Comments on: SEC Attorneys Probed For Insider Trading

CBS News Exclusive: Two High-Level Attorneys Under Scrutiny By FBI

[tincup356]

Sacrificial lambs.......why do they not expose the worlds BIGGEST ponzi scheme?,,,,,OHHH they can't do that ,,,,,because the United States government runs it,,,,it is called Social Security.,,,,,but then again the people being ripped off by this scheme have no choice like Madoff's victims did,,,,,,,,We are under an unconstitutional law that requires us to pay a portion of our salaries, in advance,,,,so the government can misappropriate that money, and further misrepresent the people,,,,,,Congress is committing TREASON by harloting out legislation that is detrimental to the livelihood of the American citizens,,,, they are destroying our chance to be happy, joyous , and free..........they are stealing our tax dollars and giving them to conspirators who paid lobby dollars in advance,,,,,,,,,,Last year 4 dollar a gallon gasoline for two months was the straw that broke the peoples back and ultimately caused the economic crash,,,,,,when people were already struggling they had to make choices of how to afford gas and pay bills too,,,,,the credit cards were the only option for many,,,,,but the damage was already done in two months time,,,,,,To this day NO ONE in Washington will admit that that was the breaking point,,,,,,NO ONE has admitted to who did the price speculations that led to 4 dollar a gallon gas,,,NO ONE has been held responsible either,,,,,,,,But it sure made a ton of money for the credit card companies,,,like Bank of America,,,,,,,,,,,who ended up with their hands out big time to get money from the government,,,,,,,They are all in conspiracy with congress to separate the classes,,,,,,,,,,The people of this country have been betrayed and the worst is yet to come.

[dfnj2009]

Paulson will be indicted. The guy is guilty as sin.

[Solarrays247]

Posted by cmkx at 5:09 PM : May 14, 2009

Excellent post. I agree completely with you.

[cattlekate1]

Good. Thank you FBI. So those agents investigating this won't be sidelined like the agents in Phoenix and Minneapolis who reported suspicious activity at the flight schools? Hope not!

[nextgenman09]

The partisan BS is gettin boring.
Posted by gravyboat45 at 5:04 PM : May 14, 2009
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Your sanctimony is getting boring.

[gravyboat45]

Between Madoff getting ignored by both parties and Alan Greenspan getting re-appointed by both parties, is there any doubt that both parties are deeply involved in the destruction of our economy?
Posted by weedapoopl

Nice.

[weedapoopl]

Between Madoff getting ignored by both parties and Alan Greenspan getting re-appointed by both parties, is there any doubt that both parties are deeply involved in the destruction of our economy?

[weedapoopl]

pepperwood2 of course the cheats and frauds were there before Obamas watch began Posted by Marine111 at 4:41 PM : May 14, 2009

The SEC has had crooks in it from its very beginning, when FDR decided the first head of the SEC should be Joe Kennedy, the biggest Wall Street crook in history at the time.

Today, that would be like Bill Clinton appointing Madoff to be head of the SEC.

Which would be completely consistent with the Clinton years...

[weedapoopl]

Madoff was first ignored by the SEC on Clinton's watch, in 2000.
Posted by weedapoopl

You are both assuming, let's hold off on the partisan bashing and wait for some facts.
Posted by gravyboat45 at 4:59 PM : May 14, 2009

No, I'm almost certain that Bill Clinton was the president in 2000.

Are you saying that might not be correct?

[cmkx]

700 BILLION DOLLAR BAILOUT, CMKX/CMKM SCANDAL.

CMKX-CMKM- At the time of cmkm's revocation, CMKM had 703,518,875,000 shares of common stock validly issued and outstanding.
Then a 700 billion dollar bailout.

My Fellow Americans and Global Investment Community.

The case of the greatest "counterfeit shares." fraud in the UNITED STATES is in my opinion CMKX.


