1 vote

The Greatest Crime In History

I have been watching this story unfold for some time and have decided to post now because the issue is starting to get attention as it builds towards climax.

This is where the action rises. You can fill in much of the plot line. You can imagine the antagonists.

I give you first this primer as prologue because it makes things a bit more comprehensible for those unfamiliar with the subject matter.

http://www.cnbc.com/id/15840232?video=794250312

Now, to make a long story.... short:

http://www.financialsense.com/Experts/2008/Burrell.html

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UPDATE:

On September 18, The Securities and Exchange Commission explained the phenomenon in this manner:

“In an ordinary short sale, the short seller borrows a stock and sells it, with the understanding that the loan must be repaid by buying the stock in the market (hopefully at a lower price). But in an abusive naked short transaction, the seller doesn't actually borrow the stock, and fails to deliver it to the buyer. For this reason, naked shorting can allow manipulators to force prices down far lower than would be possible in legitimate short-selling conditions.”

Let this video serve as trailer to introduce any who did not yet delve into THE STORY.

http://current.com/items/89439340_destroying_companies_for_p...

KEY LINKS:

http://www.counterfeit-o-meter.com/

This blog -- expose’ of Fraud, Collusion and Cover-up:

www.DeepCapture.com

--------

And from the depths of this thread below…..

…The Truth,
surreal and surreptitious,
flowing, oozing
in sinuous confluence,
‘the corrupted currents of the world’
emerge as effluence at the top

--------

*Now, if all the underworld's a play,
is it any wonder I invoke The Bard...

(from the last act of Hamlet) –

-Horatio —

And let me speak to the yet unknowing world
How these things came about: so shall you hear
Of carnal, bloody, and unnatural acts,
Of accidental judgments, casual slaughters;
Of deaths put on by cunning and forc’d cause,
And, in this upshot, purposes mistook
Fall’n on the inventors’ heads; all this can I
Truly deliver.

-Fortinbras —

Let us haste to hear it,
And call the noblest to the audience.
For me, with sorrow I embrace my fortune;
I have some rights of memory in this kingdom,
Which now to claim my vantage doth invite me.

-Horatio ---

Of that I shall have also cause to speak,
And from his mouth whose voice will draw on more:
But let this same be presently perform’d,
Even while men’s minds are wild, lest more mischance
On plots and errors happen.

*************



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The Ponzi Scheme Scandal

We must collect our jaws from the floor once again as ask exactly how hedge fund investor Bernie Madoff could defraud thousands of very wealthy investors out of $50 billion. Sadly, the Madoff scheme won’t just affect the ridiculously wealthy. Many charitable foundations invested in him. In connection with this, another name is involved. Ezra Merkin is a name you probably never heard before. Well, you may get to know about Ezra Merkin now. He's the latest name that's added to the others sued in conjunction with the Madoff scandal. He is accused of having run the feeder funds that gave cash advances to Madoff. Madoff himself is awaiting sentencing, while his lawyers try to appeal his bail revocation. Merkin hasn't been charged with a crime yet, only sued. But there may be a need for some big cash advances so Ezra Merkin can pay his fines.

This is a job for the exchange.

These kinds of rules should be established and enforced by the stock exchanges. The SEC isn't competent to do this.

-jcr

"The problem with trying to child-proof the world, is that it makes people neglect the far more important task of world-proofing the child." -- Hugh Daniel

OK...so what do we do?

What do we do to mitigate or minimize to the greatest extent possible our own participation in this organized crime? Do we not own real estate and pay taxes on it? Do we not "invest" in 401K's? What?

I'm seriously at the point where I have no interest in owning real estate; the only disadvantage to that is not having some dirt to grow our own food. I don't care if we never put another dollar "into the market"...

The depth, length and breadth of corruption is mind-blowing, while billions of us simply try to live in peace and freedom.

Viva La Revolucion

http://www.youtube.com/watch?v=STFic2M9vWc&feature=related

The Cadence Of Revolution

“To blaze a trail where none has trod before
For the fiery daredevils of the written word,
For the pure in heart, for Truth,…”

http://findarticles.com/p/articles/mi_m1310/is_1989_June/ai_...

The free exercise of conscience in thinking critically is revolution …
One soul at a time.

http://www.youtube.com/watch?v=-4t24p4iKwg

Bernard 'Ponzi' Madoff

Some serious yet naive questions: http://forums.digitalpoint.com/showthread.php?t=1150984

Fellowship of the White Rose

Ron Paul was right

Wots... Uh, The Deal?

