June 21, 2009 (By
Bud Burrell)
From “Front & Center”, by Bud Burrell
Over Eighty (80) Years of COUNTERFEITING, COUNTERFEITING, COUNTERFEITING, Ad Infinitum, Ad Nausea
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Senator Bennett used the word the word EIGHT (8) times in the broadcast meeting of the Senate Banking Committee with Paulson, Bernanke, and Cox. He directed most of his comments directly to Honorable Chairman Cox, who reacted with about 40 tells indicating he was being less than completely honest at best, constantly touching his lips, eyes, ears, and mouth. In my basic training in interrogation, such actions were a major RED FLAG. Maybe a little recitation of the case history of Counterfeiting would be helpful here. There is nothing here not contained in my previous writings, but a linear recitation could be of value to others with a single focus.
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The modern history of counterfeiting of commercial securities began over 80 years ago. It started with the wholesale traditional counterfeiting of stock certificates to support the short selling activities of more than 500 pools comprised of the assets of the wealthiest individuals in this country at the time, over a 3 year period leading to the October, 1929 Raid-related Crash.
The refinement of the earliest photo lithography made it possible to produce reasonably high quality counterfeit stock certificates duplicating the real ones. These certificates could then be loaned to short sellers to create a required “borrow” to secure the margined short, especially useful when stocks were tightly held. The manual back offices of the brokerage firms never knew the difference, and they never saw what hit their companies until it was too late. [entire post]
Tags: 18 usc 514, 1929 Raid, 22a, 46, 6, arbitrage exemption, baruch, cjs 22, counterfeit proxies, counterfeiting, criminal methods, elgindy, fasb rules deregistration bankruptcy, fdr, grandfathering, hedge fund exemption, holding company act, investment company act, locate v. borrow, market maker exemption, oil and gas scandal 1970's, paper hangers, proxies, reverse conversions, rico, sale of unregisterd securities, section 5, securities act 1933, sedition, virtual, watered stock
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