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Commentary Too - Feb 26, 2006 - Printable Version
- How can shareholders stand up for their rights?
by Kevin West
“If Eagletech was simply a shareholder, it could argue the property rights of a shareholder”. Thank you Rodney Young! Thank you for standing up for the rights of companies and their shareholders against the market manipulation being carried out by unscrupulous thieves and apparently sanctioned by members of our Senate that have been hired and trusted by the people of America to safeguard our markets.
Why is obvious counterfeiting of securities in our markets being allowed to happen under the watchful eyes of our Senate Banking Committee who is responsible for the oversight of regulation in our markets? Why is the Congress, the Senate and the White House not taking action on this crime that is now quickly becoming a news event? We will tell you why in a moment. But first, let's take a minute to examine what is happening today.
On Monday, February 13, 2006, Rodney Young was given the opportunity to participate in an oral argument on the petition of Eagletech Communications, Inc. of the initial decision of Administrative Law Judge William Kelly to revoke all classes of Eagletech securities. Commissioners present at the hearing were Cynthia A. Glassman, Paul S. Atkins, Roel C. Campos, and Annette L. Nazareth. (complete transcript of the hearing available at http://www.investigatethesec.com/ET20060215.pdf )
Representing the SEC in this hearing was Anthony T. Byrne. We would like to thank Mr. Byrne for making the following statement: “If Eagletech was simply a shareholder, it could argue the property rights of a shareholder”.
What are property rights of a shareholder? They are the rights of that shareholder to be able to obtain true value and physical possession of the property that they paid for. What is physical possession of property? Holding a paper stock certificate representing each share of stock you purchased.
For many years, the criminal act of counterfeiting securities has devastated our U.S. markets. The people responsible for perpetuating this crime have been allowed to steal billions of dollars from the pockets of everyday people like you and me. Some say, “why should I care, it doesn’t affect me. I don’t even know anything about the markets”. But these people only need some simple and basic financial education to understand how badly they are being hurt every single day by this crime. You can view a simple to understand animated look at this crime at http://www.businessjive.com/nss/darkside.html
How many of you have mutual funds, retirement plans, college funds set aside for your children and/or grandchildren, 401K’s and other investments? How many of you have to buy food, gas, clothes and utilities? Don't you find it harder and harder to live daily on the same pay as inflation on these basic necessities keeps increasing? This is what happens as a result of money being taken out of our stock markets through criminal acts like Naked Short Selling.
This crime has several names today, some call it Naked Short Selling or FTD (failure to deliver)…… but it is downright stealing through the act of counterfeiting securities! It is just like someone printing counterfeit money and buying stock with it. Shouldn't anyone caught counterfeiting money go directly to jail? These market manipulators are printing electronic counterfeit securities (fake electronic stock markers) and selling them to you and me for real cash! You don't own what you paid for! Would you buy a car or a house and never ask to use it or take physical possession of it? The only way you know you have received the real shares that you paid for is to take physical possession of your investments by ordering paper stock certificates for 100% of your holdings.
So, now that you know about this crime, there should be an obvious question that would come to your mind. Some people will stick their head back in the sand and not think twice about it. But some, those like you and me that want to make a difference will ask, “What can I do to help”?
For those that ask, the answer is very simple. You have to make noise and be heard! Start asking your state leaders in the Congress, the House of Representatives and the Senate by calling them, writing letters and emails to them. Also start corresponding with editors of business columns, editorials and shows at your local newspaper, radio and TV stations. It doesn’t take much of your time to make a big difference. When enough noise is being made, our Senators and Members of Congress will have to start taking action. It will actually “benefit” them to take action. Yes, it’s a crying shame that it has to benefit someone before they will do what is right, but that's the way it is in politics.
What will make the surest, fastest and most notable difference? If you are an investor or the owner of any company’s stock, demand to take physical possession of paper certificates for the stocks you hold. Why is this important? Take a few minutes and watch the animated presentation linked above and you will understand why you must take this action. Chances are very good that a portion of the stocks that your broker shows you owning in your account are not real, they are only a counterfeit electronic marker for the shares you paid for, but do not own. If you want to own the shares you paid for, you simply need to request to take physical control of those shares in paper certificate form. It’s that simple.
As people are taking physical control of their holdings by requesting paper stock certificates, the real shares available in the market will begin to dry up and you may not be able for you to obtain a stock certificate for the shares you paid for. If and when this happens to you, then it will be necessary for you to start complaining to your state Attorney Generals office, State Securities office and to the SEC, NASD and your State Representatives in Government to demand that you given the physical certificate to the stocks you paid your broker for.
At www.AmericaNeedsToKnow.com , we are providing the resources to sites around the country that have the direct links and information you will need to contact all the people and agencies listed above. The best way to help you to help America is to provide free access to the tools necessary to complete this simple task.
Rodney Young made one last statement before he left for the day. He asked, "When are you going to start doing your job"?
Stand up America and take your country back!
(Editor's note: Kevin West has been a vocal advocate for stock market reform. With this article and the relaunching of his website, http://www.americaneedstoknow.com/, we welcome him back to the front lines.)
You can contact the SEC commissioners who were present at the Eagletech meeting at:
Cynthia A. Glassman Glassmanc@sec.gov
Paul S. Atkins Atkinsp@sec.gov
Roel C. Campos Camposr@sec.gov
Annette L. Nazareth Nazaretha@sec.gov
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