‘ … Hear me shout
Come on in …’

http://www.deepcapture.com/strange-occurrences-and-a-story-a...

Heaven sent the promised land
Looks alright from where I stand
Cause I'm the man on the outside looking in

Waiting on the first step
Show where the key is kept
Point me down the right line because it's time

To let me in from the cold
Turn my lead into gold
Cause there's chill wind blowing in my soul
And I think I'm growing old

Flash the readies
Wot's...uh the deal?
Got to make to the next meal
Try to keep up with the turning of the wheel.

Mile after mile
Stone after stone
Turn to speak but you're alone
Million mile from home you're on your own

So let me in from the cold
Turn my lead into gold
Cause there's chill wind blowing in my soul
And I think I'm growing old

Fire bright by candlelight
And her by my side
And if she prefers we will never stir again

Someone said the promised land
And I grabbed it with both hands
Now I'm the man on the inside looking out

Hear me shout "Come on in,
What's the news and where you been?"
Cause there's no wind left in my soul
And I've grown old.

http://www.youtube.com/watch?v=ouhCc-plwVc&feature=related

Thanks, LibBerte

for the article and the song.

Fellowship of the White Rose

Ron Paul was right

hey thanks LibBerte!

one of my fav songs!

The dollar is a bill.

14 December 2008

bump for truth!

"Thomas Jefferson is rolling in his grave fast enough to be a new source of energy independence."~ samthurston

http://www.campaignforliberty.com/

"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

SUREALITY CHECK: “A Plan Is In Place”

“a defining moment”

“Is this a financial-horror show or is this real life?”

“severe damage will be done to the US Dollar.”

…………………………………….Will it end with a Bang…

http://www.youtube.com/watch?v=afb-vinRy3I&NR=1

http://www.kitco.com/ind/willie/nov262008.html

“Powerful foreign entities are preparing a massive major assault on the US financial corruption, at key spots.”

………………………………………or with a Whimper?

http://www.deepcapture.com/live-on-cnbc-naked-shorts-causing...

[FROM DeepCapture Blog – Clearthinker]

http://www.deepcapture.com/live-on-cnbc-naked-shorts-causing...

1. “and there should be a FULL SCALE investigation of the SEC’s deliberate and willful actions to support the short side of the markets
They have done the following:
Denied naked shorting existed when they KNEW it did
Grandfathered fails while taking YEARS to enact Reg SHO
Refused to take action on the option market maker exemption, thus enabling the creation of untold amounts of fake shares
Eliminated the uptick rule
Did NOT enforce the regulations regarding hard locate, borrow and settlement
When they did take action against traders the fines were a JOKE
They fired Aguirre, while protecting people with “juice”
They protected 19 financial companies last summer, some of which enabled naked shorting, while leaving unprotected the rest of the market
They subpoenaed journalists who were suspected of making negative comments about companies in co-ordination with short sellers, and then withdrew the subpoenas…(”juice again?”
All of this has contributed to the greatest loss of equity in modern times. Who were they protecting and helping? Who was hurt?
Let’s find out…
It’s enough- there should be a FULL INVESTIGATION.”

*****

Mark Mitchell (with tipsters, crusaders, and thinkers) Reminds Us That Solid Steady High Fiber Connects Dots And Clears The Air:

http://www.deepcapture.com/wall-street-journal-reports-that-...

Late Call

Finally on CNBC, some truth be told:

Former SEC chairman states that naked short selling has been causing the market mayhem, and could be solved easily.

http://www.cnbc.com/id/15840232?video=935343729&play=1

“there’s a very simple solution…if you want to sell a stock short, you have to have a legally enforceable rule to produce that stock on settlement day. That’s all it takes.”

http://www.deepcapture.com/live-on-cnbc-naked-shorts-causing...

Robberbarons

From the deepcapture article:

It says something awful about the state of the nation that we began having a half-conversation about this issue only after CEOs of big Wall Street banks – the very banks whose prime brokerages happily profited from the naked short selling of their hedge fund clients – found themselves looking down the gun barrels of their former partners in crime.

A few quivering Mafiosi pee in their pants, and now we wonder whether one Mob boss should be protected from another Mob boss. Not a word about the hundreds of smaller, innocent companies that have been brutalized by these goons.

