Thursday, June 30, 2005

We live...in a material world...

Some updates:

1) The DTCC never responded to any of the scores of emails requesting clarity as to how the 82% of FTD's the Stock Borrow Program doesn't lend shares to are handled. Presumably those are the FTD's that stay on the record as FTD's. There really is only one way they could be handled - some sort of proxy is created (likely just a debit in the selling participant's account) for a real share, and is then credited to the buyer's broker's account, with some sort of a notation - the DTCC explains that the FTD's are the buying participant's duty to call, which indicates that the buying participant has to have a way of knowing it is an FTD.

I believe that the de facto counterfeiting and fraud occurs when the buying participant (broker) represents to his buyer that he has shares, when in fact he has nothing but an IOU - that would be the creation and representation to the buyer of a non-share as a share, for the purpose of tricking him/her into parting with his cash (and not having to say "oh, well, there isn't any real share, just a promise that at some point a share will be delivered, but you still have to pay for it as though it is real, and we still get the commission as though it is real"). That is the definition of counterfeiting - the creation and passing off of a non-genuine article as a real article to a buyer. Pretty straightforward. Create a fake, represent it as genuine. Simple.

2) The loopholes in the system for Market Makers, Specialists, Foreign Arbitrageurs, and Financial Institutions to legally naked short/FTD amounts to a non-regulation against FTD's. IF the SEC wanted to stop FTD's, it would be simple. They could pass two simple rules:

Number one would modify the current rule against failing to deliver at T+3 and simply require that shares be in hand prior to a sale, or if not, be immediately bought in at T+4, and the seller additionally fined 33% of the share price. Right now there's no penalty of note, and thus no disincentive (if I could print hundred dollar bills and only be admonished not to do it anymore as the penalty, I'd have the presses running 24/7 - who wouldn't - it would be free money time. That is why there are stringent penalties against doing so...) to Failing to Deliver.

Number two would eliminate the loophole for specialists, market makers, financial institutions, and international arbitrageurs. That would subject these entities to the same rules as the rest of us. Now, the arguments against doing so are usually liquidity arguments - and they are specious. Either the exchanges are auction markets, where the supply and demand of a security establishes the price, or they aren't - they are rigged markets where artificial supply can be created at any time, ostensibly to supply liquidity, which is a euphemism for saying make the maximum number of trades (and commissions) without being burdened with actually having shares to sell. In that rigged market, the specialist/MM could literally create as many shares as they like (which we have seen with JAG and Global Links and many, many others) and simply fail indefinitely. That isn't a fair market where supply and demand determine the price - it is a rigged game where the dealer can make as many aces as he likes, whenever he likes, by simply claiming that he again has four aces. In that kind of a market there cannot be any semblance of fair value, and the auction model is a farce. That is the market we currently have.

It is important to understand the DTCC's imperative in all this. They are the plumbing of the system, the back office. It is not a sexy nor particularly interesting job. Their primary driver is to create mechanisms to enable the maximum number of trades possible in the minimum amount of time possible. I believe that is how the Stock Borrow Program came into being, and that it's been abused by the participants in a wholesale manner. In my opinion the DTCC is trying to cover up the depth and scope of the problem, as they are afraid that they may be culpable. I do not believe that the Borrow Program was created with larceny in mind. I believe that larcenous participants understood the opportunity, and ran with it, creating a contingent liability of huge proportions now, which the DTCC and the SEC are trying to figure out how to fix. The easiest and the least painful option for the industry (which owns the DTCC) is to allow the participants off the hook for their malfeasance, at the expense of the the retail buyers and the affected companies. Of course, that is also rewarding lawlessness, and condoning criminal stock manipulation, but let's not get too bogged down in those details.

In order to mask the gravity of the situation, one must eliminate all the evidence of wrongdoing. A big step to creating an effective cover-up would be to eliminate the mechanism that can show that an offense was even committed. There are several stunningly simple ways of doing so, which I will outline.

