Movie Sheds Light on Sirius Naked Shorts

Stock Shock the movie is breaking new ground. The movie that promises to shed light on illegal naked short selling has actually caught the eye of the United States Securities & Exchange Commission. Stock Shock is a documentary that educates viewers about illegal trading practices, through the stories of Sirius XM (SIRI) investors who believe they were the victims of naked short selling, and the victims of hedge funds who were possibly trading on the inside information that the company would be driven to bankruptcy this past February by certain bondholders. Unfortunately for those that participated, their plan failed and now the SEC is involved.

Satwaves has learned that several days ago, an agent for the SEC contacted a representative of Stock Shock, as that agent had been alerted to the allegations of hedge fund wrongdoings that were made in the film. A copy of the movie was sent to the agent, who then called back the movie’s representative to get more details, yesterday. The second phone call from the SEC lasted for 20 minutes, and included talk of media collusion as well.

Coming on the heels of the Obama administration’s announcements of sweeping reforms, it seems the SEC is now taking its position a bit more seriously. The agency has taken a lot of heat for ignoring claims regarding Bernard Madoff that fell on deaf ears until an unthinkable amount of damage could be done.

In the movie, Jim Cramer in a Mad Money clip calls on the SEC to make just one arrest, and that would end the game of naked short selling. Thus far, the problem has been the collapse of any company that fell victim to the game. The fact that Sirius XM not only survived but now thrives may prove to lead to the paper trail that can put an end finally to these illegal trading practices.

It will only take one person to confess to their part, no matter how small to create a landslide effect in the investigation and bring these people to justice. In my own interview in the film, I called for an SEC investigation also. Others did as well. This was my personal goal in agreeing to participate in the movie.

Disclosure: Long SIRI

Comments

[apppro]

THANK GOD on this movie!! I hope they read my blog. SIRI is just 1 minor case in 'The Shorting of America'. I hope the movie's producers are looking into the what brought down Lehmans, beare, etc. Now that was naked shorting/rumorboarding to an extreme!

2009 Jun 26 09:17 AM

[valuestocksonly]

Jim Cramer of Mad Money played a very big role in the downfall of Sirius stock price.

2009 Jun 26 09:19 AM

[SIRI-Doom]

Real-Time: 0.42

Down we go, I said take profit today. All hype...

Probably going to sit at 37 over the weekend. Maybe even 32.

Actualy, this sucks... I did not want to be correct. And i missed the 47 so I missed this pump and dump chance. Oh well...

2009 Jun 26 09:43 AM

[j1d2j3]

maybe now they will finally do something about leagalized counterfieting also know as "naked short selling"

2009 Jun 26 09:48 AM

[SIRI-Doom]

I believe Cramer was in on the original "Quick & Dirty Financing" with GS and Mel. Cramer was steering with hype only to latter say "SIRI Bonds are the only part of SIRI worth anything". Yep, he said that too. Mel was on Mad Money show the day before and three days after the merger. "Quick & Dirty Financing" my bloody red tooter.

Cramer was running very scared for several months after. He had death threats that put him in a hotel under protective guard. Probably the only justice that Mel’s "Quick & Dirty Financing" ever will receive.

Did Brandon write, "Sirius XM not only survived but now thrives"? LOL, Selling debt JUNK bonds to continue operations and pay "Outstanding" to keep a credit line is now called "thriving"? heheheh LOL...

No the Securities & Exchange Commission is not going to do much. Mel & SIRI was already investigated for telling direct lies in a Congressional Hearing. The Congressman who did the investigation into the lies was hushed. Any investigation of Mel gets hushed. SIRI and Mel get a free pass to rape and pillage investors.

2009 Jun 26 10:09 AM

[between the hedges_]

Be fearful when others are greedy and greedy when others are fearful. Buffet. I got some dry powder and getting ready to buy some more. I love my radio and this company! Go Dawgs!

2009 Jun 26 10:21 AM

[SIRI-Doom]

Naked Shorting? Maybe not.