How sad that when CNBC airs a simple truth – “naked short selling is what’s causing a lot of the problems in the market” – we have to call it “history.” How sad that this “history” took place at 9:30 pm, when nobody was watching. How sad that it took place only because the CEO of Citigroup has been begging for an ill-advised, outright ban on short selling.

Fellowship of the White Rose

Ron Paul was right

If you guys think it's bad in

the stock market, you should do a little analysis of the Comex gold and silver markets. Sustained collusion by JP Morgan and other banks while the CFTC looks the other way despite repeated complaints by the public. Fascinating to watch, horrifying if you are a participant.

--------------------------------
"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
----------------------------

Same Dealers... Same House Rules...Same Stacked Decks

You Are Absolutely Correct. It's the same game. Same sharks. See the posts and links 20 down this thread.

Partners In Crime

Wonder whether one Mob boss should be protected from another Mob boss.

http://www.youtube.com/watch?v=oJJTInX1Jko&NR=1

Is the real greatest crime, the greatest crime?


Or, is the real greatest crime ignorance; that most don't know of or want to arrest the greatest criminals?

Freely speak in a non free speech zone without a license from a free speech liaison officer, and go directly to jail.

Steal trillions of dollars, and nobody even realizes it or cares enough to do anything.

Ron Paul's Convention Speech

I agree! The greatest crime is the one that is repeated...

Ignorance and apathy are the greatest crimes.

I may not know the truth, but I know when I'm being lied to...

I may not know the truth, but I know when I'm being lied to...

Banana Republicans Of Wall Street

“…there is good evidence that the leaders of our nation’s market regulator are as corrupt as Banana Republic cops on the brothel beat – that they have engaged in a cover-up that might have helped rock the very foundations of the American financial system – but this evidence will be evaluated in no court. There will be no legal proceeding whatsoever.”

http://www.deepcapture.com/the-sec-scandal-that-the-papers-d...

“I believe our capital markets face a growing risk from lightly or unregulated hedge funds just as our markets did in the 1920s from unregulated pools of money – then called syndicates, trusts or pools. Those unregulated pools were instrumental in delivering the 1929 Crash….There is growing evidence that today’s pools—hedge funds—have advanced and refined the practice of manipulating and cheating other market participants.”

--- 2006 letter by former SEC Atty Gary Aguirre , heroic whistleblower

Great Post ... this deserves

Great Post ... this deserves to win the DeepCapture contest. Libberte has taught me more about the financial industry than any job, schooling, or formal training I've ever had. He truly is an outstanding person.

Thanks For The Plug FUG ;-)

Your uncovering of the financial underworld is starting to drag some pretty shadowy truths to the surface.

Your email dispatch to me today, deserves to see the light of day:

"DTCC buys LCH a week ago ... LCH agreement with LIFFE introduced today effective first quarter 2009..... same time as the elimination of physical certificates and the initiation of Baikal Dark Pool (passed from Lehman to Barclays, in concert with London Stock Exchange) ....

the mass consolidation of the Big Black Box is only a few short months away .... "

http://www.lchclearnet.com/media_centre/press_releases/2008-...

And these Dark Siders aren't afraid of the sunlight. Yeah, right.

http://www.dailypaul.com/node/70774#comment-754711

Happy Halloween

http://www.youtube.com/watch?v=Uf2GohBRZUo

( You think this is a nightmare… wait until you try to get answers as to what your paper assets morphed into)

Dematerializing Assets

[From DeepCpature Blog Comments -- Unreal! Says:
November 5th, 2008 at 9:16 am ]

http://www.deepcapture.com/verasun-energy-failures-to-delive...

Good idea! Let’s take away the only means available for an investor to make sure that what he bought did indeed get delivered and explain it away as increasing “efficiencies” in the system. You had to know this was coming after the SEC admitted that there were so many delivery failures in the system that they couldn’t be bought-in en masse without “market volatility” issues and therefore they needed to be “grandfathered in”. After “grandfathering in” didn’t work out due to the public backlash then burying the bodies in the desert becomes the next best cover up. This cannot be allowed to happen until after all preexisting archaic delivery failures are purged from the system.

