Occam's Razor.. all this is are a bunch of greedy, immature, novice investors that are looking for something to blame (other than their own greed and ineptitude) for losing money. "The big boys of Wall Street" and a fairtale "corrupt system" make a tempting target for their anger.
Denial can be a powerful emotion - while I doubt these people really believe they're recover any money, writing a 10 page letter to the SEC is a great way to try to absolve themselves from any guilt and regret in the poor decisions they've made. Truth be told, most of these people couldn't ever dream of reading or understanding a balance sheet, income statement or a 10-Q. This is really all they have.
Some of them probably view themselves as "libertarian" or "conservative," and here they are endorsing heavy-handed and intrusive regulation. These people are too busy guzzling kool aid to notice the irony.
The whole naked shorting excuse is really becoming comical to the point it's unclear who of any consequence is taking the movement seriously these days... except penny stock fraudsters. For example, this comes from a 4/14/06 SEC digest:
"SEC FILES FRAUD CHARGES AGAINST RAMY EL-BATRAWI, ADNAN KHASHOGGI, GENESISINTERMEDIA, AND OTHERS ARISING OUT OF $130 MILLION STOCK LOAN AND MANIPULATION SCHEME" http://sec.gov/news/digest/2006/...6/
dig041406.txt
Keep in mind that the manipulation is alleged to have occured from 9/99 to 9/01, yet here in 9/06 the company is blaming their problems on naked shorters, evil reporters, and inaction by the SEC. Sound familiar? These are classics:
"Organized Short Sellers Use Media to Disseminate False Information on GenesisIntermedia and Ramy El-Batrawi" http://biz.yahoo.com/prnews/0609...f002.html?
.v=59
"GenesisIntermedia and Ramy El-Batrawi Attacked By Illegal Shorters and the SEC Fails to Take Action" http://biz.yahoo.com/prnews/0609...f002a.html?
.v=1
GenesisIntermedia Stock Who's CEO Was Ramy El-Batrawi Listed on Initial 'SHO List' for Excessive Fails for a Period of 105 Consecutive Trade Days" http://biz.yahoo.com/prnews/0609...h003.html?
.v=62
- Jeff
Gary,
I don't believe that most of them think on that deep of a level. The one common thread across most those "comment letters" is it seems that almost EVERYONE writing one either has or had a financial stake in the matter. Contrast this to other heavily debated market topics, options expensing for instance, where you had lots of parties with no financial stake in the matter (Buffett, etc.) weighing in. These people are ignorant, greedy crybabys. They became dangerous when they started distracting regulators from serious issues.
Yes, Dr. Patrick Byrne is my favorite self-described libertarian running around begging every regulator he can find (e.g., State of Utah, SEC, CA court system) to interfere with the market. Libertarian must not mean what I thought it meant.
'Dr.'Byrne on KFYA,claims Orin Hatch
is worried the Sith Lord will get Patrick yet and that Republican
'Senator Shelby is a gangster." I wonder if Senators Bob Bennett and Orin Hatch also believe Senator Shelby is a gangster ?
http://www.thesanitycheck.com/Bo...53/
Default.aspx
So, I'm listening to the radio, to Dr. Byrne discussing NSS, on KFYI in Arizona, and off went a bomb.
Dr. Byrne said that Orrin Hatch is fearful for Dr. Byrne's life. And said that he wanted Patrick to get out the message that he would move the earth to get whoever did it, should Patrick meet with an untimely end - hit by a car, plane goes down, chokes on a chicken bone, takes two slugs to the back of the head in a "suicide."
I'm not misstating what he said, or amplifying it. That was the message. Loud and clear.
That is pretty serious stuff. When the Ranking Republican on the Select Committee on Intelligence is telling Patrick that he is worried about him remaining alive, and wants to let the bad guys know that they will have Hatch to contend with if they decide to off him, we are out of the, "Hey, these guys are soooo paranoid" territory and into, "Holy S, there's something to their fear for their safety."..............
Other nuggets from Patrick:
"Senator Shelby is a gangster."
"Jim Cramer is as bent as they get. He says he's never heard of Gradient on his show, but there are emails between Becky Quick and Gradient where she is saying Jim loves the Gradient material."
"The SEC is in the pocket of Wall Street."
- Bobo
Tony,
Most of these NCANS supporters that post on the yahoo and investorvillage message boards are small time retail investors that know very little.
Yes, crap companies are now latching onto naked shorting as an excuse, just like they've always latched onto the current excuse-de-jour. This isn't surprising.
But you're now convinced that all of NCANS is really a penny stock promotion boiler room/money laundering operation (do you even understand what money laundering is?) with Patrick Byrne (who is already a multi-millionaire from the family he comes) at the top?
You've lost money by gambling with penny stocks and now it's "their fault" and you now know what's really happening and it's all a big, well organized scam? Apparently the must have mailed you some of the kool-aide, you sound like one of them.
Here's free advice: if you lost money playing with penny stocks, it was no one's fault but your own, and you should accept that and stop blaming others, not unlike the people that invested and lost money in Overstock who blame the share decline on some phantom market phenominom instead of crappy financial performance and even crappier management.
Here's another crazy reporter from Forbes and inside, proof of naked short selling damaging a company. What kind of author are you Gary? The data proving damage to companies is everywhere.
An SEC comment letter by James Brownfield. Very well written, if not particularly groundbreaking relative to the discussions here, apart from an apparent admission of the political realities of the situation:
http://www.sec.gov/comments/s7-1.../s71206-
146.pdf
John,
I would direct you to the financials filed by Global Links at the EDGAR site.
Can you show us where this company has been damaged by "naked short selling"?
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