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Post by soonerlew on Aug 1, 2008 18:29:12 GMT -5
faulkingtruth Shipwright Silver State Bank: Like Rats From a Sinking Ship « Thread Started Today at 12:54pm » -------------------------------------------------------------------------------- Silver State Bank: Like Rats From a Sinking Ship By Mark Faulk August 1, 2008 www.faulkingtruth.com/Articles/CommentaryToo/1086.htmlThe fallout from the Silver State Bank fiasco continued on Friday as the company announced a wider-than-expected quarterly loss and CEO Corey Johnson resigned. Johnson’s resignation follows the resignation of Board of Directors’ member Andrew McCain, who was on the bank’s Auditing Committee. McCain is the son of presumptive Republican presidential candidate John McCain. McCain and Johnson's departures came on the heels of resignation of one of the bank’s executive vice-presidents, who left just two months ago. Silver State Bancorp (SSXB.O), the bank’s holding company, announced a net loss for the second quarter $62.7 million, or $4.15 a share, compared with a profit of $6.2 million, or 44 cents a share, a year earlier. Analysts had expected a loss of 65 cents a share. The company also said that it was suspending its share repurchase program, not a huge surprise since they announced that they need to raise another $40 million in capital just to survive. Since the share price has dropped over 95% in the past year (almost 90% since McCain joined the bank), and is down another 15% just today (trading at just over one dollar), raising capital through the sale of shares could be disastrous for shareholders who have already been hit hard by the bank’s financial problems. Although the bank today blamed most of their financial woes on loan losses, which ballooned from $1.9 million a year ago to $58.6 million during the last quarter, it was their involvement with one of the largest financial frauds in history that has raised serious questions about the bank’s business practices. An article on The Faulking Truth, entitled “Silver State Bank: What's Deposited in Vegas Doesn't Stay in Vegas” details the bank’s shady involvement in the defrauding of over 50,000 shareholders in the CMKM Diamonds scam. The story has since been widely circulated on the internet, including news sites such as WhatReallyHappened.com and the Huffington Post. That article detailed an ugly trail of apparent money laundering that was facilitated by Silver State Bank, who never filed a single Suspicious Activity Report (SARs) while hundreds of millions of dollars was pilfered from CMKX shareholders. Read the rest of this article at: www.faulkingtruth.com/Articles/CommentaryToo/1086.htmlMark Faulk will be a guest on Gnosis with host Chuck Aubrey this Saturday from 3-4 PM PST on AM 1330, KJLL in Tucson, AZ, which streams live on the web at www.tucsonsjolt.com cmkxdiamond.proboards66.com/index.cgi?board=general1&action=display&thread=57360
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Post by soonerlew on Aug 1, 2008 18:36:02 GMT -5
I'm with Jlecks..... make the best out of everything in life... don't let anything get ya down....By: jlecks 31 Jul 2008, 11:57 PM EDT Msg. 747233 of 747244Jump to msg. # When life hands you melons, make melonade. em By: DrillBit 01 Aug 2008, 12:05 AM EDT Msg. 747235 of 747244(This msg. is a reply to 747233 by jlecks.) Jump to msg. # jlecks I respect you but what do you say to the MANY that have trusted Urban. What do you make that into? By: jlecks 01 Aug 2008, 12:38 AM EDT Msg. 747244 of 747244(This msg. is a reply to 747235 by DrillBit.) Jump to msg. # Drill, Honestly, if Urban did scam 60,000 people then I have to respect that. No matter what anyone says, good or bad, that is a feat that probably will never be repeated in history. If such a scam really took place, it was designed, engineered, and brilliantly enacted on par with the Manhattan Project and the building of the first atomic bomb in Los Alamos in the early 40s. It is something that is extraordinary, IMO. Not only that, but if said is true, he not only conned a huge amount of people, but conned people into conning other people into buying the stock! Just look at people like Georgeburns, Braindamage, Sterling, Dr. D, and the plethora of other people he got to promote this stock to other people! It's fecking amazing! Like it or not, I have to respect the huge amount of enthusiasm and dynamics that were involved in this whole charade. Not only did he con 60,000 people but he conned others into conning others! I find that incredible, if it really did happen that way. It truly is amazing in this high-tech day and age, that such a thing could take place; it makes one realize that we (as a society) are more vulnerable and not as advanced as we think. It's easy to imagine such a con being machinated in the 30s, but in the 21st Century...? LOL! I see that the most disgruntled in this stock are those that pumped the stock and manipulated the message boards when they believed this was the "stockplay of a lifetime." That's what bothers me the most; the hypocrites who pumped this stock and now are bashing the crap out of it because of their own, personal guilt. These people are low-life scum, IMO. Hey, I've made mistakes in my life. You have, too. Buying this stock won't be the first and it won't be the last. What the hell, really, it's been one helluva ride. The verdict? Who knows... Still on the fence with this one... I just hope it pans out in our favor. Take care, my son. By: adrienne07 01 Aug 2008, 10:16 AM EDT Msg. 747258 of 747364 (This msg. is a reply to 747244 by jlecks.) Jump to msg. # jlecks: ...and if it's true, it's amazing that he also conned a bunch of powerful individuals with law & intelligence background into supporting him to rob 60,000 investors worldwide
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Post by imSINGLEruRICH on Aug 1, 2008 18:57:15 GMT -5
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Post by imSINGLEruRICH on Aug 1, 2008 18:59:03 GMT -5
By: benderdondat 01 Aug 2008, 01:01 PM EDT Msg. 747286 of 747368Jump to msg. # Citi ain't gonna fall. Forget it, Acca. This is yet another of your BS predictions/lies. procmkm: Aug '08, End Of This Historic Saga. A Certain City Will Fall, And Shareholders Of A Certain Entity Will Rise. Not In My Opinion, But FACT!
