Attorney John O'Quinn,Warren Buffett, Overstock.com Patrick Byrne,stock fraud
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Mr. Buffett acknowledged that he has a "friend" who is very concerned with naked short selling, a reference to Patrick Byrne, the chairman and chief executive of Overstock.com, an online "close-out" retailer. He said that while the many companies that attract a lot of interest from short sellers "very often" are later revealed to be frauds, he noted that "The one my friend runs is not at all." Mr. Buffett and Mr. Byrne go back a long way; Mr. Byrne's father, Jack Byrne, was long-time head of Geico, Berkshire's automobile-insurance subsidiary. - from Wall Street Journal
Endovasc,Attorney O'Quinn,Warren Buffett, Overstock.com Patrick Byrne,stock fraud
This story has a Houston area connection because the fraudulent attorney John M O'Quinn has been and still is aiding and abetting massive penny stock fraud.Do google search ' john o'quinn ryals ' for my writing on O'Quinn's aiding and abetting of penny stock fraud that may include aiding and abetting of tax fraud and money laundering.
Attorney O'Quinn the sick Houston ambulance chaser and fraud upon American investors and traitor for allowing Endovasc and Dwight Cantrell,Judge Ken Reilly et.al. of Montgomery,Texas to do boiler room deals with Bellador Group of Dubai is also one of Patrick Byrne's many attorneys.
When you are a successful stock fraud attorneys are always available to defend your fraud and attorney O'Quinn loves helping criminals evade prosecution and gain from fraud,whether it be medical frauds or stock frauds or other.He should be disbarred by Texas bar along with his slimy partners in crime Wes Christian and Judge Ken Reilly of Montgomery, Texas.
Yes O'Quinn who would represent then ripoff women who were victims of silicon breast implants and then pull another medical-legal fraud involving 'silicosis' has no moral standards.But hey he owns the pope's old jalopy,bought for under a million and he buys and sells doctors and institutions in Houston so he must be doing something right....yeah far right as my article
titled,'The Byrnes,John Edwards,Attorney O'Quinn, Swift Boat Vets,Money Laundering ', whose link can be found below explains. :
http://chapelhill.indymedia.org/news/2005/10/16530.php
Below is from a 2002 BusinessWire press release where 'famed trial attorney O'Quinn ' lies about 'naked shorting ' to help the Endovasc fraud team of Montgomery,Texas.Of course the fraudulent attorney Wes Christian deserves kudos for helping post 911 money laundering with unaudited penny stock shares as well,(do google search ' bellador group ' ),that may have aided terrorism as well for all he knows or cares.:
Endovasc Announces Shareholder and Dividend Alert
Business Wire, Nov 12, 2002
Business Editors & Health/Medical Writers
MONTGOMERY, Texas--(BUSINESS WIRE)--Nov. 12, 2002
Endovasc (OTCBB:ENVC) - a biotechnology company with two new cardiovascular drugs approved for final FDA phase III trials -announced today that it has -- in the opinion of its consultants -- uncovered an oversold position in excess of 1,000,000 shares in the company's stock, held primarily by The Charles Schwab Corp. (NYSE:SCH), Ameritrade (Nasdaq:AMTD) and Refco. The findings are a result of an ongoing litigation intelligence work conducted in connection with the $216 million stock manipulation lawsuit filed by Endovasc and accepted on contingency basis by the legendary trial attorney John O'Quinn, who also won the record $17.3 billion dollar settlement for the State of Texas vs. Big Tobacco.
"The oversold position in our company's stock can actually be great news for our shareholders," says Dr. David P. Summers, Chairman and Chief Executive Officer of Endovasc. "The overselling in our stock in the past few weeks does not seem to have had a negative impact on our share price. But, if shareholders actually asked for physical delivery of the shares they bought, the market would probably have to pay a premium in order to deliver them."
