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No Penalties for Financial Rapists! - Overstock CEO speaks on Naked Short Selling
Dr. Byrne is My Hero. 'If the SEC were anything but a hedge fund bootlick,' continued Byrne, 'it would ... Overstock CEO Comments on SEC's New Rules Against Naked Short Selling
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Scroll Down for Updates
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'No penalties for financial rapists' declares Byrne
SALT LAKE CITY, Sept. 17 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) chairman and CEO Patrick M. Byrne comments on the SEC's September 17, 2008 press release (see http://www.sec.gov/news/press/2008/2008-204.htm) that purports to protect investors against naked short selling.
Dr. Byrne commented, 'At the core of the SEC announcement is a decision that if a hedge fund naked shorts a stock, its broker isn't supposed to let them naked short again. But guess what: they were not supposed to naked short in the first place. Instead of giving the buyer who receives the fail the right to put it back to the naked short selling participant, the SEC once again opts for no penalties for financial rapists.
'If the SEC were anything but a hedge fund bootlick,' continued Byrne, 'it would not have taken the half-measure of a pre-borrow requirement applied only as a penalty for those failing to deliver within T+3, but would have instituted a market-wide pre-borrow requirement (as it did in its July 15, 2008 Emergency Order protecting Upper Caste financial firms), and mandatory buy-ins at T+3.
'Some questions for the SEC:
1. How will the SEC determine whether an institution is in compliance with this rule? The only way to determine compliance is through an SEC audit, something that could only occur months after the fact. In the case of a bear raid, that will be too late.
2. Where is the 'buy-in' requirement? Under the new SEC rules a crooked hedge fund can still naked short sell without settlement and keep that short open indefinitely. It appears that only future naked short sales will require a pre-borrow and that there is still no closeout requirement for failed trades.
3. What of manipulative day trading? Chairman Cox has admitted that the financial stocks did not have a significant level of naked shorts, but rather collapsed under day trading activities. The new rule fails to address this, the very activity that generated the need for the July 15, 2008 emergency order. The manipulative day trading short seller never has a position open for three days. However, under the new rules, he can still use a single locate multiple times to create the best leverage possible to drive natural investors out of the market.
4. Where are the penalties? Without meaningful penalties, these rules have no bite. The SEC needs to make sure that the rules are strictly and aggressively enforced -- both for failures to deliver that occur within the CNS system and outside the CNS system in ex-clearing trades, where, I suspect, there is naked shorting that makes the object of current SEC concerns look like small potatoes.
'Rule 10b-21, the short selling anti-fraud rule, is a carefully contrived joke. It moves from a low-penalty too-vague-to-enforce rule, to a high-penalty too-vague-to-enforce rule. Without strict and aggressive SEC enforcement (for which the SEC has zero demonstrated record) it will be just more lines of meaningless pabulum in the Federal Register.
'On the bright side, the SEC has eliminated a major loophole in Regulation SHO, the options market maker exception. There was never a good reason why options market makers should have been allowed to naked short and fail to deliver in perpetuity. For taking this long overdue action, I applaud the SEC.
'What is needed is a Congressional investigation into the abortion that is our nation's stock settlement system, focusing especially on the DTCC. A healthy next step would be to unplug the SEC and move its functions into the DOJ.'
About Overstock.com
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.
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David Patch is another of my hero's.
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Recs: 3 Dave Patch addresses the SEC on recent action against NSShttp://www.investigatethesec.com/drupal-5.5/node/389
( in an email to the Chairman, Commissioners, and designated officials )
From: Patch, David
Subject: SEC Denies Public Protection - AGAIN
Mr. Chairman,
I must commend you on the steps taken today towards addressing naked short sale abuses. With Congress, public issuers, and investors alike seeking to have you and your staff tarred and feathered for the egregious negligence executed under the umbrella of federal protection you stepped out today and threw caution to the wind and told us all to pound sand.
