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  • Title: Anti-social Media with Judd Bagley
    Descriptive info: .. Anti-social Media with Judd Bagley.. Exposing User-Generated Discontent.. Subscribe via RSS.. Home.. You re a Punk : Lawyers Duel Over Fees in IPO Suits.. About.. AntiSocialMultiMedia.. Jim Cramer on Market Manipulation: In his own words.. bustout.. Cummins Reply.. details.. Durova s formerly secret evidence.. IPO Probe of Wall Street Ties Tony Bruan to Investment Banks.. Is Howard Really Finkelstein? Money Rides on It By Susan Antilla.. leaked email from SlimVirgin s private Cyberstalking Investigations list (9/15/2007).. Sample Page.. The Enigma.. The WordBomb Manifesto.. Weiss deletion debate.. Wikipedia and the whereabouts of Weiss.. Yolanda Holtzee Family Tree.. 29.. Dec/11.. Off.. The Wit and Wisdom of Gary Weiss.. In coming weeks, a new book by Gary Weiss called.. Ayn Rand Nation.. will be published by St.. Martin's Press.. Antisocialmedia.. net wants anybody who considers buying or reviewing the book to know more about the author, based on his own words.. This blog has gone to great lengths to identify many of the pseudonyms Gary Weiss has used online over the years, and Weiss is unhappy about this.. You are strongly encouraged to review for yourself, where indicated, the trails of evidence connecting Weiss to the various pseudonyms that follow so that you can feel 100% comfortable of the connection.. You are also encouraged to follow the links to the original postings to see for yourself the original racism and homophobia that tend to dominate Weiss's writing, if you can stomach it.. One of Weiss's pseudonyms is Ted Dichtler, as you can see proved.. here.. Weiss often used Ted Dichtler to post to the Usenet group Soc.. Culture.. Jewish, where he frequently engaged in racism and homophobia, including the following:.. Come on, you told us you're gay.. Come out of the closet, for pete's sake, raghead.. (in reference to another poster's mother).. She got her tail trimmed? Nice.. Is she out in the red-light district of Jenin again, prowling for nice big fat Arabs who enjoy f--king camels? I sympathize, by the way.. Must be tough being gay and a raghead.. (in reference to the poster's wife).. Speaking of fat cows, how's Mona? Dildo supply holding up, you Nazi f--k?.. Another Gary Weiss pseudonym is Lamborghini751.. As you can read explained here.. , Weiss used this one to post to stock message boards where, true to form, he preferred homophobia and accusations of Nazism to actual discourse.. Here are some examples:.. (.. here's the link.. )Well, look what we have here.. This explains why the homo is so fixated on Weiss.. It's got nothing to do with O'Baloney.. Weiss outed his old firm Greenway's mob connections! Look about halfway down in the story.. No wonder the f-ggot is all steamed up! I wonder if the experience at Greenway is what turned him into a pedophile? "But sources describe his (Phil Abramo's) role as central--as the hidden control person behind Sovereign, a prominent name in the micro-cap stock business, its sister firm Falcon Trading, and two other firms that are major penny-stock brokers and market makers, Toluca Pacific Securities Corp.. and Greenway Capital Corp.. He is also described by Street sources as controlling other dealers in small-cap stocks through brokers and traders owing allegiance to him.. " http://www.. businessweek.. com/1996/51/b35062.. htm.. F-ggot.. Pedophile.. I LOVED how you were crawling.. I LOVED the apology.. I LOVED how you begged for your IP address to be taken off and how if Weiss didn't he'd "go to the pokey.. " F-ggot.. By the way, you haven't answered my question yet.. Why do you tolerate anti-Semites in your movement? Are you an anti-Semite or just a weak-kneed, cowardly f-g?.. This is the tip of the iceberg, with regard to Gary Weiss's homophobia and racism.. Much more of this to come, as well as a review of Weiss's pattern of.. glowingly reviewing his own books on Amazon.. com.. , and evidence that he's already preparing to do the same when his next book is published.. Tagged as:.. ayn rand nation.. ,.. Gary Weiss.. gary-weiss.. homophobia.. racism.. No Comments.. 15.. Dec/09.. Facebook, bad journalism and short selling hedge funds.. Recently, short-selling hedge fund Rocker Partners paid Overstock.. com $5-million to settle the lawsuit filed against them in August of 2005.. This is a major victory for all public companies targeted by bear raiding hedge funds.. But thanks to the unusually skewed reporting surrounding it, chances are you either hadn’t heard about the suit, or were under the impression it was frivolous and certain to fail.. This presentation examines part of the story behind the coverage of the suit, using some innovative methods to explain why what you heard about the suit and its merits likely had little in common with the reality of it.. Get the Flash Player.. to see this content.. Barry Ritholtz.. Bethany McLean.. Facebook.. Joe Nocera.. Rocker Partners.. 2 Comments.. 6.. May/09.. Naked short selling redefining systemic risk.. There is some evidence suggesting the federal government might be spending tens of billions of dollars to deal with the accumulation of failed trades caused by illegal naked short selling.. If that's true, we're probably screwed.. Filed under:.. video.. Comments Off.. 17.. Mar/09.. Short selling hedge funds and the global economic meltdown.. This video is based in large part on my University of Texas presentation, but modified for mass audiences.. It's shorter and sticks to the financial side of things.. More than anything, it's meant to be distributed broadly.. Watch it, and if you dig it, please spread it around.. Bear Stearns.. economy.. hedge fund.. Lehman Brothers.. naked short selling.. 4 Comments.. 16.. Feb/09.. Lecture on abuse of social media by stock manipulators.. I recently had the honor of lecturing a group of business students at the University of Texas, on the topic of abuse of social media by stock manipulators.. I’ve merged the recording of the lecture with my slide presentation and make it available for you.. I should also note that I found this experience to be a very positive one, and would welcome similar opportunities in the future.. Please contact me via email at: antisocialmedia@gmail.. DTCC.. Jimbo Wales.. Roddy Boyd.. SlimVirgin.. wikipedia.. 24.. Aug/08.. Dan Loeb is Mr.. Pink and more.. I.. Daniel Loeb, manager of hedge fund Third Point Partners.. The Silicon Investor stock message boards have.. Mr.. Pink.. The Yahoo Finance stock message boards have.. Mr_Pink_esq.. In this legal filing.. , hedge fund manager Daniel Loeb admits that he is the Mr.. Pink of Silicon Investor.. According to.. this Wall Street Journal story.. , Loeb insists that he is not Mr_Pink_esq of Yahoo Finance.. Loeb, as it turns out, is not telling the truth, and here’s how I know it:.. On Yahoo Finance, Mr_Pink_esq manually signs all his posts, as either “Mr.. P$nk” or “MP”.. Mr_Pink_esq is the only message board poster who signs his posts as Mr.. P$nk…with two important exceptions: ricardo_ferberger and senor_pinche_wey.. ricardo_ferberger.. On the fourth post of his short career, ricardo_ferberger signed.. this post.. to Yahoo’s MEDC stock message board “Mr.. P$nk”.. Interestingly, the post expressed a point of view that ran 100% counter to the strawman arguments typical of each of ricardo_ferberger’s previous three contributions, but was entirely consistent with Mr_Pink_esq’s well-established hostility toward MEDC.. Almost immediately, another poster asked ricardo_ferberger why he had used Mr_Pink_esq’s signature.. Ricardo_ferberger responded by claiming that he had copied and pasted the entire text of.. this post by Mr.. Pink on Silicon Investor.. – signature included.. Unfortunately for ricardo_ferberger, the post he claimed to have copied from Silicon Investor was actually time-stamped 14 minutes.. later.. than the Yahoo post that supposedly drew from it.. Two conclusions can be drawn from this episode:.. Ricardo_ferberger and Mr_Pink_esq are two aliases belonging to the same person.. That person is also Mr.. Pink on Silicon investor.. Because we know Mr.. Pink on Silicon Investor is hedge fund manager Daniel Loeb, it stands to reason that Loeb lied when he told the Wall Street Journal that he was not Mr_Pink_esq.. Senor_pinche_wey.. Though it went entirely ignored at the time,.. on one occasion.. , Yahoo Finance poster senor_pinche_wey also signed a post as “Mr.. Senor_pinche_wey@yahoo.. com is the email address used by a former participant of several message boards dedicated to Ashtanga yoga – the style Loeb is known to practice.. Shockingly, even enlightened Ashtanga yoga practitioners have their limits, and – like so many on Yahoo Finance – many