The original (faulty) logic for grandfathering was a systemic collapse. The idiots at the SEC who allowed this to fester where afraid the system couldn't handle it. Now, you've got a crippled system,a nd three and half more years of fraud.
Prosecutor Kenneth Breen tried to bring this information up in this yearâs trial, but Judge Raymond Dearie shut him down. Breen warns reporters that crucial information remains under seal. In an interview with The Megaphone, Breen said, âIf you read our trial transcripts, there were a lot of discussions about his contacts with FBI agents and the SEC....That certainly is part of the public record. The issues that you are interested in are issues that are not.â In the Elgindy trial, the court would not let the government get into the terrorism angle. Why not? the evidence was there. http://www.voxpopnet.net/elgindy.html BTW, Elgindy's brother, mentioned in the above, was an aid to Congresswoman Cynthia McKinney. Elgindy got a reduced sentance to, one could assume, cooperate. We should see much more on this topic, and it could bring in other members of the site, some of who now run billions. Chit chat? If you don't know what you're talking about, try listening. It's amazing what can happen. I've read all the court docs, most all the transcripts, seen the stocks Elgindy manipulated,etc, etc. You nay sayers just flail wildly w/your arms. We've got some big problems here, and no leaders. Lead, follow, or STFU.
Good one to watch on a slow day. Especially from 3pm Eastern. Just drag it out boys. I'll buy your Porsche at your lawn sale. FirstFed's shares soar as 'short' bets backfire on bears 11:38 AM, August 28, 2008 The bears on FirstFed Financial Corp. may have outsmarted themselves: By heavily betting on the stock to drop, theyâve created a situation where just the opposite is happening. The Los Angeles-based mortgage lenderâs shares were up $3.14, or 26%, to $15.14 at about 11:30 a.m. PDT today, in what looks like a classic "short squeeze." Hereâs the setup for todayâs move: The number of shares of FirstFed that were sold "short" -- stock borrowed (usually from a brokerage) and sold, in a bet that the share price would drop -- rocketed in the first two weeks of August, from 8.7 million to a record 12.6 million, according to New York Stock Exchange data. Yet the number of FirstFed shares outstanding is just 13.6 million. So the bears, it seems, have borrowed and sold 93% of all FirstFed shares. And if we remove from the outstanding total the shares locked up by company insiders, short sellers have borrowed and sold more shares than actually are available in the market. Sound strange? This appears to be a gross case of "naked" shorting: Some traders have been selling shares that they didnât actually have in hand. With naked short sales, the same shares are, in effect, borrowed and sold multiple times by different traders, who never actually have control of the stock. Naked shorting is what the Securities and Exchange Commission outlawed in the case of 19 big bank and brokerage stocks from mid-July to Aug. 12 in an effort to stop the meltdown in financial shares in general. The SEC also has said it plans to propose a market-wide rule against naked shorting, which under current rules may or may not be illegal, depending on the circumstances. But that apparently didnât stop some bearish traders who were confident that FirstFed shares would decline further this month as the company continues to struggle with a large number of loan defaults. "I think we may have a group of short sellers who arenât too worried about the rules," FirstFed CEO Babette Heimbuch told my colleague E. Scott Reckard today. "I always figured that is why we have so many rumors spread about us. These shorts are in illegally and need the stock to move fast so they can get out, so they spread lies to make it happen." The goal of a short sale is to sell a stock today at, say, $20, and buy it back later (to replace the loaned shares) at a lower price. If the price indeed drops, the short sellerâs profit is the difference between the sale price and the repurchase price. But if the stock price rises instead of falls, short sellers lose. That can send them rushing into the market to buy new shares to replace the loaned stock. It looks like thatâs whatâs happening today with FirstFed, after analyst Fred Cannon at Keefe, Bruyette & Woods Inc. noted the extraordinarily high shorting of the stock in a report he published late Wednesday. The shorts are being "squeezed" as they try to find shares to close out their positions. Knowing how much the shorts need the stock now, investors who hold FirstFed can drive a hard bargain before theyâll sell. Heimbuch said she wished the SEC would look into the crush of short selling in FirstFed, "but I imagine we are too small for them to worry about." An SEC spokesman in Washington declined to comment.