The first is to eliminate all paper certificates, using an excuse like "it will increase transactional efficiency", or "it will reduce costs". If you can eliminate paper certificates you can eliminate the only real confirmation of ownership of the genuine article - a share. You can also eliminate the embarrassing mechanism used to demonstrate industry-wide larceny: the demand for certificates, and the resulting failure to deliver them. That is akin, in my earlier card example, of not requiring the dealer to ever show his cards to prove that he has his claimed four of a kind - he can just claim it and win, every time, as he has done away with the cards.

As we have seen at the NCANS site, with the email exchange between E-Trade and Wells Fargo, E-Trade simply refuses to deliver the shares when pressed via a demand for paper certificates. If that mechanism was removed, the barrier for E-Trade (in that example) is gone, and no mechanism exists to ensure that the buyer receives his property, vs. an electronic proxy/forgery/counterfeit. That would be great for the participants that have sold "shares" with a cost basis of zero (as there is no share) and yet has been paid for the goods - what a convenience to never actually have to deliver anything. It would really eliminate the last barrier to being able to defraud buyers with complete impunity!

In May, the DTCC announced a drive to convince the states to drop their requirement for corporations to issue paper certificates. If there is no state requirement, it's only a hop, skip and jump to eliminating all paper certificates with the stroke of a pen.

So, in a coordinated fashion....go to the states, and get each and every Governor to sign off on the idea that it paper certificates are bad. Trot out SEC apologist Annette Nazareth, whose view is that there is no FTD issue, use the transactional efficiency argument, and highlight how much money everyone is going to save. And that's exactly what has happened.

The only two states that remain unconvinced are Louisiana, and Arizona. All the rest have bought off on the idea that paper is bad, and inefficient - which it may well be, but it is also the only tangible proof of a real share of stock that a buyer can get, and that a corporation can issue. Otherwise it is just a series of electronic ticks, all of which look the same to the system - legitimate ticks, and newly minted IOU/FTD ticks.

The second method to cover up the abuse of the stock borrow program would be to pardon all past instances of FTDs, which the SEC effectively did by grandfathering the pre-2005 FTD's. So that is done, in one nice fell swoop. But the first, the going state by state and getting them to drop their requirement for paper, is not quite done, even though they are trying very hard to do it quietly.

Folks, the mainstream media has ignored this. The last line of defense is you. You need to write or call your Governor and express to him that he has been hoodwinked into signing off on something that will allow a small section of New York to fleece investors with impunity, and that the reason they went state by state is because they figured that the Governors were rubes, too provincial and clueless to understand the actual play that was going on. Refer them to this article. Have them email me if there are any questions. It is not too late, but we are on the edge of the precipice, staring over the edge, and the momentum is not in our favor.

Action is required. As it always seems to be to keep the predators on the Street from doing a wholesale land grab. Your action will make a difference. It was framed as a drive to increase efficiency, and handled almost as an aside - drop that silly old fashioned paper, and get with the 21st Century program. They neglected to mention that removing the requirement that corporations issue paper would remove the last bit of tangible proof a buyer could get that he got shares and not hot air. They almost pulled it off.

Almost. The question is will you let them finish the job, or can this be stopped in time?

Your Governor has the power to pull his support from this initiative. He should. You should tell him why.

If the DTCC can't stop 82% of the FTD's from being handled in an unknown manner, and houses like E-Trade openly admit that they can't and won't deliver shares that they sold (but only when pressed for certificates), eliminating the one mechanism that would prove ownership seems like a bad idea, doesn't it?

For the record, I have no problem with the idea of dematerialization - when there are no more FTD's. Change the rules so that stock can't be easily created electronically in an "unknown" manner, and perhaps the transactional efficiency of going paperless has merit. But not when you have an unknown float of electronic forgeries floating around the market. Fix that first, then put on the boaters and play political rally with the dematerialization idea. For my money, creating a way to trade even more shares even faster while you ignore the problems your "improvements" (like the Borrow Program) has introduced (FTD's) is a disastrous proposition.

Settle the trades. Then we can talk. Simple.

