By: adios-sec
14 Jun 2010, 12:23 AM EDT
Rating: Rate this post: Msg. 940847 of 940855
Jump to msg. # Attention Regulators, Politicians & Bankers:
Regarding funds collected long ago for the benefit of those holding the common shares of CMKM Diamonds, Inc, and a host of other similarly-defrauded companies, be advised that you are rapidly running out of time. Also be advised that you are well past the point of diminishing returns in that any greed-motivated benefits ($) that you may now realize will be way more than offset by costs; costs that will range from the confiscation of assets and the incurrence of legal fees, to the loss of freedom and actually experiencing pain and suffering.
You don’t believe me?
Well having witnessed your blatant arrogance for over four decades, I am not at all surprised that so many most of you white-collar criminals remain in your jaded state of denial.
Starting with you repulsive regulators, tonight I’ll limit my brief criticisms to the Securities and Exchange Commission; the thoroughly-corrupted lawyer-infested agency initially formed and funded to supposedly make certain that US capital markets are fair and equitable.
What the SEC obviously lacks, aside from in-house competence and morality, are personnel with any statistical background. As a case in point, the SEC fielded dozens of complaints against now-finally-imprisoned thief Bernie Madoff, it conducted several investigations, and it came up with Jack shi*t! But in vivid contrast, Harry Markopolos form Massachusetts, who has no connection at all to the SEC, but does know the difference between a mean and a mode and how to measure fraud with correlations and standard deviations, saw right through Madoff – and years ago too.
So the US capital markets are supposedly protected by an agency that is run by an Inspector General (supposedly internal affairs), a chief economist, and five commissioners plucked from within the filthy industry itself. Oh, and let’s not forget all the Administrative Judges, who are actually just attorneys employed by the SEC. Talk about a blithering circle jerk!!
And as a recent case in point that confirms just what a corrupted circle jerk the SEC truly is, one need not look any further than the Pequot Capital Management scandal that former SEC inspector Gary Aguirre had unearthed. For those not familiar with this greasy little matter, immediately after Arthur Samberg, the dude running the huge Connecticut-based hedge fund, chatted by phone with John J Mack, whose firm was involved with both sides of the upcoming Heller Financial-GE Capital merger, Pequot loaded up on Heller Financial call options and GE Capital put options.
Pequot’s “inside knowledge” of the upcoming deal was quite evident seeing that the put and call option purchases amounted to most of the daily volume in both issues; and, because these purchases were made in the complete absence of the customary review process. When the merger closed shortly thereafter, Pequot netted around $ 19 million. And guess who Pequot listed as one of its “accredited” investors? You guessed it, John J Mack, the “tipper.”
Gary Aguirre had it all figured out, however, and like a young beagle on the trail of a rabbit, he pursued Mack with vigor and tenacity; an effort that earned him the agency’s highest ratings at his annual employment review.
But wait a minute, John Mack is one of those well-connected Wall Street elitists; and he’s too “respected” and “influential” to be taken down by a lowly SEC inspector; especially since the inspector’s superiors all sided with Mack, and feared his thunder-thighs attorney with Juice, Mary Joe White.
So for starters, Aguirre’s immediate superior Robert Hanson started wimping out, warning Gary about Mack’s connections and attorney with “juice.” And then Hanson’s boss, Associate Director Paul Berger started imposing indirect pressure on Aguirre to back off; mainly because he had grand ambitions of going to work for Debevoise & Plimpton, the slippery law firm representing Mack (which he eventually did).
When all was said and done, Aguirre was fired for going after Mack, a huge investigation followed; one highlighted by televised Congressional hearings and contradicting testimony from SEC officials. And in the end, it was concluded that Aguirre was right and the SEC was wrong.
Just before the Senate released its conclusions, the SEC’s chief economist, Chester Spatt, promptly resigned. The same day the report was released in August of 2007, Walet Stachnik, the bought-and-paid-for clown who had held the SEC Inspector General position since it was created 18 years earlier, resigned in shame. And within a week, two of five commissioners, Roel Campos and Annette Nazareth also announced their resignations.
So to summarize, for the first time in about 25 years, one of over 10,000 hedge funds had finally got caught with its filthy hand in the cookie jar; all sorts of efforts were undertaken to crush the investigation – including shi*t canning Gary Aguirre, the lead inspector; and even the Inspector General who should have unearthed the SEC’s obvious cover-up attempt chose to invoke his Fifth Amendment privileges rather than answer questions posed by Congress and incriminate John Mack.
Now why in the hell would so many people completely ignore their occupation responsibilities, and even lose their jobs, all just to protect John J Mack? Money, that’s why! These scumbags are crooks. They could care less about the general public and private investors. All they cared about was protecting this cherished elitist; and let’s be real, money HAD to be the reason.
But worry not, for despite all the resignations and all the criticism by congress; John Mack wasn’t even questioned until a few days after the statute of limitations had passed. Instead, he went on to become Head Onion at Morgan Stanley, and within years he had mismanaged and overleveraged that slippery entity to a point where its shares achieved single-digit midget status, wiping out billions of investor’s wealth in the process. Anyone have any questions?
Now if we fast forward a few years, has the SEC improved at all? Hell no! SEC employees still spend their time, and taxpayer dollars, diligently protecting the same crooks, covering their own corrupted assses, viewing porn, and trying to plant crippling viruses on the computers of anyone who criticizes them.
Far fetched you say? Well just watch what happens in the weeks and months ahead as a slew of whistleblowers start blowing their whistles.
As for you revolting politicians, you are the clowns who have literally created every single problem now facing America. You created the deficit, you created the double-digit unemployment, you created the stifling barrage of rules and regulations that have forced businesses to outsource everything from manufacturing to customer service outside our borders, you created the Federal Reserve (which is not federal and which has no reserves), by extension you created all these crippling interest rates cycles and real asset bubbles, and you’ve done all these terrible things simply to assure your undeserved re-elections.
You vote daily on issues involving derivatives, commercial fishing limits, climate control, healthcare, and tax matters that you don’t know Jack shi*t about. In a nutshell, you are a repulsive bunch of blithering idiots who seem hell belt on destroying this once great nation; and you should all do the country a huge favor and resign immediately, every single one of you.
And you bankers, you are clearly the scum of the earth! When push finally comes to shove – and it will, soon – you pieces of human garbage – body guards and all - will be the first group to be ferreted out and dealt with; and it won’t be pretty; trust me!
There isn’t a single one of you CEO dirt-bags who would hesitate to financially destroy 50,000 hard-working Americans just to see an annual bonus climb by a few extra million. You are scum and you will very soon see hell on earth.
Now getting back to those settlement funds that you regulators, politicians, and bankers seem determined to withhold indefinitely; you’re out of time slime-balls!
For many months now, you have collectively been under the impression that once said funds are released, all will be forgiven and forgotten. And up to a point, perhaps that was for the most part correct. But now, we are well beyond that point.
And as more and more time passes, more and more of the thousands of people who are about to become wealthy are going to be coming after you thugs – and they will have the means. Will you?
great post!