Physical Certificates Take a Step Closer to Extinction
by Edward C. Kelleher

Patrick Kirby, DTCC managing director, Asset Services
The Depository Trust Company, (DTC), a DTCC subsidiary, has announced it will no longer issue physical certificates for withdrawals-by-transfer (WTs) for more than 5,500 issues beginning January 1, 2009.

DTC plans to eliminate WTs of physical certificates for all issues that participate in DTC’s Direct Registration System (DRS). Instead, DTC will process these WTs in DRS statement form. This change is pending approval by the Securities and Exchange Commission (SEC). (About 1,550 additional issues are eligible for, but not participating in, DRS and do not offer the investor the opportunity to receive a DRS statement.)

If permitted by an issuer, investors may take their DRS statement to their transfer agent and exchange it for a physical certificate.

Electronic ownership
DTC’s DRS is a book-entry system that enables investors to register their shares electronically with the issuing company or its transfer agents. Instead of a paper certificate, investors receive a statement of their holdings. In 2008, all the major and regional exchanges in the United States mandated that DRS become a listing requirement for all issues. (DTC is the only registered clearing agency operating a DRS.)

“Eliminating the issuance of physical certificates by DTC in withdrawals-by transfer transactions is part of our overall dematerialization effort aimed at eliminating all paper certificates in the securities industry,” said Patrick Kirby, DTCC managing director, Asset Services.

“With the exception of equity securities, virtually all investment instruments in the U.S. including municipal bonds, options and futures and U.S. treasury and agency securities have adopted the book-entry format, helping to eliminate paper and dematerialize the securities industry,” said Kirby.

Paper costs
Both the industry and the government continue to encourage dematerialization. The SEC has recognized that paper certificates are “inefficient” and increase “risk.” According to a 2008 survey by the Securities Industry and Financial Markets Association (SIFMA), more than 1.2 million certificates are reported lost, destroyed or stolen annually, costing the industry about $65 million to replace.

Today, there are more than 7,500 issues eligible for DRS and more than 375 of these issues no longer offer the option of a physical certificate. DRS-eligible issues now account for 88% of all WTs submitted to DTC, and more and more investors are choosing book-entry ownership as opposed to physical certificates.

Ready to dematerialize
“DTC’s customers are committed to going paperless,” said Kirby. “In July 2008, for example, more than 44% of all WTs were processed as DRS statements rather than as physical certificates. That compares with just 20% processed as DRS statements a year ago.

Cost is a driving factor in the move to DRS statements. Today, a WT that calls for a physical certificate costs approximately $125 more than a WT in a DRS statement, which costs about $6. In keeping with the plan established by DTCC’s Board of Directors and its Operating Committee, fees for processing physical certificates will continue to increase in coming years.

Non-participating issuers
For issues that are DRS-eligible but not yet participating, DTC plans to eliminate certificate withdrawals for these issues as of July 1, 2009. “We’ll continue to work with these issuers and encourage them to begin participating in DRS, but we’ll also work with the exchanges and regulators to strengthen the exchange listing requirements mandating that listed issues actively participate in DRS,” said Kirby.

For the small number of issues that have not converted by July 1, 2009, WTs will be processed through DTC’s Exception/Rush WT process.

“With these steps, we believe that WT volume should drop to fewer than 150 certificate transactions per day by the second half of 2009. Over time, this will also lead to a sharp drop in deposits of physical certificates. As that decline takes hold, we will move to curtail remaining services that support processing physical securities,” Kirby said.

It is not just a crime

it is a pattern of criminal behavior with the specific aim of impoverishing our country and every working individual in it. The people entrusted with safeguarding our wealth and our economy are directly responsible for this theft from the public and from legitimate business entities. There is no possible solution.

Street Gang Bangers

[ From
Mark Faulk - The new CEO of fabled CMKM - (f/n/a CMKX),... the naked short story behind this widely held Nevada corp, pummeled into the sand and left for dead, is flush with clues]

The Goldman Gang

by Mark Faulk

October 29, 2008

It's the stuff that Hollywood movies are made of; a greedy heartless mega-conglomerate that controls our lives in some significant way, either our pharmaceutical industry, our military-industrial complex, or maybe even our government. It is always a shadowy and nefarious entity, one that that can only be exposed through seemingly chance meetings in seedy neighborhood bars, where unidentified people talk in hushed whispers.

And so it is with this story. I'm not even sure why I'm writing about this. I don't have answers yet, only questions and the vague ramblings of paranoid industry insiders, who invariably introduce themselves and then admonish me to forget their names, to throw away their business cards.

