Investing 101 - Nov 16, 2004 - Printable Version
- Dateline: The Waiting is the Hardest Part
by Mark Faulk Call it the calm before the storm. It's been ten months since Dateline was reportedly first scheduled to air it's expose' on what many experts say is "the biggest financial scandal in the history of the world". We first broke the story of the Dateline expose' in June, and have continued to update it ever since. After numerous postponements, many investors have become discouraged, especially after Dateline failed to air it's story before the November 2nd election.
They won't have to wait for long. A month ago the Faulking Truth reported from a reliable source that the "Dateline broadcast was imminent", and would most likely be aired in 3 weeks. That "deadline" came and went, and still no Dateline. However, Dateline Producer Sharon Hoffman assured us late last week that "the story is definitely still ongoing", and that the Faulking Truth, and our readers, will "be among the first to know the air date". Hoffman also told us that while "we're still shooting interviews and aren't ready to air yet.....I have received some new information that we are looking into." She also said to "please tell your readers that I have saved all their emails and will email them as well when i have an update".
We have also received information that Dateline recently interviewed representatives from the SEC, which will be included in the pending segment. We asked Hoffman for confirmation on this, but she declined to comment, saying that "I can't confirm who we have or haven't spoken to in the course of our reporting". Our sources have also told us that Dateline is considering setting up a website and possibly a chatroom for feedback on the program.
Could this story have affected the outcome of the Presidential election if it had been aired before November 2? We'll never know, but in our opinion, this is NOT a political issue, it's a story of bureaucracy run amuck, and of one hand (the SEC) feeding the other (the NASD and the DTCC). Unfortunately, the "food" that they are stealing belongs to the American people, to small investors across America, and to the small honest companies that are struggling to succeed in an already difficult competitive corporate world.
The key word here is "honest". For every person who believes that they have been robbed blind by a massive organized "naked short selling" effort to defraud these small companies and their investors of their money....there are others who claim that it's the companies themselves that are ripping off investors in socalled "pump and dump" schemes, where the company's stock price is inflated by hyping the company through fraudulent or misleading press releases, and then shares are dumped upon unsuspecting investors, who often end up losing their entire investment.
That is a debate that will only be answered by a full scale investigation. Here's my question to all those who claim that the "naked short selling" scandal doesn't exist: if you are so certain that you are right, then why do you oppose a full investigation into the issue? Whether the corruption exists on the short selling side or on the corporate side (and I suspect that there is fraud on both sides of the issue), Americans have a right to know. In our opinion, the Dateline segment is only the beginning, and it will take continual pressure from the media, investors, and ultimately, the governing bodies who are charged with protecting investors' interest before the issue is resolved.
On Business TalkRadio Network's "Corporate Strategies with Tim Connolly" last Sunday evening, Connolly spoke with retired FBI special agent Don Clark, who is now with the law firm of O'Quinn, Laminack & Pirtle, who are partnering with Christian, Smith, Wukoson and Jewell, and the law firm of Heard, Robins, Cloud, Lubel & Greenwood in dozens of lawsuits involving naked short selling. According to Clark, "The criminal investigative arena, the FBI and U.S. Attorneys' offices across the country are trying to look into these cases" and that "they already know that organized crime is involved in these kinds of cases".
In the meantime, what can we do to "move the process along"? Connolly closed his show by stating that "If enough people complain to the FBI - then at least we can get some access to the truth." He suggested that anyone who feels that they have been defrauded in the naked short selling scandal call the FBI to lodge a complaint. Clark said to "report this to the SEC and the FBI - with specifics, inundate them with complaints." A caller into the show (and several of our readers as well) said that the best way to get results would be to "get New York Attorney General Eliot Spitzer involved".
At the Faulking Truth, we believe that the correct answer is "all of the above". Inundate the FBI and the SEC with complaints, flood Spitzer's office with requests for an investigation, and contact your local FBI and your state Attorney General's office with your requests. Contact the media and ask them why they aren't covering this important story. Go to www.investigatethesec.com and sign the petition, even if you haven't been directly affected by the scandal. Post your opinions on the Dateline website after the show airs. Above all, contact your U.S. Senators and Congressmen and demand that they launch an investigation into the actions of the SEC, the NASD, and the DTCC. By destroying small businesses, their employees, and investors' wealth, this scandal touches every American. It adversely affects our economy and undermines the health of our stock market system.
