COPY:
> >
> >
> >
> > ----- Original Message -----
> > From: s loomis j hovel
> > To:Deleted by JH
> > Sent: Monday, January 06, 2003 10:50 AM
> > Subject: Responsibility of the GAO ( Congress places > > > responsibility with the GAO )
> >
> >
> > MARY,
> >
Instigate a new target, the GAO. That is the new pressure point. I've shown you all on the Yahoo board previously the examples of the puts that were made on GX stock. As many on the board continue to call for the banks to open their trading books, this is where to call for it. There are other things going on, but they are not worthy of mentioning until I see true progress in them.
Additionally, this is where to complain about the facts as we see them:
* The SEC is in total disarray and has not been managed without a conflict of interest.
* The DOJ is in disarray as a result of: John Ashcroft recusing himself from the Enron investigation, the Enron connection to Chaney, the Enron connection to Bush, the Enron/GX link that has been swept aside, the GX/Bush/Clinton and Arkansas Pension Fund (among others) connection, and the NY/Spitzer out of court settlements with banks and brokerage houses that have been allowed to go on and sanctioned by certain states. Additionally, the US Trustee is an arm of the DOJ and the US Trustee has not only acted in bad faith in the GX bankruptcy court proceedings by manipulating the
facts in court documents the trustee presented, the US Trustee recommended that the court appoint an equity committee in the Adelphia case even though the Adelphia asset/liability numbers were similar to the GX numbers. The difference being that in the Adelphia case, the equity holders were mainly institutions.
* There is the gross appearance that President Bush has been abusing his office by appointing individuals to cabinet posts with a bias towards damage control for the benefit of financial institutions and possibly himself and/or his father and Clinton.
* There is the appearance that congress is protecting the Republican and Democratic parties by not fully investigating all aspects of the Enron or Global Crossing frauds.
* In August of 2002, Judge Gerber refused to be fully informed of the allegations that Global Crossing was a massive fraud. The SEC and DOJ have been negligent in pursuing the GX fraud issues as required in the bankruptcy court. There is the overwhelming appearance that they are protecting the financial institutions that stand to gain in the GX restructuring. Slaps on the wrists of the financial institutions are being put off until the bankruptcy goes through to benefit the financial institutions at the expense of honest stockholders.
* There is the growing suspicion that the Federal Reserve Bank supports any manipulation necessary by the Executive, Legislative and Judicial Branches of the US Government, for the purpose of making this mess all go away as easily as possible for the benefit of the financial institutions.
Go to work and light a new fire. Remember, the bankruptcy can be appealed and re-opened for up to one year.
P.S. The rumors of my receiving "an envelope" are greatly exaggerated.
Sincerely,
John Hovel
REFERENCE:
216.239.53.100
(Sec. 705) Directs GAO to report to Congress on whether investment banks and financial advisers assisted public companies in earnings manipulation
and obfuscation of financial condition, with particular attention to:
(1) the collapse of the Enron Corporation, (including derivatives transactions, special purpose vehicles, and other financial arrangements);
(2) the failure
of Global Crossing, (including swaps of fiberoptic cable capacity and transactions designed to obscure the company's true financial status); and
(3) the creation and marketing of transactions designed solely to manipulate revenue, obtain loans, or move liabilities off balance sheets without altering the business risks faced by the companies.
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