Mel’s original "Quick & Dirty Financing" gave GS, Goldman Sucks a huge chunk of “off balance sheet” shares. The idea was to secure the loan without saturation. But, GS loaned out the shares to shorts. GS used Mel’s merger deal to short SIRI into the dirt.

GS continues to use those shares to short for a hedge. That is why I do not see a panic short cover ever happening. For GS the shorts are an insurance policy well worth the write-off coast.

Most who know this info in detail also know how Mel made personal hidden millions shorting his own company. This is what absolutely outraged me and why I will never stop telling the story.

I am heavy long in SIRI but pound this bad info because people need to know they are investing in a gangster..

2009 Jun 26 10:32 AM

[JamesPS]

All we want if a fair assessment of what this company is worth. Get rid of naked short selling and we will have that. Then lets talk!

2009 Jun 26 10:33 AM

[Mr. Stupid]

Who know's what's gonna happen? I'll answer that. NO ONE KNOWS! I just want them to reinstate the uptick rule. That would alleviate a lot of the automated (naked) shorts.

We will see.

On the positive front Siri didn't tread back today as much as I expected. Only down about 2points. Not bad considering the nice last few days.

I sold some at .47 and have a set buy back at .41. If it doesn't hit then that's just as good.

It's a WIN WIN situation.

You heard it here first, Mr. Stupid

2009 Jun 26 10:34 AM

[Mr. Stupid]

Siri-doom, why did you invest in Siri if you're so bitter?

Mr. Stupid


On Jun 26 10:32 AM SIRI-Doom wrote:

> Naked Shorting? Maybe not.
>
> Mel’s original "Quick & Dirty Financing" gave GS, Goldman Sucks
> a huge chunk of “off balance sheet” shares. The idea was to secure
> the loan without saturation. But, GS loaned out the shares to shorts.
> GS used Mel’s merger deal to short SIRI into the dirt.
>
> GS continues to use those shares to short for a hedge. That is why
> I do not see a panic short cover ever happening. For GS the shorts
> are an insurance policy well worth the write-off coast.
>
> Most who know this info in detail also know how Mel made personal
> hidden millions shorting his own company. This is what absolutely
> outraged me and why I will never stop telling the story.
>
> I am heavy long in SIRI but pound this bad info because people need
> to know they are investing in a gangster..

2009 Jun 26 10:36 AM

[SIRI-Doom]

Mr. Stupid

I trusted Mel two years ago. I trusted the Merger. I trusted his ability to get financed. Trust got me stuck in SIRI.

Getting out of SIRI is work. It is no longer an investment. Sweat, tears and frustration over working to double down this penny. It is work.

The kind of work and fear of poverty that you, Mr. Stupid should never experience. That is why I tell the story.

2009 Jun 26 10:45 AM

[1more4me]

Oh-no. Let's not get philisophical over trading stocks. If you look at trades as any thing other than fun- pure fun- then you are in the wrong game. Let some one else do it if you think it's work. Find something else to do that's fun- and earn a paycheck... Good news or bad, sucky dawg or shooting star, Mel ,Cramer, and anyone else with a plan or opinion----suck it all in- predict- trade. Your call, your fault for loss or your superior intelect on the gain. Since tuesday I've bought 5 lots and sold 4 for near about 45% in just this horribly awesome stock. Heck if you'd just play the 20/2 Bollinger bands you'd be rolling this week. --yeah- And I told ya'll at 11:00ish it was topping out and 44 by the end of the day- Sorry you missed it- Wanna try again...It'll draw back down to 45 around 1:00 then up to close about 47-48. That'll be an easy 6% and don't worry if you get stuck- next week it'll play in the low .50's. It's a game, a gamble, Play at your own risk. And NEVER take advise from ME!

2009 Jun 26 11:55 AM

[Slam]

never gamble (invest) what u can"t afford to lose trust me bro its all a gamble!!!

2009 Jun 26 11:56 AM

[Mr. Stupid]

Siri-doom, I have to say I can relate with that. Not trying to be tooo nice here. LOL.....I also invested around the time of merger and lost huge. I mean HUGE. $38,000 down the drain after the merger..That was probably the most miserable experience I ever had so I can relate. Saying that I don't want to stock to win again. I can just see this stock going up now with things coming in place and I just don't want to get left behind.

