Blogfest 2005 - Jun 21, 2005 - Printable Version
- Wall Street: Destroying the Evidence
by Mark Faulk Looking for an easy way to get rid of the bodies after you're raped and robbed your victims? Apparently Wall Street is. This is from the Wall Street Journal, Tuesday, June 21:
"In a little-publicized move that could banish hundreds of companies from the Bulletin Board, the Nasdaq Stock Market has proposed to the Securities and Exchange Commission that companies that miss securities-filing deadlines three times over a two-year period be removed from the over-the-counter market for a year.
Nasdaq made the proposal after identifying more than 3,000 instances of late or incomplete filings by 1,806 companies in the two years to August 2004. Of those companies, 1,067 are still quoted and make up roughly one-third of all Bulletin Board traded firms. The Bulletin Board is an electronic marketplace for companies that don't meet the listing criteria of exchanges like the Nasdaq or the New York Stock Exchange."
This move, scheduled to go into effect as early as this summer, could effectively "get rid" of a third of the small companies that trade on the OTC Bulletin Board Exchange by banishing them to the "Pink Sheets", a loosely-regulated exchange that is the stock market's equivalent of the Wild West.
Is it a coincidence that as investors in many of these companies have begun to speak out about the abusive practice of share counterfeiting by naked short selling, Wall Street is working towards effectively covering their tracks by simply burying the bodies out in the middle of the desert?
Okay, boys, here's the plan:
First, we'll let "the gang" financially destroy every small publicly-traded company in America by selling billions of shares of stock that don't even exist, and drive their stock price into the dust. That oughta kill off a few thousand of 'em right there (we'll leave those bodies for the vultures and coyotes to pick clean).
Then, we'll make 'em file so much paperwork that most of 'em will never be able to keep up, and the ones that do manage to file on time won't have the time or money left to even run their business, much less complain about naked short selling.
And finally, after we've squeezed every damn penny out of every stockholder of every little company in America, we'll pass a rule that says we can run 'em out of town for not filing on time. Hell, if we work it just right, we'll get rid of most of 'em right there.
And the ones that survive that? No problem, we'll just keep diluting their stock by selling counterfeit shares and split the money up between the whole gang. I mean, there's plenty to go around, especially since we'll rape, rob, and pillage the shareholders while we're at it. It won't be long until those companies are worthless too, and their shareholders will have lost every cent on a bunch of stock that they never even owned. Then we'll just bury their carcasses alongside the rest of 'em.
Okay, so I'm exaggerating here just a little, there won't really be any coyotes and vultures feasting on the carcasses of dead companies and shareholders.....at least not of the four-legged or winged variety. But other than that, I think it's a pretty accurate assessment of the situation.
But wait, shouldn't every company have to file their paperwork on time? I mean, it seems only fair that the little companies have to follow the same rules as the "big boys" at the New York Stock Exchange. Let's read on in that same Wall Street Journal article:
Currently, even Big Board firms don't face immediate delisting if they fail to make timely filings of required reports to the SEC. Nasdaq begins delisting procedures once a company misses its deadline for filing quarterly or annual results. The SEC recently approved an NYSE rule under which the exchange will begin monitoring companies that are late in filing their annual reports, essentially giving them up to a year to file.
So......file late if you're a small company, and you're banished for a year. File late if you're a big company, and we'll keep an eye on you for a year. Sound fair to you? The clincher is that after the Bulletin Board companies have been sent to the Wild West of the Pink Sheets, they don't have to file at all, so what Nasdaq is really saying is "if you don't file on time, we'll banish you to an exchange where you don't have to file at all". Sorry, but I fail to see how that protects investors......and we all know that Wall Street is all about protecting the small investor.
"Protecting the small investor." Whew.....I could hardly get that out with a straight face. In reality, Wall Street has been hard at work covering their tracks for the past couple of years, and now that they've bilked trillions of dollars from small investors, and destroyed thousands of small companies, they're busy looking for ways to destroy the evidence. Kill off a third of the companies and the investors that they've been robbing for years? It's a helluva start.
