http://www.ncans.net/files/Ostktime.pdf Work this slide from left to right. Notice the unbelievable timing of SEC investigations, and Milberg Weiss Class Action lawsuits. Remarkable foresight. And they have publically said they did their own research and due diligence. I'm sure it's just one big misunderstanding. If they beat the Fed rap against them, they should definitely manage money.
New investigation vs. the SEC: http://www.bloomberg.com/apps/news?pid=20601103&sid=a7QLetseTtWs&refer=news And a new SEC investigation vs. Fairfax, already a company naked shorted forever, and suing SAC. What a coincidence. SEC probes Fairfax claims on fundsâ tactics By Ben White in New York Published: May 9 2007 22:00 | Last updated: May 9 2007 22:00 The Securities and Exchange Commission is investigating claims made in a high-profile dispute between Canadian insurer Fairfax Financial and a group of powerful hedge funds that the company says used underhanded tactics to drive down its share price, according to people familiar with the matter. Fairfax alleged in a $5bn lawsuit filed last summer that the hedge funds, including SAC Capital and Exis Capital, spread negative market rumours about the company and attempted to harass and intimidate Fairfax employees, directors and their family members. Fairfax claimed the activities were part of a co-ordinated effort, dubbed âthe Fairfax projectâ, to crush its shares. The hedge funds have strongly denied the charges and have accused Fairfax of abusing the legal system to silence critics who have legitimate questions about its complex finances, including its use of controversial reinsurance contracts. People close to the situation said the SEC was examining Fairfaxâs allegations. Fairfax is also part of an ongoing industry-wide probe by the SEC into accounting treatment of non-traditional insurance and reinsurance contracts. No action has so far been taken against Fairfax as part of that investigation. An SEC spokesman declined to comment on whether it was investigating claims made by Fairfax in its lawsuit against the hedge funds. Fairfax also declined to comment on anything relating to the SEC. SAC and Exis declined to comment. The exact scope of the SEC investigation, including who the agency might be targeting, could not be learnt. The SECâs efforts could lead to civil charges or end without any accusation of wrong-doing by anyone involved in the Fairfax drama. In addition to issues covered in the Fairfax lawsuit, the SEC is understood to be looking at unusual trading surrounding a secondary share offering late last year in Odyssey Re, a reinsurance company majority-owned by Fairfax. Fairfax claims efforts were made to derail the 9m share offering, including threatening calls to a Fairfax director and to underwriters of the offering at Citigroup and to journalists. All of the calls alleged that Fairfax was engaged in fraudulent activity, according to Fairfax. Copyright The Financial Times Limited 2007
Try these instead of what else was suggested: http://www.house.gov/frank/ http://www.house.gov/frank/contact.html http://www.house.gov/writerep/ http://financialservices.house.gov/index.shtml http://financialservices.house.gov/contact.html http://www.house.gov/writerep/
this is worded a bit stronger. See if you can guess who the "various voices" are > > House Committee to Hold Hearings About SEC > > Financial Services committee to investigate flap over insider >trading accusations. > > By Editorial Staff > > May 14, 2007- U.S. House Financial Service Committee Chairman >Barney Frank (D-Mass.) said Friday that the panel will hold hearings to >examine the Securities and Exchange Commission next month. All five SEC >commissioners, including Chairman Christopher Cox, will be called to >testify. > > "There have been concerns that various people have voiced," >Frank told Bloomberg. "There is no point in prejudging, but obviously there >are enough questions in the air that we are holding a hearing." > > Specifically, the committee is concerned that the enforcement >division is being stripped of its powers and that the SEC will make it more >difficult for investors to bring lawsuits against companies. > > The hearings come on the heels of an SEC investigation that >the Government Accountability Office began in October at the request of >Sen. Charles Grassley (R-Iowa). The probe was the result of a flap over an >insider-trading charge at hedge fund Pequot Capital Management. A former >SEC attorney, Gary Aguirre, suspected Morgan Stanley Chairman John Mack, >who had briefly served as chairman of Pequot, had tipped off insiders at >the hedge fund that General Electric and Heller Financial were about to >merge in 2001. When the SEC's enforcement division declined to investigate >further, Aguirre complained and was fired shortly thereafter; he believed >it was over the investigation, but the SEC maintained it was for abrasive >and temperamental behavior. > > Then, earlier this year, the SEC instituted new rules >requiring attorneys with the SEC to obtain authorization from the >commissioners before negotiating settlement fines with companies. Critics >say that will limit the staff's ability to set fines. > > Then in April, the SEC said it was considering a rule that >would allow companies to create bylaws that would require shareholders to >settle disputes out of court. Since, then, however, Cox has told Frank that >the SEC is likely to drop that rule.
http://www.legalnewsline.com:80/news/195045-ags-backing-house-investigation-of-sec State AGs 5/14/2007 AGs backing House investigation of SEC by John O'Brien Dann Shurtleff COLUMBUS, Ohio - Attorneys general Marc Dann of Ohio and Mark Shurtleff of Utah say the Securities and Exchange Commission has not been protecting investors and want to see more Congressional action. The two co-authored a letter sent Friday to Reps. Barney Frank (D-Mass.) and Spencer Bachus (R-Ala.) of the House Committee on Financial Services and Sens. Christopher Dodd (D-Conn.) and Richard Shelby (R-Ala.) of the Senate Committee on Banking, Housing and Urban Affairs. Dann and Shurtleff applauded the House committee's decision to hold an oversight hearing and urged the Senate to do the same. "We are only five years removed from the scandals of Enron and Worldcom and yet many have forgotten the lessons those cases have taught," they wrote. "There have been multiple reports and publications in the press recently, including the 'Commission on the Regulation of U.S. Capital Markets in the 21st Century Report' released by the United States Chamber of Commerce in March, that propose regulatory and legislative reforms that would effect sweeping changes to basic investor protections existing in the United States since 1934. "While the SEC has not endorsed all of those proposals (and SEC Chairman Christopher Cox has thus far rejected the reports' calls to affirmatively amend the Sarbanes-Oxley Act), the SEC's actions-and inactions-regarding the way that law and other securities laws are implemented is a cause for alarm." Among those alarming actions, according to Dann and Shurtleff, are: -The SEC's submission of a brief in the U.S. Supreme Court case Tellabs, Inc. v. Makor Issues & Rights Ltd advancing an "extremely narrow interpretation of the securities laws"; -The SEC's opposition to the pro-investor position taken by the Second Circuit Court of Appeals in the case of American Federation of State, County and Municipal Employees, Employees Pension Plan v. American International Group, Inc.; -Rather than scrutinizing investors' claims of recent backdating scandals, SEC commissioners issued remarks minimizing this clearly fraudulent practice ; and -The SEC's consideration of rules that would allow companies to head off lawsuits by investors by changing its bylaws to mandate arbitration. Dann and Shurtleff also wrote that it was defrauded investors who fought and won to protect investors' rights in recent corporate scandals -- "Private lawsuits are an important complement to the regulatory system," they wrote.