Endovasc,Attorney O'Quinn,Warren Buffett,apologist for Utah Overstock.com Patrick Byrne,Senator Bennett stock fraud
Mr. Buffett acknowledged that he has a "friend" who is very concerned with naked short selling, a reference to Patrick Byrne, the chairman and chief executive of Overstock.com, an online "close-out" retailer. He said that while the many companies that attract a lot of interest from short sellers "very often" are later revealed to be frauds, he noted that "The one my friend runs is not at all." Mr. Buffett and Mr. Byrne go back a long way; Mr. Byrne's father, Jack Byrne, was long-time head of Geico, Berkshire's automobile-insurance subsidiary. - from Wall Street Journal
Warren Buffett,apologist for Utah Overstock.com Patrick Byrne,Senator Bennett stock fraud
Mr. Buffett acknowledged that he has a "friend" who is very concerned with naked short selling, a reference to Patrick Byrne, the chairman and chief executive of Overstock.com, an online "close-out" retailer. He said that while the many companies that attract a lot of interest from short sellers "very often" are later revealed to be frauds, he noted that "The one my friend runs is not at all." Mr. Buffett and Mr. Byrne go back a long way; Mr. Byrne's father, Jack Byrne, was long-time head of Geico, Berkshire's automobile-insurance subsidiary. - from Wall Street Journal
No one,particularly not the U.S. Securities Exchange Commission,challenges the massive internet cyber fraud of Yahoo message boards and ragingbull.com to promote a supposed 'anti-naked short selling' penny stock fraud and illegal touting or promotion and lieing of Utah Senator Bob Bennett and his favorite constituent Patrick Byrne son ex-Geico CEO Jack Byrne.
James J. Angel,Georgetown University,lap dancers and cyber fraud mafia
http://www.cleveland.indymedia.org/news/2005/11/17813.php
Those running this fraud appear to have very good Beltway connections as their representative to the SEC Senator Bob Bennett,proves.He even appears to condone their death threats made to me and a hedge fund manager,Marc Cohodes.:
Yahoo protects stock mafia , death threats
http://www.news.com.com/5208-1038-0.html?forumID=1&threadID=10346&messageID=76947&s
Senator Bob Bennett is either so corrupt or so senile he actually promoted a known penny stock fraud called Global Links and endorsed http://www.ncans.net sponsered by Patrick Byrne,whose only given address is the Cheetah Club whose owners,the Galardi's,were investigated under the U.S. Patriot Act !Mr.Bennett should do his patriotic duty and resign from the Senate !
Senator Bennett,penny stock scam,Cheetah Club
http://www.sandiego.indymedia.org/en/2005/07/110190.shtml
Warren Buffett who bought Geico from Patrick's daddy Jack Byrne for his Berkshire Hathaway Inc. even claims that Patrick is the only honest promoter of what has become a massive fraud on the U.S. penny stock market.Mr.Warren Buffett,why is your friend 'Dr.' Byrne who has done more to promote this massive fraud that claims Overstock.com and numerous penny stocks are being victimised by 'naked short selling',and that may include money laundering with unaudited U.S. penny stock shares issued by corrupt money losing public companies,the only one who is just an idiot rather than a pump and dump 'securities' fraudster and why has Berkshire Hathaway not invested in this fraud ? Why does Mr.Buffett believe it is a fraud only when someone other than his friends and former business associates engage in it ? Mr.Buffett ignores all together the many outrageous lies of Patrick Byrne,not only that his fraudulent claim that his scammy Utah stock is being 'naked shorted' but that a 'Sith Lord' is responsible ! In truth, it is Patty Byrne,not a 'Sith Lord', who is running a fraud upon the investing public.
The Byrnes,John Edwards,Attorney O'Quinn,Swift Boat Vets,Money Laundering
http://www.chapelhill.indymedia.org/news/2005/10/16530.php
This fraud has links to Steve Forbe's and Grover Norquist's pal James Dale Davidson,founder of the National Taxpayers Union and his Agora Inc.,sleezy penny stock promoters located in Baltimore,Maryland.
