Investing 101 - Aug. 9, 2007 - Printable Version
- FIRE!!! (Please Leave the Building in an Orderly Fashion)
by Mark Faulk There has been a whirlwind of activity in our financial markets over the past few days. While the stock market itself has been experiencing an ugly downturn, the events that precipitated it continue to be ignored. Rampant regulatory failures within the SEC have been setting this up for years, and even the President’s so-called Plunge Protection Team hasn’t been able to stem the outflow from our markets.
After years of criticism from the investing public and market reform advocates, the recent scandals have begun to finally force Congress to shine a light on the SEC and Wall Street in general.
Yet another SEC Commissioner, Democrat Roel C. Campos, announced his resignation today, only two days after Walter Stachnik resigned as the SEC’s only Inspector General, which in turn happened on the same day that the US Senate issued a report blasting Stachnik for his failures in the Pequot Capital investigation. Stachnik, who has held that position since it was created in 1989, officially resigned, but the absence of an interim replacement, any advance notice by the SEC, or even a going away party prompted one observer to describe his leaving as “fired with benefits.”
Meanwhile, Dow Jones reported today that SEC Commissioner Annette Nazareth is expected to follow Campos through the SEC’s revolving door by the end of the year. Campos, Stachnik, and Nazareth’s departures will bring the total number of high-level SEC officials who have resigned in the wake of the Pequot scandal to at least six. In that still escalating scandal, the SEC has been accused of giving preferential treatment to Morgan Stanley CEO John Mack. While it remains to be seen how many of the departed SEC officials will eventually be implicated in the scandal, and how many have left simply to take advantage of the huge paychecks that traditionally await former SEC employees in the financial sector that they are supposed to oversee, the rush for the exits is suspicious at best.
Dave Patch of www.investigatethesec.com described the departures as “like rats off a sinking ship.” He said that “The SS SEC just hit an iceberg and instead of the officers insuring the safety of the passengers (investing public) this crew is saving themselves first. Nazareth, as Director of Market Regulation was the navigator in this shipwreck and her tenure as Commissioner illustrates her lack of qualifications.”
Patch will appear on the Friday, August 10, edition of the Faulking Truth Show on TogiNet Radio to discuss the Senate report on the Pequot scandal, the recent departures of key SEC officials, and the “New and Improved!!” Reg SHO, which although not in effect yet, was released to the public this week as well.
The Faulking Truth airs from 9:00 – 10:30 AM CST every Friday at www.TogiNet.com and will be rebroadcast several times throughout the week.
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Investing 101 Archives:
Financial Terrorism in America (Mark Faulk, Mar 19, 2004)
Pump and Dump or Short and Distort? (Mark Faulk, Apr 18, 2004)
Response From Berliner Freiverkehr and The Berlin-Bremen Stock Exchange (The Faulking Truth, Jun 3, 2004)
The Berlin Connection? SEC and NASD to Meet With German Brokerage Firm Tomorrow (Mark Faulk, Jun 3, 2004)
Is Dateline Losing Credibility Over StockGate Story Delays? (Mark Faulk, Jun 11, 2004)
Who's Looking Out For You? SEC Critics Seeking Investigation (Mark Faulk, Jun 27, 2004)
He Said, She Said: SEC, NASD At Odds Over Status of Proposal (Mark Faulk, Aug 5, 2004)
The Berlin Connection: 250 Companies Out (And Counting) (Mark Faulk, Aug 30, 2004)
Jag Media Case Dismissed by Judge, Citing Filing Deficiencies (Dave Patch, Sep 9, 2004)
A Twelve Step Program to Clean up the OTC Stock Market (Mark Faulk, Sep 14, 2004)
