Wall Street Whistleblower Gets Head Bashed In With Brick
Can the message be any clearer.
The United States Government wants us to fund our own retirement with 401K's, and then allows the Wall Street mobsters, who pay for their election campaigns, to steal our nesteggs.
If we complain to the SEC they do NOTHING.
Occasionally, if the theft is egregious enough, they slap a small fine on the crooks, who neither admit nor deny guilt.
The fine is always a pittance of what they stole, so there is no deterrent.
Steal 5 million and you may have to kick back a few hundred thousand.
Those whose money has been stolen, get NOTHING!
If the SEC were to really go after the crooks, they would not need any government money. They could use the stolen money they recover, and believe me, it would mount in the billions, and hire tens of thousands of people to go after the thieves.
It could be our new cottage industry. Instead of frisbee parks, the SEC and Department of Justice could hand over the job to a new agency, built from the ground up, that would actually pursue the thieves and throw them in jail.
Wouldn't it be nice if they actually gave the stolen money they recover back to the victims. That is almost never done.
The people in charge of the SEC use the money they recover through fines, to pay themselves big salaries and overtime pay, since they feel they are needed extra hours, to sit and twiddle their thumbs.
Barry Soletto, aka President Barak Obama, wake up and smell the cesspool.
Mary Schapiro, is a mockery for your new Commissioner of the SEC.
She ain't change. She is more of the same.
To quote Greg Newton, "Nobody else has spent so long at such high levels of the long captured US securities regulation complex. She has been a big part of building the regulatory problem for two decades."
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Over 5 years ago Peter Scannell complained to his employer Putnam Investments Mutual Fund, before going to the SEC. Shortly after, he was severely beaten in the head with a brick and landed in the hospital. He testified before a Senate Subcomittee. The SEC did nothing, but since the Markopolos testimony, they are reopening the investigation.
How many people have to have their lives threatened. Overstock CEO Patrick Byrne, and Mark Mitchell of Deep Capture.com, have had their lives threatened for exposing the naked short selling aka counterfeiting of stock to depress the share price, Bernard Madoff, the Mafia, and the Friends of Michael Milken , Harry Markopolos, feared for his life and just recently came out of hiding to testify before Congress, Ponzi Scheme Hearing Markopolos Testimony
Markopolos letter to SEC , and Bobo aka Bob O'Brien aka The Easter Bunny, is still in hiding The Sanity Check.com.
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Almost exactly five years ago, Peter Scannell of Weymouth gave a blow-by-blow account to a Senate subcommittee of what he did to bring to light market-timing abuses in certain Putnam Investments mutual funds.
There are plenty of parallels between the situations. The two men live so close to each other, their kids could have played in the same baseball games last summer.
Like Markopolos, Scannell lived in fear of retribution after deciding to buck a system that helped make many people wealthy. They both displayed the tenacity and audacity that’s often necessary to expose financial wrongdoing when insiders look the other way.
And both men sought assistance from the Securities and Exchange Commission – and were sorely disappointed by the responses they received.
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Scannell had repeatedly gone to his supervisors at Putnam to air his concerns before contacting the SEC, according to the testimony he gave in Washington. Scannell’s efforts eventually landed him in Quincy Medical Center. Before going to the SEC in 2003, he was assaulted while drinking coffee in his parked car on a cold, snowy night. A burly, bearded man with a boilermakers shirt repeatedly smashed Scannell’s head with a brick, yelling at him about Putnam and knocking him unconscious.
Markopolos, meanwhile, went to great pains to keep his identity a secret because he was worried a criminal organization could be among those who would want to protect the Madoff scheme. He figured his safety would be jeopardized if the wrong people learned he was on the trail.
Scannell and Markopolos also share another trait: They both view white-collar crime as a potentially far more egregious offense than a stickup on the street with a gun.
