williambanzai7 says:

SYMPATHY FOR THE SHORTS
(Sympathy For the Devil, Stones)
WilliamBanzai7

Please allow me to introduce myself
I’m a man of wealth and taste
Ive been around for a long, long year
Stole many a mans nest egg and faith
And I was round when Livermore
Had his moment of doubt and pain
Made damn sure that Madoff
Washed his hands and sealed his fate
Pleased to meet you
Hope you guess my name
But whats puzzling you
Is the nature of my game
I stuck around AIG
When I saw it was a time for a change
Fired the CEO and his SVPs
While Bernanke and Paulsen screamed in vain
I killed a bank
Was best friends with Hank
When the markets raged
And Sirius XM tanked
Pleased to meet you
Hope you guess my name, oh yeah
Ah, whats puzzling you
Is the nature of my game, oh yeah
I watched with glee
While your investment banks bleed
Fought for ten decades
To kill the paper they made
I shouted out,
Who killed Lehman, Bear and the GSEs?
When after all
It was you and me
Let me please introduce myself
I’m a man of wealth and taste
And I laid traps for banker troubadours
Who get fired before they reach Mumbai
Pleased to meet you
Hope you guessed my name, oh yeah
But whats puzzling you
Is the nature of my game, oh yeah, get down, baby
Pleased to meet you
Hope you guessed my name, oh yeah
But whats confusing you
Is just the nature of my game
Just as every banker is a criminal
And all the hedge fund thieves are saints
As heads is tails
Just call me trader Joe
cause I’m in need of some restraint
So if you meet me
Have some courtesy
Have some sympathy, and some taste
Use all your well-learned risk controls
Or Ill lay your trading book to waste, um yeah
Pleased to meet you
Hope you guessed my name, um yeah
But whats puzzling you
Is the nature of my game, um mean it, get down
Woo, who
Oh yeah, get on down
Oh yeah
Oh yeah!
Tell me baby, whats my name

gene Karthauser says:

Great Letter Glaszman, here’s an excerpt from mine—
sent 6/24/09
to Senator XXXXXX: “……………

despite numerous emails to you, I am having a dickens of a time getting your attention on the above referenced matter. Senator Grassley’s office has already indicated interest, so you can hopefully join him, and we can get the entire Senate Finance Committee to obtain help and/or justice for me and 1,500 BCIT shareholders Senate who are victims of naked short selling and a DTCC unjust global lock on our shares RESULTING IN IMMINENT DELISTING (7/31/09) BY THE SEC, and pointing to serious problems with the SEC and the above-the-law, monopolistic and arrogant Depository and Trust Clearing Corporation who not only are not protecting small companies and retail shareholders, but refusing us information and our CEO any response or justification for a Global Lock/Global Freeze on trading which is in place against our company for nearly four years only to serve as protection for those brokers and their clients who sold us shares they did not possess and never intended to deliver, in effect taking millions of dollars from us shareholders.

NOW, MAKING MATTERS EVEN WORSE, THE SECURITY AND EXCHANGE COMMISSION IS THREATENING TO DELIST OUR COMPANY JULY 31, 2009, DUE TO THE GLOBAL LOCK!!!!
(THE INACTIVITY, WHICH THE GLOBAL LOCK CAUSES, IS GIVEN AS GROUNDS FOR DELISTING). THIS IS CATCH TWENTY-TWO. WE ARE INACTIVE ONLY BECAUSE OF THE GLOBAL LOCK, AFTER ALL. If delisting is not stopped, we can never trade and therefore, the millions of dollars worth of phantom shares our brokers sold to us will never have to be delivered. I, along with 1500 shareholders, thus petition the Senate Finance Committee to intervene against this delisting, at least until the underlying injustice (billions of undelivered shares sold by our brokers)can be addressed. .

PLEASE READ THE BELOW ACCOUNT OF THIS AND LET ME KNOW WHAT YOU
–in concert with Sen Grassley and Sen Merkley–who have also been contacted regarding this outrage– CAN DO TO HELP STOP BCIT’S DELISTING, AND FORCE THE DTCC TO LIFT ITS GLOBAL LOCK AND TO ACCOUNT FOR THEIR ALLOWING HUGE NUMBERS OF NAKED SHORT PHANTOM SHARES TO HAVE BEEN SOLD AND NEVER COVERED IN THE OPEN MARKET, AS BY LAW THEY SHOULD BE FORCED TO DO.

THE STORY OF BCIT, (ENERGY SOURCE, INC. formerly known as Bancorp International Group) ),

IS PERHAPS THE MOST EGREGIOUS INSTANCE OF NAKED SHORT

SELLING IN THE HISTORY OF THE AMERICAN STOCK MARKET,

EQUAL TO AT LEAST TWO BILLION SHARES STILL UNDERLIVERED

FOR NEARLY FOUR YEARS TO THE DETRIMENT OF BCIT SHAREHOLDERS

AND THEIR COMPANY — A CASE THAT SHOULD BECOME A POSTER CHILD

FOR MARKET CORRUPTION, AND A PRIME EXAMPLE OF FAILED “SELF

REGULATION” BY THE DTCC AND THE SEC’S FAILURE TO ENFORCE LAWS

REGARDING DELIVERY OF PURCHASED SECURITIES IN OUR MARKETS.