CMKX DIAMONDS, THE LARGEST NAKED SHORTED STOCK IN THE HISTORY OF THE UNITED STATES/WORLD" Trillions of stock shares traded and changed hands UNTIL CMKX revoked itself and had every stock holder pull stock certifcates out of brokerages out of street name and into Investors name to safely hold in their possesion. CMKX is also the LARGEST STOCK CERTIFICATE PULL IN THE HISTORY OF THE UNITED STATES"
I Hope the the SEC did not create a regulational rule during this period the above action was commited to absolve them from liability of cmkx "counterfeit shares." from this compnay or anyother company that used this tactic to steal from all markets. This naked shorting fraud rule be passed without a second to lose.
Naked shorts in the United States: "counterfeit shares."
Naked short selling is a case of short selling the shares without first arranging a borrow. The Securities Exchange Act of 1934 stipulates a settlement period up to three business days before a stock needs to be delivered, generally referred to as "T+3 delivery".
If the stock is illiquid or simply has a small number of outstanding shares, finding the borrow can be difficult to arrange. In these cases the trader normally arranges for the borrow before making the trade, to ensure delivery. In the case when a borrow cannot be arranged within that time period and the shares cannot be given to the buyer, the trade is considered to have "failed to deliver". The SEC states that "Naked short selling is not necessarily a violation of the federal securities laws or the Commission's rules," and clarifies that in some circumstances, it can contribute to market liquidity.
Naked shorting to drive down share prices violates US law. In recent years, a number of companies have been accused of using naked shorts in order to make profits at the expense of share prices. To do this, the trader simply enters a naked short with no intention of ever delivering the shares. A large enough short sale could cause the price to fall, as is the case with any stock being sold, so as long as the trade is large enough to move the share price, the short is likely to be profitable. Normally this would be risky if the price did move back up for other reasons, the trader would be driving the price up with every purchase, a condition known as a "short squeeze". But as long as the buyer turns around and shorts it back into the market, the price continues dropping, making the trades profitable even though no one actually holds any of the shares.

Why has everyone tried to COVER UP NAKED SHORTING, is it because all the Wall Street banks have naked shorts in Level 3, and hidden in derivatives where there are Trillions of fake shares?
The illegal practice of short selling shares that have not been affirmatively determined to exist. Ordinarily, traders must borrow a stock, or determine that it can be borrowed, before they sell it short. But due to various loopholes in the rules and discrepancies between paper and electronic trading systems, naked shorting continues to happen.
Naked shorting is illegal because it allows manipulators a chance to force stock prices down without regard for normal stock supply/demand patterns.
This Rule must be passed and not covered up. As it looks today on Wall street the word is out on naked shorting and must be stopped , and all who profited from stealing trillions be put in jail.
Thank you.

[wheear]

They can nail these two but refuse to prosecute or investigate the people that looked the other way while Madoff raped his investors. Posted by Livinontheedge

The only ones that looked the other way were all of the people that gave him their money!
BILLIONS with no questions!

[gravyboat45]

The investigation was triggered after the high volume of trades by the female attorney set off alarms inside the agency.
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From the article. The investigation was triggered by the SEC, not Grassley.
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In response to the IG report, Grassley sent a letter to SEC Chairman Mary Schapiro expressing that outrage and requesting detailed information about the stock holdings and trading practices of all SEC employees.


The partisan BS is gettin boring.

[gravyboat45]

they're Bush Administration holdovers....
Posted by nextgenman09 at 4:24 PM : May 14, 2009

Guess what? Madoff was first ignored by the SEC on Clinton's watch, in 2000.

So they must be holdovers from the Clinton admin.
Posted by weedapoopl

You are both assuming, let's hold off on the partisan bashing and wait for some facts.

[wheear]

It's about time the American People seek to find other ways to invest, other than with these cheats & frauds we now have on capital hill under BO'S watch posted by pepperwood2


Ever notice that all of the ethics being violated at this level (wall street) are predominatley violated by white people. Madoff, Enron and likely these two... white. I would bet you that their backgrounds are impeccable. There is a general trust at this level that is never afforded unless the indiviual is white. People literally turn their back, close their eyes and wait for the profit. The only question asked is how much can I make? Long ago, people in general were just more honest. Long ago. We live in a corrupt society. Perhaps America will open their eyes and not accept someones word regarding billions of dollars in profit, because their white. I'm not rying to be cruel, it's just true. If Madoff's name was Jefferson, and he were Afican American, he'd be a free man working in Walmart. WAKE UP!

[weedapoopl]

they're Bush Administration holdovers....
Posted by nextgenman09 at 4:24 PM : May 14, 2009

Guess what? Madoff was first ignored by the SEC on Clinton's watch, in 2000.

So they must be holdovers from the Clinton admin.

[despido]

Let me guess....they're Bush Administration holdovers....
Posted by nextgenman09
+++++++++++++++++++++++++++
The article plainly states that it was Sen. Charles Grassley, R-Iowa; (a hold-over from the Bush administration) that has demanded that SEC Chairman Mary Schapiro, (an Obama appointee) take action. She should not have to be told to do so.... and why are these people STILL on the payroll?

[johninpennsyl]

How can they pick out these people when everybody in Washington is corrupt and stealing?
Sacrifice a few low level crooks so the show can go on!

[notjunior]

Well, let's see: The biggest Ponzie scheme... Social Security... The biggest Whimpie scheme..." I'll gladly pay you Monday for the burger I eat today...", Wall Street. Whose jobs are not in any kind of jeopardy...

[aheadace]

Public hanging is the only way to stop this shi!

[mljohns00]

The SEC. Another worthless Government agency that does more harm than good. We need an immediate forty percent cut of budgets and personnel for ALL local, state, and federal government agencies.