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How Satellite Radio Conned America***
Something really strange but not surprising in hindsight,
happened towards the end of George Bush's term in office.
That is, just prior to the stock market crash. And not unrelated
at all to the way the advent of the Internet and electronic
money transfers converged in a suspect manner, with the
push by Wall Street to then pressure the masses of American
people to toss their life savings in huge numbers, into
the stock market. A massive participation that could now
be readily negotiated with the tools of the Internet on
hand.***
And that unusual move by the Bush administration, was
the abolition of the Uptick Rule - a stock market regulation
that had been around for seventy years. And was in fact
inextricably linked to the measure put in place to lift
this country out of the economic disaster of the stock market
crash of '29 and the ensuing Great Depression. And the current
aforementioned abolition of which led to, you guessed it.
And the rest is history, that we're dealing with now.***
What the Uptick Rule outlawed, was the short selling
and insider flash trading that Sandra Mohr's investigative
documentary Stock Shock, probes vigorously in relation to
the market scam plaguing Sirius XM Satellite radio. This
incisive inquiry breaks down some of the nuts and bolts
of that convoluted money fraud, which enabled stockbrokers
to buy and sell stocks without permission or authorization,
in many cases stocks that didn't even exist. And fleecing
a million grassroots investors, many of whom counted themselves
as satellite radio cult junkies. And then handing the company
stock over to a few corporate scammers privatizing pay radio,
and taking it over essentially for free.***
What Mohr uncovered about this 'zombie stock' scam
linked to pay radio, is essentially this. The short sellers
would unlawfully 'borrow' stock that didn't belong to them,
float false rumors about the radio company's financial failure
throughout a cooperative commercial media, and then buy
back cheap and return the now devalued borrowed shares,
during the artificially induced panic selling.***
In this way, billions of stocks were sold that never
existed, under cover of the lightning speed of the Internet.
And the filmmaker further unravels a sinister incestuous
relationship between Wall Street and the government, along
with the media and their investor advertising interests,
as well as national and global organized crime. This, while
muckrakers, including a stunned Wall Street area cabbie
privy to broker conversations in his cab, out these conspirators
on camera, some whistleblowers assuming aliases after receiving
death threats.***
And the effects of this Wall Street type of fraud have
been far reaching, wiping out thousands of companies and
millions of jobs.
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