Hell, it's only a bank. Who needs a bank? Kill 'em, make a buck, and let the FDIC sort it out. FirstFed jumps as analyst questions short selling Thursday August 28, 5:25 pm ET FirstFed shares climb as analyst questions whether naked short selling is affecting stock NEW YORK (AP) -- Shares of FirstFed Financial Corp. jumped Thursday after a Keefe, Bruyette & Woods analyst questioned whether a certain type of short-selling might be affecting the stock. Shares soared $4.03, or 34 percent, to $16.03. Shares are still down 55 percent this year. Short-sellers bet that a stock's price will fall so that they can profit from it. They borrow shares of the stock and sell them. If the price drops, they buy cheaper actual shares to cover the borrowed ones, pocketing the difference. "Naked" short-selling occurs when sellers don't actually borrow the shares before selling them, and then look to cover positions immediately after the sale. A temporary order from the SEC banning naked short-selling of some financial stocks expired on Aug. 12. In a note to clients, analyst Frederick Cannon said the short interest in FirstFed increased to 93 percent of outstanding shares and 108 percent of reported float shares on Aug. 12, according to the most recent report on short interest from the exchanges. "We question whether or not this level of shares has actually been borrowed and sold short under stock exchange rules," Cannon said. "Further, this may raise the possibility of a New York Stock Exchange or Securities and Exchange Commission review of the short positions in the company." "The KBW note stands pretty well on its own," said FirstFed Chief Financial Officer Douglas Goddard in an interview with The Associated Press. "It seems to be a pretty blatant case where (naked short-selling) may be happening." Cannon, who maintained an "Outperform" rating and $40 target price on the stock, said there may be some effort to cover the shorts if naked short-selling is occurring, which would drive the stock up.
That's an old presentation. Over the weekend, build a chart scan of the bigger names. If you see a set up, buy any volatile dip, sell the rips. But pay particular attention to the 3 to 4 hour. Lots of folks PM me, and I'm glad you find some value in these posts. Someday, I'll share with how really valuable they were!!! If one of you has some back office experience, maybe you can explain to the rest of us why 3 to 4 is so hot. When I was in the business, 2 pm was the big margin call. But this is different, given how illegal it is, that the Feds are in the offices, and button holin' everybody. anyone? In this case, you can share the setups, because they are so squeezed into a box, the more, the merrier. Nothing does my heart as well as seeing these bastards bleed out.
Why, isn't this close the HOD? http://stockcharts.com/charts/gallery.html?fed Have this on Watch on Tuesday.
standard operating procedure: 11:13 UAUA UAL Corp: CNBC commentator says a story on bankruptcy is a 4 year old story, co says that it is completely and totally untrue -Update- (Stock is halted) 11:12 UAUA UAL says report that company filed for bankruptcy is untrue - DJ (Stock is halted) Sep 08, 2008 11:52:08 ET NASDAQ has reviewed the transactions under rule 11890 (b) on its own motion filing involving the security UAL Corp executed between 10:55:00 and 11:08:00 ET today and has determined that all trades will stand. This decision cannot be appealed. NASDAQ MarketWatch has coordinated this decision with other UTP Exchanges. Sep 08, 2008 11:50:20 ET Pursuant to Rule 11890(b), NASDAQ will, on its own motion, review trades in security UAL Corp executed between 10:55:00 and 11:08:00 ET. NASDAQ will advise immediately once the determination is made. Participants should review their trading activity for potentially erroneous trades outside the above referenced times and request adjudication through the Clearly Erroneous process within the applicable timeframe for filing pursuant to the rule. NASDAQ will be reviewing transactions with other UTP exchanges involved. Save Time on Clearly Erroneous Filings! NASDAQâs Reg Recon (http://www.nasdaqtrader.com/Trader.aspx?id=RegRecon) allows you to quickly and easily view and file trades that qualify as potentially erroneous. No more chasing trades and manually completing the filing forms. Reg Recon pre-populates the form for trades sent to NASDAQ MarketWatch for review.