Does Steve Forbes magazine cover up for National Taxpayers Union founder James Dale Davidson ?
Agora Inc.'s Bill Bonner and the far right James Dale Davidson, who ran the 'Clinton killed Vince Foster' smear campaign for Richard Mellon Scaife, et.al., unfortunately have many contacts in the Beltway, probably including within the SEC, that allow their frauds to continue. They even lobby our Congress with money they have defrauded from their illegal activities and Mr.Davidson's National Taxpayers Union is located in Alexandria,Virginia near the Securities Exchange Commission's Washingtovn,D.C. office that so far protects their many years of securities frauds that may include both money laundering and tax evasion.
CFRN,Bud Burrell,attorney Ron Logan,'naked short' penny stock scam,Phoenix,Arizona
http://cleveland.indymedia.org/news/2006/02/18978.php
reviewjournal.com -- News: POLITICAL NOTEBOOK: GOP consultant aims ...Steve Wark GOP consultant has raised money to help Ralph Nader qualify for the ... Steve Wark helped establish Choices for America to raise money to help ...
http://www.reviewjournal.com/lvrj_home/ 2004/Jul-12-Mon-2004/news/24282787.html - 35k -
James Dale Davidson began the 'anti-naked short selling' scam called NAANSS' or National Association Against Naked Short Selling' in 2002 to cover up his illegal penny stock pump and dump frauds,particularly Endovasc and Genemax.Genemax was possibly named for his own right wing http://www.newsmax.com that is a mouthpiece for the Bush and neocon war machine. Patrick Byrne claims not to know Mr. Davidson and that he and his pal 'Bob O'Brien ' recreated Davidson's NAANSS fraud all by themselves.
However it is as unlikely that they created the very same fraud called NCANS or National Coalition Against Naked Short Selling that promotes a number of known penny stock frauds as supposed victims of 'naked short selling' without having heard of Davidson,Agora Inc. and NAANSS. The scammy website www.dailyreckoning.com that often promises 100's % returns is part of the James Dale Davidson, Agora Inc. penny stock fraud and internet cyber fraud operation that corrupts our SEC,our Congress and the White House.
Does Steve Forbes magazine cover up for National Taxpayers Union founder James Dale Davidson ?
http://www.okimc.org/newswire.php?story_id=1398
Bill Bonner now lies about being founder of Agora Inc. to cover up for James Dale Davidson who is awful quiet as Patrick Byrne and the anonymous 'Bob O'Brien' continue their anti-naked short selling fraud used to divert attention from insider stock manipulation and dumping of worthless shares.
' NCANS is NAANSS',Do Google search.
Roddy Boyd,business reporter for Rupert Murdoch's New York Post, claims he has proven Byrne's
 'business partner', 'Bob O'Brien', is really a person named 'Phil Saunders', yet he provides no proof whatsoever ! And we now know the New York Post is corrupt but what did we expect from Rupert Murdoch and the folks who bring us Fox ' News' ?
To NY Post re National Taxpayers Union, Agora Inc.,James Davidson,Rupert Murdoch
http://qc.indymedia.org/news/2005/12/5503.php
The billionaire, the Post and the $220G shakedown
Â
Page Six writer wanted $$$ to stop inaccurate coverage
BY WILLIAM SHERMAN
DAILY NEWS STAFF WRITERÂ
One was Jared Paul Stern, the New York Post's Page Six reporter and magazine editor. The other was Ron Burkle, a West Coast billionaire .... :
http://www.nydailynews.com/front/story/406794p-344411c.html
Although Patrick Byrne and 'Bob O'Brien ' feign outrage at Roddy Boyd's innocuous reporting on the fraud called Overstock.com he has done more to help the Patrick Byrne and ' Bob O'Brien' ncans.net fraud than anything and although the Yahoo OSTK message board does not allow one to mention James Dale Davidson without having one's email account confiscated or deleted and having your posts removed, you can mention 'Phil Saunders' all you want on Yahoo's scam stock message boards.