lost patience with Senor Pinche Wey.. So much so, that one brilliant poster took steps to capture Senor Pinche Wey’s IP address, only to discover that it traced back to Third Point Management.. Indeed, senor_pinche_wey is Daniel Loeb.. This is significant because,.. as explained in an earlier item.. , senor_pinche_wey is the (previously) anonymous Yahoo message board poster whose defamatory writings led to a lawsuit and, ultimately, unfortunate legal precedents affirming the rights of childish and abusive stock message board trolls.. Now, for a little running up of the score.. As proof that old habits die hard,.. in this post.. to the India Divine Ashtanga Yoga message board, we see Senor Pinche Wey engage in an impressive act of logical contortionism as he tries to explain why he occasionally signs his posts there as “MP” (which is, as mentioned above, how Mr_Pink_esq occasionally signed his posts on Yahoo Finance).. II.. Robert Chapman, manager of Chapman Capital.. In the same Wall Street Journal story mentioned earlier, it’s revealed that Robert Chapman, manager of hedge fund Chapman Capital, posts on Yahoo message boards as bobbingbargain.. Based on evidence referenced in the same story, it’s apparent that Chapman also posts on Yahoo Finance message boards as kidstockjoec and LaseriumQueen.. A lexical analysis and the dissembler sorting algorithm reveal that the person behind kidstockjoec is also behind disgustedinvestor, tautologicaltrader, notably_absent, herniatedgorilla, and ghaulty_lodgick.. Daniel Loeb.. mr_pink_esq.. Robert Chapman.. Third Point Partners.. 4.. Gary Weiss knows what Joe Knows.. How did Gary Weiss come to know the substance, sentiment and timing of one of New York Times business columnist Joe Nocera's most vicious attacks against opponents of illegal naked short selling, long before it was published?.. We asked Joe.. Joe doesn't know.. It all started on January 10, 2006, when Business Week writer Tim Mullaney clumsily fell into the very trap he had set for Overstock.. com CEO (and Deep Capture reporter) Patrick Byrne.. You can read all the  ...   put to use attacking opponents of illegal naked short selling.. One day later, DTCC issued the first of what would be eight naked short selling-related media releases over the next seven months.. By way of comparison, during the seven months prior to January 23, 2006, DTCC issued zero releases on the topic.. Further examination made it clear that Weiss had an unusual relationship with those DTCC media releases, in that Weiss would promote them via his blog, stock message boards and Wikipedia articles in a rather systematic way, often long before anybody else was even aware of them.. Here’s an example:.. 1/27/2006 at 17:08.. DTCC issued a media release.. 1/27/2006 at 23:55.. Weiss published a blog item about the DTCC release.. 1/28/2006 at 09:22.. Weiss adds DTCC release to Wikipedia article on naked short selling.. 1/28/2006 at 09:49.. Weiss promotes DTCC release on Yahoo message board.. Taking all these factors together, I’ve concluded that January 22, 2006 represents the beginning of an aggressive public relations campaign by DTCC, aimed at countering a growing perception that the organization is a key enabler of illegal naked short selling.. I further conclude that a that time, Gary Weiss was operating in support of that effort and likely remains so today.. I requested a comment of DTCC spokesman Stuart Z.. Goldstein – the likely architect of the above-mentioned PR campaign – but received only two strange responses, neither of which addressed my question.. When I persisted in asking Goldstein for comment, his came – and I cannot overstate how shocked I remain by this even today – from reporter Roddy Boyd, then of the New York Post.. It read:.. Boyd, Roddy.. Date:.. Feb 09 2007 - 1:03pm.. judd,.. I spoke to corp comm at DTCC and they told me, on the record, that weiss is not, nor has he ever, been employed or used by DTCC in any capacity, formally or informally.. They categorically reject it and tell me that none of them have any recollection of ever talking to him, meeting with him or having any dealings with him.. categorically rejects it.. thats a big hump for a real reporter to get over.. let me put this politely:.. As an investigative reporter, laughably per PB, you really,really are a much better PR person.. In case you’ve forgotten, it was Roddy Boyd’s six week premature review of Weiss’s book, published January 22, 2006, that seems to have been the launching point of the DTCC’s PR campaign, described above.. For his part, Weiss called my conclusions of a relationship between him and DTCC a “malicious lie” and “absolute crap.. ”.. At that point, I had a ton of circumstantial evidence pointing to DTCC as Weiss’s patron, and direct proof that Weiss had used a computer on DTCC’s network.. I also had the strangest denial, on the part Stuart Goldstein at DTCC, that I’ve ever seen.. But most importantly, I had the benefit of an extremely low-set hurdle to cross in order to prove that Weiss, Boyd and Goldstein were all engaged in a ridiculous lie.. After all, as Goldstein said through Boyd, nobody at DTCC has “any recollection of ever talking to [Gary Weiss], meeting with [Gary Weiss] or having any dealings with [Gary Weiss].. What follows is the story of how we’ve sailed over that particular hurdle, thanks to some emails from Gary Weiss to paid stock message board basher Floyd Schneider.. Read this.. to learn how I came to posses these emails).. ********.. In addition to being the month in which DTCC launched its PR campaign against opponents of naked short selling, January of 2006 is also a significant time in that Mark Mitchell, then assistant managing editor of the Columbia Journalism Review, started work on what would go on to become The Story of Deep Capture.. Back then, as now, Gary Weiss seemed to be about the only non-pseudonymous person willing to go on the record in defense of naked short selling, which naturally made him a frequent point of contact for Mitchell.. Mitchell recalls as many as a dozen conversations with Gary Weiss in the first couple of months working on the story.. In several of those conversations, Mitchell remembers Weiss awkwardly seeking to gauge Mitchell’s opinion of any recently-published DTCC media releases.. Among the topics Mitchell discussed with Weiss was Dr.. Susan Trimbath, a former DTCC employee turned outspoken critic of that organization’s role in enabling illegal naked short selling.. Mitchell recalls being surprised by how much the subject of Trimbath seemed to bother Weiss.. Given that bit of background, consider the following email exchange between Gary Weiss and Floyd Schneider.. It starts on March 13 at 9:41 AM, when Floyd emails Weiss a reference to a speech Dr.. Trimbath had given a few months earlier.. To this, Weiss replies:.. com.. Mon, 13 Mar 2006 09:49:27 -0500.. Received:.. net@151.. 202.. 90.. 90 with login) by smtp101.. com with SMTP; 13 Mar 2006 14:49:22 -0000.. Say, what is with this Trimbath? I ask because a particularly dimwitted reporter for Columbia Journalism Review is doing a story on media coverage that is widely expected to lean toward the balonies, and he is relying heavily on her.. Floyd immediately begins to pepper Weiss with every googled reference to Trimbath he can find – all of them quite positive – to which Weiss replies:.. To:.. Subject:.. Mon, 13 Mar 2006 10:49:12 -0500.. 90 with login) by smtp103.. com with SMTP; 13 Mar 2006 15:49:08 -0000.. Yeah, all pretty innocuous, which is she is a perfect front woman.. I presume she expects to cash in as an expert witness or somesuch for the balonies.. The next day,.. attacking Trimbath’s expert status and minimizing the importance of the position she held there.. The day after that, Weiss places a standing order with Floyd for any negative information on Dr.. Trimbath he can find (searching for this sort of information is how Floyd spends an alarming portion of his days, by the way):.. Re: Aha!.. Wed, 15 Mar 2006 13:38:35 -0500.. from unknown (HELO maincomputer (garyrweiss@verizon.. com with SMTP; 15 Mar 2006 18:38:29 -0000.. Incidentally this Susanne Trimbath is the primary source of info on nekkid shorting for a complete idiot who is wriiting a story for the Col.. Journalism Review.. If you can think of anything particularly wacky that she has said, let me know.. A few minutes later, Floyd responds with something fairly unremarkable, to which Weiss replies:.. Wed, 15 Mar 2006 13:47:54 -0500.. com with SMTP; 15 Mar 2006 18:47:49 -0000.. You know, the thing that is bad is that this statement below would not be considered extreme by the doofus doing this article for CJR.. Several of us are concerned that it is going to be a total baloney-piece.. He is a real ham bone.. After Floyd