Naked short selling has not only killed BCIT, but also harmed America. A former market
maker has divulged to me that of all the small companies he worked with, only 10 %
succeeded, 40% failed as businesses or scams, but 40% were destroyed by naked short selling. So naked short selling has fleeced small investors of serious money and KILLED
NEARLY HALF OF ALL SMALL BUSINESSES, which, as you know, are the lifeblood of our economy. Therefore, if the Congressional Finance Committee can PROTECT BCIT FROM DELISTING AND THE INJUSTICE OF BEING DILUTED WITH PHANTOM,
UNDELIVERED AND UNCOVERED SHARES BY BROKERS AND MARKET MAKERS WITH THE DTC AND SEC REFUSING TO RECTIFY THIS, IT COULD MAKE AN EXAMPLE OF BCIT, AND THIS WOULD SEND A CLEAR MESSAGE AND HAVE GREAT RELEVANCE TO THE OVER-ALL HEALTH OF THE AMERICAN ECONOMY.

THE ALMOST UNBELIEVABLE STORY OF BCIT

Since 2005, the DTC has not allowed me and 1,500 other shareholders of a company known as Bancorp International Group, (ticker :BCIT soon to become Energy Source, Inc. ) to sell our shares or buy new shares. For nearly four years, now, whenever we try to trade, the DTC tells us we cannot because we are under a “Global Lock. ” But they refuse to explain to us why. For years our money has been tied up and we have fought for the right to trade.. The last day I attempted to trade (8/30/2005), my shares were worth $XXXXX, which to me, who drives a 1999 Ford, is a heck of a lot of money to lose. Multiply that by 1,500 shareholders and we are talking about BCIT retail investors being robbed of millions.

If we lowly BCIT shareholders try to discover the reason behind the DTC’s Global lock,
we can get no reply. The DTC will not talk to us. When our CEO tries to discover the
reason, he finds that the cause is that the DTC allowed an estimated TWO BILLION
(AT LEAST ! some estimates =ten billion) NAKED SHORTED PHANTOM SHARES TO BE SOLD BY BROKERS in collusion with the DTCC. By law, these shares should have been delivered long ago. However, THE BROKERS thought they would never have to cover/deliver these unborrowed/uncovered shares, which— if they WERE made to deliver—WOULD COST THEM MORE MONEY THEN THEY ARE PREPARED TO PAY.. even though, by law, they are supposed to deliver them in three days.

For nearly four years, the DTC is acting like a bully, above the law, above Congress, and above the states, many of whom have tried to sue the DTCC over shares that have not been delivered, only to have the courts refuse to let them be heard (because it is a “federal matter”). There are thousands of other companies like us, who have suffered losses to this insidious practice. One company (Overstock) so afflicted took several major brokerages to court. and after years of struggle, finally, recently, won an out of court settlement. But our company, BCIT, is smaller than Overstock and we don’t have their money for such legal challenges. That the details of Overstock’s settlement are sealed, is only another indication of the cover up of this prevalent crime against American shareholders and their companies.

Letme
assure you, this is high treason against American small entrepreneurial companies and American investors. Therefore, I beg you and the Finance Committee to please give it
your attention. And, despite the need to call upon the FOIA to get beneath the
convolutions required to track these phantom shares, and to pierce the opacity of excuses (one
prime reason given BCIT for the three years it took to absolve our company, BCIT, of any guilt or complicity in the creation of these excessive shares was that, as in the Madoff hearings, —being under SEC investigation precludes allowing congress or the public to enjoy
needed transparency) the seemingly innocent, under-staffed and deliberately underfunded incompetence of the regulatory bodies (DTCC and SEC) needs to be challenged. We maintain that it is beyond incompetence, and actually much more sinister.

I must offer a little background, at this point, as to what was the initial impetus for this
free-for-all sale of two billion phantom, undeliverable and undelivered (naked short sold) shares . Attached to my summary is a short letter from our CEO, Thomas Megas, to a Dow Jones reporter . (Failing to get congressional help, we hope to engage the press, and to at least be allowed a competitive clearing house , the OMX). Also attached, is a recent article from the NY Village Voice newspaper; and a short summary on the problem of naked short selling by Overstock’s Patrick Byrne. Most useful, are the notes and factual verifications on our web
site. Let-Bcit-trade.com. But, first, I will give my own brief summary.
The obfuscating Back Story

Your first question is probably: how on earth did two billion naked shorted counterfeit shares, that the brokers can’t deliver nor produce certificates to verify, ever enter the system? These were naked shorted shares which the brokers expected to be hidden, forever, underneath the confusion of an initial crime that the brokers believed would never be resolved. Indeed, “years” has felt like “never” since it took the possibly collusive and corrupted SEC THREE YEARS TO INDICT and convict THE INITIAL CRIMINALS, one Mario Pino and his fake transfer agent, Pamela Thompson.

