Tuesday, April 19, 2005

Why Is The DTCC Lying To The American Public?

That is the question that occurred to me as I read the stellar letter responding to Mr. Thompson of the DTCC by Robert Shapiro, the former U.S. Under Secretary of Commerce for Economic Affairs. In it, Shapiro basically points out that Thompson is twisting, distorting, mis-stating, selectively omitting, obfuscating, telling tall tales, spinning yarns, telling fish stories, and so on.

See the whole letter at the NCANS.net news page at: www.ncans.net

Mr. Thompson has some explaining to do. The glib, facile intellectual sleight of hand that was noted in earlier Sanity Checks, which Mr. Thompson has elected not to respond to, has now been shown, in detail, to be a crock (that's the technical term.)

I encourage one and all to email Mr. Shapiro's letter to Mr. Thompson, and to ask for a response, as well as to ask the obvious: "Why are you lying, and if so, what makes you believe you can get away with it?"



Blogger rvac106 said...

Sometimes, a simple WOW seems so inadequate. Notwithstanding that he agrees with me, Shapiro writes a very good letter. There are so many high points, it's difficult to choose. I believe my favorite is <<<<<“In fact, the DTCC could substantially disarm manipulators by both publicly reporting naked short sales in each issue and pledging to force buy-ins of all naked short sales that persist for more than a limited period.”>>>>>

I guess it's my favorite, because I always love when the issuer's own words are turned back against him. Especially when the issuer has been shown to be 'disingenuous!'

Understatement, used properly, can be very, very effective.

I think I'll just forward that one thought on in my correspondence with the DTCC.

11:37 PM  
Blogger EdwardB_3 said...

To Senators Feinstein and Shelby, Donaldson; cc: Thompson and Hill:
Please see: http://www.ncans.net/files/Response%20to%20DTCC%20Deputy%20Counsel%20Thompson%20-%20Robert%20Shapiro%20-%20April%2013%202005.pdf and the Tuesday, April 19 entry at http://bobosrevenge.blogspot.com/, and TAKE ACTION to but an end to this abuse of the financial markets. Specifically, if the SEC continues to fail to enforce its regulations and require the same of the SROs (witness the recent indictment of specialists, which is just the tip of the iceberg), Congress must do so. The evidence is readily available, despite the fact that DTCC and the NYSE are doing everything in their power to conceal it.

9:18 AM  

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