate train wreck." You can also read his commentary on lesser-known but still interesting market scandals.

On Monday he wrote about CMKM Diamonds, a little-known penny stock that blamed its precipitous decline on naked short-selling. Its shareholders bought the explanation wholesale, and some even went to New York and Washington to stage loony protests against the evils of naked short-selling. Turns out it wasn't naked shorts after all. It was the company's dishonest management, which is currently being sued by new management for fraud and "looting" the company. They sold over $200 million in stock to the public, but almost none of it went to the company.

This is a great example of the tactic of diversion in action. Corporate criminals will often toss red herrings to divert the public's attention from their own misdeeds and poor management. Blaming naked short-selling seems to be the diversionary tactic du jour, and investors should probably head for the hills anytime a company complains about it.

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From: StockDung5/4/2007 12:29:23 PM
   of 2593
 
Update: CMKM Diamonds, Inc. - Will Patricide Lead To Financial Suicide?
stockpatrol.com
Investigative Reports
May 3 2007

Is it patricide in progress? CMKM Diamonds, Inc., the failed penny stock company that broke hearts, emptied pocketbooks and dashed investors’ hopes, is suing its founder, Urban Casavant. A lawsuit filed by the Company on April 25, 2007 in U.S. District Court, charges that Casavant and his cohorts fleeced CMKM out of almost $200 million.



The Complaint claims that Casavant’s scheme began in 2000 when he conspired with a group of Las Vegas-based penny stock promoters to raise $100 million to develop mineral claims in Saskatchewan, Canada. As StockPatrol.com reported, in late 2002, Casavant acquired control of a publicly traded shell corporation and the hype surrounding CMKM began to take hold. A series of press releases claimed that the Company had discovered valuable kimberlite pipes and diamondiferous ore in Canada, was exploring for gold and zinc in South America, and had entered into valuable alliances with other mining companies. CMKM Diamonds, Inc. - A Familiar Drill.



These promises proved hollow – but, according to the newly-filed complaint, they achieved their goal. Chat rooms and message boards buzzed with rumors that CMKM would be taken over by a major mining company – resulting in a windfall for investors who were “wise” enough to buy CMKM shares while they still lingered at a fraction of a cent. The Complaint charges that Casavant and his co-defendants orchestrated this promotion and facilitated the scheme by dumping 700 billion shares of CMKM common stock on the market. Along the way, billions of shares purportedly were transferred to family and friends of CMKM insiders.



According to the Complaint, the Casavant group diverted funds from the Company – paying gambling debts and buying real estate (including a $3.5 million home in Las Vegas). As CMKM’s trading accelerated, so did the Company’s profile, and observers began to pay attention to the fact that the Company had ceased filing financial reports with the SEC shortly after Casavant assumed control of the public shell. Press releases promised that CMKM had retained a prominent securities attorney to assure regulatory compliance. The Complaint charges that the lawyer, Roger Glenn, was not retained for that purpose, but instead facilitated the Company’s sale of shares by providing necessary legal opinion letters.



CMKM’s failure to file public reports proved to be the Company’s undoing. In 2005 the SEC terminated CMKM’s public registration after a series of hearings at which the Company’s financial practices were exposed. Casavant declined to testify at the SEC proceedings, invoking his 5th Amendment right against self-incrimination. Most recently, in March 2007, Casavant stepped aside as Chairman of the Board and President of CMKM, turning over the reins – and the remaining $558 in the Company’s bank account – to an individual named Kevin West.



CMKM’s sole asset consists of 45 million shares of Entourage Mining, which is slated to be distributed to CMKM’s shareholders. There are, however, two serious impediments to that process: CMKM has not been able to identify all of its valid shareholders and it lacks the funds – estimated at $250,000 – to pursue that process.



And there is one other – perhaps insurmountable – hurdle. There are other likely competitors for any CMKM assets. CMKM recently revealed that it has become the subject of yet another SEC probe as well as investigations by at least four other government agencies. And the bad news does not end there. CMKM evidently has forfeited all of its claims and mineral rights, has no corporate records for the past 4 ½ years of business and has never filed taxes.



Not so long ago, on March 30, 2007, CMKM’s new Chairman, Kevin West, was thanking Urban Casavant for “having the trust and the faith in me to turn over the reigns (sic) of the Company so that I can have the authority needed to make decisions in the best interests of the shareholders.” And what was in the best interest of those shareholders? Suing Casavant and his alleged co-conspirators – and seeking to recover the funds that were diverted from the Company. But for whom? The IRS?