sends still more non-scandalous Trimbath references, Weiss replies:.. Wed, 15 Mar 2006 14:00:54 -0500.. com with SMTP; 15 Mar 2006 19:00:49 -0000.. It has to be something fairly extreme.. This guy really has me (and others of us a lot more than me) worried.. I've drummed into this nitwit's head about O'Baloney and it all just bounced off his concrete skull.. About an hour later, Floyd sends the prior day’s DTCC media release to Weiss, prompting this reply:.. Re: the whole article with link.. Wed, 15 Mar 2006 15:09:17 -0500.. com with SMTP; 15 Mar 2006 20:09:12 -0000.. Yes I sent this to the bozo at CJR earlier today.. The jerk emailed back indicating that he is chewing away at baloney.. Very depressing.. In his emails to Floyd, Weiss makes it clear that he’s involved in active consultations with other individuals, who feel deeply concerned about the prospect of Dr.. Trimbath’s influence on Mitchell’s story.. Because Dr.. Trimbath addresses illegal naked short selling almost exclusively from the standpoint of the DTCC’s role, it’s very difficult to imagine that, when Weiss refers to “Several of us” and “others of us,” he’s not referencing officials at DTCC.. Armed with these emails as confirmation that Goldstein was not being honest, when he stated, through Roddy Boyd, that he “categorically rejects” the idea that anybody at DTCC has so much as spoken with Gary Weiss, I again asked Goldstein for a comment.. Goldstein refused to answer the question.. UPDATE:.. Roddy Boyd responds to points raised above.. 14.. Gary Weiss, Usenet Troll.. This email from.. to Floyd Schneider isn't significant for what it says, but for what it reveals (which is explained at the end).. Here, Weiss is telling Floyd about his inclusion in Weiss's forthcoming book.. Thu, 29 Dec 2005 16:18:47 -0500.. 42.. 100 with login) by smtp101.. com with SMTP; 29 Dec 2005 21:18:48 -0000.. Well, it so happens sir that you are featured prominently in two chapters, so I don't think they would be up for the project! I will get you a copy when one is available.. What's most noteworthy about this email is the IP from which it was sent: 70.. 100, which is the same.. I claimed.. proved Weiss established his pattern of online deception and sockpuppeting long ago as a poster to several Usenet groups.. It also reinforces my claim that Weiss writes the blog.. Mediacrity.. mediacrity.. Older Entries.. Recent Posts.. Recent Comments.. America s New Math: 1 Wall Street Hour = 21 Years of Hard Work For the Rest of Huffington Post | Everyday News Update.. on.. Hedge Fund Manager “Earns” $1 Million an Hour Set You Free News.. Is Wall Street s Business Model Corrupt? - BusinessWorld Ads.. Gary Weiss: The Root of the Problem, Part Two Anti-social Media with Judd Bagley.. Gary Weiss, the Root of the Problem: Part One.. The Wit and Wisdom of Gary Weiss Anti-social Media with Judd Bagley.. Gary Weiss: The Root of the Problem, Part Two.. Archives.. December 2011.. December 2009.. May 2009.. March 2009.. February 2009.. August 2008.. July 2008.. June 2008.. March 2008.. January 2008.. October 2007.. September 2007.. June 2007.. May 2007.. April 2007.. March 2007.. 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  • Title: “You’re a Punk”: Lawyers Duel Over Fees in IPO Suits « Anti-social Media with Judd Bagley
    Descriptive info: May 21, 2001.. by David Glovin.. New York, (Bloomberg) -- Lawyers behind almost two dozen suits accusing investment banks of manipulating initial public offerings are battling to lead the cases and capture the multimillion-dollar fees a victory may bring.. The attorneys are competing to be named lead counsel in suits that arose from a federal investigation into IPO practices by such firms as Credit Suisse First Boston, Goldman Sachs Group Inc.. and Morgan Stanley Dean Witter Co.. On one side is Melvyn Weiss, the 65-year-old dean of the class-action securities bar.. On the other: two lesser-known New York lawyers, Howard Sirota, who works with his wife in a three- attorney firm, and Christopher Lovell, a winner in 1998 of a $1.. 03 billion antitrust settlement.. With a potential payday that could bring in tens of millions of dollars for their firms, the feuding lawyers have sometimes taken their fight out of the courtroom and into the corridors.. "You know something -- you're a punk," Weiss said to Sirota last month as the two left a courtroom where Weiss had won an early round.. "That's why you lost today.. " "I haven't lost yet," Sirota replied, in an exchange witnessed by a reporter.. Sirota added a few choice words denigrating Weiss's firm.. "I'll sue you for libel," Weiss said, glaring back.. Apart from vitriol, the lawyers have used a variety of tactics to gain advantage.. Weiss knocked his opponents in a letter to a judge.. Each side is racing to file suits before the other does.. Sirota and Lovell are betting on a flanking maneuver involving an antitrust suit against the banks.. "We're going to have the shootout at the OK Corral," Sirota said.. Federal Investigation.. Investors went to court after federal prosecutors and regulators began probing whether Wall Street banks manipulated the IPO market for Internet stocks in 1999 and 2000.. The plaintiffs say they deserve billions in damages from IPO underwriters and the companies they took public, such as VA Linux Systems Inc.. , Red Hat Inc.. , MP3.. com Inc.. , and 17 others named as defendants.. The plaintiffs say underwriters secretly allocated IPO shares to investors who agreed to buy more later at higher prices.. That practice, known as a "tie-in arrangement" and illegal under federal securities law, created an artificial demand for new stock, the suits contend.. The plaintiffs also claim some investors who received IPO shares agreed to pay inflated commissions on other transactions with the investment banks.. The companies and the banks didn't disclose this to investors, according to suits filed in federal court in Manhattan.. The banks and companies have denied wrongdoing, saying they followed securities regulations in the sale of IPOs.. 'Pot of Money'.. Because stock fraud suits  ...   the facts," Sirota says of Milberg Weiss.. "They don't have the witnesses.. " The stakes are high for all involved.. In 1998, Lovell's firm, Lovell Stewart, won a $1.. 03 billion settlement in an unrelated antitrust suit against more than two dozen Wall Street market makers, including all seven banks named in the IPO antitrust suit.. Old Rivals.. Sirota said his rivalry with Weiss dates back to 1988, when they fought over the lead position in the Crazy Eddie case.. Moments before their hallway confrontation on April 19, U.. S.. District Judge Miriam Cedarbaum had awarded to Weiss' firm control of suits alleging improprieties in the VA Linux IPO, dismissing Sirota's attack on how Milberg Weiss had prepared its case.. Under the law, control goes to the lawyer representing the plaintiff claiming the biggest loss.. That turned out to be a Swiss company that Milberg Weiss represented, Cedarbaum said.. Sirota responded by telling Cedarbaum that Weiss should submit documents to prove his client's losses.. Cedarbaum agreed, and a final ruling is pending.. Legal Leverage.. Meantime, Sirota says that he and Lovell have won the agreement of the defendants that they should be named lead counsel in the antitrust suit they have brought against the banks, accusing them of colluding to raise IPO underwriting fees.. The pact has yet to be endorsed by the judge in the case.. Because the antitrust case encompasses all the IPOs at issue in the fraud suits, Lovell and Sirota may be able to leverage the lead counsel position in the antitrust litigation into control over all the cases, legal experts said.. Palmiter called the maneuvering by Sirota and Lovell a "very powerful, even brilliant, tactic.. " Fighting back, Weiss sent a letter to U.. District Judge William Pauley, who's presiding over the antitrust case, and to all the judges hearing the stock fraud suits, urging rejection of the bid by Sirota and Lovell for total control.. Weiss said he noted in the letter that his firm would be filing its own antitrust suit.. "We felt the Sirota case was hurriedly put together," he said.. More Competition.. Meanwhile, a third firm, Wolf Haldenstein Adler Freeman Herz, has joined the fray, filing its own antitrust case.. It too wants to be lead counsel.. Weiss and Sirota agree on one thing at least: the suits should be consolidated into one case, heard by a single judge.. Weiss wants to lead it.. But he'll have to get past Sirota first.. "You heard him attack me and yell," Weiss said of the VA Linux brouhaha.. "He said, 'You'll never make a nickel in these cases.. ' And to me, that's a threat.. " --David Glovin in U.. District Court in New York (212) 732-9245, or at dglovin@bloomberg..