10 Comments:

Blogger smokyjoe said...

A meeting occurred today in D.C. that should put some much needed "MO" back on the investor's side. Bob is correct & contact with your Governors, Senators, & especially the media (local newspapre & radio/TV) is necessary and requested by the Senator and staff present at today's meeting. You can read reports of the minutes at the RB CMKX thread this pm. Running from around 9:30 -11:00. I'm sure more will follow...

9:02 PM  
Blogger Tommy said...

What is the name of the bill, in what legislative jurisdiction is it (US Senate, House, SEC reg..?) and who is pushng it?

BTW, the DTCC is not an SRO

9:37 PM  
Blogger bob obrien said...

This comment has been removed by a blog administrator.

10:22 PM  
Blogger bob obrien said...

It isn't a bill. It is a "drive" by the DTCC to have the states no longer require corporations issue paper certificates. They've managed to have most buy it.

You can see the announcement of the initiative in their May newsletter at www.dtcc.com under @dtcc.

The language I used was comparing the DTCC to the way SRO's respond. It wasn't clear, so I removed it.

Although I will say that the SEC takes the position that they don't really regulate the DTCC - so a fair question is who does? I believe the answer is no one, or rather they police themselves. So an SRO in practice, if not in name...

10:26 PM  
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Blogger succoachsuccoach said...

MARK FOLEY AND THE DRUG FREE AMERICA FOUNDATION

CONTACT INFORMATION:
Jeff Fisher NFL TITAN COACH FAN
Jeff Fisher LOGOMOTIVE FAN
Jeff Fisher ELECTION FRAUD WHISTLE BLOWER

Jeff Fisher (770) -715-2171 Direct Cell
(Not always working) (Christian operator)

404-846-9919 CAREER PERFORMANCE INSTITUTE
(LEAVE MESSAGE)

678-462-1170 Live Line
answered by Davida Shensky (Jewish operator)
OWNER OF MARK FOLEY AND DRUG FREE AMERICA FOUNDATION
plus NO ONE STANDS IN LINE TO BECOME DISABLED
plus SUCCESS IS MY ONLY OPTION!
plus HOME-BASED BUSINESS OPPORTUNITIES

202-580-8531 (Recorded message) (Mormon operator)
NATIONAL WHISTLE BLOWER HOTLINE
http:nomorefraud.blogspot.com
This line you can record a message for ten minutes.
Male voice only –If a woman answers the phone,
the line has been enrooted (hijacked)(identity theft)...CALL THE POLICE


JEFF FISHER LAST NIGHT CALLED THE JOHNSON CITY
POLICE AT (607) 729-9321 IN UPSTATE NEW YORK AND
TOLD THEM ABOUT THE ABUSE HIS PARENTS DID TO HIM.

Mr. Fisher even gave them the phone number and email
addresses to Secret Service Agent J D Bell and Special Secret
Service Agent Leigh Bellami. Jeff Fisher also gave the FBI
(International Special Agent ) Tom Heneghan's phone
number and email address.

Maybe the people should demand the recorded phone calls.
Here is the contact information online for the Johnson City
Police Department. http://www.jcnypd.org/contacts.htm

http://www.jcnypd.org/support.htm


Jeff is one hell of an American and I am very proud I had
let him help me fix my computer and how hard he tried
to fix my computer to help me aquire the needed $200
so I can pay my rent.

He even said he would get me some readers all because
I read some of his emails from people in intelligence.

Jeff is very upset with Detective Bill Zimmerman for
doubting him. Mr. Zimerman insulted Agent Bellami
and the agent has a temper unlike Mr. Fisher who is
a pacifist. Everyone should call Bill Zimmerman
and tell him to apologize to that special agent. That
agent has been in the Secret Service since President
Harry S Truman. The number for all responsible
Americans is 202-554-1757 ask for Detective
William Zimmerman.

I will post some of those letters here. I will start
with the one about Mark Foley.