This is probably because James Dale Davidson really is behind the fraud although the lieing Patrick Byrne denies it of course.Below is a link to a buyins.net pdf file that holds a Roddy Boyd article that the fraudulent buyins.net owner who was fined for securities fraud uses to promote itself.Roddy Boyd should be ashamed but of course Murdoch's ' news ' knows no shame as we have learned years ago.Still to blatently bribe billionaire's for good press and to allow buyins.net a known 'anti-naked short selling ' fraud site to use them for ' credibilty ' to lure and defruad suckers in a stock scam is really TOO MUCH Mr. Boyd ! :
On a personal note I received email a while back from a Mark Mitchell of the formerly prestigious Columbia Journalism Review or CJR.He claimed interest in my writing on the fraud known as NCANS of Byrne and ' O'Brien '. I sensed it was rather strange that he demonstrated more interest in me than the issue itself.Mark Mitchel has since written absolutely nothing about ' naked shorting ' to my knowledge since he wrote me and I sense he may be sympathetic to the fraud just as Ralph Lambiase of NASAA who has aided and abetted the fraud ! Yes there is major corruption and it may extend to journalists as well.
Ralph Lambiase,NASAA : James Dale Davidson invented 'anti-naked shorting' scam
http://cleveland.indymedia.org/news/2005/11/17974.php
But Roddy Boyd and Mark Mitchell appear second rate journalists at best and although Boyd was included in SEC's journalist subpeona list along with WSJ's Carol Remond,Herb Greenburg and Jesse Eisinger that is because the spoiled billionaire's son and stock scamster Patrick Byrne cried to his SEC buddies about him for whatever and he was included in the subpeona they were writing. :
SEC Commissioner Christopher Cox vows to bring James Dale Guckert/Jeff Gannon to Justice
http://maritimes.indymedia.org/news/2006/03/11955.php
Time magazine's Daniel Kadlec is another example of a business journalist either duped or aiding the NCANS fraud of Patrick Byrne for whatever reasons of his own.Do google search, ' daniel kadlec ryals ', for my take on him.
Time Magazine, Daniel Kadlec duped by Houston attorneys Wes Christian and John O'Quinn
http://cleveland.indymedia.org/news/2005/11/17786.php
Because David Patch of investigatethesec.com is part of the anti-naked short selling ' fraud and a known touter of fraudulent penny stocks along with Gayle Essary of FinancialWire and also known to have ' worked ' with James Dale Davidson in touting Genemax and with the known stock fraud Gary Valinoti in touting his Jag Media Holdings fraud among many others,including Adnan Khashoggi's Genesis Intermedia,he is an example of one the SEC should investigate.The title of his scam websites hints of being a victim of the SEC when he is really a beneficiary of its orruption.
New Jersey Star-Ledger,legislature conned by stock fraud Gary Valinoti ?
http://cleveland.indymedia.org/news/2006/02/18926.php
For those interested updates on this massive fraud upon naive investors such as myself that appears to have Beltway backing and connections I highly recommend Gary Weiss' blogspot.He was a former Business Week journalist who wrote their,,The Mafia On Wall Steet ',exposes in the 1990's and has a new critically acclaimed book out titled,' Wall Street vs America '. :
Below,quote from and link to WSJ's recent article wherein Warren Buffett defends his 'friend' penny stock promoter and Overstock.com CEO and con artist Patrick Byrne.
Warren Buffett apologist for Utah Overstock.com Patrick Byrne stock fraud :
http://www.online.wsj.com/article/SB114684573302044986.html?mod=yahoo_hs
Selling Berkshire Short
Warren Buffett said he has no problems with short sellers and naked short sellers, who bet against stock that they haven't borrowed. "I don't have a great problem with that," said Mr. Buffett about naked short selling. "If anybody wants to do that with Berkshire, more power to them."
