Mark McHugh

Posts Tagged ‘SEC’

Goldman Sachs – Public Enemy #1

In Open Thread, stocks finance on Monday, April 13, 2009 at 11:33 pm

Author’s warning: What follows is a sprawling, bloody, semi-coherent mess (at best).  I wrote it when I learned that Goldman Sachs was trying to stifle someone’s right to freedom of expression and because I believe that our recent history is being morphed into an alternate reality, where many important details are being lost or erased.  I don’t trust McGraw-Hill (parent company of Standard and Poor’s) to write the history books.  So, I decided to sharpen the hatchet and take some whacks……

The megalomaniacs of Manhattan are at it again…….

First, it was Glass-Steagall, then leverage limits, then the uptick rule (I’ll pin that on them later)….now the first amendment is proving irritating to Goldman Sachs.  Yup, they’ve decided that an obscure blog called needs to be silenced.  Blogger Mike Morgan is the author  and has been warned he may face legal action if he does not “cease and desist”…..

Here’s the story by James Quinn (which incidentally, was reported by a British publication, because US propagandists journalists have already accepted the repeal of the first amendment) :

According to Chadbourne & Parke’s letter, dated April 8, the bank is rattled because the site “violates several of Goldman Sachs’ intellectual property rights” and also “implies a relationship” with the bank itself.

I guess running a “pump and dump” like Goldman did with oil last summer could be considered intellectual property, but mostly it proves  once again that the “smartest guys on the street” are pretty fucking dumb.  You see, if there’s one thing bloggers hate more than being ignored (and trust me, I know about being ignored), it’s being censored by scumbags like Goldman.  And when you get away with the greatest heist in history,  it’s probably a bad idea to shine the spotlight on those with a mountain of evidence against you.    In fact, if I were Goldman Sachs, I wouldn’t want my name and “conviction” uttered in the same breath (but that’s just me).  What kind of things would Goldman want suppressed?  Maybe things like:

more…… Read the rest of this entry »


In Open Thread on Wednesday, March 18, 2009 at 7:22 pm

You know the SEC is still a joke when you see shit like this:

shapirosux11 Day GLD chart from

If I were the SEC Chair, I’d already have the licenses and scrotums of the dirtbag’s responsible thumbtacked to my wall (by the way, if you don’t know what I’m talking about, maybe you too should become a government watchdog).  Unfortunately citizens, I’m just some blogger whose wife decides what gets hung up on the walls.  The SEC chair is named Mary L. Schapiro, who rose to the top post by virtue of over two decades “service” without  achievement (unless you count sitting on your hands and hiring Bernie Madoff’s son as achievements).  Remeber how she got grilled about how well she knew the Madoff family?  Me niether.

I  thought it was impossible to find a bigger bumblefuck than Christopher Cox, but our government has surprised me once again.  We found somebody who was literally surrounded by the biggest fraud in history, and never made a peep.  I love this graphic from


Read the rest of this entry »

Can You say ‘Fiduciary’?

In Open Thread, stocks finance, Uncategorized on Sunday, March 8, 2009 at 3:59 pm


It seems that corporate America is in need of a vocabulary lesson:

From West’s Encyclopedia of American Law via

Fiduciary (fidōō′shē-erē) n.

An individual in whom another has placed the utmost trust and confidence to manage and protect property or money. The relationship wherein one person has an obligation to act for another’s benefit……

…..A fiduciary relationship extends to every possible case in which one side places confidence in the other and such confidence is accepted; this causes dependence by the one individual and influence by the other……

I can’t link to an SEC or Finra or NYSE web page that clearly defines the CEO’s fiduciary obligations to shareholders (because I can’t find them, or they don’t exist), but I’m pretty sure that when you say your dividend is good to go, then cut it a month later you’ve breached the trust the shareholders have placed in you.

more……. Read the rest of this entry »

I’m no Harry Markopolos either…(Me and the SEC)

In Open Thread on Wednesday, February 18, 2009 at 12:18 am

I’m trying to put a piece together that details my thoughts on  Harry Markopolos.  He is the stuff American heroes are made of.  If you haven’t read his 2005 report on Bernie Madoff to the SEC, it can be found here: .  I find it unfathomable that the SEC would ignore such a detailed analysis.  These useless cowards were handed a smoking gun on a silver platter and what did they do?  Tossed it in the trash saying, “another tin-foil hat wearing conspiracy theorist”.  Why should any of them be allowed to keep their jobs?  Or the money they were paid, for that matter?

I got no answers for you, people.  Just another disgusting story of sleazebags entrusted to protect the public looking the other way.  My own.

(There should be a “read more” button somewhere down there…….)

Read the rest of this entry »