I fully understand that the Commission staff and the Office of Economic Analysis is not convinced that this is a real issue that is destroying public confidence in our Capital markets. I understand that the OEA is not committed at looking at this issue seriously by dedicating the time and resource into analyzing actual trade data before opining on how this may or may not impact our markets. And I understand that private meetings with wealthy short sellers such as Jim Chanos provide opportunity for the Commission to gain support material into the positions taken despite the conflicts such meeting may create. But what I don't fully grasp is why the general public must carry the burdens for the SEC's negligence. Why should we be the people who must work longer to protect our retirements? Why should we be the people who must cut our expenses because we can't afford to pay our bills due to the destruction of our personal savings accounts? Why should we suffer the pains so that people like jim Chanos and his peers can be provided ample opportunity to destroy public companies, local communities, and the financial stability of families across this nation.
Today the SEC took yet another half step to a whole problem. The SEC maintained loopholes in the short sale process so that certain short sellers would not have to carry the burden of expense in the execution of rapid short sales never intent on existing by settlement day. These are the very same short sellers who destroyed confidence in our financial markets and now the short sellers who will continue to destroy other markets and other public issuers.
Let me help you out here:
Hard T+3 Close-Out Requirement; Penalties for Violation Include Prohibition of Further Short Sales, Mandatory Pre-Borrow
The Commission adopted, on an interim final basis, a new rule requiring that short sellers and their broker-dealers deliver securities by the close of business on the settlement date (three days after the sale transaction date, or T+3) and imposing penalties for failure to do so.
If a short sale violates this close out requirement, then any broker-dealer acting on the short seller’s behalf will be prohibited from further short sales in the same security unless the shares are not only located but also pre-borrowed. The prohibition on the broker-dealer’s activity applies not only to short sales for the particular naked short seller, but to all short sales for any customer.
Although the rule will be effective immediately, the Commission is seeking comment during a period of 30 days on all aspects of the rule. The Commission expects to follow further rulemaking procedures at the expiration of the comment period.
Under this rule there are serious flaws in the Commissions thinking.
1. To determine a lack of compliance to this rule it requires the SRO's or SEC to conduct an audit of the failing firms. These audits are not done daily but periodical. By the time the violation is identified the culprit is long gone with the monies and the markets manipulated by the potential abuse. This rule is a responsive rule instead of a pro-active rule.
2. This rule, as it stands will yield compliance violations at the BD level and will rarely result in penalties imposed on the originating seller. Compliance violations rarely achieve the penalty status as that which investors lost by the violation itself. This rule can likewise by circumvented by engaging in a separate violation; marking the trade long and failing that trade instead.
3. This rule does nothing to address the initial abuses of multiple locates on a common share during the time of trade execution. Since multiple locates can exist, fails will exist. This also allows, instantaneously, for there to be too many short sales executed at a single moment in time. Such trading creates the leverage the short seller need in order to drive down a market.
4. The day trader. How does this rule impact the abuses associated with the rapid day trading short seller? Using multiple locates and acting in concert with other hedge funds, a market can be destroyed within the 3-day settlement window and so long as the trades are covered by T+3 the SEC and SRO's have no authority to take enforcement action. This rule simply redefined the window of time a short seller has to abuse a stock and create profit and with sophisticated computer programs the systems will be set up to cover this window. If a portion of the trade falls into the settlement window the trade will fail but…the SEC does not require a mandatory close-out with guaranteed delivery, the Commission only restricts future short sales until it is closed out.
5. Close-out of fails. What ever happened to mandatory w/Guaranteed delivery? The NASD presented the SEC with an argument in 2004 that identified how failed trades were not being closed out because it was not "cost effective" for the failed party to do so. The SEC continues to fail in adopting such language. In fact, the Commission is aware that firms have engaged in rolling failed trades to restart the clock. Nothing in this law changes that tactic. Nothing in this law requires that on T+4 the failing member must go into the market at market open and purchase this stock under guaranteed delivery status. Without such specific language members will game the system to make the close-out profitable.
Mr. Chairman your time is limited but your legacy will live on forever. This Commission will be remembered in history as the most conflicted of all time. The Comission staff that allowed a group of bandits to run rampant across our capital markets and destroy so much of our nations family wealth.
There will be people who no longer can afford to retire, as well as people who will lose their homes and their familes due to financial ruin and it will all be due to the negligence of this Commission.
