Re: 2/15/06 - [NCANS] An Open Invitation To The DTCC and to Counsel of Rocker Partners; Conference Proposal
The following call to arms was posted by "Bob O'Brien". Below is my reply and proposal to organize a conference on this and other subjects of interest.
- Jeff
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An Open Invitation To The DTCC and to Counsel of Rocker Partners
Location: BlogsBob O'Brien's Sanity Check Blog
Posted by: bobo 2/15/2006 6:55 AM
(UPDATE: DTCC Story now confirmed as true in first article covering the topic.)
I have made a number of claims in this blog over the last few days. If untrue, they are serious misrepresentation.
I do not want to misrepresent anything.
The claims are as follows:
1) The DTCC has been served with subpoenas by the states of Connecticut and Utah.
2) They have rebuffed those subpoenas, refusing to comply with them.
3) The SEC investigation into Gradient/ Rocker Partners has been upgraded into a Formal Investigation, with resultant subpoena power.
4) It is likely that Rocker Partners has been served by now with a subpoena.
I believe these are true, based upon reliable information from two separate disparate sources. I have no reason to believe that they were misleading me, or you, the reader.
Still, I don't want to be spreading false rumors. Thus, this is a formal invitation to the fine counsel of both parties to come to the table and immediately correct any content of that data which is incorrect. I know from the weblogs that both the DTCC and Mr. Rocker and his attorneys are big fans of this site, so they can't claim that they don't read it, and didn't read this.
I had hoped that our noble press would confirm these stories and run with them. Apparently any discussion of the DTCC or Mr. Rocker in a negative, if factual, light, is off limits to the NY press corps. This is an odd phenomena. Puzzling. I know that there are reporters out there who report on every nuance of Dr. Byrne's statements, and yet DTCC subpoenas and Formal Investigations into Rocker are top secret?
So here it is again. If anything I have said is factually incorrect, contact me immediately with notice of what is incorrect, and I will revise the content to reflect accurate facts. Please include support for any contentions.
If I do not hear from anyone by close of business today, as I haven't heard from anyone for the last 48 hours, I, and everyone else, will assume that the above 4 statements are correct and true, and will henceforth state them as fact.
So no more smarmy innuendo from lying bloggers (see the previous blog entry for Weiss getting his bottom spanked like a newborn, and exposed for writing false and misleading information about this site) - this is formal notice to put up or shut up.
And to the NY Financial press, shame on all of you. This shows, definitively, how biased and complicit you are with safeguarding Wall Street's secrets, at the expense of the truth. I know many of you read this blog as well, so you can't pretend you don't know about the stories, either.
Tens of thousands of folks also have read this blog, and they do know. You are fooling nobody, but your credibility is damaged to the point of no return.
FYI, I will be publishing a blog this evening which is an astounding story, that underscores why my desire to remain anonymous is a prudent one - this story just keeps getting weirder and weirder, and it underscores that those reporters who have written exposes speculating as to my identity are exposing me to very real harm. Their actions, once you read this, will also be a further indictment as to how low some of these characters are willing to stoop.
So the challenge is now public, and visible. Please spread the word on the message boards, and other blogs - it is put up or shut up time. See everyone this evening.
Copyright ©2006 Bob O'Brien
thesanitycheck.com
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My reply:
I just got off the phone with Ralph Lambiase (I live in CT). I found him passionate about the naked shorting issue but also cordial in that he offered to call me back (after talking for ten minutes or so) since he had to attend a meeting. His direct reply to the subpoena issue was that he is not at liberty to discuss such things. I made the assumption that any subpoenas would have been issued in conjunction with a lawsuit and so asked if there were any lawsuits; there were not. But Ralph quickly set me straight that his office has subpoena power for investigations-- that lawsuits were not necessary. So the short answer to this question is that, by definition, CT will not confirm or deny such things.
I will pause here to say that asking someone to disprove something is intellectually stupid. For example, I've been told space aliens have taken over the bodies of key Congressmen. Unless someone can prove me wrong by 4pm I will assume it as fact. OK, maybe a bad example, but you get the point.
I also floated the idea by Ralph (which I've also floated by "Bobo" and Gary Weiss) that I would love to help organize a conference on this whole naked shorting issue and get it resolved once and for all. My personal opinion is that this whole anti-naked shorting issue only serves to obscure the problem of penny stock fraud and, worse, give these fraudsters a ready-made excuse, thus making their task easier. I also think many of you reading this, including Bobo, are so one-sided (if you are not 100% for us you are against us) that you, and rightly so, get zero respect from the financial press. Believe me, being marginalized as conspiracy theorist nutcases is not a badge of honor.
Thankfully for your "cause" there are just enough others out there, Ralph being one of them, that make even me think there's really some there there, albeit nothing close to what you all envision. Could I be wrong? I guess. But that's not why I'm writing this message. I'm writing this to say I'm willing to arrange a forum where both sides could be discussed. The more this drags on, the worse for everyone.
As for the particulars, I envision a much larger context. I'd love to have variety of seminars on other issues of interest-- everything from how to read a chart to how a market maker does his job. I envision a two-day affair that would have a price point of $1000 for one day and $1500 for the entire event. I'm also freely admitting that I'm not doing this to be charitable. For better or worse I think I have enough contacts in the industry to make this even work, so I have no qualms about being compensated for my efforts.
The event would likely be held here in CT several months from now, and probably at the Mohegan Sun casino. Just to be clear, I have no intention of censoring any point of view no matter how much I may not agree with it. In fact, if you guys like the idea, I'll be happy to invite whoever you think would best represent your side of things. I'd be happy to organize any side forums of interest.
Thoughts?
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