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  • Title: About « Anti-social Media with Judd Bagley
    Descriptive info: Comments (0).. Trackbacks (0).. ( subscribe to comments on this post ).. No comments yet.. Leave a comment.. Cancel reply.. You must be.. logged in.. to post a comment.. No trackbacks yet..

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  • Title: AntiSocialMultiMedia « Anti-social Media with Judd Bagley
    Descriptive info: Required Viewing:.. The Jim Cramer Playbook (seen here FIRST!).. Full version can be downloaded.. For highlights, watch the following short clips.. Ah, memories.. "Illegal" is a relative term.. "Truth" is a four letter word.. RIMM shot.. A fabulous thing.. And your point is.. How to know when you shouldn't be in the hedge fund game.. (Excerpts from TheStreet.. com TV.. Find the original.. (dated December 22, 2006 @11:50am).. Phantom Shares.. investigation by the heroes at Bloomberg-TV.. Optional Viewing:.. Cramer+Greenberg: The Market Shuffle.. Trackbacks (2).. Jim Cramer is a Complicated Man | Deep Capture.. dangerous blog Blog Archive Phantom Shares..

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  • Title: Jim Cramer on Market Manipulation: In his own words « Anti-social Media with Judd Bagley
    Descriptive info: net was the first to publicize the now-famous video clips of Jim Cramer admitting to engaging in market manipulation while a hedge fund manager.. The following is a transcript of that admission.. To download the original video clips, check out.. AntiSocial.. MULTI.. media.. Aaron Task:.. Welcome to Wall Street Confidential.. I’m Aaron Task, joined again by Jim Cramer.. Jim, welcome.. Jim Cramer:.. Good to see ya.. Thanks for being here.. Some new economic data out today, but I want to talk about something else first.. Again today, we have the misdirection from the future, the future’s _____ up market, and as of right now, it’s actually down again.. Is this just because it’s the holiday period that we’re seeing this?.. A lot of times, when I was short at my hedge fund and I was positioned short, meaning I needed it down, I would create a level of activity beforehand that could drive the futures.. It doesn’t take much money.. Or if I were long and I would want to make things a little bit rosy, I would go in and take a bunch of stocks and make sure that they’re higher, maybe commit $5 million in capital to do it, and I could affect it.. What you’re seeing now is maybe – it probably is a bigger market now – maybe you need $10 million capital and knock the stuff down.. But it’s a fun game and it’s a lucrative game.. You can move it up and then fade it.. That often creates a very negative feel.. So let’s say you take a longer-term view intraday and you say, “Listen, I’m gonna boost the futures, and then when the real sellers comes in, when the real market comes in they’re gonna knock it down and it’s gonna create a negative view.. That’s a strategy very worth doing when you’re evaluating on a day-to-day basis.. I would encourage anyone who’s in a hedge fund to do it, because it’s legal.. Right.. It’s a very quick way to make money, and very satisfying.. Okay.. By the way, no one else in the world would ever admit that, but I don’t care.. That’s right.. And you can say that here –.. And I’m not gonna say it on TV.. On that note, there’s so many more hedge funds today then when you were managing you’re hedge fund.. Does that exacerbate the moves or does it make it tougher –?.. Well, the hedge funds are positioned long/short, not just long with mutual funds.. So it’s really vital these next six days, ‘cause of your payday.. You’ve really gotta control the market.. You can’t let it lift.. When you get a Research in Motion, it’s really important to use a lot of your firepower to knock that down ‘cause it’s the fulcrum of the market today.. So let’s say I were short.. What I would do is I would hit a lot of guys with RIMM.. Now you can’t.. foment.. That’s a violation of –.. Ferment?.. Yeah.. You can’t foment –.. Foment.. You can’t create yourself an impression that a stock’s down.. But you do it anyway ‘cause the SEC doesn’t understand it.. That’s the only sense that I would say this is illegal.. But a hedge fund that’s not up a lot really has to do a lot now to save itself.. This is different from what I was talking about at the beginning where I would be buying the Qs and stuff.. This is just actually blatantly illegal.. But when you have six days and your company may be in doubt because you’re down, I think it’s really important to foment if I were one of these guys.. Foment an impression that Research in Motion isn’t any good, because Research in Motion is the key.. So you would hit this guy and that guy when you would see an offering.. When you see a guy who’s bidding, you’d wipe out that guy very quickly.. What I used to do was call – if I wanted to go higher, I would take and bid, take and bid, take and bid.. If I wanted it to go lower, I would hit and offer, hit and offer, hit and offer.. I could get a stock like RIMM for maybe – that might cost me $15-$20 million annually to knock RIMM down.. But it would be fabulous because it would beleaguer all the moron longs who were also keying on Research in Motion.. We’re seeing that.. Again, when your company’s in a survival mode it’s really important to defeat Research in Motion.. You get the Pisanis of the world and the people talking about it as if there’s something wrong with RIMM.. Then you would call the.. Journal.. and you get the bozo reporter on Research in Motion, and you would feed that Palm’s got a killer it’s gonna give away.. These are all the things you must do on a day like today.. And if you’re not doing it, maybe you shouldn’t be in the game.. Another stock that a lot of people  ...   it right in to.. where they’ll probably introduce the phone and Verizon’s gonna take it.. Maybe the fundamentals don’t matter, but let’s talk about –.. Well, whatever.. What.. Wall Street Confidential.. is, is not giving you the party line.. Oh, here’s the party line, by the way.. “I spoke to Apple on the phone.. I hear the phones are good and Verizon might take it.. As a matter of fact, the Research in Motion sellers, I don’t think they know what they’re talking about.. But you’ve been writing about the cell phone market you think – you don’t want to be involved –.. The problem with the cell phone market, frankly, is that these guys are all killing each other.. Someone has to take a dive.. Motorola and Nokia have to get in the room and just fix price.. They’ve been reluctant to do that because of the various justice departments and because they –.. And it’s illegal right in there.. Well, that hasn’t stopped a lot of other companies.. This is true.. This seems to be a case where they seem to be directly worried about the authorities.. It’s almost as if they have a lawyer that matters on like say the Bristol Myers lawyers.. What eventually happens is the shareholders demand that you get phony lawyers and you sit in a room, and they’ll have to sue.. Real quick.. The Fed, the numbers out today weaker than expected.. Oh, so what.. The Fed has obviously got a cut.. Again, you call the various guys who cover the bonds and you say – that ignore the bond action.. What’s really happened is the Fed is very frightened about - then