The Commission has failed to hear the voices of the people and instead has listened to those who have their own self-interest in mind. This is the grandfather clause all over again and this delay is only a delay that will most likely force Congress to step in and make law for you.
Shame on you.
Dave Patch
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Cramer wore a suit today as he reinvents himself once again, and acts as the champion against naked short selling. He needs to muzzle Erin, who slipped and joked how the two of them always used to have a good laugh when any CEO mentioned naked short selling.
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Here are some of the Deep Capture Players
http://www.investorvillage.com/smbd.asp?mb=3532&mn=24149&pt=msg&mid=5622650
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MS- Mack the knife says- get these shorts off my back!Morgan Stanley Blames Short Sellers For Stk Price-
CNBC GasparinoLast update: 9/17/2008 2:54:34 PM
DOW JONES NEWSWIRES
Morgan Stanley (MS) Chief Executive John Mack told employees Tuesday that short sellers are causing the deterioration of the firm's stock price as fear and rumors buffet the market, CNBC's Charlie Gasparino reported Wednesday.
"It's very clear to me that we're in the midst of a market downturn that's controlled by fear and rumor and short sellers driving down our stock," he said in a memo.
Mack's memo also said he is aggressively pursuing government intervention and has been in touch with Securities and Exchange Commission head Christopher Cox and Treasury Secretary Henry Paulson.
Full story at http://www.cnbc.com
-Dow Jones Newswires; 201-938-5500 Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=BB07S3gOH0a%2FA3rShDugPQ%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresSeptember 17, 2008 14:54 ET (18:54 GMT)
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We need criminal charges against the crooks. No more of this neither admit nor deny guilt and pay a little fine.
excerpts
S.E.C. No Evil by Scot Paltrow
October 2008 Issue
Under chairman Christopher Cox, the commission has undermined and demoralized its enforcement staff. For the next administration, restoring the agency's role as market watchdog won't be easy.
ut a look at his record since he became chairman in 2005 suggests that, behind the scenes, Cox has engineered a series of procedural and tactical changes, effectively reducing the S.E.C. enforcement division’s power. The division, one of four in the S.E.C., investigates and litigates violations of securities laws. Under the new rules, enforcement staffers no longer have the freedom to negotiate fines against public companies in a select group of cases. Instead, the commissioners—three Republicans and two Democrats—dictate the maximum penalty the enforcement division can seek. Since the rule was imposed, penalties have dropped.
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What A Bunch Of BULL! Hillary finally finds some words to say about the market carnage. But guess what. Only about the "financial" firms. Sounds like she belongs to Cox's Club.
Sen. Clinton Seeks Tougher Action On Short Sales
September 17, 2008: 07:15 PM EST
WASHINGTON -(Dow Jones)- Morgan Stanley (MS) executives, unhappy with the punishing that Morgan's stock is taking from short sellers, have asked U.S. regulators and lawmakers to impose tougher restrictions on such trading.
Sen. Hillary Rodham Clinton, D-N.Y., appears sympathetic to the concerns. In a letter Wednesday, Clinton urged Securities and Exchange Commission Chairman Christopher Cox to take immediate steps to safeguard "substantial financial firms" for short-selling abuses.
. . . . .
"Clinton called on the SEC to re-impose the emergency order for select stocks."
http://money.cnn.com/news/newsfeeds/articles/djf500/200809171915DOWJONESDJONLINE001026_FORTUNE5.htm
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Now O'Reilly is squawking too about the short selling. We wrote him long ago, but he wasn't looking out for us then. Hell, we wrote so many people and didn't even get replies. Everybody is starting to bang the drum. It's about time.
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So many people are outraged now, after watching their wealth cut in half. They did nothing to stop the carnage while it was happening. Now the CNBC pundits are going to tell us how to fix it. Right! GE should be strung up for the damage they helped perpetrate. Throw all the bums on the finance committee out on their butts. Disgorge all the crooks who looted the stocks and the market.
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Wow. They MAY make the hedge funds register their short positions if they have over 100,000 million in securities. Watch for a rash of smaller hedge fund tentacles.
