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Hey, hodag. Do you Think Mark Mitchell and Gary Aguirre Have Ever Brought Up Dendreon in Their Private Chats?Hey, hodag, do you think Mark Mitchell has ever mentioned to his famous lawyer what has gone on over the years with little debbie dendreon? After all, Mr. Mitchell did write the book: The Dendreon Effect: How Felons, Con-men and Wall Street Insiders Manipulate High-tech Stocks and now has Gary Aguirre representing him in the case sited below in Court House News: http://www.courthousenews.com/2014/05/29/68279.htm Does SEC Give Naked Short Sellers a Pass? CHICAGO (CN) - A financial journalist claims the SEC presides over a system that encourages naked short selling in counterfeit stock, endangering the very system the SEC is supposed to protect. Mark Mitchell sued the SEC in a federal FOIA complaint. He demands information on SEC inquiries, and enforcement actions, regarding SEC Regulation SHO, involving naked short-selling of stock of public companies. He claims the information, which the SEC has not released, would show: "A. the inherent flaws in regulations created by the SEC to stop naked short selling; "B. the lack of transparency in the regulatory system relating to the processing of short sale trades; "C. the SEC's lax enforcement of the securities acts and related rules, including Reg SHO, against those who engage in naked short selling, and, most importantly; "D. how these factors combine to create a dangerously high and unacceptable level of risk to the integrity of the nation's and the world's capital markets." Mitchell claims: "the SEC has sponsored, supervises, and presides over a regulatory system that has allowed and in fact encouraged broker-dealers and other market participants to create billions of shares of counterfeit stock in hundreds of millions of trades which collectively put the integrity of the capital markets at risk. The counterfeit stock has been and continues to be created through a practice commonly referred to as 'naked short selling.' Naked short sales share no properties in common with lawful short sales, except both involve a purported sale of stock. "In a lawful short sale, the seller borrows the stock from a third party and makes real delivery of the borrowed stock to the buyer. In a naked short sale, the market participant neither owns nor has borrowed the stock, but nevertheless purports to sell genuine stock of the public company to the buyer. In substance, a market participant who engages in a naked short sale delivers counterfeit stock to the buyer. "Once the counterfeit stock is sold through a naked short sale, it continues in circulation in the securities markets much like counterfeit bank notes continue in circulation after they are introduced into the monetary system. It has the effect of increasing the supply of stock available on the market for sale, which generally has a depressing effect on the price of the genuine stock of the public company whose name the counterfeit stock bares. The naked short sales of counterfeit stock harm investors holding genuine stock, investors who receive the counterfeit stock, and the public company whose stock is diluted with counterfeit stock. The aggregate creation of counterfeit stock creates high and unacceptable risks to the integrity of the nation's and the world's capital markets." Mitchell is a reporter for DeepCapture.com, an online financial news service. He says he previously worked as an editorial page writer for The Wall Street Journal in Europe, chief business correspondent for Time magazine's Asia Edition, and assistant managing editor for the Columbia Journalism Review's online business journalism section. The 61-page complaint specifies the particular records Mitchell wants to see regarding the SEC's enforcement of naked short selling. He is represented by Gary Aguirre of San Diego with local counsel Hal Wood of Horwood, Marcus & Berk. _______________________________________________________________ For those who may not know, or who may have forgotten, Gary Aguirre, who is representing Mark Mitchell in the above case, is a pretty famous guy. See below: Gary J. Aguirre is an American lawyer, former investigator with the United States Securities and Exchange Commission (SEC) and whistleblower. After earning his second law degree, he applied for a job with the SEC, where he became the lead investigator on an insider trading case involving Pequot Capital Management. Suspecting the leaked information came from John J. Mack, a Wall Street titan and major contributor to the 2004 campaign of President George W. Bush, Aguirre wanted to subpoena Mack, but supervisors told him Mack had too much "political clout" and would not be pursued. Aguirre complained to a superior about the preferential treatment being given Mack and was fired without warning. A Senate investigation later found his termination to have been an illegal reprisal.[1] In May 2010, Pequot Capital settled its insider trading charges with the SEC for $28 million[2] and a month later, the SEC settled the wrongful termination suit filed by Aguirre for $755,000.[3] Aguirre returned to private practice in San Diego in 2008, specializing in securities law. He has emerged as a major critic of the SEC, calling it an agency that was set up to protect the public from Wall Street, but now protects Wall Street from the public. [I love that part, as you can probably tell.] Predicted the 2008 financial collapse In 2006, while testifying before Senator Arlen Specter and the Senate Judiciary Committee about Mack, Pequot Capital and the SEC lack of oversight, he warned that SEC enforcement was dangerously lax.[44][67] He said that the SEC had recovered a mere $110,000 from hedge fund insider trading over one year when the Committee itself had found evidence that over a one-year period, more than 41% of all mergers and acquisitions of over a billion dollars involved insider trading.[67] Aguirre warned that lack of effective oversight of rampant corruption was allowing Wall Street the same unregulated market abuse and leveraging[67] that caused the Wall Street crash of 1929.[44] In 2008, he delivered a similar message at the Sibos conference in Vienna. Just prior to the collapse of Bear Stearns, he wrote a letter to the Senate Banking Committee that the nation's banks, and particularly Bear Stearns, were at risk because of subprime debt exposure and credit default swaps. In September 2008, during the debate on the Troubled Asset Relief Program (TARP), Aguirre's projections on the costs of the taxpayer bailout were cited on the floor of the U.S. House of Representatives.[68] [Much more info available--just look.] ______________________________________________ I don't know, but I'm thinking they have. |
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Msg # | Subject | Author | Recs | Date Posted |
474699 | Re: Hey, hodag. Do you Think Mark Mitchell and Gary Aguirre Have Ever Brought Up Dendreon in Their Private Chats? | Hodag | 0 | 4/1/2015 2:54:38 PM |