Bloomberg News Brown Noses SEC and feigns reporting utilizing white collar lawyer as writer

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Bloomberg View posted an opinion piece today - titled;

"You Don't Want to Mess With Wall Street's Cop"

I wonder why that is - what are they (the SEC) going to do - No Arrest Me Too!




I'm just sayin....... that Bloomberg should have more of conscience.


The story piece starts out seemingly on the side of righteousness with the following intro;

With its recent insider-trading settlement against SAC Capital Advisors LP, the Securities and Exchange Commission is again under fire for its policy of letting defendants resolve fraud allegations without admitting wrongdoing.

Then, the person providing his opinion (a white collar defense attorney, by the way) - goes down the pathway of inference with the following babbling banter B.S. ;

Good Understanding

Since the early 1970s, by contrast, SEC policy has coupled the carrot of not requiring an admission of wrongdoing with the stick of prohibiting any public denial. Although SEC settlements don’t always recite the facts of each case in minute detail, they almost always include enough information to provide the reader with a good understanding of why the defendant was sued, what laws were allegedly violated and what sanctions were imposed. In each case, this information is filed with the court and posted on the SEC’s website for the world to scrutinize

Finally, the white collar defense attorney pretending to be a reporter (named Mr. Ryan no less) - settles down to his defense of his former employer (that's correct, the opinion is from a former SEC person turned white collar defense counsel) - who pens this arbitrary & capricious self serving banter that;

Settling cases without an admission of wrongdoing is eminently fair and reasonable, not a sign of spinelessness. Here’s hoping the SEC has the fortitude to continue defending its commendable approach to settlements.

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Review of the (sic) "Opinion"
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Apparently, Bloomberg thinks it is okay to have a writing in their "View" portion, by a biased party, making a mockery of our ability to comprehend what is really going on in the world. As the Bloomberg editorial staff could see, if they paid attention to reality and the comment section of the opinion piece, I'm not the only party who isn't buying into the babbling bull pies that Bloomberg and Mr. Ryan are slinging.

The American citizenry has the web now. All behind door operations and burying of Madoff files always seem to ferret their way out of the darkness and into the light. Then the inflexible sword of truth starts to slay nefarious lords. Mr Ryan links his story to former SEC Chief Prosecutor Khuzami on the "Settlement" practices of the SEC (see link HERE ). Again, this is horse manure straight from the source of dung upon high. Khuzami is no longer with the SEC, neither is Mary Schapiro and half a dozen other misfit poor excuses for public servants. Including one decent man who was fired for trying to do his job - Mr. David Weber. The SEC's very own watchdog group (the Office of Inspector General "OIG" of the SEC) has a bunch of bad apples who colluded to fire David Weber for wanting to take his public trust position seriously (see Matt Taibbi's Rolling Stone story - SEC Rocked by Lurid Sex & Corruption - HERE -)

As for me, I'm biased too, but as a victim of organized crime pretending to be white collar fraud that the SEC has been burying for 12 years. Goldman Sachs took eToys public in 1999 and the stocked soared to $85; but eToys received less than $20. When the questions that beg (likie where did the rest of the money go) - were asked, eToys was placed into bankruptcy (DE Bankr 01-706). The law firm that asked the Delawre Federal Bankruptcy Court for permission to be eToys debtors counsel was Morris Nichols Arsht & Tunnel (MNAT). The www.MNAT.com law firm then asked the DE Bankruptcy Court for permission to Destroy Books & Records. Then MNAT nominated Paul Traub to prosecute Goldman Sachs in the New York Supreme Court case of eToys (renamed ebc1) v Goldman Sachs (case# 601805/2002). Unfortunately, thus far, that decade long case has not gone anywhere;

because Paul Traub was a partner of fraudster Marc Dreier, Ponzi Schemer Tom Petters and MNAT.

And MNAT is Bain Capital (who bought eToys for practically nothing) and also counsel for Goldman Sachs.

NOW WAIT - that's not the best of it. For we did finally force MNAT to confess its Goldman Sachs secret. However, even though MNAT admitted to lying under oath 15 times over several years (and has actually lied hundreds of times since then about Bain Capital), MNAT was never punished. I'll begin to believe that the SEC is trying to do its job, when they DO THEIR JOB!

The reason MNAT, Bain Capital, Goldman Sachs and Paul Traub have never been investigated, arrested, prosecuted and incarcerated, is because Colm Connolly, a MNAT partner became the DE United States Attorney on August 2, 2001

and then did his own destruction of eToys case files for 7 years.

Here's Colm Connolly's Resume ( HERE )

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For more on the background of the eToys case - you can look at the DailyKos article I posted Sunday ( HERE )

I will be discussing my Letter to the SEC tomorrow or Wed.