Mario Pino, with accomplices hijacked the stock in 2005, forged the CEO’s signature
(even misspelled it) on fake certificates, and the DTC, not making any effort to check that the transfer agent was genuine OR notice the forged and misspelled signature of our Ceo,
Thomas Megas (written as “Magnus” on the fake certificates) allowed all this, while for months in 2005 Pino promoted it wildly and sold several hundred thousands of fake shares before he was discovered—NOT BY THE DTC—BUT by the actual CEO, Thomas Megas.

During these three years of delayed action by our U.S. federal regulatory body, the SEC, our company suffered considerable trouble, law suits and huge expense to unravel and resolve
this initial crime in a state court of law (Oklahoma), only to discover that the delays and trouble were for nothing, because the DTC and the brokers they are protecting, have still maintained the Global Lock and insisted all the additional phantom shares allowed in the system for weeks (after our CEO notified the DTC, FBI and SEC of the initial crime) and
in numbers which dwarf the shares of the initial counterfeiters—were not the DTC’s nor the brokers’ (who generated them!) responsibility.

In summary, we are told that, if phantom, nonexistent, unborrowed, naked short shares are sold by brokers and cleared by the DTC, they must be absorbed by the victim company!

This is systemic failure of any due diligence by the DTC and is inexcusable, since the SEC
and DTC were warned of the initial counterfeits. And yet, for weeks beyond the warning given by BCIT’s CEO, they continued to clear trades, which were phantom shares the brokers
cynically injected, to their great profit. These shares never existed, were never authorized or issued by the company, were never borrowed, have no certificates and have never been delivered
During these weeks(August 2005) BCIT was bloated by phantom shares. It was apparent that the brokers, getting wind of a supposedly doomed equity, piled on the (at least) 2 BILLION ADDITIONAL naked short shares of their own, far exceeding anything like the numbers Pino had injected, because the brokers expected their phantom shares would never be discovered as a separate crime, apart from Mr. Pino’s.. Indeed, one broker, Ameritrade, even told one distressed shareholder that the company was bankrupt, until Mr Megas angrily demanded and received Ameritrade’s written retraction of this lie. After these few weeks, finally the SEC
halted trading with a “temporary suspension.”

Seeking justice, while the SEC conducted its interminable investigation, Mr. Megas,
at his own expense, took Pino et al to court and won a settlement against them, whereupon , again at our own expense, Thomas Megas and our company covered and thus cleared all Mario Pino’s bogus shares, and expected his stock to be allowed to trade normally. But the DTC refused to lift the Global Lock until Mr. Megas covered all the additional 2 billions of naked short shares the DTC and brokers had allowed into the system, AFTER they had been warned of the initial crime!!

The DTC’s excuse has been that they cannot determine which shares Pino had injected from the billions the brokers had injected, all the while refusing to open their records of trades

to Mr Megas, instead telling Mr. Megas that (at his own expense)he would have to sue all his shareholders and subpoena them to divulge the source of their shares. Mr. Megas did so, and
the true nature of the 2 billion naked short sold shares emerged from the information in these subpoenas, at which point the brokers’ lawyers managed to get these records sealed from
public or Bancorp’s viewing, further protecting the broker’s two billion :”air-shares” from whose sales they have pocketed millions, including commissions without producing one single certificate from the company to any shareholder. (I attach Mr. Megas’ recent letter concerning this unjust Global Lock and the SEC’s unjust intention to delist BCIT for “inactivity.”)

The DTC, working to protect illegally generated naked short shares the brokers injected, is a private company, answerable to nobody except perhaps Congress. Even so, Congress has to apply through the Freedom of Information Act to get the DTC to divulge the number of naked shorted, failures to deliver. This is why we shareholders desperately need help from you and the Senate Finance Committee to force the DTC to stop this outrageous robbery. That the Depository & Trust Corporation is in charge of our markets is one of the deregulation disasters that have usurped our federal government’s powers, over the past several decades,
and placed citizen shareholders and small companies at their mercy–without benefit of the
courts. Overstock’s long, expensive, and vigorous attempt to bring them to court resulted in a quiet, sealed settlement, not public justice.

I, for one, will never again invest in the American stock market until this abuse is ended and those who have pocketed our money for their failed deliveries are either made to allow us to trade and thus be forced to cover all their phantom, naked shorted shares, or at least to
render us a settlement equal to our losses—the money paid for shares never delivered to us, plus nearly four years of interest.

PLEASE HELP US, AS OUR UNJUST DELISTING IS IMMINENT! And with delisting, this crime will be forever hidden and those who walked away with our
money paid in good faith for shares we never received, will be enriched, rather than
punished.

Yours sincerely,