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January 1, 2013



In my article, “Strauss-Kahn:  Bad Timing For His Alleged Crime,” which was published in The Black Star News on June 3, 2011 and in other articles in The Black Star News, I have stated that Robert VanCaneghan, a member of the Board of the American Stock Exchange was never indicted, much less convicted, for a series of rapes and sexual assaults to which crimes VanCaneghan had confessed to members of the Board of the American Stock Exchange. 


In these articles I also described how Arthur Levitt, then Chairman of the Securities and Exchange Commission and former Chairman of the American Stock Exchange, used his influence as Chairman of the SEC to cover up these crimes.  Levitt utilized his influence not only at the federal level, but also at the state level via the office of his good friend, Robert Morgenthau, Manhattan District Attorney, to forestall an investigation into the rapes.


And here is the paradox.  In 1977 Levitt was brought in to serve as Chairman of the American Stock Exchange to clean house at the Amex following a scandal that involved the printing of fictitious option trades.  Levitt’s tenure at the Amex was a joke.  Crime increased geometrically under Levitt’s tenure at the Amex and Levitt covered up major crimes at the Amex.


In one instance, which involved the theft of $500,000 by Charles Diecidue, Vice President of Purchasing and Director of Security, from the Amex, Levitt refused to report this crime to the Manhattan District Attorney.  But in 1992 Levitt did notify James Jones, Levitt’s successor as Chairman of the Amex so that Jones could have Diecidue removed from his position.  Incidentally no taxes were paid by Diecidue on this purloined $500,000.  But, in a manner of speaking, some of that purloined money was recycled to Amex members.  Diecidue used the purloined funds to purchase a house in Florida from an Amex member. 


Beginning in late 1991 I began to write letters to members of the Board of the Amex, to the SEC and to Representative John Dingell criminal activity of Robert VanCaneghan and Louis Miceli, members of the Board of the Amex. 


So in 1992 the Amex decided to take decisive action in covering up the rapes, which had been perpetrated by Robert VanCaneghan; the involvement of VanCaneghan and Miceli in laundering drug money from the Cayman Islands into the account of their specialist firm, Miceli-VanCaneghan; and the involvement of Miceli and VanCaneghan in the Mafia owned stock fraud, PNF, which was perpetrated on the floor of the Amex.


Now these crimes were not small potatoes.  Many Amex Board members did not wish to go to jail and to pay hefty legal bills and fines, which they would incur if they covered up the crimes of Miceli and VanCaneghan.


But the Amex had an ace up its sleeve in the presence of Bevis Longstreth, a member of the Amex Board.  Longstreth was not only a former Commissioner of the SEC but was a partner in May Jo White’s law firm, Debevoise and Plimpton,- a firm to which White would return after her disastrous term as United States Attorney for the Southern District of New York.  And that is why the Amex retained Debevoise and Plimpton- because Mary Jo White had been a senior partner in the law firm of Debevoise and Plimpton before her ascension to United States Attorney for the Southern District of New York. 


An idea sprung forth from the febrile mind of Longstreth- like Athena issuing forth from the mind of Zeus.  By Jove! Longstreth said.  The solution is quite simple.  If the Amex Board members feared that they would sustain pecuniary losses for defending VanCaneghan and Miceli, the Amex must agree to indemnify the members of the Board for any fines and legal fees, which they would incur for protecting VanCaneghan, a confessed rapist and money launderer.  Now this was unique.  It is black letter law that individuals, who knowingly conspire to protect violations of law, such as rape, money laundering and involvement in stock fraud with the Mafia, cannot be indemnified for legal fees for conspiring to cover up these violations of federal law because members of the Board of the Amex could only be indemnified for legal expenses and fines that are incurred by a company in the normal course of business. 


But are rape, stock fraud, and money laundering the usual course of business at the Amex?  No.  The normal business of a stock exchange does not include rape, stock fraud and money laundering.  But at the Amex these were acceptable courses of business for its members.


“But this is money,” Longstreth believed.  And money has primacy before the law, Longstreth reasoned. 


The Board of the Amex huddled and knew that decisive action had to be taken to rid the Amex of Miceli and VanCaneghan.  But what action was to be undertaken?


The first action was that VanCaneghan and Miceli would be forced to sell their specialist unit.  As a self-regulating stock exchange the Amex had the power to strip Miceli and VanCaneghan of their specialist unit, but the Board of the Amex did not wish to reduce VanCaneghan and Miceli to penury.  By this I mean Wall Street penury which is defined as several million dollars in assets.  Several million dollars is not penury to readers of The Black Star News- but it was penury to members of the Board of the Amex. 


In November 1993 the Amex Board also decided that Louis Miceli would be forced to leave the Amex- in a state of semi-disgrace.  At a meeting in Pappoo’s, a restaurant frequented by Miceli and his cohorts in crime, Joel  Lovett, Vice Chairman of the Amex, informed Miceli that he would be forced to leave the Amex- and not be permitted to return even as a guest.


The reason for Miceli’s banishment was not Miceli’s links to the Italian Mafia; nor because Miceli had smuggled cocaine via his boat, The Jaded Lady, from the Bahamas to Florida; nor because he and VanCaneghan were laundering drug money via their specialist account at Spear Leeds and Kellogg.  Not for these heinous crimes.  Miceli was banned because he hated Jews and had praised the ovens of Auschwitz.  And this was a far greater crime on Wall Street than smuggling cocaine.


This Solomon-like decision to compel the sale of the Amex specialist unit, Miceli-VanCaneghan, and the removal of Miceli from the Amex was approved by Arthur Levitt and the SEC.  It was hoped that these cosmetic arrangements would provide the Amex with a veneer of respectability.


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