I've been in New York City now for the past four weeks, a world so far removed from Oklahoma that as I lie awake writing these words late at night, I'm not even certain that what I'm about to say is relevant in Middle America. With the disconnect between Wall Street and Main Street, the stock market and futures market seems about as meaningful to Oklahomans as igloos and Eskimos.

But yet here we are, facing what will eventually be remembered as the worst economic meltdown in the history of our country. And the rubble on Wall Street is directly affecting even the most unaware worker in the smallest town in the Midwest.

As I've spoken to those on the street (and by "street" I mean Wall Street), I've come to realize that there is one clear villain in this economic global crisis, a villain that even those in the industry are hesitant to talk about. Goldman Sachs. It was a name that came up time and again in conversations, but unfortunately, those conversations were always "off the record" and without attribution.

First, a trader who literally wandered by on the street spoke of "The Goldman Gang", but was hesitant to share details, admonishing me that he still had to deal with people on Wall Street. Then, in a random late evening stop at a dingy neighborhood bar in Soho, another trader slid onto the bar stool nest to mine. We talked for a few minutes, and I'm not even sure how it happened, but the subject quickly turned to Wall Street and the recent events of our economy. Somehow we began to discuss naked short selling and the manipulation of the stock market, and he quickly tied that in to his area of expertise, trading the futures markets.

And then he asked me a simple question: Did I know who had ruined the oil futures market, who had singlehandedly manipulated the market and driven up prices to almost double their value of just months earlier? Because I knew that Goldman Sachs and Morgan Stanley were the two biggest speculators in the oil futures market, I ventured their names as a guess. He narrowed it down to a single company: Goldman Sachs.

I knew they had infiltrated the federal government, from Treasury Secretary and former Goldman CEO Henry Paulsen to Goldman board of directors member Gordon M. Liddy (named by Paulsen to take over AIG after their $85 billion bailout), and from former Goldman executive Joshua Bolton (now Bush's chief of staff) to former Goldman chairman Stephen Friedman, now chairman of the New York Fed. Paulsen also brought in former low level Goldman banker Neel Kashkari to oversee the distribution of the $700 billion bailout. Other Paulsen treasury insiders include former Goldman Sachs executives Dan Jester, Steve Shafran, Kendrick R. Wilson III, Edward C. Forst, and Robert Steele.

And if that isn't enough, former Clinton Treasury secretary Roboert Rubin was an ex-chairman at Goldman as well, and he in turn promoted former Goldman executive TImothy Geithner to the Treasury as well, and Geithner eventually became head of the New York Fed.

Is the Goldman Gang looking out only for the interests of Wall Street? Probably, even if only because they have a myopic viewpoint of what needs to happen to fix what they themselves broke. They undoubtedly believe that what's best for Wall Street is best for America, so even if their motivation is sincere, their actions are slanted strongly in favor of Wall Street.

But there is without a doubt more to it that just a government top heavy with ex-Goldman cronies. It is a fact that they are (along with Morgan Stanley) the largest oil futures trader in the world, and it is absolutely true that they are the largest hedge fund operator in the world. Their influence in the market and on our economic policies is undeniable, and even their competitors are hesitant to rock the boat when it comes to exposing the amount of manipulation that originates with Goldman Sachs.

As the next few weeks pass by, I hope that responsible journalists will continue to ask questions about Goldman's activities, and shed some light on pain that is being felt all the way from Wall Street to Main Street. We can never have reform in our markets without accountability, and pulling back the curtain on the Goldman Sachs Gang is as good a place as any to begin the process.

And that, as always, is the Faulking Truth.

http://thefaulkingtruth.com/Articles/Investing101/1084.html

On a sideline

Barrack Obama's donor base: (from http://www.opensecrets.or...)

Goldman Sachs $748,880 **
...
JPMorgan Chase & Co $493,469 **

Fellowship of the White Rose

Ron Paul was right

Mad Max Terrorizing

Did you ever feel like just going on a full throttle rampage over these fraudsters?

Enjoy this No Bull in the China closet.

Have fun watching Max Kaiser eschew tricks and treats and (like the incorrigible, but affable, neighbor kid) TP the Banker’s house….more like a wub wub drive-by on the manicured lawn.

http://www.youtube.com/watch?v=Nu4WDKrkmnY