IF YOU HAVE QUESTIONS OR COMMENTS FOR STOCKPATROL.COM, CONTACT US AT editor@stockpatrol.com

All content © 2006 StockPatrol.com. All rights reserved.
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From: StockDung5/4/2007 3:07:37 PM
   of 2593
 
CMKX Rally at the Depository & Trust Corporation

Watch the video of CFRN's very own Debi youtube.com


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To: StockDung who wrote (2559)5/5/2007 4:15:09 PM
From: CBurnett
   of 2593
 
Melvin O'Neil said great big events were coming...LOL
That guy should be prosecuted along with the rest of the hypers.

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From: StockDung5/5/2007 5:41:36 PM
   of 2593
 
The Faulking Truth w/ Mark Faulk and Debi Kiontke - The Nile Continues to Flow
Christian Financial Radio Network
Published: 05/04/07 07:07 PM EDT

heavensembrace.org

===========================================
CMKX Rally at the Depository & Trust Corporation

Watch the video of CFRN's very own Debi youtube.com

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From: StockDung5/12/2007 12:22:42 AM
   of 2593
 
The Faulking Truth w/ Mark Faulk and Debi Kiontke - The Good, The Bad and the Mesmerized... CFRN
Friday, May 04, 2007 heavensembrace.org

Watch the video of CFRN's very own Debi youtube.com

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From: StockDung5/12/2007 1:20:22 AM
   of 2593
 
CEO Faulk is currently busy writing the conclusion of The Naked Truth: Counterfeiting the American Dream Re-scheduled for release in early summer of this year, while our web design team at Explicit Media is working diligently on state-of-the-art websites for TOGI Entertainment and TogiNet.

togientertainment.com

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From: CBurnett5/13/2007 6:40:59 PM
   of 2593
 
Check out another new scam company : SFPS



SafePay Solutions - Stay Away

--------------------------------------------------------------------------------

It's with great sorow I feel the need to start this thread. I've been pushed aside by SafePay Solutions for 4 days now regarding a $1500+ ACH Transfer. I initiated the withdrawal on 4/12, and they marked it "PENDING", and then shortly after "COMPLETED". However, the funds never made it to my bank account.

I've been sending emails BEGGING for a phone call for 3 business days - nobody has replied or called. The ONLY RESPONSE I've gotten was an email from a girl at some other company (other email address) saying "We checked with the bank and the ACH didn't bounce - please have him check his bank account again".

I've sent screenshots of my bank account, I've sent numerous emails, etc - with no resolution.

My support ticket has not been touched or replied to since I created it on 4/18.

My father is also in SafePay and had the same experience. They finally got back to him and blamed the missing funds on the "Federal Reserve" and stressed how it was the "Federal Reserve's" fault, and not safePays. My father did eventually get paid, however.

What is even scarier is that SafePay has no phone #. All they have on their site is a PO Box in Allen, TX. I called 411 and asked for their phone number, but there is no listing. I couldn't even find a number by "googling" SafePay Solutions.

I've heard from several other members of my downline and upline of these things happening. At this point, I don't think that SafePay Solutions can be trusted, and even if they are legitimate, they are incompetent at customer support, and I don't wish to have my funds with an organization who is impossible to contact.

What is your story with SafePay? Post it here.
__________________

E-BusinessOnline.Com

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From: StockDung5/15/2007 3:34:20 PM
   of 2593
 
MARK FAULK fired DEBI and canceled her CFRN Tuesday radio show

Mark is the new President and Ceo of Togi

CMKX Rally at the Depository & Trust Corporation

Watch the video of CFRN's very own DEBI youtube.com


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From: StockDung5/15/2007 5:11:01 PM
   of 2593
 
First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park

Location: Blogs Bob O'Brien's Sanity Check Blog
Posted by: bobo 3/25/2006 11:00 AM
Here is the first in a series of interview questions posed by Bob O'Brien, and fielded by Dr. Susanne Trimbath - a noted and acknowledged authority on stock clearing and settlement. Dr. Trimbath's questions are in blue, and Bobo's questions are in bold:

1) Tell us a little about your background at the DTCC…

Being an economist is my second career. I have 20 years experience in financial services, from Prudential Insurance, through the Federal Reserve Bank and 3 different depositories. I was with the Pacific Clearing Corporation and the Pacific Securities Depository Trust Company the last 2 years before they shut down (1985-1987). I was in operations there both as an analyst and as a manager. After the shutdown, Depository Trust Company (DTC) moved me to New York as Director of Transfer Agent Services, an industry liaison position. Since the same companies that ran transfer agencies (Chase, US Trust, BoNY, etc.) were also broker/dealer Participants at DTC, I was frequently called on to help them with problems that extended beyond my job description into reorganizations, dividends, proxies and even settlement.

