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Investing 101 - Oct 16, 2005 - Printable Version
- Stockgate: Rallying the Troops
by Mark Faulk
I'm working on a new article, but in the meantime (while we're all watching the Refco meltdown prove our case for us), I thought this would be a good time to update recent progress in the war to reform the stock market, and to give a collective pat on the back to a few people who have been at the forefront of educating the public about the stock market scandal, some for years, and a few who have joined us more recently to revitalize the troops. I've been buried in emails, so if I don't respond to every one, it's because.....I've been buried in emails. First of all, I'll be appearing on Traders Nation on Tuesday, October 18th, from 11 AM to Noon, Eastern time, in what will hopefully be the first in a series of interviews with them. The interview should last about 10 minutes, beginning at 11:30 AM. To listen to it live go to http://www.tradersnation.com/television.shtml and click on Channel 1, Trader's Nation Television 'LIVE' Feed, and to hear the rebroadcast, click on Channel 3, Trader's Nation Television Rebroadcast Feed.
Let's start at the beginning. Dave Patch has been championing this cause for years, and has laid himself on the line in the face of tremendous odds. His website, www.investigatethesec.com has been, and is still, a main source of information on the topics of stock market fraud in general, and naked short selling and stock counterfeiting in particular. Detractors have spent years trying to undermine his credibilty on stock message boards and chatrooms.
Friday, while those same same bashers were still lurking on the fringes of the Raging Bull message board and in seedy short selling chatrooms, Patch proved his credibility once and for all, by appearing on CNBC's Street Signs with Ron Insana, and as he put it himself, "asking the tough questions that Congress and the SEC must address and address immediately."
In his email to me this weekend, he made only one comment that I would disagree with. He said that "I think this amateur asked the questions the professionals should have been asking for years." Sorry Dave, but you're wrong. Not about asking the right questions, because you definitely did that, but about being an "amateur." You have officially been granted professional status by this (amateur) writer. Everyone needs to download his interview on Street Signs, it's a major victory for "our side."
Dave Patch isn't alone in this mission. Here are a few others who have taken this battle to the streets, educating, cajoling, and generally making themselves such a nuisance that people are finally being forced to see the truth:
Gayle Essery at www.financialwire.net . Gayle was covering this issue while most of America was still asleep at the wheel, and Financial Wire was reporting on naked short selling and stock counterfeiting while the major media was denying it's existence. In fact, most of the major media still is in denial, and many publications appear to have sold out to the perpetrators, lock, stock, and barrel. I don't want to name names here, so I'll (Dateline) just let you (Dow Jones) figure that one (CNBC) out for yourself (Wall Street Journal).
Bob O'Brien at http://bobosrevenge.blogspot.com/ . Bob (Not His Real Name) O'Brien has been covering the naked short selling scandal for the past few months, and his writing skills and sense of humor make his stuff fun to read. However, don't let that fool you, he has contributed some great articles to the cause.
One other name needs to be mentioned here. In a relatively short time, Patrick Byrne, the CEO of Overstock.com, has accomplished more in bringing this to the attention of the general public than all of the major media combined. In Byrne, we have an advocate from a company that has the resources and the connections to make a huge difference ih this battle. It looks like they finally picked the wrong company....and the wrong person....to defraud.
I'm sure I'm missing one or two reporters who have written accurate pieces about naked short selling and stock counterfeiting, but there aren't near enough of us toiling here in the trenches. There are, however, several other advocates who have moved this forward behind the scenes, and without them, our progress would be limited at best. I won't try to list all of them here, but you know who you are. You've educated us, informed us, and pointed us in the right direction when we got lost. Add in a rapidly growing groundswell at the grassroots level, and you've got the makings of a good old-fashioned textbook case of our democratic process in action. It's about time.
Read our latest article on the stock market scandal:
"Stockgate: The Big Picture"
http://www.faulkingtruth.com/Articles/Investing101/1039.html
To see Dave Patch on "Street Signs" with Ron Insana, go to:
http://www.vmsdigital.com/MyFiles.aspx?Onum=8FD88353-D1CF-49AB-96FB-F5B3D748534D
Go here to vote on an Investrend/FinancialWire poll asking the question:
"Should the SEC be assigned blame in the Refco scandal?"
http://www.investrendinformation.com
It's vital that we keep the pressure on Senator Richard Shelby, who sold us down the river when he cancelled a pending Senate Banking Subcommittee hearing on naked short selling and stock counterfeiting. Email him or call him, and tell everyone you know to do the same. Post this information EVERYWHERE:
Call Senator Shelby at (202) 224-5744, or email him at senator@shelby.senate.gov
Tell him how simple this issue really is....you pay for your stock, your broker goes out and buys it, and delivers it to you. The end.
Voice your opinion on our message board (you don't have to sign up to post).