Is Time Running Short in StockGate Scandal? (Mark Faulk, Oct 5, 2004)
Dateline: The Waiting is the Hardest Part (Mark Faulk, Nov 16, 2004)
Death of an Investment Class (Dave Patch, Dec 30, 2004)
Elgindy Trial Illustrates Incompetence at the Federal Levels (Dave Patch, Jan 4, 2005)
The Year of the Investor (Mark Faulk, Jan 5, 2005)
Regulation SHO’s Threshold Lists Leave More Questions than Answers (Dave Patch, Jan 11, 2005)
Feeding the Stock Market Beast (Mark Faulk, Jan 11, 2005)
Economic Corruption US Style (Joel S. Hirschhorn, Feb 27, 2005)
Stockgate Goes to Congress (Mark Faulk, Mar 10, 2005)
The Old Shell Game (Bob O'Brien, Mar 25, 2005)
FINALLY! Dateline to Air Stockgate Segment April 10th (Mark Faulk, Mar 28, 2005)
Dateline Stockgate Update: POSTPONED YET AGAIN! (Mark Faulk, Apr 6, 2005)
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Pink Sheets CEO Calls for Reform in OTC Stock Market (Mark Faulk, May 2, 2005)
National Counterfeit Conspiracy Days, June 6th and 7th! (Mark Faulk, May 15, 2005)
Ninety-Four Trade Days and Counting (Dave Patch, May 25, 2005)
Stockgate: Turning up the Heat (Mark Faulk, May 31, 2005)
Stockgate: Donaldson out......Cox in (Mark Faulk, Jun 2, 2005)
SEC's Donaldson out, Cox in: One Step Forward, Two Steps Back (Mark Faulk, Jun 13, 2005)
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Stockgate: The Big Picture (Mark Faulk, Oct 10, 2005)
Stockgate: Rallying the Troops (Mark Faulk, Oct 16, 2005)
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Stockgate: "Can We Talk?" (Mark Faulk, Nov 27, 2005)
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Regulation SHO; Results Leave Questions More than Answers (Dave Patch, Dec 29, 2005)
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The Circle of Greed: A Voice in the Wilderness (Mark Faulk, Feb 13, 2006)
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The Parallel Universe of the DTCC: “Bits and bytes in book-entry form.” (Mark Faulk, Mar 24, 2006)
Finally...the Truth About Patrick Byrne (An open letter to Colin Kelly, Jr.) (Mark Faulk, Apr 19, 2006)
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The Circle of Greed: The Cloak of Invisibility (Mark Faulk, May 25, 2006)
The CMKX Story: When Too Much Isn’t Enough (Mark Faulk, Jun 1, 2006)
The Circle of Greed: "Let us Prey" (Mark Faulk, Jun 9, 2006)
The Keystone Cops meet the Gang that Couldn’t Shoot Straight (Mark Faulk, Jun 24, 2006)
Once Honesty is gone, Eliminating Integrity is easy (Mark Faulk, Jul 7, 2006)
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A Question and Answer Session about CMKX and Stock Market Fraud (Mark Faulk, Sep 15, 2006)
The Return of the Lying Liars (Mark Faulk, Sep 20, 2006)
Naked, Short, & Greedy (Mark Faulk, Oct 11, 2006)
Vote (Patrick Byrne) for (Overstock.com) CEO of the Year (Mark Faulk, Oct 23, 2006)
ENOUGH IS ENOUGH! (Mark Faulk, Nov 5, 2006)
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The Fall of the SEC (Mark Faulk, Feb 2, 2007)
Bloomberg to tell the story that Dateline didn't (Mark Faulk, Mar 12, 2007)
Wall Street vs. Main Street: Part 2-Oklahoma counts down the days (Mark Faulk, March 25, 2007)
Oklahoma Passes Landmark Stock Market Reform Law (Mark Faulk, April 25, 2007)
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The Circle of Greed: Watching Rome Burn (Mark Faulk, June 18, 2007)
Sen. Bennett Renews Call for Hearing into Stock Market Fraud (Mark Faulk, July 21, 2007)
FIRE!!! (Please Leave the Building in an Orderly Fashion) (Mark Faulk, Aug. 9, 2007)
This Bird has Flown - Convicted Stock Swindler Nowhere to be Found (Mark Faulk, Sept 18, 2007)
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Conversations with Robert A. Maheu (Mark Faulk, Aug 21, 2008)
The Goldman Gang (Mark Faulk, Oct 29, 2008)
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