DAVID PATCH. THE BOY WHO CRIED WOLF. I AM COMPELLED CORRECT DAVID PATCH AND THE BALONEY BRIGADE ONCE AGAIN
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David Patch says he got some foia numbers on Global Lnks
Funny thing is that actually to Patchie there were 10 times the amount of shares outstanding listed as fails in April
Patch says there were 1 m shares outstanfding back then and 10 m fails
But if you look at the publcily available info there were 5.1m shares out in January and then in early April (before foia) there was a 3 for 1 reverse split which would put out # to 15 m. Not the 1m claimed by Patch
Details really :-)
The co is playing games with its shares outstanding reverse and forward splitting until everybody gets confused..and Patch blames the SEC
Priceless!! The Baloney Brigade Marches on...
Important Breaking News: Dave Patch, of InvestigateTheSEC.com, just got in FOIA data that proves that the SEC allowed at least one company's shares to be massively counterfeited, to the tune of TEN TIMES the total authorized shares - and did nothing to stop it, even while assuring us that this is a small problem, that Reg SHO is "working", etc. Read all about the SEC Cover-Up in Bob O'Brien's Sanity Check blog. This is truly shocking data, and as damaging as anything we've ever seen.
thesanitycheck.com
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Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors
Location: Blogs Bob O'Brien's Sanity Check Blog
Posted by: bobo 8/17/2006 2:45 PM
Dave Patch didn't know that today was going to be different than all other days, when he woke up, started the coffee, and went out to get his mail.
No, it was just another summer day.
Except it wasn't.
Today was the day that his mailman brought him the information that would prove conclusively that our securities regulator, the SEC, actively allowed investors to be defrauded by Wall Street after some brokers there made the mistake of a lifetime.
Read his stunning expose here.
Check out the actual FOIA data here.
That doesn't happen every day - where FOIA data shows up for a company that was used as the poster boy for naked short selling by a Senator on the Senate Banking Committee, who directly tells the head of the SEC that he wants a full and complete accounting on what the hell happened with that company - and the data shows that Wall Street was trading 10 times the total authorized shares at the time of the controversy.
10 times in failed trades, that is.
10 times the total outstanding shares of the company, being traded, with the SEC knowing about it, and doing nothing. Not a single thing.
In fact, the SEC has been assuring us how Reg SHO has "worked," and has solved much of the naked short selling problem - at the same time that it knew that in Global Links, Wall Street had printed whole cloth 10 times the authorized shares as naked shorts, and then proceeded to cover it up, further victimizing investors in that company.
Now, how bad does it have to get, and how obvious? I suppose that it is possible that the SEC ignored Bennett's instruction to Donaldson to look into Global Links and figure out what was going on. We could just pretend that it wasn't being discussed for many months after that Senate Banking Committee hearing, and that staffers within the SEC weren't assigned to figure out what the deal was. That is possible, in the way that it is possible that there are millions of you and me walking around in alternative universes. Anything is possible.
But it isn't remotely likely.
No, what is likely is that the SEC knew and understood what had been done, but rather than protecting investors and halting trading, it engaged in a cover-up.
There's that word again.
Cover-up.
Aguirre accused the SEC of doing it. Senator Specter hints at it in a recent article. And now FOIA data shows a concrete example where the ONLY plausible explanation is a cover-up by the nation's securities regulator. A cover-up that directly benefited only the participants who naked short sold all that stock, and directly harmed the company and the company's investors.
So it would certainly appear that our SEC is engaging in cover-ups to benefit powerful Wall Street interests at the direct cost of the investing public's savings.
So, what else has to happen now for a special prosecutor to be named?
How many MORE examples of blatant criminal negligence, obstruction of justice, collusion, breach of ethics, etc. etc. have to occur before we get rid of the cretinous bumbling of "don't fix it if it ain't broke" good old boys, and get a serious prosecutor to peel the onion on this?
Guess what? It's broke. When 10 times the authorized float can trade for many months, while investors are bilked out of their investment by Wall Street, as the SEC runs cover for them, it's about as broke as it can get.
Write Specter. Send him this stunning piece by Dave Patch. Demand a special prosecutor, now.
Enough is enough.
The evidence is clear on this one, and presidents have seen impeachment headlines over far less. If the SEC is violating its mandate to act in the public interest and protect investors to this degree, it deserves to be dismantled, and the Justice Department brought in to put the cuffs on those responsible. This is highway robbery, with no plausible excuse other than the obvious, aided and abetted by the SEC, even as they were claiming that Reg SHO was a success, and the only ones whining were malcontents pissy over their stocks going down.