At DTC (now a subsidiary of DTCC), one of my more important accomplishments was to propose and then enhance a service for the direct mail of certificates by agents to shareholders at the request of participants. I also proposed, developed and tested automated direct withdrawals and deposits at custodians. Both programs are complementary services to Direct Registration offered by issuers, which the NYSE is trying to have made a listing requirement. After leaving DTC, and before entering the PhD program at NYU, I worked about a year in Russia helping them build clearing, settlement and depository operations.



2) Some have expressed the sentiment that you are a whistleblower, and that it is high time a whistleblower came forward. Do you consider yourself a whistleblower? And, just for the record, are you being compensated for your statements about NSS?

Legal protection for whistleblowers is largely reserved for those who take on the government. Otherwise, you would at least be employed by the party you are decrying. I wouldn’t meet either of those qualifications. Since I’ve never left a share of stock with a broker (once you’ve seen how the sausage is being made, you never eat it again), I can’t claim to have been individually harmed by the activity. Of course, if DTCC attempts to withhold my pension because I talked about their role in this mess, then I might have a claim to “whistleblower.” We’ll have to wait an undisclosed number of years before I’m eligible to test the matter.

As I described earlier, I am on my second career, working full time as an independent researcher and consultant in economics and finance. Although capital markets and corporate finance are in my research portfolio, I first addressed the specific topic of NSS at the request of paying clients beginning in late 2003. Since that time, I have worked and will continue to work as an advisor and consultant on NSS for a variety of firms. What it comes down to is that someone pays me to give them direct advice on NSS; when I make public statements it’s usually not for hire but rather in the interest of civic education. Part of my marketing strategy is to be sure all the stakeholders in NSS know that I can help them. I apply a similar strategy to my other areas of specialization such as international finance and economic analysis of law.



3) Given your background there, what do you make of the current FTD issue – let’s start with, why does the DTCC keep all the data secret?

As the saying goes, “Macy’s doesn’t tell Gimble’s.” DTCC keeps certain data private so that Shearson won’t figure out Merrill’s business strategies. All the Participants compete with each other, so DTCC is careful about data that might reveal firm-specific holdings or transactions. That said, there is much aggregate data that the DTCC could release that would not reveal any trade secrets but that could reveal the real magnitude of the problem.



4) Some refer to the SBP as a “self-replenishing, anonymous lending pool.” Would you agree with this characterization?

Yes. It is definitely anonymous (unless rules are being broken). And since nothing prevents the buyer who receives a borrowed share for settlement from depositing shares into the lending pool at the Depository, it is self-replenishing.



5) The DTCC takes great pains to make it clear that the SBP doesn’t allow a broker to lend the same share twice via the SBP. My contention is that they certainly allow the same share to be lent by different brokers, thus their rhetoric is disingenuous. Do you agree, or disagree?

It’s a word game. The stock borrow program doesn’t track who lent the share (only who borrowed it). So the stock borrow program doesn’t allow ANY shares to be lent…only borrowed, get it? They play the same word game when they say they don’t make money on the stock borrow program.

They don’t.

What they DO make money on is the stock lending program.

By the way, they also make money on fails to deliver. OK, so the same shares aren’t lent twice by the same broker because the lender’s account is reduced by the number of loaned shares until the loan is repaid. Fine. What they aren’t saying is that the shares are a “fungible mass,” and no one keeps track of which share was used to settle which trade. So, a Participant who receives 100 shares of OSTK at settlement could be getting 50 borrowed shares. And it is those 50 shares that can be loaned a second time since all settlement is considered to be “final.”



6) I believe that most of the current FTD issue is caused by two things – the de-linking of clearing and settling, and the allowing of access to the proceeds from a failed delivery over and above collateralization requirements. Would you agree, or disagree, and care to comment on any other issues you feel are contributors to this?

