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CHRIS CHRISTIE’S BROTHER THREATENS BLACK STAR

May 19, 2013

THIS ARTICLE ORIGINALLY APPEARED IN THE BLACK STAR NEWS

 

http://www.blackstarnews.com/

Chris Christie’s Brother Threatens Black Star News

Todd Christie, New Jersey Governor’s brother….threatens to send his lawyer after The Black Star News
Referring to me, the publisher recalls Christie saying: “If I said Edward Manfredonia was a serial killer would you publish it?” The publisher also warned me: “I hope your articles don’t cause me to start getting dead fish heads in my mailbox Ed.”
By Edward Manfredonia
02-25-11
[Policing Wall Street]

Publisher Is Wary Of Dead Fish’s Head

Recently The Black Star News received a telephone call from Todd Christie, criticizing my article, “Corruption And The Christie Brothers of New Jersey.” 

The publisher asked Christie if he would be submitting a rebuttal article for publication. Instead, he warned that the publisher would be hearing from his lawyer. Even though he rejected the offer to have a rebuttal printed, he said The Black Star News did not have professional standards. Referring to me, the publisher recalls Christie saying: “If I said Edward Manfredonia was a serial killer would you publish it?”

The publisher also warned me: “I hope your articles don’t cause me to start getting dead fish heads in my mailbox Ed.”

Getting criticized is not an unusual occurrence.  The Black Star News welcomes factual criticism of our articles.  But there was something unusual about this criticism. For starters the article was published on June 1, 2010- eight months ago.  And then the caller stated that he would have his attorney send a letter to The Black Star News.

Todd Christie, who was mentioned in the article at issue is the brother of Chris Christie the much-beloved governor of New Jersey.  The publisher says the caller ID at the office showed “Todd Christie.”

But who is Todd Christie?  He was a senior managing director of Spear Leeds and Kellogg.  He and Robert Luckow were in charge of Spear  Leeds and Kellogg Specialists, the largest specialist firm at the New York Stock Exchange.

In October 2000 Goldman Sachs purchased Spear Leeds and Kellogg for a sum exceeding $6.5 billion- of which Christie received approximately $300 million.  Not bad for a 35-year old. 

Christie became a senior managing director of Goldman Sachs and remained as co-President of SLK Specialists.  Surely as a reader of The Black Star News, you remember Goldman Sachs-  the company whose unbridled greed led directly to the American financial
crisis and the meltdown in Greece and Europe.

On April 12, 2005 Todd Christie was one of twenty NYSE specialists charged by the Securities and Exchange Commission in Administrative Proceeding File No. 3-11893 with violating Sections 15(b), 21(c) and 11(b) of the Exchange Act of 1934 and Rules
10b-5 and 11-b-1 thereunder.  At this time Todd’s brother, Chris Christie, was United States Attorney for the State of New Jersey.

Todd was charged with front running or trading ahead of customer orders.  In other words Todd would sell the bid of a stock when a sell order arrived and repurchase the stock, which he had sold at a lower price.

Todd was also charged with interpositioning himself between buyers and sellers of public orders.  In the example provided by the SEC regarding AOL stock it was shown that on June 12, 2000 at 3:57:26 there were orders to purchase 10,800 AOL shares at $52 10/16ths and orders to sell 24,100 shares.

So Todd did what any good specialist would do.  Todd sold 10,800 shares from his specialist proprietary account 10,800 shares at $52 10/16ths.

Todd being an especially good specialist then lowered the bid to $52 9/16ths and at 3:57:32 Todd purchased 9,200 shares for his specialist proprietary account.  Thus earning a little more than 6 cents 9,200 times.

So what are a few pennies?  By engaging in 1,600 transactions of this type during a two year period, Todd earned $1,590,000 for his specialist account.

It is here that I must state that the SEC did not examine every trade from which Todd and Goldman Sachs profited in its computation of money earned.  The SEC  examined approximately the ten stocks where the largest number of illegal trades occurred.

So perhaps Todd, who advises his brother the beloved Governor of New Jersey Chris Christie, can find a way to reduce the budget deficit of New Jersey in the same manner as he earned money at Goldman Sachs- by taking advantage of the public.

But wait Todd did not get away scott-free –almost but not quite. On October 15, 2008 the SEC released a consent decree, which Todd had signed.  And here are the relevant provisions:

“Where specialists make trades for their firm’s proprietary accounts that are not reasonably necessary to permit [such specialists] to maintain a fair and orderly market,” they have violated Section 11(b) and Rule 11b-1 of the Exchange Act. The Commission has brought settled actions for sanctions under Exchange Act Section 15(b) against specialists under Section 11(b) and Rule 11b-1. See In the Matter of Albert Fried & Co. and Albert Fried, Jr., 1978 WL 196046, S.E.C. Release No.
34-15293 (Nov. 3, 1978).”

The consent decree continues:

“16. As a result of the conduct described above, Christie violated the aforementioned NYSE rules and violated Section 11(b) of the Exchange Act and Rule 11b-1 thereunder.
IV. “In view of the foregoing, the Commission deems it appropriate to impose the cease-and-desist order agreed to in Christie’s Offer.
“Accordingly, it is hereby ORDERED that:
“Pursuant to Section 21C of the Exchange Act, Christie shall cease and desist from committing or causing any violations and any future violations of Section 11(b) of the Exchange Act and Rule 11b-1 thereunder. By the Commission Florence E. Harmon, Acting Secretary.”

So it is readily apparent that Todd Christie is not exactly a virgin in the woods when it comes to violating federal securities laws. 

Why doesn’t the Governor of New Jersey criticize his brother for violating federal securities laws?

After all it was the greed of Goldman Sachs and other securities firms that caused this world-wide financial crisis.
                                               

Manfredonia, a former trader was tossed from Wall Street after he became a whistleblower.

“Speaking Truth To Empower.”

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