you gin up the number that they’re really frightened about.. The Fed is actually desperate to try to figure how quickly they have to cut without looking like dopes that they raised –.. Right, because they’ve been talking about they’re worried about inflation and all this -.. You don’t want to raise in May and then cut in January.. You look like Mexico, for Heaven sake.. This is like a distinguished group of people that went to really good schools.. These are smart guys.. They don’t want to look like dopes.. But when we were talking earlier in the week, you said you think it would be some sort of prices, possibly Ford being a trigger.. Well, Ford went and did all that and they pledged all this investment banking to all these guys.. Now they’re very reluctant to say negative things, it makes it much tougher for the Ford story to play out.. The amount of business that Ford has to do – Ford may be the big client of 2007.. So if I were in the corporate finance room, I would say, “Listen – to the research guy – I would say, “Listen, I spoke with Mullally.. I actually have the inside.. The plan works.. ” So then, you’re the research guy and you say, “Oh, man.. What do I do? It’s bonus time.. I’m not gonna be a total idiot.. Spitzer’s going to Albany.. Let’s get back in the game.. I think that’s important.. Is it possible? ‘Cause a year ago at this time, a lot of people were saying GM’s about to go bankrupt, and of course, this stock’s up 50-some odd percent –.. – that stock –.. There, GM – no, but the difference between Ford and GM is that GM’s balance sheet was never really – it turns out it wasn’t that bad.. Ford’s balance sheet’s pathetic, and you know that because they’re willing to screw over the common for the bonds.. If it weren’t Ford, if this were Qualcomm, we would be saying Qualcomm is desperate.. But no, it’s Ford.. But it’s Ford.. It’s an American icon.. – Ford.. I owned a Ford once.. And this is our country.. Yeah, right.. This has been Jim Cramer –.. Again, what I’m trying to go for in the.. , and I’m not saying you’re _____; I have to talk about what it’s like at my hedge fund, okay, and what other hedge funds do.. Because the difference is, is that if this is an intra-day show and you need to know what I know is going on.. Now, we step back.. Research in Motion’s a real blowout quarter.. It was a really good quarter and I was quite surprised how strong the margins were.. It looks like the other guys have really dropped out.. It’s a terrific story.. Should it be up six? Yeah, I think so.. But look where we are.. It’s Friday.. You got five more days to make your quarter.. Can you really risk having them up this much? I don’t think you can.. Trackbacks (8).. Critics demand an asterisk next to Jim Cramer s name Hedge Funnies.. Phantasmix (aka Re: money) Blog Archive Read This and Weep.. Loathe Jim Cramer or Love Him, You Now Subsidize His Salary - [CollegeTimes].. Street Chatter: Apple getting ready to make a big splash in the game market? : Upside Down Charts..

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  • Title: bustout « Anti-social Media with Judd Bagley
    Descriptive info: Protected: bustout.. This post is password protected.. To view it please enter your password below:.. Password:..

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  • Title: Cummins Reply « Anti-social Media with Judd Bagley
    Descriptive info: Because Mr.. Cummins' response was a bit lengthy, I'm posting it in its entirety below while reducing what appears under the comment section to that which actually addresses the objective facts of this situation.. -admin.. ------------.. Haven’t heard from Bob since so I don’t know what’s up there.. Maybe the response is not good enough for the blog.. Either way, we can talk one on one here.. My book is done but we are looking for a publisher to pick it up.. Had a few offers from smaller presses, but we are really trying for something bigger if at all possible and have decided to take our time finding a home for the manuscript.. I have a few other books out there too, so the waiting game is a game I’ve learned to play well.. I may consider putting up a sample chapter too, we’ll see how things go.. I like your style of investigation, it is always within the smallest nooks and crannies that the truth in this problem pops up.. It’s how I’ve discovered a lot of things myself.. However no, Mr.. Weiss and I have little to do with one another.. I reviewed his book respectfully and then had a bit of a tussle with him on his website over a bit of time.. Did not spend a lot of time on it, just brought the site up every so often to see if my reply was up and if someone had responded.. Very sporatic.. Then again, sporatic for me is about every half hour.. I sometimes have a bit too much time on my hands.. The goal of talking to Weiss was merely to open a dialogue with him.. It had nothing to do with ‘proving’ anything, he was a figure of interest and I wanted to speak with him.. I did that, he got my replies through the site and posted his own, though it had some repercussions.. Weiss did not post my full postings, choosing instead to post only an abridged version of comments which he would take time to pick apart out of context.. By the end he was stripping  ...   That’s about as much as I can recall from the situation, it was seven months ago afterall and I have had thousands of such interactions with other people since.. I reviewed my notes of the situation to make sure I didn’t miss anything, although it really was a very trivial point along the way to an extensive body of research.. Other than that there are some other things I could clear up, I’m not sure I’ve ever said my book would ‘blow Weiss’s out of the water’.. I’ve never bragged about a book, I just wrote one.. In fact, I’ve tried quite hard to publish my findings on the Internet before hand because I really don’t believe in keeping secrets.. What is interesting to me about this scenario is that I am one of the very few people in this anti-naked short thing that actually uses his real name every time, his real home telephone number and address, and will speak to anyone on either side of the issue who finds the time to write or call.. I’m a clean slate here, and I’m an open book.. It is actually kind of humorous that I would be considered the opposite of that I have tried to be based on a seven month old conversation that was the result of my practice of openness.. I’ll try to see of Bob has received my letter, but I won’t pester him to put it up.. He runs a good ship over there and I wouldn’t pressure him for anything.. He has enough concerns of his own nowadays.. Thanks for taking the time to investigate, let me know if you have any additional questions.. James Cummins.. In addition, I have gotten in touch with Bob O’Brien and many others over this situation, and will be posting a reply on theSanityCheck comments section in which the charge against me was launched.. Please forward me any questions you may have to the email listed in my previous reply to this blog.. A lengthier reply with step by step review of the comments made on this site is available in the forums at thesanitycheck..

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  • Title: details « Anti-social Media with Judd Bagley
    Descriptive info: Protected: details..