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A Monumental Week, Cheers for Markopolos!
by Bud Burrell
No one has shocked the Congress more in Modern History, first with the sheer cold-blooded detail of Agency miss-conduct by Markopolos, then by the sheer chutzpah of the SEC’s officials. The SEC and FINRA must be shut down, and their functions spread out among agencies that might have the integrity to actually do their jobs.
In this time of unprecedented crisis, we needed our Government to step up and act like they were really concerned about us. They have demonstrated the same “Me First” mentality that they and many others have laid at the foot of our banking and corporate enterprises, and in particular, Wall Street. Let them face those they have raped with counterfeiting. Congressional harangues will look mild by comparison.
Certainly our legal system was done no service by the conduct of these lawyers of the regulators. Again, with the legal system effectively broken, are we being asked to trust these jerks with our future? They should be stripped of everything and thrown offshore to be stateless aliens.
There is an old rag that, when you are up to your ass in alligators, it is hard to remember your job was to drain the swamp. Likewise, the SEC now faces an angered and incensed citizenry and their representatives, and just because they forgot their job was to protect the INDIVIDUAL INVESTOR. They didn’t just forget who they were to serve, they told them to go to Hell. Let God forgive them.
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If Mary Schapiro's the Answer...
It was probably a stupid question.
by Greg Newton
Nobody else has spent so long at such high levels of the long captured US securities regulation complex. She has been a big part of building the regulatory problem for two decades; Stockholm Syndrome means she is unfit to be part of the solution.
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Meanwhile, NASD – led by Mary Schapiro, vice chairman and president of regulatory policy and oversight, and former chairman of the Commodity Futures Trading Commission – has been conducting what some unkind souls have characterized as a scavenger hunt into broker-dealer disclosures associated with hedge fund marketing. It announced its intentions in a notice to members in January 2003, which included the following quote of particular note in light of Bayou events:
“Brokerage firms must fulfill their investor protection obligations when selling hedge funds, including suitability and disclosure. Although we are not charged with regulating hedge funds, we will scrutinize carefully the activities of broker-dealers when they sell those products; those actions directly affect the investing public,” [Emphasis added] said Schapiro.
NewsFlash: Bayou sold hedge funds. How carefully were its activities scrutinized?
a. Extremely carefully.
b. Very carefully
c. Somewhat carefully
e. Err...the crew from Boston had a train to catch...
Its two most celebrated - OK, only - catches in almost three years include Altegris Investments, which took a $175,000 fine in April 2003, and Citigroup Global Markets, which was fined $275,000 in October 2004, both, essentially, for allegedly inadequate risk disclosures. Altegris was invested in Bayou but was one those which redeemed at least several months before the wrong-doing became known.
And while I’m no foe of private enterprise, I’m not sure why a key national securities regulator – financed, however indirectly, by market participants – should not be putting its own arbitration decisions where they can be accessed by individual investors, instead of lining the pockets of what appears to be a monopolist information vendor. And just so those of us who give a damn know, how about some disclosure of the nature of the NASD-SAC relationship, and any revenue-sharing arrangements, so we can make our own decisions about any conflicts of interest therein.
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Markopolos mentioned one other agency besides the SEC that is equally incompetent and in bed with the industry it is supposed to protect us from.
The Food and Drug Administration (FDA)
We at Care To Live.com already knew that.
FDA part starts at 14:14
Here is a transcript of the segment concerning the FDA between Congressman Alan Grayson of the 8th District of Florida and Henry Markopolos.
Congressman Alan Grayson: You really have to start with the assumption that most of us in this industry really have our clients interests coming first. Do you know who made that statement?
Congressman Alan Grayson: Mr. Madoff made that statement.
Are you familiar with the concept of capture when you are talking about regulation? What is that? Do you know that concept?
Markopolos: Yes. It's basically when the regulator is in bed with the industry they purport to regulate and do not regulate the industry. In fact, they consider the industry the client, not the public citizens.
Congressman Alan Grayson: And have you seen that in action?
Markopolos: Yes. At the Food and Drug Administration and at the SEC.
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