Is 10(b)(5) Dead? Who cares?

Most people have no interest in this.  The implications of how this will touch their lives and well-being if this agenda is allowed to proceed unchallenged…. Are LOST on most every soul I know.

This has to do with the destruction of the “Rule Of Law” in the United States.  The long held understanding of what is and is not permitted under federal securities statutes/laws…. Is being changed by Court decisions.

Fitts talked about this last night. Less experienced investment bankers have traditionally been schooled by their employer about activities said to be illegal.  Violation carries civil and/or criminal charges against the corporation and the players who break the law….. as written in the statutes and as interpreted by the courts.  Securities Acts of 1933 and 1934….

https://federal-lawyer.com/securities-litigation/sec-fraud-defense/criminal-violations/

IF a firm, or a member of the team putting together an initial offering of initial stock (the prospectus), or updating the corporate filings required by the Securities and Exchange Commission (SEC)…. If there is a “material omission” about anything known to anyone in the group, that might affect the price of the stock down the road…. This MUST be revealed to prospective investors.  In other words, reveal the known risks of what you are investing in; possible windfalls are also required to be reported.  Failure to do this could get you sued or criminally indicted.

When I was a litigation paralegal at Ballard Spahr in the 1970’s, I worked on civil securities fraud lawsuits.  Specifically, violation of 10(b)(5) cases.  Shareholders who lose money get pissed off and sometimes sue because the company failed to disclose a known risk.  In law firms, all lawyers who recently billed time to a company must sign off on “The Audit Letter”. The lawyer preparing the company SEC filings reviews the comments and sign-offs on The Audit Letter, and determines what must be reported as a material issue in the filing.

Well, a federal court just ruled that an omission is not illegal under 10(b)(5) of the Securities Act.  https://www.morganlewis.com/pubs/2024/04/us-supreme-court-holds-pure-omissions-not-actionable-under-10b-of-securities-exchange-act-resolving-circuit-split

“In a blow to the plaintiffs’ securities bar, the US Supreme Court in Macquarie Infrastructure Corp. v. Moab Partners unanimously held that a “pure omission”—the failure to disclose information in the absence of an inaccurate, incomplete, or misleading statement—cannot give rise to liability under Section 10(b) of the Securities Exchange Act of 1934 or Rule 10b-5 thereunder, even where there is an affirmative regulatory duty to disclose the omitted information.”

WTF?

It sound like that if a huge risk is not mentioned in any way in the SEC filing, then it OK to say nothing about it.  Am I reading this right?  But once you mention an issue in a filing, you are required to report any change in the situation in future filings.  So best to say nothing at all.  But one clarification must be made: this new ruling cannot be applied to 11(a) violations, which pertain to the issuance of new stock, i.e., Registration Statements”.  Only 10(b)(5) violations are impacted by this new definition of what is legal.

So all you investors in the U.S. Stock Market, good luck to you.  When you don’t know the whole situation about your investment’s business prospects, it’s tough to make an intelligent decision about whether or not to buy.  Or sell!  (But the “insiders” know.  Lawyers and others working an a stock issue or a merger are typically banned from trading stock in the companies involved in the deal. So are company “insiders” who know more than the public.)

Better Diagnosis

 

In 1974-1976, I worked part-time at Elwyn Institute…. A very upscale residential facility in Pennsylvania for retarded people of all ages.  We had the granddaughter of a Supreme Court justice/daughter of U.S. Attorney General, and the daughter of some D.C. bigwig who told us about visits to see President Ford at the White House.   Tuition was not cheap. I was a counselor in one of the 3 female buildings.  My building had 4 wings, each with 20 souls.  One housed the “little girls”, ages 6 up to about 18…. Many  of whom were severely retarded (or disabled?).  A second housed the “old ladies” - 30s - 40’s age group… these residents had life experience and knew the routine of the institution.  A third held emotionally disturbed teenagers, along with those known to exhibit occasional violence - working that wing on a full moon was a hoot!  And a fourth wing held the 20 somethings.  50% of the residents needed help with the daily activities of living (hygeine, dressing, etc.).  We walked to the dining hall 3 times daily for cafeteria style meals.  We didn’t have “autism” in our vocabulary, and we observed a wide variety of behaviors from the residents.  Looking back, I can say the only person with “autism”, as it is understood today, was a 7 year old named Sally.  We had no idea what was wrong with her.  She was non-verbal, and did not make eye contact or interact with people.

Digital ID

https://tube.solari.com/videos/5ce06d81-36ae-48c1-8430-1e871dde7512/

 Australia has adopted digital IDs.  Need more info about this.

Commonwealth countries are pushing this.  (Charles?  King Charles???  William???)

States are pushing back a bit.  But most people don’t know and don’t care.

Legislators don’t realize the risk.  Link Fitts’ 4 one minute videos….  The bankers tell you exactly what they are going to do.

Bankers run monetary policy. Legislatures fiscal policy.  Bankers have taken over legislatures and the executive functions.

War on food.  Pharma food is policy.  CBDC can enforce that you can only buy pharma food.