"SEC May Require Hedge Funds to Reveal Short Positions (Update2)
Excerpt
By Jesse Westbrook
Sept. 17 (Bloomberg) -- The U.S. Securities and Exchange Commission, responding to a market rout this week, may require hedge funds to disclose their short-sale positions and plans to subpoena the funds for their communication records.
Hedge funds and investors managing more than $100 million in securities would be ``required to promptly begin public reporting of their daily short positions,'' Chairman Christopher Cox said in a statement today. The enforcement division will obtain ``disclosure from significant hedge funds'' regarding ``past trading positions in specific securities,'' Cox said."
http://www.bloomberg.com/apps/news?pid=20601087&sid=azcdHnL1.yIc&refer=worldwide
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Need a good laugh or cry.
Excerpt
http://sec.gov/news/press/2008/2008-186.htmSEC Announces Summit to Help Senior Investors Protect Assets FOR IMMEDIATE RELEASE
2008-186
Washington, D.C., Sept. 2, 2008 — Securities and Exchange Commission Chairman Christopher Cox today announced that helping older investors make difficult decisions about their finances and learn new ways to protect their assets as they age will be the primary focus of the SEC's third annual Seniors Summit to be held at the agency's Washington, D.C., headquarters on September 22.
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Is Your Money Market Fund the Next Subprime Mortgage Debacle?Excerpt
WSJ:
In a sign of how the financial crisis is hitting small investors, a huge money-market fund, the Reserve Primary Fund, announced Tuesday that it lost money as its net asset value fell below the hallowed $1-per-share level, the first time one of these conservative funds has had a loss in 14 years.
The culprit was debt securities it holds issued by Lehman Brothers Holdings Inc.
The news raised the prospect more losses might be in store for other money-market funds holding paper from Lehman, which collapsed Monday, and from other problem-ridden firms. As of Friday, the Reserve Fund had assets of around $62 billion, but they have fallen considerably since.
The development "is really, really bad," said Don Phillips, one of the founders of Morningstar Inc. "You talk about Lehman and Merrill having been stellar institutions but breaking the buck is sacred territory."
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Casinos have rules. If you steal a few thousand bucks you will go to jail. Steal billions from the stock market and it is OK. The government is sleeping. They may wake up as they watch their asses evaporate.
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http://i28.photobucket.com/albums/c242/cmkxunited/Byrne%20for%20SEC%20Chairman/ByrneSignFinal10.jpg
restore Integrity and Credibility to the SEC and US Financial Markets
Patrick Byrne for US Securtities and Exchange Commission Chairman
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Out To Lunch
Democratic Congress May Adjourn, Leave Crisis to Fed, Treasury
By Kristin Jensen
Excerpts
"
Sept. 18 (Bloomberg) -- The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.
Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.
One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment. "
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVPBaUbYV_qQ&refer=home
HALLELUJAH! HALLELUJAH!
http://washingtontimes.com/news/2008/sep/18/mccain-calls-for-bush-to-fire-sec-head/
McCain calls for Bush to fire SEC's Chris Cox
Excerpt
McCain said the SEC allowed "naked short selling," which means that traders were selling stock without ever owning it. He also said federal regulators last year eliminated the "uptick rule" that regulates short selling and has protected investors for 70 years.
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Reuters
NY starts probe of illegal short-selling
Thursday September 18, 4:15 pm ET
By Grant McCool
NEW YORK (Reuters) - New York on Thursday began a probe into possible illegal short-selling in the stocks of Wall Street companies such as Goldman Sachs Group Inc (NYSE:GS - News) and Morgan Stanley (NYSE:MS - News), Attorney General Andrew Cuomo said.
http://biz.yahoo.com/rb/080918/shortselling_cuomo.html
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Message from Patrick Byrne
Attached to a company e-mail sent out earlier this morning to 17 million O shoppers.... Thanks again, Patrick!!
