_____  

From: We Hold These Truths [mailto:[EMAIL PROTECTED] 
Sent: Tuesday, November 18, 2008 5:01 AM
Subject: SEC Charges Mr. Cuban who is The Number One Public Critic Of The
Bailout;Goldman Sachs Accused of Cheating Customers' Derivates

 

UNHERALDED NEWS <http://whtt.org/index.php?id=PhariseeWatch&cat=2> 

SEC Charges Cuban, The Number One Public Critic Of The Bailout
Reuters  Nov 17, 2008

http://whtt.org/index.php?id=PhariseeWatch&cat=2#2695

Editor CE:  Could it be that Wall Street's pet self-policeman, the
Securities and Exchange Commission, has singled out billionaire, Mark Cuban
because he started an organization to oppose the obscene Wall Street Bailout
of the very people the SEC has failed to police? 

This is too obvious folks!  In the first place, the SEC is only commissioned
to police stock brokers and officers and directors of publicly traded
companies.  It does not normally police public stock buyers, which it
appears is what Mr. Cuban is in this case.

It seems the Mamma corporate management called Mr. Cuban to persuade him to
buy more stock on a discounted o ffering, and the latter responded by
selling the stock he owned because he did not like being diluted. 

Diluted is just what the Bailout does to every one of us, and Mr. Cuban
appears to be one guy who cares, and put his money where is mouth is. Cuban
is the founder and financial backer of ( www.BailoutSleuth ). I found it to
be good reading, see for yourself!

SEC Chairman Christopher Cox is among those who neglected their job and
failed to protect the pubic from Wall Street. The SEC is as much responsible
for the Bailout as are the banks and dollar hungry brokers they pretended to
regulate. 

Its all too logical, why shouldn't the SEC sue their biggest critic?  If we
were in Pakistan, Israel, or Russia they might have had Cuban assassinate
and saved the slow moving civil procedure.

Reuters reports: Mark Cuban, owner of the Dallas Mavericks professional
basketball team, was charged with insider trading in shares of Mamma Inc, an
Internet search engine firm, the Securities and Exchange Commission said on
Monday.



Bailed Out Broker Accused of Cheating Customers' Derivative Sales
Bloomberg  Nov 17, 2008

Editor CE- This is another good reason not to bail out investment bankers.
Goldman Sachs (the training ground for Secretaries of Treasury, Henry
Paulson and Robert Rubin and many others) is publicly known to have profited
at the expense of its own clients (the "client" could well be your pension
plan) by betting against the very securities Goldman created out of junk
mortgage directives. 

"Short selling" has little to do with the abuse. Their crime was they did
not tell the clients the security they were selling him was about to go
down, and that they were betting on it.  Soon investors will start suing
Goldman and others for abuse of fiduciary duty. Bailout money will
eventually be used to pay off cheated customers, while the bosses, including
Paulson, migrate into government work.

 The general rule violated here is your broker is supposed to tell you what
he knows about the security he is selling you.  

In a related story we learn Citibank's leaders decided to go without bonuses
this year, a move that would effectively amount to substantial pay cuts for
the company's executives.

On Sunday, Goldman Sachs Group Inc. said seven top executives, including
Chief Executive, Lloyd Blankfein, opted out of receiving cash or stock
bonuses for 2008 amid the ongoing credit crisis. 

Bloomberg:  A $171 billion drop in the value of the loans in the past year
is pitting banks against investing clients on assets once considered so safe
they typically traded at par.

The drop exposed flaws in an unregulated market w here trades can take from
several days to months to settle and banks may have information unavailable
to investors.  
 

 

 

We Hold These Truths
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