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  • Title: Durova’s formerly secret “evidence” « Anti-social Media with Judd Bagley
    Descriptive info: The following was sent, by email, to members of two secret groups of Wikipedia editors, organized by SlimVirgin to combat the "cyberstalking" she feels is taking place on this site and WikipediaReview.. The email, sent by Wikipedian Durova, makes a case for banning another editor (named "!!") whom she suspected of being a disruptive sockpuppet of a third editor, Giano.. As you'll note, the foundation of Durova's evidence is the simple fact that !! is too well-behaved not to be a sleepersock waiting to spring into action.. For all the speculation that there is a "cabal" of editors on Wikipedia working in coordination to silence those who oppose them, this is the best bit of confirmation to come along yet.. Nobody's put their finger on this yet in a systematic way.. Maybe it's for lack of time; maybe people's brains are wired differently.. I need to show you not just what Wikipedia Review is doing to us, but how they're doing it.. And I'm setting this forth as a brief seminar so you can do more than recognize when it's presented to you; you can find these signs yourselves.. The one thing I have to ask is that you all be very tight lipped about this.. First, the good news:1.. They're working from the same playbook.. 2.. They don't know this list exists.. (.. link.. ).. Now, the case study:.. Here's a troublemaker whose username is two exclamation points with no letters.. !!.. It's what I would call "ripened sock" - a padded history of redirects, minor edits, and some DYK work.. Some of the folks at WR do this to game the community's good faith.. I can tell immediately that it's not the user's first account.. Soon you'll see the telltale signs as quickly as I do.. A.. In their efforts to deceive us, they forget that new users haven't learned edit summaries and wikimarkup.. Edit summary on the first edit:.. http://en.. wikipedia.. org/w/index.. php?title=Jack_Kerr diff=prev oldid=141874955.. Correct use of page links on the second edit:.. php?title=Ben_Brocklehurst diff=prev oldid=141877151.. Knows how to create line references on the  ...   diff=prev oldid=162747326.. Now the moves.. php?title=User_talk:Giano_archive_5_%282006%29 diff=prev oldid=163062162.. php?title=User_talk:Giano_II/archive_5 diff=prev oldid=163062161.. php?title=User_talk:Giano_archive_6_%282007%29 diff=prev oldid=163062164.. php?title=User_talk:Giano_II/archive_6 diff=prev oldid=163062163.. php?title=User_talk:Giano_archive_7_%282007%29 diff=prev oldid=163062167.. php?title=User_talk:Giano_II/archive_7 diff=prev oldid=163062166.. php?title=User:Giano_II/archive_4 diff=prev oldid=163062248.. php?title=User_talk:Giano_II/archive_4 diff=prev oldid=163062247.. php?title=User:Giano_II/archive_3 diff=prev oldid=163062253.. php?title=User_talk:Giano_II/archive_3 diff=prev oldid=163062252.. php?title=User:Giano_II/archive_2 diff=prev oldid=163062257.. php?title=User_talk:Giano_II/archive_2 diff=prev oldid=163062256.. php?title=User_talk:Giano_II/archive_1 diff=prev oldid=163062262.. php?title=User:Giano_II/archive_1 diff=prev oldid=163062263.. E.. They grow bold when they believe the account has ripened into the appearance of a legitimate editor.. I doubt Bishonen knew what this account really was.. By now it looks legit to most editors.. The nasty side shows itself, though:.. php?title=User_talk:Bishonen diff=prev oldid=162335262.. F.. When the sock is fully ripened it heads over to disputes and takes extremist positions for no apparent reason.. This rocket-to-the-sky pattern among ripened socks contrasts against sincere but troubled editors, who follow an arc with some visible cause and effect.. For contrast:.. A regular problem editor will decide Wikipedia has problems after breaking 3RR and getting turned down for an unblock request.. A ripened sock heads doesn't need to be coaxed to the dark side; it just heads over to a discussion and screams foul while its own reputation is clean as a whistle.. So by the time Jimbo does something controversial, most Wikipedians don't get more than a sense of vague unease about this account's behavior.. The sock is fully ripened, the account well established, and the troll has teammates to create or obstruct consensus if anyone intervenes.. I have a hunch the skilled trolls wait for events that they know will cause a lot of flurried attention onsite so the sudden launching of full implementation is less likely to be noticed in the crowd.. Here's the sock helping the team, along with some free range sarcasm and troublemaking:.. php?title=Wikipedia:Requests_for_arbitration diff=prev oldid=168176874.. php?title=Wikipedia:Administrators%27_noticeboard/Incidents/My_desysop_of_Zscout370 diff=prev oldid=168213973.. php?title=Wikipedia_talk:Wikipedia_Signpost diff=prev oldid=168209114.. php?title=Wikipedia_talk:Requests_for_comment/Jimbo_Wales diff=prev oldid=168487235.. php?title=User_talk:Penwhale diff=prev oldid=168631084.. G.. Many trolls can't resist the temptation to gloat.. Still doubt me?.. php?title=User_talk:Llywrch diff=prev oldid=168171012.. Looking ahead:.. Foremost, please keep mum! Many of these mistakes can be corrected and these people are very patient.. They will change tactics and get even more careful if they realize how we spot them..

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  • Title: IPO Probe of Wall Street Ties Tony Bruan to Investment Banks « Anti-social Media with Judd Bagley
    Descriptive info: July 9, 2001.. by Philip Boroff.. New York, (Bloomberg) -- Anthony "Tony" Bruan and his traders at PTJP Partners LP succeeded where millions of investors failed during the dot-com boom of 1999 and 2000.. All they needed was extra cash to persuade Wall Street investment banks to let them buy the most sought-after initial public offerings before everyone else.. Traders who worked at PTJP, a self-described hedge fund in a drab, lower Manhattan office, snared thousands of shares in VA Linux Systems Inc.. , CacheFlow Inc.. , Theglobe.. , Corvis Corp.. and dozens of other companies before they began trading.. The profits were instant -- as much as 897 percent for VA Linux and no less than 109 percent for MP3.. com, according to PTJP traders.. In return, brokers at the securities firms that took the companies public demanded, or expected, a payback for allowing an investor to buy IPO shares, the traders said.. For PTJP and the IPO underwriters, it was a great way to make money in the greatest bull market, as the Nasdaq Composite Index rallied 460 percent in the five years through March 1, 2000.. ``I can't say whether it was illegal but it certainly was unethical,'' said Sam Hayes, a Harvard Business School finance professor and author of seven books on capital markets.. ``It undermines investor confidence because they were giving special preference to certain investors for a kickback.. And that's what it was, a kickback.. ''.. And that's why Bruan, a white-haired 57-year-old with a ripple or two of muscle on his 6-foot-3-inch frame, finds himself at the center of a federal investigation of IPOs led by the Securities and Exchange Commission and the U.. Attorney in Manhattan.. At least nine of Wall Street's largest securities firms have received subpoenas or requests for information in an industrywide probe that may determine whether the firms violated the law by receiving cash payments disguised as commission income in return for a piece of the next hot IPO.. High Commissions.. Some brokers at the big investment banks asked PTJP traders to pay commissions as much as eight times the customary rate on unrelated trades or to buy shares in secondary stock offerings for which there was far less demand, according to five former traders at PTJP and Worldco LLC, a brokerage run by the Bruan family.. They spoke on the condition that they wouldn't be identified.. Brokers also granted IPO allocations after ensuring that traders would later purchase additional shares, the PTJP traders said.. That practice is barred by regulators because it can artificially inflate stock prices.. One of the traders said he thought he had to generate enough business to return as much as half the profits reaped on IPOs to the investment banks.. Bruan, who has been a cooperating witness in the probe, may help investigators determine whether IPO underwriters violated securities laws.. Wrongdoing Denied.. Harvey Goldschmid, former general counsel to the SEC and now a professor of law at Columbia University, said he worries ``about the manipulative aspect'' of agreements to buy IPOs once they've begun trading.. ``If you agree to buy shares in the aftermarket, it may influence the price of the stock'' and could be considered a violation of U.. securities law, he said.. The banks, including Credit Suisse First Boston Inc.. , Lehman Brothers Holdings Inc.. , Morgan Stanley Dean Witter Co.. , and J.. P.. Morgan Chase Co.. , have denied wrongdoing or said they are cooperating with the investigation.. CSFB late last month fired three brokers who had a say in awarding IPO shares, for what the firm said were violations of its policies.. Four firms -- Morgan Stanley, CSFB, Goldman Sachs Group Inc.. and Bear Stearns Cos.. -- served as the lead underwriters on the IPOs named by the PTJP traders.. Spokesmen for the firms declined to comment.. In all, 16 securities firms were involved in the offerings.. Convicted Felons.. In contrast to the burnished-wood-paneled quarters of Wall Street's biggest trading and investment firms, Bruan's company of more than 60 traders worked in an office where tiles dangled from the ceiling and the remnants of fast food littered many of the desks, each with a computer that could be shared by as many as three traders.. It wasn't uncommon for some trades to move through