This story is far from over....and it won't end until we demand that our elected officials, and the officials who are pledged to protect the American investor, have fully investigated this scandal and taken the steps to return integrity to the stock market. And in the next election....we will vote with our pocketbooks. Fix the markets, and regain our trust. Let the corruption continue unabated, and we'll "do the right thing", and vote those responsible out of office.
Add your name to our "Stockgate activist list" at info@faulkingtruth.com. We will email you only when we have new articles or information dealing with this issue. Please link the articles everywhere you can, post them on stock message boards, and send them to the appropriate public entities. To enact positive change requires positive action.
Contact New York Attorney General Eliot Spitzer at 1-800-771-7755
Contact the SEC at 1-800-732-0330
To listen to the "Corporate Strategies with Tim Connolly" interview with Don Clark (11/14/04), go to:
www.businesstalkradio.net/weekend_host/Archives/cs.shtml
For related articles on this story, read:
"Is Dateline Losing Credibility Over StockGate Story Delays?"
www.faulkingtruth.com/Articles/Investing101/1005.html
"Is Time Running Short in Stockgate Scandal?"
www.faulkingtruth.com/Articles/Investing101/1011.html
And for an overview into the stock market scandal, read:
"Financial Terrorism in America"
www.faulkingtruth.com/Articles/Investing101/1001.html
Voice your opinion on our message board (you don't have to sign up to post), or post in our guestbook.
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)
Time to Boycott GE, Dateline, and NBC? (Mark Faulk, Apr 6, 2005)
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)
President Bush’s Social Security Agenda - Steal your Money the Easy Way (Dave Patch, Jun 17, 2005)
Global Links Corp: The Real Story (Mark Faulk, Jun 26, 2005)
Forget SEC "Regulations".... This is Good Old-Fashioned Fraud (Mark Faulk, Jul 13, 2005)
Common Cause Joins Fight to "Stop Corporate Takeover of the SEC" (Mark Faulk, Jul 22, 2005)
Dateline Stockgate: We're on, we're off, we're on, we're off.....WE'RE ON AGAIN: July 31st!!! (Mark Faulk, Jul 25, 2005)
Dateline to Air Stockgate Segment in 2-Hour Show, Sunday, July 31st (Mark Faulk, Jul 29, 2005)
From Dateline to Overstock....The Plot Thickens (Mark Faulk, Aug 16, 2005)
Congress Sells America Short (Mark Faulk, Sep 20, 2005)
Stockgate: The Big Picture (Mark Faulk, Oct 10, 2005)
Stockgate: Rallying the Troops (Mark Faulk, Oct 16, 2005)
The $10.5 Billion REFCO Smoking Gun? (Bob O'Brien, Oct 23, 2005)
We Definitely Aren't in Kansas Anymore - Fraud Wall Street Style (Bob O'Brien, Nov 3, 2005)
Start Spreading the News: Stockgate Goes Nationwide (Mark Faulk, Nov 8, 2005)
Stockgate: "Can We Talk?" (Mark Faulk, Nov 27, 2005)
It's Money That Matters (Mark Faulk, Dec 11, 2005)
Regulation SHO; Results Leave Questions More than Answers (Dave Patch, Dec 29, 2005)
Faulking Truth Editor to Write CMKX Story (The Faulking Truth, Jan 5, 2006)
It Takes an Army (Mark Faulk, Jan 11, 2006)
The Circle of Greed: The Only Bull in this Stock Market is a Cash Cow (Mark Faulk, Jan 17, 2006)
A Silent Lynch Mob - An Open Letter From Rod Young (Rodney Young, Feb 2, 2006)
The Circle of Greed: A Voice in the Wilderness (Mark Faulk, Feb 13, 2006)
The Circle of Greed: Who Wants to be a Congressman? (Mark Faulk, Feb 26, 2006)
Freedom of the Press? (Mark Faulk, Mar 12, 2006)
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)
Faulking Truth recommends abolishing the SEC (Mark Faulk, Apr 27, 2006)
The Circle of Greed: The Cloak of Invisibility (Mark Faulk, May 25, 2006)
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