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Post by imSINGLEruRICH on Aug 1, 2008 19:00:50 GMT -5
By: restripe2007 01 Aug 2008, 01:19 PM EDT Msg. 747288 of 747371 Jump to msg. # jay someone posted a while back that you are not posting because you are in trouble because of your posts is this true?
By: leowanta 01 Aug 2008, 02:14 PM EDT Msg. 747300 of 747371 (This msg. is a reply to 747288 by restripe2007.) Jump to msg. # restripe2007...that better NOT BE TRUE...jay is just a shareholder...he has every RIGHT to post what he believes....
his last post was HIS OPINION and he even stated so....
jay is on the RIGHT side of this, as is leowanta...therefore, by request, in no way will jay be touched by the illuminati for his thoughts and postings on this board.
leowanta
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Post by imSINGLEruRICH on Aug 1, 2008 19:03:24 GMT -5
By: leowanta 01 Aug 2008, 02:06 PM EDT Msg. 747296 of 747372Jump to msg. # Bender NOT A CHANCE FOR NAZERETH>>>SHE's cooked! Now Aguilar..he did it right...he testified in congress about the nss and Piquiot (sp)...now he is a COMMISSIONER... Nazereth just covered up the nss and supported her hubby in the DTCC who also covered it up. ocd Diamond Finder and Miner Re: gossip 7/31/08 « Reply #8 Today at 11:01am » Cox hasn't changed his tune...good for us! This is from today. tinyurl.com/6yk3l7 "SEC Chairman Christopher Cox said, “The wealth of talent and experience that Commissioner Aguilar brings to the Commission will be invaluable as we move forward with our busy agenda to further enhance investor protections, facilitate capital formation in our economy, and improve financial markets regulation. It is a pleasure to welcome him back to the SEC.”" tramp2.proboards88.com/index.cgi?board=general&action=display&thread=5716
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Post by imSINGLEruRICH on Aug 1, 2008 19:04:22 GMT -5
;D By: grajekk 01 Aug 2008, 02:43 PM EDT Msg. 747305 of 747373Jump to msg. # CTBG just announced it is sueing the DTC because somebody can't count! LOL! The stuff is gonna hit the fan now! CTBG... Somebody's got some splainin' to do LUCY!! ROTFLMAO!!! If CTBG can sue the DTC, how come we never got around to it? We had the same problem... too many numbers to fit on da paper certy thingys! By: CHICPICK 01 Aug 2008, 03:44 PM EDT Msg. 747313 of 747373(This msg. is a reply to 747312 by grajekk.) Jump to msg. # grajekk, CTBG had a valid reason to go after the DTC., CMKX hasn't. Wouldn't you think if CMKX did, Urban would have gone after them too. This should give you a clue............... Question: With Urban and the power of Maheu behind him, what could the reason that they didn't go after the DTC., be? Answer?
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Post by imSINGLEruRICH on Aug 1, 2008 19:11:22 GMT -5
Popcorn anyone??By: nssgoingdown 01 Aug 2008, 04:40 PM EDT Msg. 747329 of 747373Jump to msg. # 2008 NSS SHOW IS GONNA ROCK 2008 NSS SHOW NOW PLAYING2nd half of 2008 is looking NICE!!