Guess what? They were going down because Wall Street was printing their shares in multiples of the outstanding authorized issuances, while the SEC lied about there being a problem, and LET THEM GET AWAY WITH IT.
Just as they gave Wall Street a get-out-of-jail-free card with all the older fails for a year and a half, via the grandfathering clause. Including all ten million of these fails. How very convenient. Makes you wonder how many "trading errors" like these were made in NFI and OSTK when they dropped off the SHO list and then came back on, with all fails that brought them back on also grandfathered. Seems like a neat way to counterfeit a whole bunch of stock, take a lot of investor money for it, and never have to be accountable, huh?
But wait. That would never happen, right? I mean, the SEC would stop it, right? Wrong. They didn't, and they've been caught red-handed.
Figure it out, people. The obvious answer is the correct one here. The SEC has become an agency that protects lawbreakers if they have enough connections and money, and it views itself as invulnerable, so it does whatever it wants.
Who's going to stop it?
A special prosecutor.
It's time. Senator Specter, enough. Please. What more do you need to see? Really? What else?
I wonder if any of the media will report this? You know, a company that was literally buried in bogus shares even as a Senator in the Senate Banking Committee was demanding action and explanations, and the SEC was pretending everything was hunky dory?
Probably not. Why would a captured, co-opted media mostly owned by Wall Street want to report on the meltdown of the regulator chartered with policing the markets?
Every day, just as I think I can't get any more disgusted, I surprise myself.
Senator Specter? Appoint a prosecutor. Get the Justice Department on this. Now. Before the SEC allows tens of thousands of other investors to be fleeced while it covers it up - which is likely already happening every day, come to think of it.
Either we are a nation under the rule of law, or we aren't. This is the last straw.
Bring on the special prosecutor now. Please.
Copyright ©2006 Bob O'Brien
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Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By majordanger on 8/17/2006 7:10 PM
I feel ill.
I had a boss once that had a rule.. "no bad news on Friday"
Well feeding the boss only happy news led to the companies eventual demise few years after I left.
I suspect somebody in the SEC was told to report only happy news.
Good work Mr. Patch.. But I still feel ill.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By bobo on 8/17/2006 7:24 PM
You feel ill because it really is as bad as we all feared.
We have the SEC engaging in a Watergate-level cover-up, a deception designed to protect the interests of Wall Street at the direct expense of defrauded investors, and now we have hard proof.
They were told to investigate this and have a full report done for Bennet. They can't claim they didn't know. It is literally impossible.
They knew. They knew and they did nothing, and belittled those with enough brains to understand that they were lying. What do you do when your top cops are so crooked they will run a cover-up to protect the crooks, and punish those with the temerity to expose their misdeeds?
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By Wonder Boy on 8/17/2006 7:34 PM
Thank you Mr. Patch! It is a disgusting situation and I have no description for the emptiness I feel at this point. Still, as good as this evidence may be---Will there be any press coverage? Will someone close down the SEC tomorrow morning? Geeezzzz, I don't have ANY answers!
Getting any justice from this 'system' takes a lifetime so perhaps we should just take the 'food' away from Wall Street and let them eat themselves?
OUCH! Just kicked the door to my office, my foot is swelling, and the door needs repair! What a day!
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By bobo on 8/17/2006 8:26 PM
That the SEC allowed this to occur, and said nothing, no, worse, claimed that SHO was "working", is despicable. That they chose silence, covering-up a 10X naked shorting of a company, and allowing the investors to be defrauded, every day, by this massive wave of counterfeit shares, is astounding.
How can anything they say be trusted at this point? If they are willing to lie in such a brazen fashion, how can one word be counted on? This cover-up REEKS of everything that O'Quinn has been claiming for years - the SEC and the DTCC engaging in cover-ups to enable Wall Street to rip off investors, stonewalling efforts to expose the miscreants, passing rules that are further cover-ups for the bad guys...
I mean, it's all true. Every bit of it. There's not a chance in hell that the SEC didn't know about this, and it's clear they chose to do nothing and let us be fleeced, so that Wall Street could make money at our expense.
We need to contact every paper, every member of the Judiciary Committee, every reporter, and expose this. They've been refusing transparency for years, and now we know why.
I feel ill too. But I've known how ugly this is for some time. Now we have the proof, and it is likely the tip of a massive iceberg. How many other Global Links-level frauds is the SEC covering up? We can't trust them to tell us - they lie. Patrick could be correct, and companies like NFI and OSTK could have many millions of FTDs out there, all the while as the SEC lies and claims there's no issue of note.