(Editor's note: This is an entry from The Faulking Truth blog, ingeniously entitled "Blogfest 2005". If you'd like to waste more of your valuable time blogging, go to www.faulkingtruth.com/blog/ )
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Blogfest 2005 Archives:
Keep on Blogging in The Free World (Mark Faulk, Sep 21, 2004)
"It's the Issues, Stupid" (Mark Faulk, Sep 21, 2004)
The Trust Factor......mmmmmm, donuts (Mark Faulk, Sep 30, 2004)
The Vice-Presidential Debate Primer (Mark Faulk, Oct 5, 2004)
Is Bush a girly-man? (Mark Faulk, Oct 7, 2004)
Kids! Time to come in and get dressed for war (Mark Faulk, Nov 1, 2004)
"I Think We're all Bozos on this Bus" and "Dude, Where's My Bong?" (Mark Faulk, Nov 5, 2004)
"We're mad as hell and we're not going to take it anymore!" and "The Ministry of Truth Strikes Again" (Mark Faulk, Nov 9, 2004)
Vacation....Had to get away (Mark Faulk, Nov 11, 2004)
A 'Tribute' to Steve Martin (Mark Faulk, Nov 14, 2004)
How Long Can You Tread Water? (Mark Faulk, Nov 17, 2004)
"Give the People What They Want" (Mark Faulk, Nov 22, 2004)
Home on the Range..... (Mark Faulk, Nov 27, 2004)
Coping With Loss: How to Deal With the 2004 Election (Mark Faulk, Dec 7, 2004)
Peace Kills (Mark Faulk, Dec 21, 2004)
A Tale of Two Psychos (Mark Faulk, Dec 27, 2004)
Hurtling Headlong Through the Blogosphere (Mark Faulk, Jan 4, 2005)
The Faulking Truth Gone Wild (Mark Faulk, Jan 6, 2005)
Palestinians Elect Abba by Wide Margin (Mark Faulk, Jan 9, 2005)
"Look everybody, we've found WMDRPAs!" and "Supporting the Inauguration Day Boycott.....Sort of" (Mark Faulk, Jan 12, 2005)
Confessions of.....a Christian (Mark Faulk, Jan 18, 2005)
Seven Degrees of George W. Bush (Mark Faulk, Jan 20, 2005)
Dear IRS...... (Mark Faulk, Jan 25, 2005)
What Democracy Means to Me (Johnny Carson, Feb 5, 2005)
"I love you...no, really, I do...." and "Have a Crappy... I Mean... Happy Valentine's Day" (Mark Faulk and Kelsey Renee Faulk, Feb 14, 2005)
"THE END OF BLOCKBUSTER!" (Mark Faulk, Feb 19, 2005)
The Poor get Poorer..... (Mark Faulk, Mar 8, 2005)
Refinancing your home the 'hard' way..... (Mark Faulk, Mar 19, 2005)
A Fall From Grace - How Bush is Alienating Mainstream America (Mark Faulk, Mar 26, 2005)
I'm not schizophrenic....and neither am I (Mark Faulk, Mar 31, 2005)
Pope Dies of old Age (Mark Faulk, Apr 4, 2005)
America to Dateline: Tell the Truth Now! (Mark Faulk, Apr 7, 2005)
How I Spent my Weekend (Russell Tharp, Apr 18, 2005)
How Many Lesbians Does it Take to Screw in a Lightbulb? (Mark Faulk, Apr 27, 2005)
Four Dead in Ohio (Mark Faulk, May 4, 2005)
Some Mother's Son (Mark Faulk, May 8, 2005)
"lalalalalalalala.....I can't hear you!" (Mark Faulk, May 22, 2005)
The Man on the Crane (Mark Faulk, May 28, 2005)
NOW Do You Feel Secure on the Internet? (Mark Faulk, Jun 1, 2005)
Taking the Faulking Truth to the Airwaves (Mark Faulk, Jun 17, 2005)
Wall Street: Destroying the Evidence (Mark Faulk, Jun 21, 2005)
And now....Page two (Mark Faulk, Jul 1, 2005)
Help Wanted- President Seeks New Brain (Mark Faulk, Jul 11, 2005)
Bush Picks "French Fry Judge" for Supreme Court (Mark Faulk, Jul 19, 2005)
Praying for a Miracle (Mark Faulk, Jul 23, 2005)
Send in the Clowns (Mark Faulk, Jul 28, 2005)
"What's Wrong With This Picture?" or "Gas Prices Set Record High.....Win A Free Hummer!" (Mark Faulk, Aug 15, 2005)
