The Sirius stock pump and dump

Discussion in 'The Howard Stern Show' started by PelicanWig, Aug 31, 2013.

  1. PelicanWig

    PelicanWig Beautiful Soup

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    I was out of the loop during the whole SEC investigation time period. Was the "pump and dump" the center of their investigation? I'm curious about what Wiggy was up against/facing during this time period.

    Sorry if this has been talked to death, but i'm sure there are other noobs besides myself that need a refresher on this topic.
     
    Last edited: Aug 31, 2013
  2. TehLivingDeath

    TehLivingDeath New Member Banned User

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    I'm interested in this subject as well.
     
  3. blottomsup

    blottomsup Well-Known Member

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    SEC investigations are probably confidential unless charges are filed, and I don't believe any were. So I don't think we know for sure what the SEC investigation was about.

    Smart people could make some educated guesses though. And Howard's Sirius stock pump and dump seems a good basis.
     
  4. Pigsaw

    Pigsaw Well-Known Member

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    If memory serves me right, Howard was interviewed by the SEC shortly after the merger and his stock sales. I think he even mentioned it on the air once. But he did what he always does, played stupid. "I don't know anything about the Stock Market Robin. I'm an idiot. I don't know anything about anything."

    It was just another lie of course. Remember Howard, almost daily on the radio, was pushing for the merger. I even recall him saying "It would be great for both companies." conveniently leaving out the part about him getting a substantial bonus.

    That's what caught the attention of the SEC. Classic pump and dump.
    However, I believe he held onto the stock just long enough to keep it legal.
     
  5. TehLivingDeath

    TehLivingDeath New Member Banned User

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    Ronnie got caught-up in this mess as well, right? Anyone have the details on his involvement?
     
  6. PelicanWig

    PelicanWig Beautiful Soup

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    I still think Howard was up to no good with his buddy Leon Black, who disappeared when the SEC started asking questions. Wiggy can't stop talking about how great Leon Black was....
     
  7. chuk

    chuk Well-Known Member

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    No, you have your stories mixed. The SEC investigation had to do with Stern initially going to SIRI.

    http://www.sec.gov/news/press/2005-178.htm
    http://money.cnn.com/2005/02/21/news/newsmakers/stern/
     
  8. Halloween

    Halloween Well-Known Member

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    I recall him even saying something to the effect of "I have nothing to gain from it, by the way."
     
  9. FlatTimmy

    FlatTimmy Well-Known Member

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    That's how I remember it as well. Somehow Chauncey Hayden had some involvement in this too. Ronnie mentioned that a lot of people in the compound were very unhappy about something he wrote on the stock matter. Didn't Ronnie imply that Chauncey's story is what led to the investigation? I remember Howard getting Chauncey on the phone to yell at him once. But I don't remember if it had to do with this.
     
  10. Pigsaw

    Pigsaw Well-Known Member

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  11. chuk

    chuk Well-Known Member

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    While I believe he should have been investigated for the merger, I don't believe he was.
     
  12. isabella

    isabella VIP Extreme Gold

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    wiggy was soooo very impressed with leon's art collection and the fact that his children spoke so glowingly of him at the birthday party. of course, what wiggy failed to mention is that he's a hedge funder and made his sizable fortune moving money around and playing games with failing companies (you know the very things he and the liberals crucified romney for inspite of the fact that romney is a pauper compared to some of these shits). wiggy was also impressed with leon's children because they seemed to respect their father (who, btw, stayed with his wife instead of dumping her for a blonde bimbo).
    it infuriates me when howard plays dumb about certain things. he didn't get where he is today on stupidity.
     
  13. Beth Eats Hay

    Beth Eats Hay Well-Known Member

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    The "pump-n-dump" landed one of Greedy Howie's accountants in prison......

    Of course, the lanky liar wasn't held accountable. His kind rarely is..... His employee took the hit.

    Must be just a coincidence that Stern pushed the shit out of his satellite move, was paid in a good amount of stock, then dumped it before he went into cruise control.....then into the shit nothing show it currently is.

    http://www.foxnews.com/story/0,2933,179169,00.html
     
  14. Nemo

    Nemo Beer Can Thick Gold

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    If you listen to this count how many times stern mentions how the deal had to be kept secret.....because of the stock.
    A Stern tell is that he overplays his hand.
    WHY would he have stock and insider trading on his mind?
    :bigthink

    [video=youtube;eqacuuU6HBg]http://www.youtube.com/watch?v=eqacuuU6HBg[/video]
     
  15. joyceface

    joyceface Queen of Everything VIP

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    The investigation concerned the inflation of the Siri stock prior to his move to sirius not the merger, as I recall. Chauncy I think accused him of something but my memory is not great on that. Obviously there was no wrong doing found on Howard's part or we would have heard more. I see no reason that SEC investigations are "confidential". I would expect a public records request would turn up something.
     
  16. Winst

    Winst Well-Known Member VIP

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    Exactly what would you like to know some more about?

    Ask the questions.
    ...as of right about (k)now...I might be in the answering sort of mood.


    [​IMG]



    [video=youtube;_D3udbawA1Q]http://www.youtube.com/watch?v=_D3udbawA1Q[/video] .... :bigthink






    [​IMG]
     
  17. Vashier

    Vashier VIP Extreme Gold

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    In a nutshell the SEC investigation was about stocks bought by those close to Howard before the announcement that he had signed with siri. When he announced it was speculated that the stock would skyrocket and those inside would profit.
     
  18. Winst

    Winst Well-Known Member VIP

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    [video=youtube;GT0AEdWJ3FQ]https://www.youtube.com/watch?v=GT0AEdWJ3FQ[/video] .... :bigthink ................ :whistle:
     
  19. Vashier

    Vashier VIP Extreme Gold

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    :lol: Yes, but I can speak with words in a non-cryptic fashion :whistle:
     
  20. Vashier

    Vashier VIP Extreme Gold

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    http://articles.latimes.com/2005/feb/21/business/fi-stern21

    Howard Stern Guest Discloses SEC Subpoena


    Writer Chaunce Hayden says the probe concerns trading in shares of Sirius, the future home of the radio shock jock.


    February 21, 2005|From Associated Press
    NEW YORK — A regular guest on Howard Stern's syndicated radio show said he would testify Wednesday in a probe of trading of Sirius Satellite Radio Inc. shares, which surged last fall when Stern announced he was moving his program to the company.
    Chaunce Hayden, who writes gossip and other celebrity news for Steppin' Out magazine, said he received a subpoena Thursday ordering him to appear before Securities and Exchange Commission investigators in New York to discuss "trading in securities of Sirius Satellite Radio."


    [​IMG]

    Hayden said Sunday that an SEC attorney who phoned him before the subpoena was issued asked about the reactions of Stern and his staff when Stern's move to Sirius was announced in October.
    Hayden told the New York Post that the SEC attorney described the probe as an investigation of insider trading. Hayden told Associated Press on Sunday that he did not remember the conversation with the attorney clearly and could not say whether that description of it was accurate.