Oh last night I had just gotten out of the tub to
hear some stupid cop from Johnson City tell Jeff
to get some help. Jeff told him that his parents
abused him as a child and the cop just didn't care.
Jeff then told the cop to get a life and find Christ
and hung up on him.


Let me post his parents phone number so everyone
can leave messages for them to hear. 607-777-9831

Then call the Johnson City Police (607) 729-9321 to stop
listening to his idiotic parents and his gay brother
who used to do horrible things to him.


Don't let any cop scare you with aggravated harassment.

Its called the First Amendment.

Bravo Jeff, whish is what all abused kids, should do
when the law doesn't believe them. Jeff said that
Father Dennis Ruda would understand and that
maybe he could help the Police Department with
the evidence that is written in Polish.


JEFF SAID HE HAD A FEW TIMES GONE TO
THIS CHURCH WITH A FEW FRIENDS WHEN
HE WAS IN 10TH GRADE AT JOHNSON CITY
SENIOR HIGH.
Here is a link to that church and a map of its location.
http://www.switchboard.com/bin/cgiad.dll?PR=118&BI=10364685&MEM=45&CID=2565&S=NY&LO=NY&VL=MSZOWSYmJk5ZJiYwJjAmMSYyJjDv&QV=94E4F9D2A6B5440E84EF161FD98B49D0l029E9D7C6F83794510313203O019E9A7C6F83794512313203O079E9B7C6F8379451F313203O039E2F3D6F83794564313203&QR=1&QX=1&QT=BCL

Jeff told me he lived just behind the Oakdale Mall. He
said he used to ride a friends dirt bike, Honda and/or
Kawasaki, in the hills before they made it into the mall.
That was in the late 60’s early 70’s.

His name back then was Jeffrey Joseph Rogoff. Jeff had
intentionally failed courses to conceal how bright he was.
He actually got a grade of 25 in Geometry on his report
card. He just didn’t take any tests or do any homework.
Jeff just wanted to be considered normal because of the
horrible abuse that he was a victim of and how he
witnessed other kids in school having the same kind of
parents who were just down right mean to all children.

Jeff says that a friend of his, the late Peter Joyce
wrote a letter to Al Rogers about Jeff's Intelligence Quotion
and secret past that even his family didn't know about. Jeff
told me that yesterday afternoon at Atlanta Bread right after
he got the player personal office for the Atlanta Hawks to OK
that a scout would contact him regarding Andre Harris getting
a chance to be the sixth man for the NBA Atlanta Hawks. Andre
is right now living at http://www.globalempowermentcenter.com/index.html.

Everyone should email Pastor Craig Soaries at cesoaries@aol.com.
The pastor met Jeff last Sunday prior to church. The pastor service
talked about many things including all about the power of the Internet.
One of the ushers was having a hissy fit because Jeff was calling overseas
to his love of his life so she could hear everyone praising God the Father.
The usher just doesn’t understand that anyone can spread the word, not
just the pastor. Jeff walked out of the church and called his friend Jeremy
and talked about God for more than 30 minutes. His friend understands
what Jeff represents. I can’t’ yet because I am Jewish but I know he is
very special.

Jeff needs the pastor to make sure that all the people Jeff met
at the recovery house stay put while he awaits the loan and the
other lawsuit against Wesley Townsend Apartments (contact letter)
to happen with Joel David Associates representing (email address to Joel David)
Mr. Fisher who at the present moment is residing no longer
on the streets of Buckhead, Atlanta because he is helping me
until the newspapers and CNN start to report the truth. Well he
said he would come back after the protest in 7Sarasota Florida
on Sunday7.


The building where it happened is where his
new father who wants to adopt him lives. Somebody
should email these people also for they might want to
help donate to this mans quest for exposing the truth
about our elections and ending this war overseas and the
fake war on terror that has escalated into a real one thanks
to AIPAC, the NEOCONS/ZIONIST and the Rothchilds. Dr.
Greer lives not far from where Coretta Scott King used to live.
God Bless her soul. The firm is just taking there sweet time. They
have no idea how much money they can make. At least 100 million
dollars could be the settlement. They want 37%. Jeff says that’s usury
so he offered them 44% instead and they still are not reacting.
How arrogant can they get? The case is based upon a security officer
throwing steaming hot coffee in Jeff’s face which was captured on
security cameras and many of the people in the complex know all
about it.


