Jon Stewart on Jim Cramer: more right than funny

[tomsmith1955]

"DTCC Clarifies Work Experience of Former DTC Employee

NEW YORK--(BUSINESS WIRE)--March 14, 2006--The Depository Trust & Clearing Corporation (DTCC) issued a statement to correct inaccurate information that has appeared in the press and has been represented on Web sites and in public forums regarding the purported work experience of a former employee at one of DTCC's subsidiaries.

Susanne Trimbath has never been an official of DTCC or any DTCC subsidiary or predecessor company. "

[EconLaw2009]

Nice cut & paste job! Makes it look like I never worked there at all!

I was director of transfer agent services, a middle management position in operations, with Depository Trust Company in New York, which is now a subsidiary of Depository Trust and Clearing Corporation. I also worked at Pacific Depository Trust Company and Pacific Clearing Corporation in San Francisco.

[tomsmith1955]

There have been claims that Ms. Trimbath is an expert on clearance and settlement and the Stock Borrow Program. The Stock Borrow Program is now, and was at the time of Ms. Trimbath's employment at DTC, operated by the National Securities Clearing Corporation (NSCC), a separate company from DTC. In fact, Trimbath's employment at DTC pre-dates any corporate affiliation between DTC and NSCC, and predates the formation of DTCC.

[simplex555]

Haha --- guess those diplomas are fakes!

[mercoex12]

Wow - this chic is scary looking. Whats with the scarf? Those diplommas look fake too.

[simplex555]

U can get them off the intarwebs! LOL

[EconLaw2009]

You should seriously consider learning how to spell.

[bigdaddie99]

Gibberish.

[EconLaw2009]

The heart of the problem lies in the "self regulatory organizations". Professor John Coffee, of Columbia, put it quite clearly in his testimony at the Senate Banking Committee hearing "Enhancing Investor Protection and the Regulation of Securities Markets" (March 10, 2009). He said, "Self regulation simply does not work." Bernie Madoff was an executive at two self-regulatory groups: NASD and NSCC (London).

[blindco307]

Susan Trimbath They need to

PROHIBIT ANY AND ALL SHORTING OF STOCKS PERIOD!

If you cut off the head of the snake it will not keep biting you.

Susan Trimbath

Regards to CMKM Diamond Inc.

The SEC saying 622 BILLION shares sold where sold (unregesterd) are they from the OS of 703 BILLION ?

If shares are deemed illegal and end up being cancelled, how it could affect the shares of those who legally purchased shares ?.

[davehshs]

Thanks for posting this. Unfortunately, "short selling" is rarely mentioned by our business or political leaders, for the same reason that the SEC ignored warnings about Bernie Madoff's ponzi scheme: Those leaders grovel at the feet of the money & power of Wall St. The latter LOVES short selling.

[ebbixx]

Did the SEC ignore these issues or had it been for too long structurally disabled from doing what was once considered its proper mission. Though it may sound like a rhetorical question, I'm really asking it as an open question about just what has turned the SEC into a toothless and largely useless entity in recent years? I know the *easy* answers, but those aren't going to rehabilitate the SEC as it needs to be rehabbed.

[davehshs]

There is some SEC structural disablement, but its cause and the real problem is the political philosophy filtering down from the very top (Bush, etc.) that foolishly believes regulation is harmful to the market. Coupled with this is the "Let the big dog eat" philosophy that cheers on greed and selfish market manipulation, so long as it is "legal."

[ebbixx]

I wouldn't disagree with you there, the philosophical underpinnings that led to a defanged SEC have led to far too many other policy and regulatory changes that left us open to the exercise of naked greed, all the while people were taking it on faith that grown-ups were somehow minding the store. Compounding that was, of course, the arrogant culture of proud ignorance fostered from the top by everybody's best drinking buddy, Bush the Lesser, the bane of Big Daddy, and posterchild for NepoHigh.