We need a special prosecutor. The SEC needs to be held accountable for its actions. This is unspeakable. Governments have been overthrown for less. It is nothing short of the defrauding of America by special interests who have co-opted the top cop into running interference for them. It has to stop.
This is a post I made a while ago at Investorvillage.com, on the NFI board, and I wanted to share it with you folks too - it sums up my sentiment:
I've told you for a while that you couldn't imagine the actual scope of this. Now you are seeing the data points returning the equivalent of an iceberg the size of Africa directly ahead.
The SEC covered-up a 10X larger float of FTDs that could have been easily solved, by stopping trading once the problem was detected, and re-doing the trades to reflect the appropriate numbers.
Instead, the SEC allowed it all to continue, in the hopes that Wall Street would just solve the problem over time, obviously, at investor expense - ten times more diluted than anyone thought.
What else are they covering-up, hoping that it will go away, while Wall Street makes money at our expense?
They told us SHO was "working" and that this wasn't a "big" problem, that it was "insignificant", when they knew that this company, the poster boy for the issue, had ten times more stock trading than authorized. What else will they lie about, if they will lie about this? How can a single word they say be trusted now?
They had to know. They easily could have done the right thing, but instead they covered it up, hoping it would all go away, that Wall Street would work it out and investors would never know what happened to them.
And they got caught.
These are our top cops, people. If this stink doesn't overpower you, then you aren't breathing. Presidents have faced impeachment over less. This is big, and could well be the tip of the iceberg. No wonder everyone at the SEC and DTCC wants to avoid any transparency. I've said all along that opacity only helps the crooks. So far, that is holding true, as every bit of data we get seems to be more damaging.
We need a special prosecutor to look into this, and Aguirre's allegations, and the whole ex-clearing security entitlements quagmire, and bring some integrity back into the process.
Because now we know that when the SEC says there's no problem, what they mean is they think they've buried the evidence deep enough so they'll never get caught.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By clearthinker on 8/17/2006 8:48 PM
the funny part of this is, that if Wall Street is forced to claen up the fails, it will spark one of the largest rallies in the history of the stock market...imagine that..in an election year, no less...
BTW folks, if you think you are sick to your stomach now, wait until all the cretans who gave us the bum's rush for the last 5 years suddenly decide to start carrying the flag for investor's rights and justice....
If the SEC isn't brought down by this, it will never be.....
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By rtway1 on 8/17/2006 8:54 PM
I am certainly not as qualified as you and Dave but would it help if a large number of us were to take on a designated number of FOIA,s for hand picked stocks and flood the SEC with these requests not only to spur the issue but also to gather more evidence. After seeing this evidence I can only surmise that Rick Smith from Taser hasn't got the gonads to go after these bastards also as well as Martha, who wound up doing time for bullshit while they plundered her stock. I will be on the phone tommorrow and will do the e-mail trick also. If you have other specific contacts you want called make a list and e-mail me. Just imagine if you had a jar of vaseline and a screwdriver and talked like you were a loon you could get all the attention the press could spare. This country is really fu%^&ked up. Dave you are the best keep up the great work and thanks.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By bobo on 8/17/2006 9:21 PM
Dave is a national treasure.
I think Senator Bennet should be advised of the latest in the SEC's honesty and full disclosure policy, so he can evaluate his feelings as to how honest they have been with Congress about what's going on behind the curtain. I think Specter suspects something is deeply awry, and this will send him over the edge. It is just so egregious. They could have so easily fixed this, and instead chose to allow Wall Street to continue with a fraud while they covered it up. It isn't about the amount of money involved, it's about the choices and the tactics and the dishonesty.
We have a regulator who clearly doesn't give a damn about market integrity, or investor protection, or the public's interest. They clearly are interested in downplaying the extent of these types of frauds, and saving face, and misleading the public and the Congress. Whether this is criminal negligence or deliberate subterfuge, is immaterial. They can't be trusted to tell anyone the truth. They didn't here. Where else are they misleading us? How many other companies have experienced this sort of SEC justice? CMKX shareholders still are getting stonewalled by their brokers, as are many others in many other companies. How many examples of this sort of decision making are there in the SEC's closet?
We can't trust the answer when they tell us. That's the crisis in confidence here. When the top cop is a pathological liar, we have a problem.
This needs to stop. Game over. Let's get someone competent to deal with this turning over the rocks and enforcing the 1934 Securities Exchange Act, including the requirement for prompt settlement with transfer of record ownership. Allowing a 10X creation of fake shares, and then allowing it to continue for years, is not what prompt means, nor is it consistent with ideas like investor protection, or safeguarding the public's interests.