Mr. Buffett acknowledged that he has a "friend" who is very concerned with naked short selling, a reference to Patrick Byrne, the chairman and chief executive of Overstock.com, an online "close-out" retailer.
He said that while the many companies that attract a lot of interest from short sellers "very often" are later revealed to be frauds, he noted that "The one my friend runs is not at all." Mr. Buffett and Mr. Byrne go back a long way; Mr. Byrne's father, Jack Byrne, was long-time head of Geico, Berkshire's automobile-insurance subsidiary.
"From our standpoint, we have no objection to people selling Berkshire short," Mr. Buffett added. "There's nothing I would love better than to be paid to lend out my shares to people who would short Berkshire shares," he said, referring to the high interest rates stock-lending brokers charge short sellers to borrow hard-to-borrow stock.
As for allegations that short sellers often try to "do things," sometimes inappropriately, to push down the prices of stocks so that they can profit, Mr. Buffett said some long-only investors also try to push up share prices inappropriately. "I have no ax to grind against short sellers," he said.
Mr. (Charlie)Munger, his business partner, noted that short selling is a difficult way to make a living. "It would be the most irritating thing in the world" to short a stock that soon tripled,with "the happy crooks flashing your money around while you're trying to meet
margin calls," he said.
Senator Bennett's SEC bs
Below,link to one of the many fraudulent websites aiding Mr.Patrick Byrne and his billionaire daddy's fraud.Although daddy Byrne,(Jack),has distanced himself from his son's fraudulent scheme in media interview, he continues to aid his son in the fraud called Overstock.com and the internet fraud sites sponsered by his son and investors money that Patrick Byrne has defrauded with his lies, by remaining on the board of his son's fraudulent company.
Both of the scam artists,father and son,have aided both securities fraud in promoting the supposed 'anti-naked short selling' scheme that is most often used to aid insider stock manip[ulation and illegal 'pump and dump' activities as well as political fraud in aiding Republican neocons by supporting ' Swift Boat Captains Against Kerry' and funding a $1 million campaign against John Edwards by themselves,(or with defrauded investor's money),during the last presidential campaign.
Below is taken directly from one of the fraudulent websites called ' thesanitycheck ' that the ananymous
'Bob O'Brien ' ,Patrick's main partner in securities fraud
presides over. This only demonstrates how far Utah Senator Bob Bennett will go to aid the billionaire 's son who, with his father, provided over $1 million to
' dirty tricks ' campaigns against John Kerry and John Edwards in the last presidential campaign.:
Senator Bennett Covers A Lot Of Ground On Naked Short Selling
http://www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/254/D.
'Here is the testimony from Senator Bennett today, in the hearing with Chairman Cox, head of the SEC. It speaks for itself:',...or so says ' Bob O'Brien'' who uses that alias rather than reveal his own name because he, like Patrick Byrne who funds his death threats and harrassment of those who are critical of Byrne or his Overstock.com pump and dump scam,know they are commiting securities fraud and may have gone too far even for Beltway connected insiders
.Bob O'Brien is apparenbtly paid to promote a number of other penny stock frauds as well and claims they are victims of 'naked shorting' when the truth is they are illegal pump and dump frauds the SEC refuses to close down probably because their management bribes the Republican Party mafia.:
Mexico Drug Bust,Tom DeLay,Adnan Khashoggi, Jeb Bush,Wally Hilliard Terrorist Flight School
http://www.phillyimc.org/en/2006/04/21660.shtml
Note the corrupt or senile Utah Senator Bob Bennett, in his discourse with SEC Chairman Christopher Cox who recently threatened WSJ business reporters with subpoenas to scare them away from investigating this internet securities fraud orchestrated by Republican contributers,also complains that if Mr.Cox doesn't aid penny stock fraud with U.S. securities there is the danger that those engaging in U.S. securities fraud,(that may include money laundering),may take their 'business' elsewhere.If only we were so lucky or Senator Bennett could get some psychiatric help for his own kleptomania and tendency to side with terrorists and criminals.