It depends on what the meaning of “is” is…. No, wait, that was something else.

It depends on how you define “(T)he current FTD issue”. Regarding “the allowing of access to the proceeds from a failed delivery over and above collateralization requirements” this is a very convoluted statement. Are you referring to the release of collateral on borrowed stock as the price of shares is driven into the ground? Are you referring to the fact that the seller gets paid for a failed delivery because of net settlement and the ever present “fungible mass”? I see the FTD issue as additive to the NSS issue and the stock lending issue. In other words, I see the problem as being at least 3 times as big as any one observer is willing to admit.

The over-arching problem actually got much worse when clearing and settlement (in the form of NSCC and DTC) were connected under DTCC. Think blue-suited brokers at NSCC and grey-suited bankers at DTC. NSCC was run by the trading side where net settlement minimized the number of cash and share deliveries to one per day (basically). DTC on the other hand is like a bank for brokers; it’s where they keep the shares they need to effect settlement. DTC’s status as a quasi-bank provided more regulators and more oversight. Both NSCC and DTC had different Boards, populated from different sides of the houses, with different interests. When they brought them together, it appears that the blue suits won and their Wall Street Cowboy mentality is dominating the organization.

That said, I always believed that they should not have been separated at birth. It is my opinion that there were two dominant personalities at the time and each aggressively sought to have their own area of authority. After those guys retired, the door was open to reunite the two sides. Unfortunately, by then they had grown to be very different. Perhaps because of weak understanding on the part of the Federal Reserve and the SEC about what these two do, the clearing side was allowed to dominate and with that, “trust” was no longer the middle name.



7) Do you have any opinion as to how large the “ex-clearing” FTD situation is versus the “in-system” FTDs? A ratio?

The by-the-rules version of market infrastructure dictates that the ex-clearing portion should be very small, maybe 15% of the whole problem. In fact, since the clearing system enables NSS, FTD and stock loan, there’s no reason to go ex-clearing with the dirty deeds. Here’s a simple example of how to engage in money laundering and counterfeiting using the Stock Borrow Program and the “in-system” mechanisms.

In a future response, I’ll show a diagram where the entire operation can be accelerated if there is at least 1 ex-clearing transaction. It basically shows that things move much faster if you can get at least 1/3 of the transactions processed ex-DTCC.



8) Any opinion as to how large the total grandfathered position of FTDs was?

Big enough to give me nightmares

Copyright ©2006 Bob O'Brien
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Comments (48)
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Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By jza4 on 3/25/2006 2:35 PM
WOW!!! a real eye opener! Hope she is on the prosecutions side when this goes to court!! :-))) Keep up the good work Bobo. Can't wait for 60 Minutes!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By mhelburn on 3/25/2006 2:42 PM
In your examples, this trades could not happen without the stock borrow program.
The first example is for laundering money which one assumes is done to mask the origination of the funds.

The second example is a way to drive the price down by selling without maintaining a position that would be subject to a loss as the share price declines.

Right?



Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By mfairview on 3/25/2006 11:07 PM
Bob,

You might consider printing the time to the post header until you can figure out this jumbling of messages. It would help people maintain their reference until those technical things get resolved.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By j davis on 3/26/2006 4:50 AM
What we're witnessing is the principle of "Fractional Reserve Banking" applied to the markets. Those in control create something from nothing and voila; they draw interest income from it.

Thomas Jefferson, speaking of Banks and the CORPORATIONS they would spawn, said:

"The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of the lending institutions and moneyed incorporations."

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.


Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By AMMASS on 3/26/2006 5:20 AM
Is there a question if the stock one owns is delivered to the Buyerthat the stock certificate themselves are Counterfits?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By adegracia1950@yahoo.com on 3/26/2006 5:38 AM
No "Baloney" peddling here.
Excellent questions and very illuminating responses.
Dr Trimbath is another welcomed addition to the already deep expertise on this board.
I can not wait to read the shallow rebuttals to her responses.

Thanks again to both of you for your efforts.

