Post by jcline on Oct 3, 2007 9:20:33 GMT -5
STOCKGATE TODAY
An online newspaper reporting the issues of Securities Fraud
Annette, don't let the doorknob hit ya....October 3, 2007
David Patch
This week marked yet another victory for the good guys. This week, the white-collar crooks and criminals of Wall Street lost another critical ally.
In an SEC press release Commissioner Annette Nazareth has made it official, she is outa here. Her stint as SEC Commissioner will soon be over and the small investor can be none the happier.
In the official SEC press release Chairman Cox stated "Over nearly a decade of public service, Annette Nazareth has dedicated herself to the causes of investor protection and the improvement of our capital markets."
Cox had to come out with such high praise he is a politician.
Looking back, I can't recall a time when a resigning political figurehead has ever received negative public commentary regardless of their true performance? It has become almost comical how so many "top performers and committed individuals" work for our Federal Government considering how screwed up the Federal Government has become.
The SEC certainly being no stranger to screwed up and conflicted when performance and accountability is being discussed.
To those inconsequential investors who fall outside Nazareth's purview of investor protection we commit to memory the real Annette Nazareth. The inconsequential hang on to those comments Nazareth made in February 2005 during an interview with Floyd Norris of the NY Times regarding Regulation SHO.
Norris was seeking comment by Nazareth over the critics of SHO, of which I was one, regarding the much-maligned grandfather clause. The Nazareth directed Division of Market Regulation released the ill-advised "grandfather clause" in 2005, without public comment and possibly in violation of Federal Securities Laws.
Nazareth responded to the critics trivializing their position on the issue. Nazareth inferred that the critics were just whiners and claimed that the critics were "just upset their stock prices did not go up". Boy was she wrong. We actually understood what a blinded Nazareth could not.
Barely 2 years later Nazareth, in January 2007, drafted a private e-mail to a source in which she admitted that the "grandfather clause had outlived its usefulness and should be eliminated." Funny she never made such commentary public. In the private memo she insinuated the clause would be eliminated soon.
Some nine months of continued abuse has persisted since that memo was drafted and yet the clause remains with the termination date set for October 15, 2007.
As for the critics Nazareth dismissed in in 2005, Chairman Cox has a different opinion of them. Chairman Cox, at a US Chamber Conference on Capital markets earlier this year cited the severity of the issue and closed his commentary by stating that the "victims had a right to be upset."
Victims or Whiners? A Nazareth directed Division of Market Regulation created an ill-advised rule that could not sustain itself for a period of even two years and yet the critics were the ones wrong?
What did Nazareth mean by "outlived its usefulness"? There was a useful intent on a temporary clause? Sounds a lot like price manipulation when temporary rules are created to directly control or impact the trading markets of specified securities and price manipulation is certainly not in the playbook of investor protection.
Price manipulation being defined under the Section 9 of the Exchange Act of 1934 as "To effect either alone or with one or more other persons any series of transactions for the purchase and/or sale of any security registered on a national securities exchange for the purpose of pegging, fixing, or stabilizing the price of such security in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors."
So now the captured Commissioner will be gone. Her dismissive attitude towards the inconsequential will no longer roam the halls of the SEC, unless or course called upon to lobby for the services of her future clientele. Certainly the white-collar crooks and criminals of Wall Street will no longer have this ally to rely on for the inside track on protection.
Annette, don't let the doorknob hit ya on the way out. We, the investing majority are certainly not disappointed to see you go.
Those you have deemed inconsequential have seen the real personality of Annette Nazareth and not being politicians we are not required to play nice and pull punches. In contrast to the niceties of your DC brethren, you will not be missed. This party has already started without you.
No apologies necessary Annette, your resignation is the greatest gift you can give us inconsequential people.
For more on this issue please visit the Host site at www.investigatethesec.com
Copyright 2007
An online newspaper reporting the issues of Securities Fraud
Annette, don't let the doorknob hit ya....October 3, 2007
David Patch
This week marked yet another victory for the good guys. This week, the white-collar crooks and criminals of Wall Street lost another critical ally.
In an SEC press release Commissioner Annette Nazareth has made it official, she is outa here. Her stint as SEC Commissioner will soon be over and the small investor can be none the happier.
In the official SEC press release Chairman Cox stated "Over nearly a decade of public service, Annette Nazareth has dedicated herself to the causes of investor protection and the improvement of our capital markets."
Cox had to come out with such high praise he is a politician.
Looking back, I can't recall a time when a resigning political figurehead has ever received negative public commentary regardless of their true performance? It has become almost comical how so many "top performers and committed individuals" work for our Federal Government considering how screwed up the Federal Government has become.
The SEC certainly being no stranger to screwed up and conflicted when performance and accountability is being discussed.
To those inconsequential investors who fall outside Nazareth's purview of investor protection we commit to memory the real Annette Nazareth. The inconsequential hang on to those comments Nazareth made in February 2005 during an interview with Floyd Norris of the NY Times regarding Regulation SHO.
Norris was seeking comment by Nazareth over the critics of SHO, of which I was one, regarding the much-maligned grandfather clause. The Nazareth directed Division of Market Regulation released the ill-advised "grandfather clause" in 2005, without public comment and possibly in violation of Federal Securities Laws.
Nazareth responded to the critics trivializing their position on the issue. Nazareth inferred that the critics were just whiners and claimed that the critics were "just upset their stock prices did not go up". Boy was she wrong. We actually understood what a blinded Nazareth could not.
Barely 2 years later Nazareth, in January 2007, drafted a private e-mail to a source in which she admitted that the "grandfather clause had outlived its usefulness and should be eliminated." Funny she never made such commentary public. In the private memo she insinuated the clause would be eliminated soon.
Some nine months of continued abuse has persisted since that memo was drafted and yet the clause remains with the termination date set for October 15, 2007.
As for the critics Nazareth dismissed in in 2005, Chairman Cox has a different opinion of them. Chairman Cox, at a US Chamber Conference on Capital markets earlier this year cited the severity of the issue and closed his commentary by stating that the "victims had a right to be upset."
Victims or Whiners? A Nazareth directed Division of Market Regulation created an ill-advised rule that could not sustain itself for a period of even two years and yet the critics were the ones wrong?
What did Nazareth mean by "outlived its usefulness"? There was a useful intent on a temporary clause? Sounds a lot like price manipulation when temporary rules are created to directly control or impact the trading markets of specified securities and price manipulation is certainly not in the playbook of investor protection.
Price manipulation being defined under the Section 9 of the Exchange Act of 1934 as "To effect either alone or with one or more other persons any series of transactions for the purchase and/or sale of any security registered on a national securities exchange for the purpose of pegging, fixing, or stabilizing the price of such security in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors."
So now the captured Commissioner will be gone. Her dismissive attitude towards the inconsequential will no longer roam the halls of the SEC, unless or course called upon to lobby for the services of her future clientele. Certainly the white-collar crooks and criminals of Wall Street will no longer have this ally to rely on for the inside track on protection.
Annette, don't let the doorknob hit ya on the way out. We, the investing majority are certainly not disappointed to see you go.
Those you have deemed inconsequential have seen the real personality of Annette Nazareth and not being politicians we are not required to play nice and pull punches. In contrast to the niceties of your DC brethren, you will not be missed. This party has already started without you.
No apologies necessary Annette, your resignation is the greatest gift you can give us inconsequential people.
For more on this issue please visit the Host site at www.investigatethesec.com
Copyright 2007