The good thing is Jeff 7left for Florida this morning for Sarasota
around seven7 to some protest about this past election. He said
the election has to be redone because of what the FBI agent
TOM HENEGHAN reported on http://www.indymedia.org/ ,
http://www.stewwebb.com/ and on Cloak and Dagger which
is based in Germany with an extension of de instead of com.

Jeff was talking to the Johnson City Police or someone else
last night all about the stolen smartmatic cards, Marvin Rosen,
Hillary Clinton, Barrack Obama and Rahn Emanuel were some
of the people who are involved with that theft.

http://neworleans.indymedia.org/news/2006/10/9034.php

http://disc.server.com/discussion.cgi?disc=149495;article=106525;title=APFN

http://worldvtruth.tripod.com/ricojeffjayfisher.vs.joseph.doc

http://72.14.209.104/search?q=cache:YymVFxaYxI4J:www.nogw.com/download/2006_il_spy_widens.pdf+tom+heneghan+marvin+rosen&hl=en&gl=us&ct=clnk&cd=9


MAYBE IF THE POLICE INVESTIGATE THE EMERGENCY
HOSPITAL RECORDS AT WILSON MEMORIAL HOSPITAL
FROM THE LATE 60'S TO THE LATE 70'S THEY MIGHT
SEE A PATTERN OF INJURIES THAT ARE PREVELANT
IN PHYSICAL AND SEXUAL ABUSE AMONG CATHOLIC
YOUTHS IN BROOME COUNTY NEW YORK.

561-835-8419 AL ROGERS-# 2 victim of 22
Former 2004 Communications Manager for
JEFF FISHER (D) VS MARK FOLEY (R)

Tell Mr. Rogers thank you for his upcoming testimony
against Dr. Piotr Blass and the $10,000 PAYOFF BY
JOSEPH KLOCK OF BAYPOINT SCHOOL

561-865-9548 BEN ROTH GOOD FRIEND OF JEFF FISHER
AND WITNESS TO MEETING WITH SEAN S LENNON ON
JULY 27, 2004 SOVERNTY@ROVIN.NET

http://20-248-c.onlinestoragesolution.com/neversurrender/EVIDENCE.htm

The above link has some very interesting information. Later on phone
numbers and emails and other information will be posted.

Now for the news on Mark Foley

Mark Foley's partner in crime at Drug Free America, Doug Guetzloe,
sentenced to prison. Guetzloe worked for Mel Sembler and the neocons
of AIPAC for a total of 30 odd years. Message to Melvin Sembler:
You're NEXT.....Don't think about going anywhere! You and AIPAC
have abused your last school program and caused your last rigged
elections. http://www.nogw.com/warforisrael.html

MEL SEMBLER AKA AIPAC: YOU CAN NOT HIDE FROM THE
TRUTH!!!!!!!!!!!!!!!!! THE DAMAGES WILL BE HEARD IN COURT,
AND YOU WILL BE HELD ACCOUNTABLE. http://www.wesh.com/news/10320948/detail.html I think people
in America, Israel, France, England and all the other nations should
do a real Internet search regarding Jeff Fisher and Mark Foley and
our voting rights. The information online that the press is not
reporting is enough to make the dead rise and want to just whack
these people up and down their foolish heads. Here is a list of links
to try to see what I am writing about.

http://arkansas.indymedia.org/newswire/display/20263/index.php
The links in all these articles are amazing.

