Printer-Friendly article from www.FaulkingTruth.com
Investing 101
- Oct 11, 2006
- Naked, Short, & Greedy
by Mark Faulk
Thursday, October 12, at 1:00 PM EST, I will be doing a special edition of The Faulking Truth on CFRN.net. My guests will be Overstock CEO Patrick Byrne and Dr. Susanne Trimbath, and economist with operations management experience at DTCC and the Pacific Clearing Corporation. We will discuss the topic of stock market fraud and recent events that have occurred in the industry, and we’ll talk specifically about the October 19 conference that both Bryne and Trimbath will participate in entitled “Naked, Short & Greedy: IS WALL STREET ABUSING THE PRACTICE OF SHORT-SELLING STOCKS?” The show will be available for download at StreetIQ.com after the show. Out of over 25,000 podcasts on StreetIQ.net, CFRN is now the number two most popular show, beating out Jim Cramer’s Real Money and Kudlow and Company.
Next week, STP Advisory Services, LLC will be hosting an event to raise awareness about stock market fraud that, if successful, could be the first of similar events held throughout the country.
The email announcement begins with: "If you own any stock, you need to attend this event!" and then goes on to tell the tale of naked short selling, a problem that is finally being at least acknowledged in the financial press, if not addressed by our federal regulators. It's an issue that has been trumpeted by the The Faulking Truth for almost three years, and even longer by such stock market reform advocates as Dave Patch at www.investigatethesec.com and the late Gayle Essary at www.financialwire.net More recently, the ranks of those trying to awaken the masses to the problem, which this reporter first addressed in an article entitled " Financial Terrorism in America " waaaaaay back in March of 2004, has been boltered by an incredibly disorganized but surprisingly effective group of bloggers, a growing army of angry and disillusioned shareholders, and a couple of high-profile CEOs of companies that have been victimized by naked short selling....which brings us back around to "If you own any stock, you need to attend this event!"
Naked, Short & Greedy: IS WALL STREET ABUSING THE PRACTICE OF SHORT-SELLING STOCKS?
Presented by: STP Advisory Services, LLC
October 19, 2006
Registration and buffet breakfast begin at 7:30; speakers start at 8:15; event concludes at 11:00
$45 in advance, $60 at the door
Park Hyatt Los Angeles
2151 Avenue of the Stars
Los Angeles, CA 90067
Do you know that you may be holding electronic-entry “entitlements” in your brokerage account that are not backed by any real shares of stock? This problem affects your ability to cast votes in corporate decisions. Did your last 1099 show “non-qualified” dividends, which were taxed as ordinary income? The IRS now requires brokers to separate the reports when you get paid “cash in lieu” on entitlements instead of dividends on real shares.
Votes cast in excess of outstanding shares on corporate ballot issues are becoming commonplace. Public companies and investors complain of share prices depressed and diluted by heavy selling of phantom shares created by DTCC settlement procedures.
On October 19, STP Advisory Services, LLC, will present a rare look into the damage done to investors and companies by short selling and settlement failures. The event will include remarks by three speakers with special insights.
Dr. Patrick Byrne, CEO of NASDAQ-traded Overstock.com, will discuss the trading of “phantom shares” that appear to far outnumber those officially issued and outstanding in OSTK. Portfolio manager and financial writer Arne Alsin will reveal insights gained as an investor in large-lot trades in markets systemically flawed by FTDs. Dr. Susanne Trimbath, an economist with operations management experience at DTCC and the Pacific Clearing Corporation, will illuminate how trading practices take advantage of loopholes in the settlement system to the detriment of both public companies and investors.
Registration fee includes buffet breakfast, event materials and post-discussion coffee. (Valet parking not include.) Click here for more details and to go to secure, on-line registration; or visit us at http://www.stpadvisors.com/events.html
I’ll take it a step further than “if you own any stock,” and say that if you even have money in a retirement account or pension fund, or if you’re just interested in what is happening in our country’s economy, then you need to attend this event. It’s a rare opportunity to hear some of the country’s most outspoken and educated authorities on the subject of stock market reform.
Oh…and if there are any reporters out there who would like to be enlightened about what history will view as the most financial important issue of our generation, then you need to attend this event as well. And it wouldn’t hurt for our elected representatives in Congress and our federal regulators to hear what isn’t being openly discussed on Wall Street.
And that, as always, is the Faulking Truth.
This article is also posted on Mark Faulk’s blog at The Sanity Check, along with an excellent comment section, at:
http://www.thesanitycheck.com/Blogs/MarkFaulksBlog/tabid/86/Default.aspx
Mark Faulk is the Editor of The Faulking Truth, and the author of the upcoming book entitled "The Naked Truth: Counterfeiting the American Dream," due out in late 2006 (postponed from its original release date because of ongoing developments with the story). For more information on the book and on the stock market scandal, go to http://www.faulkingtruth.com , and to pre-order your copy, go to http://www.theownersgroupinc.com/cart/
Add your name to our mailing list on our homepage, and we'll update you on developments in the Stockgate scandal.
To read more about the issue of stock counterfeiting, go to:
http://www.faulkingtruth.com/
http://www.investigatethesec.com/
http://www.thesanitycheck.com/
All materials Copyright 2004-2006 FaulkingTruth.com
All Rights Reserved - E-mail Webmaster