| |
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Apple CEO Steve Jobs recently had harsh words about reporter Joe Nocera ("Steve Jobs Doesn't Have Cancer, Calls NYT Columnist a Slime Bucket"). It happens that I have a history with Mr. Nocera. For some time I have claimed that he is a corrupt reporter taking part in the cover-up of a financial crime called "naked short selling". This week Senators McCain, Obama, and Clinton have all correctly implicated that crime in the current financial meltdown of our markets. I have a secretly-recorded tape of Reporter Nocera, and some emails from him, that I have posted here. Overstock.com has played a central role (maybe the central role) in fighting to expose the naked short selling scandal which is now engulfing our markets. I hope that, as a customer, this will be of interest. Most respectfully, PS Yes, I know that normally it is reporters who get dirt on and expose CEOs, not the other way around. But I must say, this is much more fun. |
http://www.investorvillage.com/smbd.asp?mb=971&mn=217431&pt=msg&mid=5652512
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Tell the SEC what you really think .
Link to SEC
https://tts.sec.gov/acts-ics/do/question
Here is my letter I just sent to the SEC.
Please do something to end the carnage that happens to our money and retirement funds when crooks are allowed to short a stock without borrowing it first. It is destroying our jobs and our companies. Small biotechs are easy prey as they are regularly trounced. They need the money to do important medical research to help find cures and discover better medical procedures. With no product they are at the mercy of the shorts. Alan Feurerstein of thestreet.com just put out a report that said that Dendreon would likely fail the interim, based on his faulty assumption, which he knows is false since his reasoning was dispelled by people far wiser than he about these issues. How does he know if it will likely fail the interim. He doesn't. It is rumor mongering, plain and simple. Matt Herper of Forbes recently put out an article saying the Dendreon data was called lousy by oncologist. That is false. This kind of baloney has been going on for years in the biotech industry. Their goal is to help the shorts make money. Nobody is doing anything about it. Why allow these companies to go public in the first place if they are just going to be used as fodder for Wall Street to fleece the small investor who believes in funding scientific research.
Companies like Overstock.com come to the capital markets to help get funds to grow into a big business. Why are greedy shorters allowed to destroy them by selling shares of the company that don't exist in order to destroy the share price and force them into bankruptcy. There are many more examples.
Please do something to stop this now!
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How Wall Street Sold Out America
http://www.time.com/time/covers/0,16641,20080929,00.html
http://www.time.com/time/business/article/0,8599,1842123,00.html
How Financial Madness Overtook Wall Street
By Andy Serwer and Allan Sloan Thursday, Sep. 18, 2008
Excerpt
If you're having a little trouble coping with what seems to be the complete unraveling of the world's financial system, you needn't feel bad about yourself. It's horribly confusing, not to say terrifying; even people like us, with a combined 65 years of writing about business, have never seen anything like what's going on. Some of the smartest, savviest people we know — like the folks running the U.S. Treasury and the Federal Reserve Board — find themselves reacting to problems rather than getting ahead of them. It's terra incognita, a place no one expected to visit.
Every day brings another financial horror show, as if Stephen King were channeling Alan Greenspan to produce scary stories full of negative numbers.
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Enter the rabbit hole here --------------------> http://www.DeepCapture.com
To enter our $75,000 "Crack the Wall Street Cover-up!" contest read to the bottom of this story.
The Columbia School of Journalism is our nation’s finest. They grant the Pulitzer Prize, and their journal, The Columbia Journalism Review, is the profession’s gold standard. CJR reporters are high priests of a decaying temple, tending a flame in a land going dark.
In 2006 a CJR editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial media itself.”
His exposé reveals a circle of corruption enclosing venerable Wall Street banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times. If you ever wonder how reporters react when a journalist investigates them (answer: like white-collar crooks they dodge interviews, lie, and hide behind lawyers), or if financial corruption interests you, then this is for you. It makes Grisham read like a book of bedtime stories, and exposes a scandal that may make Enron look like an afternoon tea.
By Patrick M. Byrne, Deep Capture Reporter
NEW! Download the Story of Deep Capture in .pdf format.
By Mark Mitchell, with reporting by the Deep Capture Team
Introduction - by Mark Mitchell
I began working on a version of this story in January 2006, while serving as an editor for the Columbia Journalism Review, a publication tasked with upholding the standards of the American media. In November 2006, a hedge fund that was at the center of the scandal I was investigating offered the Columbia Journalism Review a great deal of money. Shortly before CJR accepted the money, I left my job, so I do not know if my editors, whom I believe to be honest people, would have allowed me to persevere. But I have no doubt that the hedge fund’s “beneficence” was aimed at preventing the publication of stories like this one.
