fwiw, commentary from elsewhere on the net. To remember is that the FTD data only covers CNS fails. ex-clearing fails are not included nor does the SEC keep track of those. Fails with repurchase agreements are also not reported. These fails are in addition to the reported short interest - which are also not fully reported. Here's the low down on REG SHO: REG SHO does not explicitly permit FTDs. Matter of fact the SEC has no formal rule permitting this. However, the Securities Acts expressly prohibits the sale of unregistered securities, which is what FTDs are. FTDs are derivative securities that are issued and traded but not registered. Thus, without being registered they are prohibited. Just like call and put options are derivative securities, etc..as defined by the Securities Acts. So what is the SEC doing wrong? 1. Abandoning Statutory Obligations The SEC is deciding not to enforce portions of the securities acts that prohibit the sale of unregistered securities (section 5 of the Securities Act of 1933) and to abandon its statutory obligations instead. This, despite the fact that these acts obligate the SEC to enforce these provisions and to regulate the securities markets. The Supreme court had this to say in 2007 about this type of non-enforcement and abandonment: Plaintiffs say:.."...its refusal to regulate such emissions, at a minimum, âcon-tributesâ to Massachusettsâ injuries." Opinion of The Supreme Court agreed...." As to EPAâs statutory authority, the petition observed that the agency itself had already confirmed that it had the power to regulate...." "On September 8, 2003, EPA entered an order denying the rule making petition. 68 Fed. Reg. 52922. The agency gave two reasons for its decision: (1) that contrary to the opinions of its former general counsels, the Clean Air Act does not authorize EPA to issue mandatory regulations..." "..It has refused to do so, offering instead a laundry list of reasons not to regulate......Nor can EPA avoid its statutory obligation....concluding that it would therefore be better not to regulate at this time." Basically, since the SEC is charged by the 1934 Securities Exchange Act to regulate the markets and enforce the provisions of the Securities Acts, it can not simply decide not to enforce these prohibitions on the sale of unregistered securities, which are explicit in the Securities Acts. At least not without a formal rule from the SEC permitting it. But there is no such formal rule. 2. The APA requires the SEC to follow the rule making process for all rules it promulgates. However, in permitting the sale of unregistered securities and FTDs by not enforcing the Securities Acts, it has avoided the APA requirements and is implementing a rule without any formality required by the APA (Administrative Procedure Act) http://en.wikipedia.org/wiki/Administrative_Procedure_Act. At a minimum, the SEC needs to formalize a rule permitting FTDs. However, the SEC knows this would be just about impossible. The only beneficiaries would be Wall Street firms and such a proposed rule would be struck on petition. So it's better to let everything fly under the radar. However, the FPA had to deal with a similar problem and they forced the SEC to formalize the "Broker-Dealer" rule. When the SEC formalized the rule, the formal rule was struck by the courts on petition.
The amazing part is, they continue to operate with impunity even with the GAO digging around, even with Judiciary and House Committee digging around. The Milberg Weiss thing is in full swing. How will the American people act when they see government officials on the take? The Elgindy transcripts were given, at least in part, to several reporters of major publications, including the Wall St. Journal last November. Why haven't you read about them? If you saw them, your teeth would drop out. You need to be asking yourself serious questions. They have put the system on the edge so people can have mansions and hockey rinks and yachts. It's no joke.
Check the stats from Yahoo on USNA: Share Statistics Average Volume (3 month)3: 618,530 Average Volume (10 day)3: 773,029 Shares Outstanding6: 16.80M Float: 8.41M % Held by Insiders4: 53.18% % Held by Institutions4: 71.10% Shares Short (as of 12-Jun-07)3: 8.62M Short Ratio (as of 12-Jun-07)3: 16.8 Short % of Float (as of 12-Jun-07)3: 106.50% Shares Short (prior month)3: 6.94M
Our anonymous source, who has spent years behind the scenes working for stock market reform, stressed that the hearing could hinge on the level of response from those who have been affected by stock market fraud, saying, âThereâs been no bill introduced, but Senator Bennett is prepared to introduce a bill if these issues are not resolved. We need a nationwide campaign to get people to write their senators urging them to tell Sen. Dodd to hold hearings into the issues that Sen. Bennett addressed in the U.S. Senate today.â Help us out. If you think this is a problem, please, please, support these guys with some emails to tell them itâs important. After all, is there any plausible excuse why you canât settle trades in hundreds of days????? http://www.faulkingtruth.com/Articles/Investing101/1078.html Enough of you folks have PM'd me about this. Please, help out with an email.
Senator Bennett's speech to the senate in audio....... http://www.everyzing.com/viewMedia....channel&dedupe=1&y=0&channel=41&x=0&e=7909995
.......another profitablecompany that was targeted for destruction: 06:32 CALM Cal-Maine Foods reports Q4 EPS $0.77 vs ($0.01) YoY; revs +32% to $169.9 mln (20.20 ) "... The demand for eggs was good during the quarter, aided by a strong export market. A reduced available egg supply also helped support a more balanced supply-demand equation. Feed costs remain high, primarily due to demand for corn from ethanol producers. However, higher egg prices more than offset the higher cost of feed during the quarter. Looking ahead, egg prices have continued to be strong into our fiscal 2008 first quarter. In addition, U.S.D.A. statistics indicate that the egg supply in the months ahead will be lower than the same time a year ago..." On Jan 5, 2005, this was the most shorted stock in the country, and was on the first SHO list.
Makes me wonder. Who audits the REG SHO numbers for accuracy? Who audits the numbers for shares short vs float? Everyone takes these numbers at face value without question. The incompentence that reigns supreme from the regulators yet the numbers they regurgitate are accurate. How can it work both ways?
http://junkfax.org/fax/profiles/wsp/woltzArticle.htm Lots of info here, but if you read the Currin Press release, you'll see reference to a "debit card" with an offshore account. Skip skip. Eagletech release from discovery documents speaks of a broker with a Citicorp account swiping an ATM card 47 times in one day for $1020 each time. $20 was the fee. All whores have pimps. No scam is any good without delivering the illgotten gains; this was how they do it. Now, who else had accounts with Currin? Think the Feds know ?
I sent this last year to a business reporter at the WSJ. The whole room was around laughing at the picture. When the Feds came, she hid behind the refridgerator. She shoulda stayed there.