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Post by imSINGLEruRICH on Aug 1, 2008 19:14:33 GMT -5
By: gusjarvis 01 Aug 2008, 06:17 PM EDT Msg. 747347 of 747374 Jump to msg. # nufced and all bashers I have a solution for you and for all you pumpers and all you real shareholders. The sec lets us have a section to give our evidence and ask questions like the comments on naked shorting on their website. Every shareholder was a witness to this, they deserve to be heard and documented!
All shareholders should have thei questions answered by the witnesses to the case including the one defendant not said, the sec. They need to answer our questions first, and give us the 100 pages eagletech sent to the secret service that implicated them in this multi trillion dollar scandal. They have many questions they need to answer starting with why they let this happen to the most red flagged, federal informant filled, and investigated and most of all traded stock ever. So you need to tell us how you let this happen.
They also need to give us our evidence, the cert pull depostions and other foia evidence. And we as a group should have a special council to go over the evidence against the sec.
How does that sound to start.
oh and freeze the days and days worth of down loaded claims we had since it was your fault we couldn't raise money to keep them - - - - -
By: nufced 01 Aug 2008, 07:16 PM EDT Msg. 747360 of 747374 (This msg. is a reply to 747347 by gusjarvis.) Jump to msg. # gusjarvis..I guess I rank as a basher? I thought you presented a wonderful "script", unfortunately the white hat black hat scenario, rarely plays out in real life. I can think of a few, like Erin Brockovich, where the little guy "won"..altho most lost their health, and won monetarily. I have written to the SEC until Im blue in the face..Sulzberg and Hakala. Another friend requested the depositions thru FOIA and was told no. They hide behind, "an ongoing investigation" which leaves us in the dark I have asked, what I thought were "general knowledge" type questions, and have been told to seek counsel.
Additionally, as you know, my belief in this instance, is we had crooks on both sides. I don't believe we lost claims because of not raising money. My gosh, look at the money urban spent for frivolous activities and a lavish lifestyle.
I really don't know how you will mount this campaign.
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Post by imSINGLEruRICH on Aug 1, 2008 19:18:05 GMT -5
By: adrienne07 01 Aug 2008, 10:51 AM EDT Msg. 747264 of 747292 Jump to msg. # Subject: File No. S7-19-07 From: Gary D Markoff Affiliation: Senior Vice President Citi/Smith Barney July 29, 2008 Dear Sirs, I've been participating in the financial markets for nearly 30 years advising clients on both the long and short sides of the market. I'm deeply concerned over the imbalances created since the 'uptick rule' was removed 12 months ago,the subsequent explosion of short interest and the Bear Market that has followed. It's either unusually coincidental or more probably causal with the broader market meltdown we've been experiencing since the rule change. I have no objection with shorting, but I do have an objection to hedge funds (or anyone else) manipulating the process and the price of securities by selling shares that haven't at least been borrowed first and then slamming the bid with short sales on rapid downticks. I am not allowed to do that for clients at my firm, and can't understand why anyone else should be allowed. Returning to the Uptick rule and requiring prior authorization on a Borrow need to appply and be enforced for ALL publicly traded companies and not just FRE, FNM and the primary dealers. The ability to sell 'market on close' for a short seller is major unintended consequence of the 'uptick' removal, especially in smaller cap (say under $5 bill but more significantly on market caps below $1 billion). This has enabled shorts to dominate the end of day trading and 'mark' the closing price (daily, weekly, monthly, quarterly) which is illegal for both shorts and long side players. The difference is that longs must identify themselves in filings to the SEC at least once per quarter and anytime positions go up or down thru 5, 10 or 15% thresholds. Short sellers DO NOT have this requirement and because of this ability to be anonymous, the SEC does not have effective control of surveillance nor do the shareholders and the company itself know who is short. My request and recommendation is that for transparency purposes, ALL positions both long and short be filed equally and size restrictions be implemented on shorts the way they are on longs. As a shareholder, I should be able to know in the proxy statements who the short sellers are that are short more than 5% of a company just the same way I can see who is long greater than 5%. I also can't understand why stocks that are showing up on the Reg SHO lists aren't subject to immediate buy-ins after a minimum grace period. It's the SEC's job to enforce this and hasn't. Why have a rule if it is not going to be enforced? I also take issue with short interest getting up to over 50% in some companies. Again, without transparency as to WHO is short, it's possible that one player can corner the market (short) in a declining environment. Position limits apply in commodities for a reason, they should apply in equities,too. All of these factors have gone on to raise the cost of capital for companies unnecessarily, and to bring about a broad disengagement from public participation. It's time to turn those factors around before we create another Depression. Thank you for your consideration, Gary Markoff Senior Vice President, Smith Barney- Boston sec.gov/comments/s7-19-07/s71907-1248.htm By: dblwmtolle 01 Aug 2008, 06:33 PM EDT Msg. 747349 of 747374(This msg. is a reply to 747264 by adrienne07.) Jump to msg. # A GREAT letter. This needs to be broadcast nationwide. Answers needs to be DEMANDED from the SEC.