People should write to this writer and ask him to report
the whole truth
jeremy.wallace@heraldtribune.com

This writer wrote the following article and he has been contacted
several months earlier about Jeff Fisher from several people via email.
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060930/NEWS/609300536

The Independent in the following link by the Washington Post
is Emmie Ross (please review this link for more information
regarding Emmie Ross)

http://20-248-c.onlinestoragesolution.com/neversurrender/EVIDENCE.htm

The Washington Post is been aware of Jeff Fisher on a personal
basis since early July of this year. Washington D.C. is such a police
state that there are cameras everywhere and that means We the People
can see Mr. Fisher on recorded tape defending all us voters.

http://projects.washingtonpost.com/elections/keyraces/676/

The following links are all related to Jeff Fisher's evidence

http://www.washingtonpost.com/wp-dyn/content/linkset/2005/06/22/LI2005062200936.html

Investigating Jack Abramoff


http://www.washingtonpost.com/wp-dyn/content/article/2005/10/28/AR2005102800982.html

Valerie Plame and Joe Wilson

Jeff told me he knows that Scooter Libby has people watching him.
Jeff has good contacts in the CIA and at the US Marshal office too.

This is all about the greatest lawyer in America and Jeff Fisher
being the link to most of his cases. BayPoint School, AIPAC ,the
Mossad and the Rothchild's all have a connection to 9-11 and our
stolen elections for the past ten years with proof from Mr. Jeff Fisher
for the past eight years.

That means the 2000 election was stolen and Mr. Fisher has all the
needed evidence for Al Gore.

Why are the Democrats not helping him? It sure isn't America.

Where do they pledge their allegiance? I think the people need
to know that answer.
http://www.usdoj.gov/usao/iln/osc/index.html


http://www.wiolawapress.com/chicago9.htm

Wait to you hear the audio on http:/www.nomorefraud.blogspot.com
and the recordings Jeff had on his computer that his wife destroyed
but Jeff thinks that he may have transferred them to a few other
computers in Palm Beach County where they may still be in existence.
Carol McClean, Darren, Emmie Ross and a few others scattered
around District 16 while he ran for congress in 2004. Jeff hid his
files to protect his son David who they wanted to place in a drug
rehab center, such as Growing Together even though David Samuel
is just an innocent six year old Jewish boy who just loves lighthouses
and Buzz Lightyear.


David's dad, Jeff, used to spend time in his bedroom at night helping
him fall asleep. Then he would go see his daughter Jamie Irene sleeping
in her bed. So he would go hold her hand and just watch her breath in
the air. Jeff couldn't stand to be away from his children but he had a
campaign to run mainly by himself since his wife and family were adamantly
against him running for Congress as were most of the Democrats in
Palm Beach County.

For some reason they loved to complain about things against
Mark Foley but they never wanted him to lose any election.
Anyone who stood up against AIPAC always got harmed in
some way or another. Someone should contact Jean Elliott Brown
from the 2002 election and find out what Mark Foley was holding
over her in that race.

Jeff told me that she and her son told him on the phone in 2003
about some kind of blackmail he used against her close to the
November 2002 General Election.

A friend of Jeff Fisher,

Davida Shensky

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posted by succoachsuccoach @ 3:58 PM

4 Comments:
At 8:55 AM, RichardKormack said…

4


At 8:56 AM, RichardKormack said…

Hi, I was just testing your blog.

I had a question regarding this which my brother found online today.

http://www.indybay.org/newsitems/2006/12/04/18334911.php

What is the real story about this?

They abused kids and taught them how to do this?

Can you tell us anything else?


At 10:33 AM, succoachsuccoach said…

Yes Jeff told me enough that I hope he gets the truth printed in the real media.

It must be frustrasting to have the entire world on the net know and these people in power not letting the media tell the truth.

Maybe you can contact him and get him a way to go testify. There must be a few people that will donate to such a nobel cause.


At 10:47 AM, RichardKormack said…

So AIPAC really was financing and overseeing this election fraud.

And nobody wants to talk about it.

By the way the way you spell it is "noble cause"

I am sure that AIPAC can not keep this covered up.

We need only spread the story everywhere, and AIPAC's censorship will fall apart.

After seeing what I did on this blog, I no longer trust any of the media.

Very few outlets have any interest in the truth.

Whether online or offline and this happens every day.

3:36 PM  

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