Australia - 1 of the big 4 banks is shutting all storefronts.  All digital communication.  You must reveries your identity with a digital ID to keep your account.  Australia and New Zeland consolidated their banking systems and guns are not legal.  Can move aggressively because of this. 

The digital ID will control what content you see and what you don’t see.  

Food supply is a big target.  Our tax money goes to support policy that kills farms, especially small ones.  They are psychopaths.  They lied about the “Plandemic”.  They killed and bankrupted people.   

Retirement and pension money buys bonds that finance these policies.

Augustine Carsons.  BIS, Basel, Switzerland.  CBDC we know who is using each dollar.  Will have absolute control over how the money is used, and we can enforce this.  It’s not your money.   We set and enforce the rules.  Turn off your money.

Neil CashKari.  Central bank president.  2023 Columbia University. Asks what problem digital currency is solving?  No answers…. Can control spending, impose Negative interest rates, directly tax accounts.  Why would the U.S. want to do that?

WEF says in 2030 you will have no assets.  They are serious.

This is a slavery system.

Can control all from Basel Switzerland. If financial control is achieved.

A I

 

C. A. Fitts recently published Whitney Webb’s treatise about the state of A I - digital in 2023, print in 2024.  As usual, Fitts pens a thoughtful introduction, and follows up Webb’s work with content about human beauty and enjoyment.  In her intro, she relates her personal experiences with the status of A I while traveling in the U.S. (hotel, car rental, airline), and horror story after major inconvenience, she leaves the impression that current A I falls short of providing service even close to the quality of human interaction. The human players in these transactions are powerless to explain or alter the mandates of the A I in charge of the system.

Webb’s message is laid out along the lines of Kissinger/Schmidt/Huttenlocher‘s  analysis - In their 2021 book, “The Age of A I”.  She summarizes these authors’ key thoughts, and adds her own insights — typically in the guise of push-back.

One of the points that sobered me is found on p. 27.  A I has no intention, morality, motivation or emotion.  It doesn’t hope, pray or feel, and cannot be reflective or have awareness.

All advice of the A I is based upon the material used to train the A I.  Its handlers control the knowledge base of the A I.  (Must it be trained in how to handle discrepancies in the knowledge base?)

A I is the “fact-checker”. Content is scanned real time to censor the unwanted and promote the narrative.  (Who controls the narrative?)  Repetition of the narrative becomes human beliefs.  The human is unaware that this is happening. S/he doesn’t realize free will has been eliminated. (Chemical castration of the brain also knocks out initiative to think differently.)

We are the last generation to have free will.

Rule of Law

It is significant.  Legally.  If rule of law is to survive, this is very good.  Now let’s see the courts’ decisions implemented in future behavior.  Accountability for what transpired is also happening…. Investigations have no enforcement capability.  Need grand juries.  Grand jury testimony is transcribed, exhibits are collected and “the record” is preserved.  If it goes to court, it must be turned over to the defense.  And all proceedings before a grand jury are CLOSED —- just like a courtroom trial jury —— same rules for jurors. 

Two Federal Circuit Court decisions have recently been handed down.  The Federal Circuit Court is between the Federal District Court and the SCOTUS.   State courts also have 3 levels, and they are all named differently.  The prosecution now has the ball in the 9th Circuit decision — will they appeal to SCOTUS?

The 9th Circuit Court ruled on appeal that the covid jab is not a vaccine because it does not prevent anything.  And a the Los Angeles school district cannot mandate this jab for employees.      https://karenkingston.substack.com/p/9th-circuit-court-rules-covid-19?utm_medium=web&publication_id=1103773&triedRedirect=true  The decision “distinguishes” the current situation from the famous SCOTUS Jacobson vs. Massachusetts 1905 decision.  That ruling upheld a mandate to be vaccinated against smallpox in order to prevent “transmission”.  The current 9th Circuit ruling does not overturn Jacobson, but it does make an important clarification — the government cannot force a substance into your body without PROOF that it prevents transmission.  The decision holds that this jab only claims to reduce symptoms, and that classifies it as a “medical treatment”…. Not a “vaccine”.  And it says “medical treatments” cannot be forced upon a person.  (Interesting implications for medical kidnappings and forced hospital protocols….) 

The 5th Circuit Court ruled on appeal that the District Court for the Southern District of Texas mistakenly threw out/refused to hear a case brought by physicians who spoke out against the narrative and were threatened with loss of their licenses.  https://reclaimthenet.org/fifth-circuit-revives-physicians-first-amendment-claims  Thus, this 1st Amendment case is brought back to life.

Bank Reserve Requirements

 Back in the day, U.S. banks were required to hold ‘x’ amount of cash for each ‘y’ amount of money loaned.  So if a bank had $100 in deposits, it could have an outstanding loan balance of $1000.  

But in 2020, all that changed.  Banks, as of then, could loan out as much as they pleased, irregardless of deposits on hand.  https://www.federalreserve.gov/monetarypolicy/reservereq.htm

Fall of The Republic…. The Aftermath

Well, the emotion has died down a bit.