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Post by imSINGLEruRICH on Aug 1, 2008 19:53:23 GMT -5
drillbit DIAMOND JEDI Well, IMO « Thread Started Today at 12:01am »
another month goes by BUT at least we have no Guru's making predictions. That may be a good thing.
I am of the opinion that this thing, this CMKX saga, is so well set in place that we have no recourse. NONE!
My point? We can't sue, we can't get information, we can't go after anyone.
IF there is not some reward for our role in the naked shorting, nay beyond that, theft in banking/trading, THEN SAY SAME!
It is my opinion that this is now skirting CRUEL!
ENOUGH!
IF we are to gain anything, G,D,a,mmit...you that know, say something. IF we are pawns used in a chess match, G,D,a,mmit, SAY SOMETHING!
Already good trusting human beings have passed HOPING for results PROMISED by Urban Cassavant at racing events!*
* I can prove that Urban promised a return of $.54 in 2004 *************************** My purpose was to relate to those in charge and not to attract any basher types.
JMO, but I still think that Mr. Maheu is/was the mastermind. I am just stating some facts to that man or his minions.
My point? We that have supported you now need some REAL semblence of a return. Hope springs ALMOST eternal but this has gone too far boys.
Drop a bone, give us some d.mn thing please!
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Post by imSINGLEruRICH on Aug 1, 2008 19:58:03 GMT -5
john3339 DIAMOND JEDI WARLORD Re: Well, IMO« Reply #6 Today at 4:00am »
It's funny that after all this time, there would be ANYONE left who had doubts about our eventual payout. If one didn't believe and stayed around, it would be like standing at the scene of an accident, just staring at the mess. There's nothing new to see, nothing good is going to come of it, and watching is not going to make anything better. Yet there are some who just stand and look. That's beyond morbid...that's just plain sick.
Perhaps they stand around and watch because somewhere deep inside, they really DO believe there's hope for a better outcome than what they are staring at?
Now, for those who still believe, it's not the scene of an accident at all, but an egg in a nest. We're just standing around waiting for what we know is going to happen...that egg will hatch and we'll all part take in the witnessing of a new beginnng! (OURS)
john
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Post by johnjrambothe2nd on Aug 1, 2008 20:03:43 GMT -5
Thanks, luci..... Re: It's Been A Pleasure (Acca related posts) « Reply #4137 Today at 8:55am » procmkm wrote Aug '08, End Of This Historic Saga. A Certain City Will Fall, And Shareholders Of A Certain Entity Will Rise. Not In My Opinion, But FACT ------------------ Today at 7:24am, seagull wrote: procmkm / acca ok Acca... I'll take the bait. What do you mean? TIA Today at 7:26am, procmkm wrote PAYDAY EOM. Can someone tell acca to "go FACT himself"...... ;D
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Post by imSINGLEruRICH on Aug 1, 2008 20:29:46 GMT -5
from the Conglomerate board.... By: notagolfer0 01 Aug 2008, 09:01 AM EDT Msg. 33243 of 33251Jump to msg. # www.forbes.com/opinions/2008/07/31/naked-short-selling-oped-cx_rc_0731regulation.html By: klonopin2mg 01 Aug 2008, 11:28 AM EDT Msg. 33245 of 33251(This msg. is a reply to 33243 by notagolfer0.) Jump to msg. # notagolfer' GREAT READ for "PUBLIC VIEW" about the right timing for Forbes.....oh, about a four year learning curve..... IT'S HAPPENING...just like we knew it would refering only to NSS in this post, not CMKX that said, it certainly has it's connection to... "our mutual interest" klon'
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Post by ironman on Aug 1, 2008 21:02:26 GMT -5
Excellent!! We have confirmation that Facta is Janice Smell! Oh, by the way, who is Janice Smell? By: aladin99 01 Aug 2008, 12:37 AM EDT Msg. 747243 of 747248 (This msg. is a reply to 747234 by factanonverba13.) Jump to msg. # Facta is janice smell - now 100% is confirmed.....
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