Good Morning,
Hope your weekend was an excellent one! A few posts below are quite interesting and kind of sums up the need for action and in the least a close monitoring of the "goings on" in our capital and the financial markets as we try and adjust our way out of the death spiral brought on us by our own governments lack of action and greed!
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SEC's Enforcement Manual
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thanks..ShowMeTheMoney & jersey
Mod Squad
Excellent Insights
« Thread Started Today at 1:43am »
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Jersey was kind enough to point the following information out to me. For some reason, she didn't want to publish the info herself… but it's all very good! So, she said I could post it.
Please, give her a round of applause... this is good stuff!
First, here is the URL to the SEC's Enforcement Manual, with specific instructions on how SEC employees and agents are to conduct themselves during an investigation.
http://www.sec.gov/divisions/enforce/enforcementmanual.pdf
3.1.2 Statutes of Limitations and Tolling Agreements
pg 40
Basics:
• Section 2462 of Title 28 of the United States Code states that "[e]xcept as otherwise provided by Act of Congress, an action, suit or proceeding for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, shall not be entertained unless commenced within five years from the date when the claim first accrued if, within the same period, the offender or the property is found within the United States in order that proper service may be made thereon." The statute of limitations is an affirmative defense that is waived if it is not raised in timely fashion. See Canady v. SEC, 230 F.3d 362, 363 (D.C. Cir. 2000).
• If the assigned staff investigating potential violations of the federal securities laws believes that any of the suspect conduct may be outside the five-year limitations period before the SEC would be able to file or institute an enforcement action, the staff may ask the potential defendant or respondent to sign a "tolling agreement."
Such requests are often made in the course of settlement negotiations to allow time for sharing of information in furtherance of reaching a settlement. By signing a tolling agreement, the potential defendant or respondent agrees not to assert a statute of limitations defense in the enforcement action for a specified time period. A tolling agreement must be signed by staff at the Assistant Director level or above.
Here's some additional information on Tolling Agreements and
http://www.sec.gov/divisions/enforce/enforcementmanual.pdf
pg 41-42
TOLLING AGREEMENT
pg 44-45
3.1.4. Parallel Investigations and the State Actor Doctrine
...Fifth Amendment in testimony...
3.2.6.2.2 Bates Stamping
pg 83
3.3.5.3.2 Immunity Orders
pg 110
5.2 Cooperation with Criminal Authorities
5.2.1 Parallel Investigations
...If asked by counsel or any individual whether there is a parallel criminal investigation, staff should direct counsel or the individual to the section of Form 1662 dealing with "Routine Uses of Information9," and state that it is the general policy of the Commission not to comment on investigations conducted by law enforcement authorities responsible with enforcing criminal laws.
Staff should also invite any person who raises such issues to contact criminal authorities if they wish to pursue the question of
whether there is a parallel criminal investigation. Should counsel or the individual ask which criminal authorities they should contact, staff should decline to answer unless authorized by the relevant criminal authorities.
Note from Show... this sure gives the agency a lot of latitude in terms of not answering questions they don't want to answer... wouldn't you think?
...in certain circumstances it is appropriate for criminal authorities to ask SEC staff to refrain from taking actions that would harm the criminal investigations, and likewise it can be appropriate for SEC staff to ask criminal authorities not to take action that would harm our investigations....
Another note from Show... What's the Policy and procedure that is enforced that requires the SEC to elevate a complaint or fraud to a criminal investigation?
pg111
5.2.2 Grand Jury Matter
The SEC is generally not privy to grand jury matter. Grand jury matter is subject to the confidentiality restrictions set forth in Federal Rule of Criminal Procedure 6(e) and analogous state rules of criminal procedure. Rule 6(e) provides for secrecy of all "matter(s) occurring before the grand jury," subject to certain exceptions…[/blockquote]
Last comments from Show... My take on all this is that it's certainly possible that UC could have become a Whistle-Blower against John Edwards… and his own company. In that scenario, UC would have been prevented from saying anything to anyone… including Tyler. It could explain why Tyler felt UC was part of JE's efforts. But, it would also explain why no one from the SEC, or any other agency, has gone directly after UC.