Note that a google search of words,' penny stocks money laundering ' will find mainly my writing and virtually NOTHING from the SEC ! Why ? If Mr.Cox is unaware that U.S. penny stocks are being used for money laundering or does nothing about it,he should resign.Mr.Cox ,you were WRONG about ' WMDS' in Iraq and you and Paul Atkins and John Reed Stark are ethically and morally wrong in allowing U.S. penny stocks to be used for offshore money laundering including Bellador Group's and other boiler rooms' use of them for money laundering and pump and dump fraud offshore that may be aiding terrorism you feign concern about right now ! :
SEN. BENNETT: Thank you. Several items.
Chairman Cox, thank you for being here, and welcome to your first
experience. I hope we have a lot of subsequent ones and that they are
pleasant. I heard the conversation about Sarbanes-Oxley. My
experience during the break was not the same as Senator Dodd's. I had
some venture capitalists tell me flatly they no longer do IPOs. And
Sarbanes-Oxley is the reason. And if it becomes necessary for them to
take a company public or if it's the logical thing, they look to do
it at some foreign exchange rather than in America.
So, as you do your analysis of the reports you have, this is
anecdotal, there's nothing scientific about it, but it's a different
kind of constituent response than the one that Senator Dodd --
MR. COX: Well, I appreciate that it's anecdotal. On the other hand, I
was speaking up at Harvard University recently, Harvard Business
School to a group of venture capitalists who expressed precisely the
same views.
SEN. BENNETT: Okay.
MR. COX: That is also anecdotal, as there are now two --
SEN. BENNETT: Right. Okay. Well, I -- I just -- I heard Senator Dodd
say he found nothing but good comments about it, and I had heard some
of the other kind. Let me move to a subject that I've been on for
some time and begin my remarks by saying that the SEC staff has been
responsive. I've been talking about this for maybe a year or more,
and they have -- staff members have been in and been in to see me.
But the problem still exists. We're talking about naked short selling
and the problems connected with that.
One of the things that I've been told that I want to lay down and say
I think this is an immaterial excuse, when they say, but you get 99
percent settlement, the FTDs are only in 1 percent of the dollar
volume, and therefore it's not really a big deal.
You made the comment earlier with respect to Sarbanes-Oxley that you
got 80 percent of the companies that might be made exempt, but if you
look at a market cap, it'll be very large. That same dichotomy exists
with respect to the naked short selling. I got into this because I
had constituents that had little companies, and for them, it's a huge
deal. And many of them insist that they've been destroyed by it --
that is, the naked short sellers keep hammering their stock until
finally they can't raise any money, the company goes under, and
nobody ever has to cover. And I don't know that that's the case;
again, this is an anecdotal accusation that's made.
But if indeed it is true, it's a demonstration of market manipulation
that is not only clearly illegal, but devastating to people who form
companies and then try to turn to the markets to raise money and
can't because the shorts keep hammering them.
I want to make it clear also, I do not think short selling is
improper. I have sold short in my investment life. Usually, I've been
burned by it, but I've done it. And the broker that handled it gave
me the old statement, "He who buys what isn't his'n" -- or "He who
sells what isn't his'n, must buy it back or go to prison." And
apparently, some of these people are not buying it back. I always had
to when I sold short.
And it's gotten into the news again. I started doing this because, as
I say, I heard from very small companies, who were my constituents,
and their stocks were traded on the pink sheets, and it looked like
nobody cared on the pink sheets. And they could hammer companies
there all day long with naked short selling, and nobody'd look at it.
And that's the thing that I raised with the SEC before. Well, now,
it's getting a little more current, see.
