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Faulking Opinions - Nov 8, 2006 - Printable Version
- Shelby Out as Banking Committee Chairman!!! (A fond farewell)
by Mark Faulk
The Democrats took control of the House of Representatives on election night, but that wasn’t the victory I was looking for. Ever since Senator Richard Shelby sold America down the river over a year ago by killing a Senate Banking Committee hearing on naked short selling, I’ve made no bones about the fact that I think he is the most immoral, dishonest, corrupt individual ever to set foot in the Halls of Congress…and believe me, that’s no small statement. I, and every other advocate for stock market reform, called him out on every opportunity, and he lied time and again, and sold out his country for a few pieces of silver…time and again. While America was being raped, robbed, and pillaged, Shelby was sleeping with the enemy, not only ignoring the corruption that has plagued our financial markets for years, but fighting any efforts by others who had the backbone to stand up and try to do something to restore integrity and honesty to our stock market. When it came to protecting the American investor, he was our country’s worst enemy.
The bad news is that Senator Shelby wasn’t up for re-election yesterday, and in fact doesn’t have to “face the music” until 2010, so we’ll have to listen to his lying lies for another four years before we can run him out of Washington on a rail…but the good news is that because it was just announced that the Democrats have regained control of the Senate as well, SHELBY IS OUT AS CHAIRMAN OF THE SENATE BANKING COMMITTEE!!!
Okay, yeah I know that it’s not nice to gloat, but right now I’m picturing myself knocking Shelby on his ass on the football field and doing one of those pre-choreographed victory dances over his crumpled body. The man should be run of Congress, he’s a disgrace to our country.
New Speaker of the House Nancy Pelosi, in her speech to the American people last night, said that, “The American people voted to restore integrity and honest in Washington, D.C. And the Democrats intend to lead the most honest, most open, and most ethical Congress in history.”
After a Congressional regime, led by Senator Shelby, that allowed the SEC to literally remove integrity and honesty from their own mission statement, those words could not be more welcome, or more appropriate. The apparent frontrunner to replace Shelby as the new Banking Committee Chairman, Senator Chris Dodd from Connnecticut, issued a statement last night that included the commitment to “make America more prosperous by creating the most transparent and vibrant capital markets in the world.”
We can only hope that this historic event brings about real change in our financial markets, but one thing is certain, to quote the Beatles, “it can’t get any worse.”
I’ve written so many loving tributes to Senator Shelby that it’s hard to pick out my favorite to highlight his “accomplishments” as Chairman of the Senate Banking Committee, but since I’m suddenly feeling a bit nostalgic, I’ll link a few of my favorites, along with a line or two from each one. Come with me, as we take a stroll down memory lane:
Congress Sells America Short
http://www.faulkingtruth.com/Articles/Investing101/1038.html
In yet another twist in the stock market scandal known as Stockgate, the Faulking Truth has learned that Senator Richard Shelby (R-AL), Chairman of the Senate Banking Committee, has shelved a planned Senate Subcommittee Hearing investigating the issue. Originally scheduled for February of this year, and then postponed several times, the hearing, which has been advocated by Senator Robert Bennett (R-UT), has been cancelled indefinitely.
Translation: Senator Shelby has sold out America in the name of special interests, and sold out the small investors to the hedge funds and their multi-millionaire clients.
Faulking Truth to Senator Shelby: PUT THE DAMN FIRE OUT!
http://www.faulkingtruth.com/Articles/BlogFest/1056.html
Dave Patch of www.investigatethesec.com spoke with Senator Richard Shelby's aide Jonathon Grassio today, who told Patch that "the Senator did not derail any hearings and that the Banking Committee was 'committed to this issue.'" He also said that they were "monitoring Regulation SHO."
For starters, my article is 100% accurate, and although I called Shelby's office, and his Press Secretary's cell phone as well, they chose not to comment on my story. That says it all, in my opinion. I also emailed the article to the "Honorable" Senator Shelby, and he still hasn't responded to me. What's the matter, Senator, don't you like me anymore? If you have issues with my facts (and they are facts), then call me.....we'll talk.
Senator Shelby: "Naked short selling isn't fraud"....Wait, could you repeat the question?
http://www.faulkingtruth.com/Articles/Commentary/1062.html
Here we go again. Today, in an interview on CNBC, after discussing the illegality of “back-dating options,” Joe Kernan asked Senator Richard Shelby point blank, “What about naked shorting?” It went something like this:
Kernan: "What about naked shorting? And I don't, uh...I'm not saying anything nasty...naked shorting of stocks...what about that?"
Shelby’s reply? “Well, that's been going on a long time, and I've never had anyone talk to me and tell me that's fraud.” The response on the internet was instantaneous and vocal, one of shock and disbelief.
The Chairman of the Senate Banking Committee, whose job it is to oversee the nation’s stock market, said on national television that naked short selling isn’t fraud? The same senator who a year ago killed a Senate Banking Subcommittee hearing into naked short selling? The same senator whose aide Jonathon Grassio told Dave Patch of www.investigatethesec.com in September of 2005 that the Banking Committee was “committed to the issue,” and has done absolutely nothing ever since?
In an interview with Senator Shelby’s aide Andrew Gray today, he put a spin on the day’s events that left me dizzy, and a bit nauseous too. I know I say this a lot, but….are you ready for this? Take a deep breath. Here we go:
While it’s true that millions of Americans did indeed hear Senator Shelby utter the words “No one has talked to me that’s said it’s fraud,” Gray told me today that....and I can hardly even say this with a straight face....that “Shelby didn’t hear the question.” That’s right, Shelby claims that the questions were flying so fast and furiously that he missed the “naked” part of “What about naked short selling?” In fact, he missed the word naked not once, but twice.
The Shelby Shuffle Continues
http://www.faulkingtruth.com/Articles/LettersToEditor/1032.html
Note to Senator Shelby: Before you go on national television and claim that no one has ever talked to you and told you that naked shorting is fraud, be certain that there isn’t a trail of evidence behind you. You can’t play politics with lives forever and not expect to reap the consequences of your actions.
I emailed about ten different people at CNBC today, including Joe Kernan, letting them know that Shelby’s aide had retracted his statement about naked short selling to me, and asking if anyone from his office has issued an official retraction to CNBC. Since I’ve gotten no response from anyone at CNBC, I can only assume that he didn’t issue an “official” retraction, letting his comments that naked short selling has “been going on a long time” and that “I’ve never had anyone talk to me and tell me that's fraud” stand as spoken. As always, I’ll let everyone know if I hear otherwise.)
And so, I’d like to invite everyone to join me in wishing Senator Richard Shelby a fond farewell, and…GOOD RIDDANCE!!!!
And that’s 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
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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. 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/
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