businesses set up to conceal the identity of the firm.. The practice included the use of U.. Postal Service boxes in Midwestern states, a PTJP trader said.. Some of Bruan's traders were recent college graduates.. Others had experience managing millions of dollars for hedge fund investors.. In 1999, four were convicted or accused felons who pleaded guilty that year in a scheme to manipulate IPOs.. Bruan's brother-in-law Christopher Carajohn said he used PTJP's office in the firm's early years as a base for trading.. Carajohn is a former director of a London commodities company and was convicted in the U.. K.. in 1987 of a 2 million-pound swindle.. Strategy the Key.. What PTJP lacked in prestige, Bruan made up for in strategy.. Over the course of more than 25 years on Wall Street, he emphasized generating commissions to build connections with people who could reciprocate with market-moving information or deals.. When the IPO craze exploded, investment banks were willing to accommodate, PTJP traders said.. One trader said Walter Scott Bruan, who is Bruan's nephew and a PTJP director, boasted that the firm pulled in $10 million in the VA Linux IPO.. Another person said PTJP amassed at least 50,000 shares in Red Hat, the top U.. distributor of the free Linux computer operating system.. Red Hat shares rose to more than $28 from $7 when trading started on Aug.. 11, 1999.. Bruan was asked twice for an interview outside his waterfront home, a brick colonial valued at $1.. 8 million in Atlantic Beach, New York, where he docks his boat, ``The Speculator.. '' On one occasion, he was dressed in a chocolate brown suit and paisley bow tie; on another, he wore a blue silk suit and dark blue tie.. ``I can't comment on the investigation or anything else,'' Bruan said, after stepping from a 1999 Bentley parked beside a Mercedes-Benz sedan and a Jaguar coupe.. Bruan's lawyer, Michael Trager, also declined to comment.. Wall Street Career.. Vincent Calcagno, PTJP's chief financial officer, issued a statement in May, when Bruan was named in news reports as cooperating with the federal investigation.. He said PTJP ``is committed to fair and honest financial practices in every transaction it undertakes'' and ``holds itself to the highest ethical standard.. ``To the extent that PTJP received allocations of initial public offerings, it did so consistent with longstanding industry practices,'' Calcagno said.. Friends described Bruan as a generous man who over the years enjoyed playing tennis in the Hamptons and showing off his ability to do push-ups.. In the office, associates said, he was all business as he monitored his traders' moves from a computer terminal on his desk.. A bad trade could trigger a verbal assault.. Raised in Brooklyn.. Bruan was raised  ...   engage in ``heavy after-hours socializing three to four times per week.. '' It also pointed to the value in placing buy and sell orders that generated commissions, stating, ``The fund has over 200 institutional accounts and ninety `direct wires' with whom it trades `order flow' and `research calls.. '''.. ``The fund is extremely active in the IPO segment,'' said the brochure, which also called Bruan ``one of Wall Street's largest private commission-paying clients.. PTJP and the Bruan family's Lawrence Group estimated that they would pay $43 million in commissions to brokerages in 1999, according to a PTJP memo.. ``A certain amount of these commissions are needed to sustain relationships with various brokers,'' Bruan's son Walter Francis Bruan wrote in the memo.. Dot-com Bonanza.. Anthony Bruan began focusing on using commissions to win IPO shares well before the dot-com craze, according to a lawsuit filed against Worldco in 1997.. Kenneth Laub, who was one of New York's biggest commercial property brokers during the 1980s, said he shifted his money in 1995 from Bear Stearns, where then-Chairman Alan ``Ace'' Greenberg handled his account, to Worldco.. He said he did so at the urging of the Bruan brothers and John Faessel, who had campaigned to become Laub's financial adviser.. The sales pitch included a memo drafted by Peter Bruan explaining how Laub could gain IPO shares.. ``To obtain sizable allocations in the IPO and secondary market, you will have to focus on generating commissions at the firms who are bringing the deals you want,'' Peter Bruan wrote.. `Using His Wealth'.. During a nine-month period, Laub alleged in the lawsuit, Faessel and Anthony Bruan advised him to trade at a rate ``4 to 5 times greater than'' he had at Bear Stearns.. Laub figured his Worldco volume hit $600 million, produced more than $1 million in commissions, and resulted in at least $40 million in losses.. A Manhattan federal court judge dismissed the case.. Laub refiled it in New York State Supreme Court in 1998.. In May, he asked permission to add the Bruans as defendants and expand his claims to encompass allegations about their IPO practices.. Laub accused the Bruans of ``using his wealth'' to buy them an ```in' to IPOs.. '' He said the ``modus operandi'' of Worldco was ``spreading commission dollars around on the Street to gain privileged access to market information and participation rights in IPOs.. Worldco denied Laub's allegations, arguing that he actually made more than $20 million profit by trading with the firm.. Faessel declined to comment.. Laub is represented by David Boies, who served as former Vice President Al Gore's lawyer in his unsuccessful bid to overturn the results of last year's U.. presidential election in Florida.. Boies said in a statement, ``We are aware that government regulators are looking into the business practices of PTJP and the Bruans.. We are also actively investigating some of these practices, as they relate to the claims alleged in our lawsuit.. Scramble.. The IPO frenzy began in earnest in November 1998, when shares of Theglobe.. com, a company that allows Internet users to set up their own home pages, surged more than sevenfold on the first day they were traded.. Investment banks soon brought hundreds of companies to market.. They set a price for the IPO shares, sold them to selected buyers and released them for public trading that almost invariably drove up the price.. Millions of investors jockeyed to be among the chosen.. PTJP traders drew on contacts at investment banks or, in a variation of the Wall Street mating dance, they cold-called the banks, seeking to enlist so-called institutional brokers to service their accounts and barter commissions for IPOs.. They also targeted brokers who worked with wealthy individuals.. One trader recounted getting more than 7,500 shares in Internet music distributor MP3.. Credit Suisse First Boston arranged the offering, selling an 18 percent stake in the San Diego-based company in July 1999.. Paying Back Profits.. The trader said he had longstanding relationships with CSFB brokers that were cemented by his willingness to return a quarter to half his IPO profits to them in the form of commissions, a practice he followed with other banks as well.. The trader said he was regularly solicited by the brokers to buy shares in secondary offerings, the sale of blocks of stocks in companies that have already gone public.. The banks earn fees from the companies selling the shares.. The secondary offerings were less desirable than IPOs because they didn't offer the potential for large, immediate gains.. The trader said he bought shares in numerous secondary offerings, choosing those he thought were the best investments.. As the MP3.. com IPO approached, the trader said he requested as many as 50,000 shares and was satisfied with the 7,500-plus allocation he got.. His shares valued at $28 jumped to $92 when trading began, peaked at $105 that day and closed at $63.. 31.. He said he generally sold IPO shares at their opening price.. IPO Score.. Another trader described winning shares in the VA Linux, Corvis and CacheFlow IPOs by cultivating relationships with brokers who had a voice in IPO allocations.. The trader paid commissions of as much as 12 cents a share -- double the normal rate -- and agreed to buy shares in any secondary offering that brokers were selling.. Without those purchases, the trader said, the brokers would have cut off access to IPOs.. The trader declined to identify the brokers.. PTJP traders said it was common for brokers to point out that investors were willing to pay commissions of 50 cents a share or more on trades.. Often, brokers also asked how many additional shares the traders would buy after trading began, the traders said.. One trader said a broker denied him a large allocation of shares because he hadn't purchased enough of these ``aftermarket'' shares in previous IPOs.. Legal Questions.. Legal experts said it would likely be illegal for brokers to demand part of the profits or high commissions in exchange for IPO shares.. Without such a demand, the experts said, it would probably be legal for a broker to sell IPO shares to a high-revenue customer even if the customer's intent in doing business was to win IPO shares.. ``Is the underwriter being separately compensated for underwriting decisions?'' asked Larry Hamermesh, a law professor at Widener University in Chester, Pennsylvania.. ``That's the question: Is there a side agreement or not?''.. Time has been cruel to most of the Internet- and computer- related companies that went public in 1999 and 2000, showering huge, immediate gains on those investors who had the connections or luck to buy IPO shares.. Many investors suffered as prices collapsed.. Shares in VA Linux and CacheFlow, which peaked at $320 and $182, respectively, closed Friday at less than $5.. So did shares in Red Hat, Corvis and MP3.. Shares in Theglobe.. com, which launched the IPO frenzy, hit $48.. 50 on Nov.. 13, 1998, the day they began trading.. On Friday, they fell 1 cent and closed at 20 cents..