There was a piece in the Wall Street Journal on the 13th of April.
The headline said, "Despite SEC rules, a small amount of naked
shorting appears to persist," and in that article, they talk about
companies that have stayed on the list for months and months -- on
the list where the FTDs have not been cleaned up. Overstock.com,
Martha Stewart Living, Omnimedia and Krispy Kreme Doughnuts have been
on the threshold list for months.
Overstock.com happens to be located in Utah, and so that caught my eye.
Then, on the 12th of April, Forbes had a piece about short selling in
hedge funds, and how they felt that they were being taken advantage
of. The latest Bloomberg has a piece not specifically on short
selling, but entitled, "Corporate voting charade," and says that the
people who buy shares to sell them short, then get involved in proxy
fights and that people end up voting shares they don't own. They have
borrowed the shares for short-selling purposes, and then vote them
when they really have no interest in the long-term health of the
company. And there's an interesting chart in the Bloomberg piece
about how some close corporate elections were decided by the voters
of the short sales.
It says that Alaska Air Group, the short sales were 4 percent of the
winning votes -- 4 percent of the voting, and the winning votes were
2.4. Mony Group -- M-o-n-y -- 6.2 percent of the votes were in short
proxies, and the winning margin was 1.7. And El Paso, 67 percent were
short votes, and the winning margin was 17.2. And there are those who
say this whole situation cries out for more SEC oversight and
attention. So let me, with that, ask you the question; if you can't
answer it here, would like a response for the record. There have been
a lot of companies -- well, a lot -- several, we'll say several
companies have been on the Reg SHO Threshold List for a very long
time, and one of them, as I say, is one of my constituents.
Presumably, at least some of what has led to these companies to be on
the threshold list for so long is illegal short selling. So I would
like to know, as you examine the list, are you willing to use your
authority to have the SEC continue its pursuit of basic transparency
by requiring the disclosure of the amount of FTDs? (Pause.)
MR. COX: Well, you covered a lot of ground.
SEN. BENNETT: Yeah, and I apologize, maybe overwhelmed you here, but --
MR. COX: I'm trying to keep track of all of it.
SEN. BENNETT: We'll be happy to provide you with pieces of paper on
all of this.
MR. COX: Of course I'll take advantage of that, as well.
SEN. BENNETT: Sure.
MR. COX: To start at the beginning and end at the end, the
experiences that you describe, some of your own and many more that
you've been apprised of by your constituents and others, are
experiences that in some respects I've shared.
When I first came to the Congress in 1989, I served on a subcommittee
chaired by then- chairman of the Consumer, Commerce and Monetary
Affairs Subcommittee, Doug Barnard of Georgia, that focused for
several months on bear raids and short sellers and what was going on
in that industry. I share completely your approach to this problem
that short selling is a component part, and -- of healthy markets and
one that is perfectly respectable. And indeed it's an important check
and balance in our system.
From the standpoint of orderly markets, it's vitally important that
shares be delivered. These are contracts, and they have to be
fulfilled. And there has to be a rule of law. I also, moving to your
next point, agree with you that it is faint comfort for someone with
a micro-cap company to hear that statistically we're doing great,
that we're reducing these failures to deliver, and that life is much
better now than it's ever been before, because statistically we can
prove it's so. I mean, in a thinly traded company, life is different.
And so enforcing these rules in very different circumstances is also
vitally important. Having said that, I do think it is important to
recognize the progress that has been made under Regulation SHO, which
the commission, as you know, adopted in 2004, before I became
chairman.
That rule became fully effective in January of last year. It has a
modest ambition. It is designed not to eliminate but to reduce
failures to deliver on short sale transactions and to target
potentially problematic short selling, abusive naked short selling.