Section 5.2.2 Grand Jury Matter is also interesting. With regards to that Grand Jury investigation going on in Las Vegas… the SEC may not officially be aware of its existence… although they know now.
AIMO,
- Show
"INSUM LEGITUMS VINCO"
......."Illegitimi Non Carborundum"
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Deep Capture - Patrick Byrne
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Jonathan Swift prophesied, "When a true genius appears in the world, you may know him by this sign, that the dunces are all in a confederacy against him." The question is, Will the US turn into Britain circa 1961? Or are there enough cracks in the system that the dawn can break through? As Dirty Harry put it, "Well to tell you the truth, in all this excitement I've kinda lost track myself."
So You Say You Want a Revolution?
June 19th, 2008 by Patrick Byrne
"Fate often saves the undoomed warrior when his courage endures." - Beowulf
The list of villains implicated by Deep Capture's analysis is seemingly endless, but the list of institutions which have failed our nation is not. They can be spoken to. They can be made aware of how you have lost confidence in them. They can be told how much they suck.
That list of institutions begins with the broker-dealers who enable hedge fund crookery in return for profitable prime brokerage business. Then comes the Self-Regulatory Organizations ("SRO's") who have direct responsibility for preventing crimes such as this from happening. Then comes the regulators (SEC) charged with supervising the SRO's. Next comes Congress, which has failed ito provide the SEC proper political oversight. Last, but most importantly, comes the Free Press, our public realm's ultimate watchdog, which has been licking its crotch instead of doing its job.
If you accept the analysis of DeepCapture, then you should let these groups know what you think of their work. Please be courteous and polite: I have been abrasive enough for all of us. You need only tell them that you are concerned about naked short selling and think they should be doing something about it. You might even abbreviate it by simply sending them emails that say, "DeepCapture.com". They'll know what you mean.
THE BROKER-DEALERS
Call these brokers and tell them what you think of their conduct:
Goldman Sachs says: "This policy is designed to provide a channel of communication for employees and others who have concerns about the conduct of Goldman Sachs or any of its people………." 1 (866) 520-4056 You might also give a ring to their press contact: 212-902-1000/5400
Morgan Stanley's "Integrity Hot-line" says: "Concerns relating to ethical or business conduct matters, including accounting, internal accounting controls or auditing matters, may be brought to the Company's attention" at 866-448-8434
Bear Stearns has no readily discoverable "Integrity Hotline" so just call their press person, Elizabeth Ventura (212) 272-9251, and tell her what you think.
THE SELF-REGULATORY ORGANIZATIONS (SRO'S)
It may be hard to believe, but our capital market is not really set up with a cop on the beat. It is set up as a number of clubs (such as AMEX, NASDAQ, and the New York Stock Exchange) which publish their own rules. The federal government's role is to OK those rules, then come along and inspect whether clubs are following the rules they publish. That's it.
The clubs are called, "Self-Regulatory Organizations", or "SRO's". The SRO's keep an eye on Wall Street in precisely the same sense in which, in a Tijuana cat-house, the guys with the mops and buckets can be said to be "keeping an eye on the place".
Recently two of the SRO's (the ones overseeing NASDAQ and NYSE) merged together and become the "Financial Industry Regulatory Authority" ("FINRA"). Contact FINRA's Office of the Ombudsman at (240) 386-6270, or toll-free at (888) 700-0028, and tell them to get bigger mops.
THE REGULATORS
There is a night watchman who walks around tapping on windows and calling out to the mop-boys, "Is everything all right in there?" and "Keep it down in there!" and "Are you guys hiring?" That watchman is The United States Securities and Exchange Commission. Please do not be too hard on the SEC. They are underpaid, over-worked, have no budget, and are lawyers. They are so far behind the whiz-kids........................................
To read the rest of this post please go to http://www.deepcapture.com/so-you-say-you-want-a-revolution/
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