Thursday, September 21, 2006

A Distinguished Person Joins the Baloney Brigade?

A reader brings to my attention that a familiar name to all fraud-watchers -- "Terry Ramsden" -- appears on the list of signatories of an SEC comment letter (see page 31, lower left column) by the astroturf group the "National Coalition Against Naked Short-Selling."

Is this one of them "weird coincidences" or has the famous British fraudster, gambler and ex-bond trader joined the anti-shorting conspiracy nuts (or as I call 'em, the "baloney brigade")?

If this is the Terry Ramsden and not a coinkydink or a fake (as are most of the "1100 aroused citizens" on the list, I suspect) it would just be another indication of the pedigree of the people behind the anonymous "stock counterfeiting" websites and "organizations."

Of course, I suppose the anti-shorting forces might not view the distinguished Mr. Ramsden as a fraudster at all. The executive director of the NCANS, Mary Helburn, has said that naked shorting was the "real" problem at Enron. CEO Patrick Byrne recently made similar comments in a radio interview -- sentiments that, I think, pretty well sum up the agenda of these characters.


  • Note the comment to this item from James Brownfield. He argues persuasively that this is the real Mr. Ramsden, based on his association with an eminent Baloney Brigadier.
    Also I should point out that a certain Texas basketball team owner and journalism-defiler has written extensively about said business associations.
  • Another reader points out that a prominent penny stock promoter, Francois Goelo, spoke up in favor of the Baloney Brigade in this 1999 SEC comment letter on naked shorting restrictions. He finished his missive by saying "Keep up the good work!" The SEC, suitably encouraged, went on to enact rules that restrict the only market mechanism that restrains overpriced stocks.

© 2006 Gary Weiss. All rights reserved.


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