Alan



Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By t shafer on 3/26/2006 6:06 AM
can i puke now!!! the older i get the more i don't like about it!!! HEDGE FUNDS NEED TO GIVE THERE GAINS BACK AS BUY ORDERS! PERIOD

GRANFATHERING WTH

we all open our eyes on at a time SOON there will be enough eye's on the problem THAT IT WILL HAVE TO BE FIXED.

my eyes are open DTCC/refco the jig is up!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By troydian on 3/26/2006 7:21 AM
this artical, when read sober, has a chilling effect on the magnitude of THIS PROBLEM arcticbeacon.com

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By lenofus on 3/26/2006 7:22 AM
Doctor, Doctor,
Tell me the news
I gotta bad case
Of gettin' screwed

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By Niel Storts on 3/26/2006 7:32 AM
Fellow members of " the tin foil hat brigade". It has occurred to me that we are dealing with the same foe that humanity has suffered with for ages. Might be some new names, but throughout history our forefathers have been supporting the parasitism of a "ruling class' that has continuously fed off of the vitality of the common man. Some times those folks might be the robber barons. Might be the csars, or king of England. Might just be a collection of powerful indiviuals who wish their own enrichmnet at the expense of the good of everyone else. Seems discouraging at times that some flaw in our society, or nature produces a seemingly never ending group of these parasites. Still these are our times, this is the manifestation of the evil that we are now dealing with. We all owe it to ourselves, and our children, to stand up against those folks. Eternal vigilance, and ceaseless efforts are the requirement for any hope of eventually ridding the body politic from this ancient infection, or at least stemming the total loss of any hope of ever doing so. Good luck. Keep fighting.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By lurker66666 on 3/26/2006 7:36 AM
Yes, of course, thank you. But wouldn't it be a good idea to copy this exchange and then email it in a flood to Floyd Norris at the New York Times, the great defender of Ms. Nazareth of the SEC?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By Niel Storts on 3/26/2006 7:41 AM
Teach your children well.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By BRUCE BARRETT on 3/26/2006 8:31 AM
IT IS ABOUT TIME THAT ALL SENATORS, REPRESENTATIVES AND STATE ATTORNEY GENERALS WERE WOKEN UP ABOUT THEIR CONSTITUIENTS BEING ROBBED ON A DAILY BASIS. TIME FOR ALL OF US TO SEND OUR SO CALLED PROTECTORS AND LEADERS A WAKE UP CALL THAT WE ARE TIRED OF LEGALIZED ROBBERY

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By browntrout on 3/26/2006 9:05 AM
BRUCE BARRETT- All of the people that you mention above ARE aware of this problem. They have been sent thousands of letters and emails. Who do think they listen to? Big money or the people? They are part of this massive problem. The only solution is to draft new candidates and give these corrupt politicians the boot.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By Clearthinker on 3/26/2006 10:48 AM
browntrout is correct....we have been putting pressure on the SEC, the NASD, the DTCC and our elected officials for years, and they hae chosen to defend the dark side for their own self interests....they have ignored the shareholders and blamed the victim...."If your company were profitable, they wouldn't pick on you"....

We better get rid of all the red dresses in the world..



Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By Joey on 3/26/2006 11:22 AM
If the same shares are being lent out more than once who pays the dividends?

A. Do bother shorts split paying out the dividend

B. Do both shorts pay out the dividend and person owning the stock gets paid twice?

What happens?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By Chris "Limpy" Cox on 3/26/2006 12:36 PM
Sunday, Sunday what to do? Maybe a round of golf? Maybe catch up on a little work I haven't done since I joined the SEC. Nah. Hey I guess I can plan some more trips around the world to tell everyone how to run their markets. Maybe I can think of more buddies to lift the bans on working on Wall Street like I did for Frank this past week. Hmmmm. I wonder what Boesky, Milken, Dennis Levine are doing? Well maybe I will just flip the channels and see if there are any reruns of my favorite show; Mad Money. That Jimbo is a funny guy. Hmmm Er What the heck is this on 60 Minutes? Oh Crap! Now everyone will know I haven't been doing my job. I mean those senior citizens are going to start asking hard questions next time I give a speech telling them how I am protecting them Oh boy- What to do? Monday, Monday!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By InTheKnow on 3/26/2006 3:39 PM
The shorter pays the dividend. Any and all who are short pay the dividend!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By InTheKnow on 3/26/2006 3:44 PM
What OSTK should do is to issue a special one-time dividend . The value is based on the outcome of the current court case.
Halt trading take a share count and only the shareholders as of a certain date get the dividend. If you don't get your physical dividend you know you got bupkis!



Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By hwh on 3/26/2006 4:28 PM
I personally believe the commission met to find answers at the bequest of the President. The referring judge has claim, but in the world of courtrooms as my experience has shown, it was a slap in the face to the commission. They & the President had been ill advised by the international bankers and were looking for a possible answer from an honest man. They found it in Rod Young.