I guess i'm just trying to make back some, if not all, of that money Siri took from me. It's personal now.

Mr. Stupid




On Jun 26 10:45 AM SIRI-Doom wrote:

> Mr. Stupid
>
> I trusted Mel two years ago. I trusted the Merger. I trusted his
> ability to get financed. Trust got me stuck in SIRI.
>
> Getting out of SIRI is work. It is no longer an investment. Sweat,
> tears and frustration over working to double down this penny. It
> is work.
>
> The kind of work and fear of poverty that you, Mr. Stupid should
> never experience. That is why I tell the story.

2009 Jun 26 12:30 PM

[SIRI-Doom]

> It's personal now.

Yes it is... For me it is 290,000.00 worth of personal. That is big...

We will make it back. Double down is work 6 percent at a time. But, SIRI could go up. I need it to go up much less now than a year ago.

We need Mel to do just one thing correctly with no down side. IS that possible? LOL

2009 Jun 26 12:55 PM

[SIRI-Doom]

I still dream. If SIRI was to go to 6.00 a share, I will have 1 milllllllllion green backs.

Just in time for the dollar to collapse... LOL

2009 Jun 26 01:03 PM

[relmar2003]

Pump and dump? Who the hell was pumping it? Let me explain something to you. The term pump and dump really cant be applied to a company issueing news about its own company, especially when they are all fact based.
The iphone app? Thats a pump? #1 music app still. SiriusXM hasnt even issed a press release about that. MSM doesnt seem to care. So who pumped that?
Note restructuring? Thats SEC filings required by NASDAQ rules. No pump there. Great news, but once again, just releasing facts.
MSM reaction? An "insider" sees the rate as 13 percent, only 1.75% off, pretty bad for "insider" information. I think that was the street.com report that said that. So no pump there.
Rosie signing? How is announcing your next talent a pump? And Im still waiting for the dump. No dump. Its at .46 cents right now, trading more and more like a normal stock. Buy and hold game now for a bit. Dangerous to trade, too much good news, in too short a time. Russel delisting, as explained weeks ago, was a non factor. If anything, its the last bit of basher fear keeping people from jumpin in before the end of the quarter. Look out in July. Fund managers can open new positions. All Russel index selling will be over, and any funds closing positions at the end of the quarter are obviously rapping that up. Still at .46.
Siri-Doom, my advice to you, if you dont trust management, is to reconsider your holdings. Good luck.

2009 Jun 26 01:28 PM

[relmar2003]

Comment above about Cramer. He actually did the investor a favor, because if he convinced people to sell out at $2 instead of .12 cents(as he was trying to do, quoting the stock as worthless at .12 cents at the time), they could have saved a lot of money. ANd watching the show everyday, they could have finally seen his buy recommendation, saying it was going to hit.63 cents. It was at .40 i think at the time. Thats a good chunk , in not more than any losses from his pumping. Ironically, if you literally JUST DID WAS CRAMER TOLD US TO ON SIRIUS, we could have bought at 2.40, sold at 3.30, and bought back at .40 cents, and resold at .63. Maybe we should listen more closely, or just ignore the clown to begin with. My point to this post, is even in pure dumb luck, or blind stupidity, chances to make back serious money were presented, and some took advantage. Still more gains go go. Probably, longer term, not more than already given from .12 cents, but close. And when covered calls become worth it, a high share count is going to be important.

2009 Jun 26 01:35 PM

[relmar2003]

Sorry, the quarter ends Tuesday, not today. But same difference. Big sell off didnt happen by now, its not happening for the Russel situation.
For all we know, the big sell off was into the iphone release, and off the note news.

2009 Jun 26 02:03 PM

[Come on Guys Lets get Sirius!]

Remlar, just wanted to say thanks for all your input. You have helped many of us through all of this. You have very good insight!

2009 Jun 26 02:09 PM