What I can commit to now is that when we have internalized and
understood the results of our examinations, which are now ongoing, of
compliance with Regulation SHO -- and we've completed the
examinations of some 45 firms that include comprehensive target exams
of 19 clearing firms -- that I will recommend changes to our rules if
those exams demonstrate that changes are necessary for the reasons
that you describe.
SEN. BENNETT: Let me just conclude -- and I -- Mr. Chairman, I
applaud what you're saying, and I'm sure you will go forward with
that. Picking up on what The Wall Street Journal had to say with
these three companies that are listed, that have been on list for
months, that might be one of the places to start. The company stays
on the list for months. That's an indication to me that there's
something going on that is unusual. I can understand an FTD.
I can understand a flood of FTDs for a variety of benign reasons. But
when a company is on the list one month, that says, "Well, okay,
there are just some problems." When they're on -- the same company's
on the list for two months -- well, maybe something is going on. We
need to pay -- when it's on for month after month after month and it
catches the attention of publications like the Journal, I think that
ought to be a rather informal but strong flag that says, "We ought to
pay attention at least to these companies to see why they keep
showing up on the threshold list." Thank you very much.
MR. COX: Thank you very much, and I hope to be able to follow up with
you on these things.
SEN. SHELBY: Thank you, Senator Bennett.
...............................................................................................................
The SEC,Adnan Khashoggi, GenesisIntermedia and me
http://www.sbindymedia.org/newswire/display/3334/index.php
Mexico Drug Bust,Tom DeLay,A.Khashoggi, Jeb Bush,Wally Hilliard Terrorist Flight School
http://www.ntimc.org/newswire.php?story_id=4049
...............................................................................................................
D.C.Terrorbaggers:J. D. Davidson,ex-CIA Woolsey,Asa Hutchinson,Tom McMillen,Don Nickles
http://www.arkansas.indymedia.org/newswire/display/19372/index.php
Asa Hutchinson,ex Congressman Tom McMillen, Fortress America,offshore money laundering
http://arkansas.indymedia.org/newswire/display/19504/index.php
Endovasc,Texas Joseph Grundfest,Stanford Law,defends Journalistic McCarthyism stock scam
http://www.houston.indymedia.org/news/2006/03/48364.php
Does NSA Serve SRA International's 'Cookies' ?
http://india.indymedia.org/en/2005/12/211284.shtml
SEC Covers Up UAE Money Laundering with U.S. Stocks
http://www.phillyimc.org/en/2006/03/19271.shtml
John Reed Stark UAE,SEC,Georgetown University Stock fraud Academic fraud Cyber fraud
http://www.maritimes.indymedia.org/news/2006/03/12190.php
SEC Commissioner Christopher Cox vows to bring James Dale Guckert/Jeff Gannon to Justice ?
http://www.phillyimc.org/en/2006/03/19349.shtml
James J. Angel,Georgetown University,lap dancers and cyber fraud mafia
http://www.phillyimc.org/en/2005/11/17174.shtml
Senator Bennett :Is Patrick Byrne's NCANS a Fraud ?
http://www.utah.indymedia.org/news/2005/10/11883.php
NCANS IS NAANSS FRAUD.
http://www.news.com.com/5208-1030-0.html?forumID=1&threadID=14617&messageID=
Clinton Undersecretary of Commerce Robert Shapiro aids James Dale Davidson's ,Attorney John M O'Quinn's stock fraud
http://www.richmond.indymedia.org/newswire/display/11717/index.php
Charles Schwab and Share-Money Laundering
http://www.sfbay.indymedia.org/news/2005/06/1747107.php
India:SRA International,Mantas Inc.,CIA and Bellador Group
http://www.mumbai.indymedia.org/en/2005/12/211257.shtml
Did Israel President Moshe Katsav aid Muslim Terrorism or only fraud ?
http://www.maritimes.indymedia.org/news/2006/03/12009.php
Israel: Gal Lusky's 'IFA' Caught Up in Moshe Katsav,Mohamed Hadid, Zwebner 'UCSY' scam ?