He is tremendously supported by Dr. Trimbath. There is an exponential derrivative from the combination of the two . Their integrity & motivation is indefeasible.

Patrick,Robert, Mark, & Dave... here is your sword & shield , run with it and protect them like you oun children

Where better than to go than to pioneers like Rod Young & Dr. Trimbath for a new outlook to an old problem.

Remember: Pioneers cut their own path's...hwh

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By robelita on 3/26/2006 4:46 PM
Turn on 60 Minutes-NOW!


Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By SEC DOUBLE DIPS GRADIENT - NEW SUBPOENAS on 3/26/2006 5:30 PM

SEC Subpoenas Gradient Again

Market-Manipulation Probe
Seeks Records of Contacts
That Include Reporters
By KARA SCANNELL
March 27, 2006

WASHINGTON -- The Securities and Exchange Commission, investigating possible market manipulation, requested documents about communications that Gradient Analytics Inc. had with journalists and others.

The SEC's San Francisco office sent a subpoena dated March 10 to Gradient, a Scottsdale, Ariz., securities research firm. The agency requested phone records, emails and other materials Gradient had exchanged with several hedge-fund advisers and journalists.

The SEC's action follows a round of subpoenas in which agency staff subpoenaed several journalists about their contacts with Gradient and others. That effort drew an outcry from journalists and an admonition from SEC Chairman Christopher Cox to the agency's staff. The new subpoena appears to let the SEC seek information about Gradient's contacts with journalists without seeking the information directly from the journalists themselves.

Gradient received a subpoena from the SEC several weeks ago, in addition to the one this month. Subpoenas, some dated Feb. 7, were sent to TheStreet.com and its founder James Cramer, as well as two journalists who work for Dow Jones & Co., publisher of The Wall Street Journal. The subpoenas to the journalists asked about their communications with a number of organizations, including Gradient, about Overstock.com Inc., an online discount retailer. Overstock.com has accused hedge funds of using the news media to drive down the price of its shares. The news organizations said they wouldn't comply with the request for documents.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By browtrout on 3/26/2006 6:30 PM
HWH- You really believe the White House and the five commissioners of the SEC give a crap about the truth. They only needed to learn how to twist it in their favor not to honor it. Rod Young will not see vindication from them-only in an unbiased courtroom if he can find one. The SEC already knew what the truth was but chose in the past not to enforce the law. Now they are looking for a way out that does not involve taking the money back from the crooks.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By cobrajock on 5/13/2006 7:29 PM
If you ask "Annette" at the SEC about naked shorts, she says we are just a bunch of disgruntle share holders. I say it's time for a revolution.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By browntrout on 3/25/2006 2:48 PM
Susanne- Thanks for elaborating about your background and your situation with the DTCC. Basically your answers about what the DTCC does and says confirms they are knowingly involved in a massive looting and misleading scam. I would like to see you give more information about the grandfathering of FTD's that gives you nightmares because it is also what I believe. I expect the DTCC will have to make another misleading statement next week attacking your credibility, background, etc. P.S.-Did you happen to talk to Sixty Minutes in the past few weeks?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By bobo on 3/25/2006 2:50 PM
The second is a way to drive the price down using the same pool of dollars. The first is a nice way for organized crime or terrorists to launder funds.

Nice system we have, huh?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By some questions on 3/25/2006 2:51 PM
Its probably too late, however I have some questions:
1. How many "accounts" should my broker need at the DTCC to ensure my IRA securities are not lent out?
2. Is it possible for the DTCC to lend out shares that are specifically identified as non lendable (i.e., IRA, 401K, cash accounts, etc.).

Wonderful explainations! - keep up the good work!!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By smuopr8r on 3/25/2006 2:59 PM
So example 2 is the game BS is playing? Piling up short sales they "might" eventually have to buy back, and all they need to show is enough money for their largest funds transfer transaction to do it, which the never actually spend? We need a court-ordered injunction, stat!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By bobo on 3/25/2006 3:07 PM
Somequestions:

The Stock Borrow Program operates on the honor system - there is no regulation to ensure that your broker isn't violating the rules and depositing your shares into the SBP, in violation of the rules. We just have to trust that he isn't.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By tommytoyz on 3/25/2006 3:08 PM
The requirement to link clearance and settlement is clear in the 1934 Securities Exchange Act :

Section 17A -- National System for Clearance and Settlement of Securities Transactions

1. The Congress finds that--

1. The prompt and accurate clearance and settlement of securities transactions, including the transfer of record ownership and the safeguarding of securities and funds related thereto, are necessary for the protection of investors and persons facilitating transactions by and acting on behalf of investors.