Pat Robertson's Case for the Assassination of President Bush.....I mean, Hugo Chavez (Mark Faulk, Aug 23, 2005)
The Faulking Truth...in (Black) and (White) (Mark Faulk, Aug 25, 2005)
They're Trying to Wash Us Away.... (Mark Faulk, Aug 31, 2005)
"Not Acceptable" (Mark Faulk, Sep 2, 2005)
And I'm looking forward to sitting on the porch (Laughter.) (Mark Faulk, Sep 6, 2005)
Who Says FEMA Can't Relate to Blacks, Yo? (Mark Faulk, Sep 15, 2005)
Faulking Truth to Senator Shelby: PUT THE DAMN FIRE OUT! (Mark Faulk, Sep 21, 2005)
George Talks to God..... (Mark Faulk, Oct 8, 2005)
For the Greater Good..... (Mark Faulk, Oct 27, 2005)
Coalition....What Coalition? (Mark Faulk, Nov 21, 2005)
Confessions of a White Gentile (Mark Faulk, Dec 4, 2005)
The World Just Got A Little Less Funny (Mark Faulk, Dec 10, 2005)
MySpace is the Devil (Mark Faulk, Dec 18, 2005)
Desecrating Christmas (Mark Faulk, Dec 29, 2005)
Srecna Nova Godina....od tim Faulking Truth (Mark Faulk, Jan 1, 2006)
On Kurt Vonnegut..... (Mark Faulk, Jan 8, 2006)
Taking it to the Streets (Mark Faulk, Jan 14, 2006)
Desecrating History (Mike Bohling, Feb 4, 2006)
Congress Uses "C Word" (Mark Faulk, Mar 13, 2006)
Conspiracy....or Conspiracy Nuts? (Mark Faulk, Mar 18, 2006)
Roddy Boyd: Choosing up Sides (Mark Faulk, Mar 28, 2006)
Emotional Casualties of War (Mark Faulk, Apr 28, 2006)
It is a very mixed blessing to be brought back from the dead. (Mark Faulk, May 10, 2006)
MySpace is the Devil (Redux) (Mark Faulk, May 23, 2006)
Confessions of Part Time Hit Man (Mark Faulk, Jun 5, 2006)
“The Anatomy of a Rumor” or “I’ll Take the Kool-aid” (Mark Faulk, Jun 17, 2006)
"ALL INVESTORS ARE EQUAL, BUT SOME ARE MORE EQUAL THAN OTHERS" – SEC eliminates integrity in the stock market (Mark Faulk, Jul 6, 2006)
Everybody's a dreamer and everybody's a star (Mark Faulk, Jul 24, 2006)
It Wasn't the Planes that Killed King Kong.... (Mark Faulk, Aug 4, 2006)
Forget the Mideast, it’s the Midwest uprising Bush should worry about (Mark Faulk, Aug 28, 2006)
Blame it on the Full Moon (Mark Faulk, Oct 8, 2006)
How Low Can They Go? (Mark Faulk, Nov 2, 2006)
Truth in the Booth...Live on CFRN on Nov. 17th (Mark Faulk, Nov 16, 2006)
Life WIth Father (Mark Faulk, Dec 15, 2006)
Thinking Voyager 2 Type Things (Mark Faulk, Jan 16, 2007)
so simple in the moonlight.... (Mark Faulk, Feb 20, 2007)
Promises, Promises….Take a Letter!!! (Mark Faulk, March Mar 19, 2007)
CMKX The Train of Truth (Mark Faulk, April 10, 2007 )
Gonzo Radio....or.....when all else fails, blog it!!!! (Mark Faulk, June 16, 2007)
Observations on the Way Home (Mark Faulk, August 5, 2007)
The Idiot’s Guide to the Electoral Process (Mark Faulk, Feb 8, 2008)
MAPS for Millionaires or “Daddy, buy me an arena” (Mark Faulk, Feb 29, 2008)
Dear Hillary: When the race is over, it's over.... (Mark Faulk, Mar 10, 2008)
“We come for your children” – The Truth About the Gay Agenda (Mark Faulk, May 2, 2008)
Savior Hillary (Mark Faulk, May 20, 2008)
This is me in fragments...enter at your own risk (Mark Faulk, Jun 30, 2008)
Silver State Bank: What’s Deposited in Vegas Doesn’t Stay in Vegas (Mark Faulk, Jul 30, 2008)
John McSame’s Campaign to Nowhere (Mark Faulk, Sep 12, 2008)
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