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  • Title: Is Howard Really Finkelstein? Money Rides on It — By Susan Antilla « Anti-social Media with Judd Bagley
    Descriptive info: Is Robert Howard really Howard Finkelstein? A lot of investors in Mr.. Howard's Presstek Inc.. , would like to know.. But not even the Securities and Exchange Commission can say for sure.. And the lingering mystery has roiled a hot stock and left the S.. E.. C.. blushing.. Investors count on the S.. to weed out rogues in the universe of publicly traded companies, paying particular attention to repeat offenders.. Sometimes, though, the agency slips up through bad record-keeping or incomplete research, inadvertently setting the backdrop for confusion in the markets.. Unsuspecting investors in Presstek, run by its chairman, Robert Howard, no doubt wondered what had happened in early fall to stall a four-month rally in their stock.. Presstek, a company that sells imaging technology to makers of printing presses, had reported no startling news that would explain the 16 percent plunge in the stock in September and the 13 percent fall that followed this month.. But behind the scenes, a rumor was sweeping the market that the chairman of Presstek had been concealing an ugly past.. The story that made the rounds: Mr.. Howard, founder of Presstek in 1987, was Howard Finkelstein, a convicted felon who went to jail for violations of securities laws, among other things.. Howard denies that he is Mr.. Finkelstein, and the rumor should have been easy enough to confirm or quell, easing the anxiety of investors who did not know whether to buy, sell or sit tight.. After all, the S.. as recently as February settled an insider trading case against the Robert Howard who runs both Presstek and another public company called Howtek, both in Hudson, N.. H.. The S.. said Mr.. Howard had given an illegal tip about Howtek's outlook to a friend on a golf course and had fined and censured him.. did search its files for Mr.. Howard but it did not find its own public announcements from the mid-1970's, including the one in 1976 that referred to the criminal conviction of "Howard Finkelstein (also known as Robert Howard)" for securities law violations.. "We did what we would normally do in checking records and checking our data base," said William McLucas, chief of the enforcement division of the S.. in Washington.. But the previous case against Howard Finkelstein alias Robert Howard "didn't pop up," Mr.. McLucas conceded, explaining that it appeared that no one cross-referenced the alias of a convicted felon in the S.. 's computerized records that date back to 1974.. "Would I have preferred we'd put the names in and flipped them in both instances?" Mr.. McLucas asked.. "Yes.. But the names may not have been entered into the computer data base when the data was put into the system way back when.. ".. While Mr.. McLucas acknowledged there was a record-keeping problem in this case, he said he did not think that dual identities posed a serious problem for his enforcement unit.. Had S.. employees systematically made two entries on every alias when the agency set up its computerized data base in 1984, the Howard/Finkelstein case would have come up.. That would not have told the S.. that the Presstek chairman was Mr.. Finkelstein.. But it may have raised investigators' suspicions, caused them to query Mr.. Howard about the possible Finkelstein connection, and perhaps given them a reason to investigate further to determine who Robert Howard was.. Lacking the computer entry of the alias, though, the agency never got to the first step.. still cannot say whether the Robert Howard of Presstek is or is not the same Robert Howard who operated as Howard Finkelstein.. "Our records don't indicate that he is anyone else," said Mr.. McLucas, referring to the Presstek chairman.. But "we have not at this point in time taken his fingerprints," he added.. may not have found the previous case but the short-sellers did.. Short-sellers, who profit by placing bets that a stock will decline, found out about the Finkelstein question and used the connection -- regardless of whether it is true -- to try to push the price lower.. Their effort, and the fact that the S..  ...   supplied extensive documents to show his father's addresses at various times.. His father's birth certificate shows a birth date of May 19, 1923, while court documents show that Mr.. Finkelstein's birth date is April 23, 1929.. A telephone listing in Winter Park, Fla.. , Mr.. Finkelstein's last known address, was unpublished.. One lawyer who represented him in a 1974 stock fraud case said he would not be able to remember what his client looked like.. Supplied with a photograph of Mr.. Howard of Presstek, another lawyer for Mr.. Finkelstein said he "couldn't swear to it, " but thought it was his former client.. Several prosecutors from the securities case in the 1970's said they could not remember details about Mr.. A gynecologist who wrote a letter to a judge defending Mr.. Finkelstein could not be found.. Other questions also remain.. Not the least of which have to do with the reluctance of Lawrence Howard to be forthcoming about several questions.. Asked to supply names of his father's children and stepchildren, for example, Lawrence Howard would entertain the question only if first supplied with the names of Mr.. Finkelstein's children and stepchildren.. Asked for a full copy of his father's S.. testimony, Lawrence Howard declined.. Lawrence Howard, a psychiatrist who was formerly president of Presstek, is now a vice chairman.. Three months ago, he joined Whale Securities in New York, working in its corporate finance department.. Whale, which was fined by the National Association of Securities Dealers in 1992 for excessive markups of a stock it had taken public, was the underwriter for both Howtek and Presstek.. Robert Howard, meanwhile, carries baggage that would be of interest to shareholders and would have been ammunition for short-sellers even if it was clear that Robert Howard was not Howard Finkelstein.. In 1967, Mr.. Howard founded a personal computer printer company whose shares soared, then plunged, before he sold the company and resigned.. Two gambling ventures have gone under, the last in 1981.. In more recent history, earnings per share at Presstek plunged last year to 17 cents from 63 cents in 1992.. Last October, James L.. Bast resigned as president and chief executive after only four months, raising the question of who is minding the company store.. In the absence of an airtight record-keeping system at the S.. this type of identity confusion could happen again.. And that is apart from other ways in which unscrupulous operators can deceive the agency.. An article in Business Week magazine last month chronicled the checkered history of a chief executive who had a sex-change operation.. censured the executive twice for violations of securities rules -- once when she was a man and again after the operation.. When the S.. censured the executive in 1991, it was the first case by the agency against Eleanor Schuler, but the second against John Huminik Jr.. , whose sex-change operation was chronicled in People magazine in 1979.. McLucas said there were limits to what the S.. could reasonably be expected to do in investigations.. "I'm not sure what else the Government can do in civil investigations where we take thousands of witnesses a year," Mr.. McLucas said.. "Do you throw them down and say 'tell the truth or we'll throw the hot light on you?' Rubber hoses went out years ago -- the Constitution doesn't let you do those things anymore.. As for the Presstek chairman, will the S.. be investigating further to get the right information out to the public markets? "I'm not going to say what we may or may not do at this point," he said.. CORRECTION.. An article in Business Day yesterday discussed rumors affecting the stock of Presstek, an imaging technology company.. The rumors suggested that Presstek's chairman, Robert Howard, might actually be Howard Finkelstein, a convicted felon.. Howard's lawyers presented The Times yesterday with documents and other information regarding his identity.. After inspecting them, The Times finds no credible evidence to support the rumor.. Details appear today on page D1.. The Times regrets having printed the rumor.. The Antilla method at AntiSocialMedia.. The Susan Antilla method | Deep Capture..

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