4. The linking of all clearance and settlement facilities and the development of uniform standards and procedures for clearance and settlement will reduce unnecessary costs and increase the protection of investors and persons facilitating transactions by and acting on behalf of investors.

2.

The Commission (SEC) is directed, therefore, having due regard for the public interest, the protection of investors, the safeguarding of securities and funds, and maintenance of fair competition among brokers and dealers, clearing agencies, and transfer agents, to use its authority under this title--

1. to facilitate the establishment of a national system for the prompt and accurate clearance and settlement of transactions in securities (other than exempted securities); and
2. to facilitate the establishment of linked or coordinated facilities for clearance and settlement of transactions in securities, securities options, contracts of sale for future delivery and options thereon, and commodity options;

Bob's belief is spot on. Once settlement and clearance are de linked, the broker dealer are free to manufacture security entitlements out of thin air. So we get it from all sides. The NSCC failing to deliver, and the broker dealers misrepresenting security entitlements.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By mhelburn on 3/25/2006 3:14 PM
It is no wonder that the DTCC is anxious to discredit Dr. Trimbath. Are there legitimate reasons to use ex-clearing? What is the advantage of using ex-clearing?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By mhelburn on 3/25/2006 3:25 PM
In the second example it limits the number of shares one has to have to drive the price of the stock down and eliminates the need to "unwind" the position because they constantly get the shares back that they sold. The worst that can happen is if some of the shorted shares escape into long accounts that aren't part of the fix. On a thinly traded stock, the movement of price between linked accounts is not where the money is made. It is made with options. The stock is used to make the options valuable. Get rid of options, the volatility of the stock would disappear.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By x. trapnell on 3/25/2006 3:55 PM
Great commentary: a nice blend of expert commentary and understated wit.

"Since I’ve never left a share of stock with a broker (once you’ve seen how the sausage is being made, you never eat it again), . . .

I've got a feeling we'll be seeing much more of Dr. Trimbath speaking on these issues in various public forums in the future.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By jcline on 3/25/2006 4:09 PM
Really...

and the DTCC says they do not have a problem....we do not know whereof we speak, we do not know how the system works....... we just want our stocks to go up!!!!....

well Houston...me thinks you do have a problem!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By bobo on 3/25/2006 4:17 PM
Note that Susanne didn't say that the ex-clearing mess is only 15% of the size of the overall FTD issue. She said the "by-the-rules" interpretation should limit it to 15%. And we all know how well Wall Street likes to follow the rules - take Refco for example...

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By golden1101 on 3/25/2006 4:18 PM
Nuts . . . Thats all I can say . . . This is nuts. Thanks Susanne and thank you Mr. Bobo for getting this stuff out there.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By bobo on 3/25/2006 4:27 PM
There's way more where that came from.

You have to love how anyone with in-depth knowledge of the system not only recognizes how badly out of whack it is, but further can easily demonstrate how the system can be gamed for money laundering, endless selling sprees, etc.

And all the while, Wall Street claims it is innocent of all wrongdoing, and the band played on...

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By mhelburn on 3/25/2006 4:29 PM
Dr. Trimbath,

Did the participants really think that they would make more money by taking the NYSE public or is this a mechanism to unload the liability of all the fraud onto retail investors? Is the NYX another Refco?

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By jpc on 3/25/2006 4:41 PM
Bobo, I would like to reprint your earlier post from the “The Amazing Overstock 107% Solution” blog. It really provides sort of an outline for a new system of financial markets – and maybe belongs “front and center” here at Sanity Check so that it can be read and read and read again by all those who visit. It’s that good. Thanks again to all of you smart people here for fighting this jihad. Thanks too to that wascally wabbit.

The notion that I am saying don't allow short selling is an interesting, but specious one. I am saying only trade in genuine shares. If you want to short sell, go borrow the shares first, from someone that is now told that they just lost all their rights by lending the shares. If they aren't OK with that, too bad, you don't get any shares. Simple. Tell everyone the truth. Whenever I hear the crap about how valuable it is to combat pump and dumps, I know I'm dealing with an apologist crackpot. It is akin to saying that vigilantes are good to combat crime - maybe some are, but it doesn't justify vigilante-ism nor the unchecked and arbitrary and often incorrect application of "justice."

