Go to the SEC link. MM fails arent' reported because they were 'legal'. I'm asking around. I asked 'why'? I mean it's a commercial bank now? Answer was, 'who knows who they fucked in the past'. This is a high stakes int'l game now. We are the pidgeons. And our 'leaders', like a cow being born in a tree is a bird, our leaders are so corrupt, they seem powerless to help us.
OK i'll take another angle... Throughout your entire trading history. How many companies were able to survive and recover from a 90% loss of their share value? Market Cap. MS @ 6.71 from 67 = 7B GM @ 4.00 from 44 = 2B AIG @ 2.00 from 68 = 5B WB @ 4.00 from 51 = 9B The only one I can think of off the top of my head was AAPL. 1% should be a fair estimate. Rep Bill Pascrell of NJ just stated the Government has declared the financial crisis on wallstreet a homeland security issue. The SEC no longer has to prosecute short sellers as the Patriot Act can freeze and seize any and all funds. FINCEN is the enforcement agency. This witch hunt to point the finger and blame others is going to get ugly.
Can you give me a link here? Interesting. hadn't heard it. He's right. I just haven't seen this particular thing.
SEC wants to talk to Mack in probe Morgan Stanley's ties to Pequot Capital under scrutiny By David Weidner & Alistair Barr, MarketWatch Last update: 3:56 p.m. EDT July 21, 2006NEW YORK (MarketWatch) -- The Securities and Exchange Commission has asked to interview Morgan Stanley Chief Executive John Mack as part of its probe into possible insider trading at a hedge fund, the investment bank said Friday. Mack's willing to meet with the SEC and is expected to do so within the next few weeks. The agency's request was made Thursday. "John immediately responded that he is happy to meet with the commission staff, and he welcomes the opportunity to put to rest any issues surrounding this matter," Morgan Stanley said in a statement. Mack was alleged by an ex-SEC investigator to have possibly tipped Pequot Capital Management to a pending deal. The former investigator, Gary Aguirre, told Congress that his superiors at the commission overruled then fired him when he tried to question Mack last year. "The evidence pointed in this direction 13 months ago, evidence which Gary Aguirre shared with his supervisors at the time," said Joanne Royce, Aguirre's attorney, in a statement Friday. Royce also said that the SEC inspector general has reopened an investigation into the firing of her client and Aguirre's allegations of "favoritism and retaliation" at the agency. The inspector general, who reports to Congress twice a year on how the SEC is doing, is also seeking to interview Aguirre, the attorney added. Mary Beth Sullivan, counsel to the SEC's inspector general, said that she doesn't comment on the existence, or not, of investigations. After several years at Credit Suisse Group (CSR:china sec & surve CSR 10.01, +0.41, +4.3%) and a short stint at Pequot, Mack returned to Morgan Stanley last year to lead an attempt to improve the venerable Wall Street firm's fortunes. While it doesn't suggest that he's done anything wrong, Mack's involvement in the SEC investigation could be a short-term distraction from his turnaround mission at the bank. Shares of Morgan Stanley (MS:morgan stanley com new News, chart, profile, more Last: 9.68-2.77-22.25% MS 9.68, -2.77, -22.2%) fell 1.2% to $62.57 during afternoon trading on Friday. The stock is up roughly 20% since Mack returned in mid-2005. The development also suggests the SEC is stepping up efforts to police the hedge-fund industry, after setbacks earlier this year. The agency had its hedge-fund registration rule overturned by a Federal judge in June. See full story. SEC regulations designed to curb short-selling infractions may be rejiggered after they were criticized as ineffective. See full story. Now the agency is fighting the incendiary suggestion that it backed off an investigation because of potential political pressure. See full story. Aguirre told senators in June that an assistant director at the SEC "would not discuss the case with me. ... He refused to allow me to question Mack." Aguirre later was fired. Mack is friends with Pequot founder and chief Arthur Samberg and is politically connected. GE-Heller deal Pequot is alleged to have been tipped to General Electric Co.'s $5.2 billion acquisition of Heller Financial in 2002 before the announcement was made. Aguirre alleged that the hedge fund racked up $18 million in profit by buying Heller shares and shorting GE's stock. Aguirre wrote that the hedge-fund chief executive "could offer no credible explanation for these trades. Everyone involved in this investigation has informed me of their belief [that the hedge-fund chief executive] obtained material nonpublic information prior to these trades." Pequot spokesman Jonathan Gasthalter countered that "nobody at Pequot was tipped by anyone regarding the Heller acquisition or any other corporate event." The SEC's inspector general appears to have rejected Aguirre's claims in a report earlier this year, according to a Dow Jones Newswires report. "The evidence developed during the investigation failed to substantiate the allegations," the SEC's inspector general told Congress in a semiannual report. Although the inspector general did not provide names, nevertheless the details in his report match the details of Aguirre's assertions. The inspector general is now taking another look, according to Aguirre's lawyer. That may have implications for the SEC, which ultimately answers to Congress. "I sincerely hope the banking committee, with its oversight jurisdiction, does what it can so other ethical SEC staffers won't have to pay the price that Aguirre paid," Royce said. Royce is an attorney at the Government Accountability Project, a Washington, D.C.-based organization that litigates whistle-blower cases to try to make political institutions more responsible for their actions and decisions. David Weidner covers Wall Street for MarketWatch. Alistair Barr is a reporter for MarketWatch in San Francisco.
Here's Aguirre's letter to Congress, if you are so interested........ http://www.faulkingtruth.com/Files/aguirre_congress0623.pdf