This is as big as it gets. No wonder so many ranking SEC folks have jumped ship over the last two years. They know how big this is. They always did. That's the point, and the violation of our trust.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By hwh on 8/17/2006 9:29 PM
This whole dilemma strikes me of the movie 1600 Pennsylvania Ave except the crime is financial racketeering instead of murder...hwh
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By financial_circus on 8/17/2006 9:45 PM
Patchie and Bobo- You both seem shocked by this latest disclosure. Really, has there any doubt about this type of behavior between the SEC and Wall Street? A lot of us that have watched trading volumes in stocks have already been convinced of this fraud but it is nice to have the confirming facts released by the SEC. I hope sometime in the future the connection is made in the same manner for the obvious conspiracies that are linked between Wall Street and the Regulators. There has to be a consensus on what stocks of many companies the crooks are being allowed a free pass to destroy. This is not just one maverick firm nor just one person at the SEC. There has to be massive collusion between many of the firms and many employees at the SEC to keep pulling this fraud and destruction off.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By bobo on 8/17/2006 9:52 PM
circus: There is an important distinction between knowing and proving. We just got proof. It cannot be ignored, or dismissed. It is what it is. The rot is pervasive, and the abuse is as bad as believed.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By Millerd1 on 8/17/2006 9:58 PM
Patch for SEC Commissioner, Bob O'Brien for Public relation, Aguirre for Chief prosecutor.
Bob if Spector isn't all over this two days after he gets the information, it is time for another Washington Post Full page advertisement with Patch's information front and center, and calling for the independent investigator.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By Millerd1 on 8/17/2006 9:59 PM
Gee, I wonder why Donaldson stepped down?
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By commonsense on 8/17/2006 11:41 PM
what do (did) global links do in business. I can't find much on the net about them.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By gilteddge on 8/18/2006 1:15 AM
A screaming full page ad is what is needed here....
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By gregcable2002 on 8/18/2006 4:34 AM
I think the problem is so big now that they have lost total control over our market system,thats why the few good people that get to peek into pandoras box cower away,think about it for a minute or two,we have the evil of counterfieted stocks flooding our market,if this gets exposed,fully exposed it more than likely will cause a crash that will get felt around the world,so the dilema is,do we pretend it doesn't exsist and let the system function as it does now or do we grab the bull by the horns and,come what may,fix the problem NOW.I say let the system crash if thats what it takes to clean it up,I'm tired on getting ripped off by those I pay my taxes to.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By gregcable2002 on 8/18/2006 4:40 AM
one more thing,it may be painful for a minute but we americans have the ability to bounce back,this country was built on the survival of the fittest.
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By old duffer on 8/18/2006 4:43 AM
Write letters? Call them? Well we have tried and only nget the brush off or get informed that if we are not from thier District or State they can not help us. If by chance we are we just watch our inquires ignored or lost.
My feelings are that until we can get a gang numbering into the tens of thousands so mad that they are whilling to gather in Washington for protest that the crookes will just keep avoiding any fix.
One thing that gives me some hope is that in another area, the claimed conspiricy of government to do a terrorist cover up for political reasons, there seems to be a change. Read this and check out the background on Government cover up and resistance to doing what is right even with masive evidence.
This one has taken years to get anyone to listen.
worldnetdaily.com
Until we show up in force will they feel they can continue to stonewall us?
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By InTheKnow on 8/18/2006 4:54 AM
Every investor must be informed and informed of those in the government who are for the American investor and those who represent the hedge funds and foreign interests.
SETTLE THE TRADES!
Re: Dave Patch Exposes SEC Colluding With Wall Street To Defraud Investors By old duffer on 8/18/2006 5:05 AM
Please excuse my spelling. As well as typing. When you get to my age and condition you may also suffer these problems.
Only hope to see , by those with a God given position,do what they are responable to do.
If not may God cut them off!
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Patch says he got some foia numbers on glbal links
Funny thing is that actually to patchie there were 10 times the amount of share outstanding listed as fails in april
Patch says there were 1 m shares outstanfding back then and 10 m fils
But if you look at the publcily available info there were 5.1m shares out in jan and then in early april (before foia) there was a 3 for 1 reverse split which would put out # to 15 m. Not the 1m claimed by Patch
Details really :-)
The co is playing games with its shares outstanding reverse and forward splitting until everybody gets confused...and Patch blames the SEC
Priceless!!
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