Short selling is a bet against a stock or a company. Period. It is not some noble undertaking that is a national treasure. It is a bet on a price decline. The system is currently set up so that it invites fraud (misrepresenting IOUs as shares) to facilitate a practice that makes brokers lots of money - from lending shares and increased commissions. Period. Those that own and operate the system that allows this are those financially benefiting from the practice. Period. The reason they don't want shareholders to understand the truth about their non-rights bearing IOUs is because they know that nobody would want the worthless IOUs if they told the truth, and their little money making scheme would collapse. Period.

It isn't about protecting folks from pump and dumps, it is about Wall Street making obscene profits by misleading investors. And naked short selling is about predators making even more obscene profits by engaging in stock manipulation, and prime brokers making obscene profits by creating stock out of thin air.

It is all about Wall Street making obscene profits at the expense of investors. Period. And all the rhetoric about how vital short selling is, or how trustworthy the system is, is horseshit. It is all about the money, and all the self-serving circular logic is nothing more than facile rationalizations by those generating obscene profits.



Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By rtway1 on 3/25/2006 4:49 PM
Please express my sincere thanks to all involved, especially Dr. Trimbath. It is a shame she is not allowed to speak at Sen. Shelby,s dog and pony show. America needs a wake up call.

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By hwh on 3/25/2006 7:00 PM
An eloquent & understated confirmation of Rod Young's pleading to the Commissioner's Court. Taken together they explain the reason the SEC commissioners held the unprecedented fact finding session.

The epidemic is in need of an innoculation much worse than the small pox, cholera, cancer, & bird flu added together. Many have been lost, some are beyond hope.

The global economy is at risk and will be a global depression if everyone involved does not start thinking the word "ANSWER!"

Dr. Trimbath is the closest thing yet to a resolution short of global economic meltdown. At this point the question is who will be affected but how badly will all be injured.

Solution is the germane term. The history beeks can work through the blame game. We need answers now...hwh

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By dave on 3/25/2006 7:10 PM
If you are able to interview her further, can you ask her who Cede & Co. is?


Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By browntrout on 3/25/2006 7:21 PM
Hwh- The SEC did not hold their hearing on Eagle Tech by choice. The judge refered the case back to them. They would have liked to have escaped that bullet. They were not looking for facts- they want to expedite deregistering any stock as quick as possibly that is a victim of naked shorting and is making noise to protect the crooks. I agree with the rest of your statement about the "epidemic" and "the answer". It is truly upon us , time is running out and the crooks keep right on marching. TIC TOC TIC TOC!

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By opcowboy03 on 3/25/2006 7:27 PM
I am concerned about the safety and well being of Dr Trimbath. Maybe because I watch too much tv, but it concerns me that a person of her background and knowledge has come forward. I admire and respect her courage but hope and pray that she has taken steps to protect herself. Perhaps evidence secreted away in a safety deposit box that names names with the key in a locker at the bus station in Falling Rock, BFE. Just like on tv.

Surely she knows that these guys are dangerous and she must take steps. To late to go undercover like EB.

The safest thing to do would be go to the State AG and big name news outlets with certain proof after putting names away in that security box.

No matter what the good Dr does I thank her and EB for their time and efforts. Hopefully this will all get aired and there will be a revolution in this country with the good Americans in charge again.

op

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By robelita on 3/25/2006 7:45 PM
Word is getting out:

ragingbull.lycos.com

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By troydian on 3/25/2006 7:59 PM
I personaly dont buy into the (world market collapse and blood in the streets) analogy of the repercutions .. they have plenty of dollars to be disgourged. Just for once their charades should be payed for out of thier accounts not the taxpayers. Even if they must relinquish their homes boats cars and jewels. all My opinion of course

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By opcowboy03 on 3/25/2006 8:33 PM
troydian . . . .

You are very much of the correct opinion!!!!! atleast in my opinion!!!!

op

Re: First In The "Experts Speak Out" Series - Dr. Susanne Trimbath Knocks One Out Of The Park By captspell on 3/25/2006 10:52 PM
troydian - I could not agree more. Good job Dr. Trimbath and EB. Good job.


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