Date: September 8, 2008 CONTACT: Michael J. Coppotelli (347) 723-3145 E-mail: mcoppotelli@gmail.com ASSEMBLYMAN LOU TOBACCO ANNOUNCES PUBLIC PENSION REVIEW TASK FORCE In response to federal government's takeover of Fannie Mae and Freddie Mac and recent emergency action by the U.S. Securities Exchange Commission to curb manipulative short selling in the stocks of major U.S. financial institutions, Assemblyman Lou Tobacco (R-South Shore) is announcing the formation of the New York State Public Pension Review Task Force. The task force, which will comprise of a team of experts from the financial industry, will review the protocols, practices, risk assessment tools, and fiduciary responsibility measures that are in place to prevent public employee pension savings from being negatively affected and make recommendations on how to curb improper trading. Assemblyman Tobacco added that many public plans are heavily invested in the stocks of U.S. financial institutions, and it is of utmost importance to ensure that all inherent risks are being proactively assessed to make certain that the investments of his constituents and public employees across the state are being properly managed. "New York's public pension systems are suffering diminished returns due to market conditions," said Tobacco. "We must take historical and proactive action to be sure that we are doing all we can to protect the people's trust and their savings." With New York Common Retirement Fund assets valued at $154 billion, the state's pension system stands out as one of the largest beneficial owners of securities in the United States. There is substantial evidence to support that in order for a short sale to be executed, securities must be borrowed, and the largest holders of securities available to loan are possessed by the public pension plans of America. The possible consideration that the assets of public plans are being used to directly increase selling pressure on the investments of the plan, would seem to present, at best an oversight in fiduciary responsibility controls currently used to assess the risks inherent in participation in custodial lending programs. This type of contradictory trading practice could be a conflict of interest or at worst an out right fraud. "In these times of extremely volatile markets, we must ensure every level of transparency is being utilized to properly govern the investments of state employees," said Tobacco. "To protect our investments from fraud and other improper trading, I am tapping Harvey Pitt, SEC Chairman 2001-2003 to co-chair the task force." "It is a distinct honor to have someone of Mr. Pitt's stature joining in the examination of this issue," said Tobacco. "We will rely on Mr. Pitt's expertise and the expertise of the other members of the task force to make recommendations to the Legislature on ways to protect retirement savings of public employees, while ensuring that the plans are being managed under a uniform set of the best execution and fiduciary responsibility procedures." Harvey Pitt said "I am honored to work with Assemblyman Tobacco, who has been a leader and innovator in New York State for many years." In addition, Pitt added that, "in light of recent market disruptions, including the current auction rate securities crisis, protecting the savings of public employees is even more critical than ever before." "There is no doubt that the team of experts we have assembled to work with Chairman Pitt will take a comprehensive look at the issues," remarked Tobacco. "I look forward to working hard on this issue which has received very little attention for decades." "Our public employees should have every innovative tool available to enhance investment returns, and dynamically assess risks in real time," added Tobacco. "In these extremely uncertain times for our capital markets, it is time to be proactive, rather than reactive. The time for action is now, before there is another catastrophic event." Members of the Task Force include Harvey Pitt ?C CEO Founder Kalorama Partners, SEC Chairman 2001-2003, Recently Appointed Deputy AG Alabama John Finnerty- Director of Quantitative Analysis Fordham University Thomas Scotto- 1986-2004 President of NYC Detectives Endowment Agency, Sr. Trustee $14 Billion NYC Police Pension Fund, 1992-2003 President NAPO- (National Association Police Organizations). Michael Cornette- Vice President, OTC Trading-Merrill Lynch Brandt Mandia- Founder/CEO Hydra Trade Technologies John Tabacco- Founder/CEO Locatestock.com Todd Tabacco- Equity Finance Rep- Sungard