And it might well have succeeded if Patrick Byrne had not approached me with an idea. Why not combine forces and spearhead a whole new approach to investigative journalism? Most media content is produced by rumpled journalists (i.e., people like me), working alone under tight constraints. Deep Capture could be something different - a power team circumventing the traditional media and pushing limits to uncover the truth.
When I entered the picture, this team had already established that a small number of law-breaking hedge funds had put the American financial system at risk of collapse. Indeed, the hedge funds are employing the same tactics that contributed to the stock market crash of 1929 and the Great Depression that followed. If you want to understand the current turmoil in our financial markets, you could do no better than to read the material in Deep Capture: The Analysis.
The lengthy (40,000 word) story that follows should help you to understand how - and why — Patrick came to embark on this project. I am the author of the story, and attest to its accuracy, but it benefits substantially from the work of the Deep Capture team: freelance researchers, bloggers, gonzo computer hackers, economists, and even a one-time foreign intelligence agent.
Some mainstream journalists will not like this story. They will perhaps disapprove of our methods or decry the advent of vigilante journalism. But most of all, they will not like this story because it is largely about them - a tale of reporters who seek to be players, but instead become pawns - a tale of prominent journalists who help cover up a massive financial crime while toadying to some of Wall Street’s slimiest operators.
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And it all starts when Patrick Byrne gets a phone call from the Easter Bunny. Really, that’s what the guy calls himself - the Easter Bunny - and he talks like the Bee Gees on fast forward, a nasally frantic falsetto, on and on about some kind of conspiracy involving big time Wall Street operators, the Mafia, and a bunch of famous journalists. Somebody’s got to stop these people, the Bunny says, or the American financial system is going to come crashing to its knees. Also, the bad guys might put a bullet between the Easter Bunny’s ears.
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Part 1 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up
by RoryKearney | July 11, 2008 at 07:13 am | 6849 views | 33 comments
http://www.nowpublic.com/world/naked-shorts-75-000-cracking-wall-street-cover
Part 2 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up
by RoryKearney | July 18, 2008 at 08:43 am | 539 views | 1 comment
http://www.nowpublic.com/world/part-2-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 3 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by by RoryKearney | July 19, 2008 at 06:32 am |1241 views | 3 comments
http://www.nowpublic.com/world/part-3-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 4 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by RoryKearney | July 23, 2008 at 10:05 am | 580 views | add comment
http://www.nowpublic.com/world/part-4-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 5 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by RoryKearney | July 23, 2008 at 10:05 am |1976 views | add comment
http://www.nowpublic.com/world/part-5-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 6— Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by RoryKearney | July 26, 2008 at 08:03 am | 687 views | 2 comments
http://www.nowpublic.com/world/part-6-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 7— Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by RoryKearney | July 29, 2008 at 08:13 pm | 1805 views | add comment
http://www.nowpublic.com/world/part-7-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 8 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by RoryKearney | July 31, 2008 at 05:05 pm | 387 views | add comment
http://www.nowpublic.com/world/part-8-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 9 — Naked Shorts — $75,000 For Cracking the Wall Street Cover-up REDUX
by RoryKearney | August 6, 2008 at 07:56 am | 378 views | add comment
http://www.nowpublic.com/world/part-9-naked-shorts-75-000-cracking-wall-street-cover-redux
Part 10 - Overstock CEO Patrick Byrne Carpet Bombs Wall Street & The Media on the Don Harrold Show (Video)
by RoryKearney | August 26, 2008 at 12:27 pm | 419 views | 2 comment
http://www.nowpublic.com/world/overstock-ceo-patrick-byrne-carpet-bombs-wall-street-media-don-harrold-show-video
Part 11 - I AIN'T LEAVIN' TILL THEY THROW ME OUT!
by RoryKearney | August 28, 2008 at 03:16 pm | 464 views | 2 comments
http://www.nowpublic.com/world/i-aint-leavin-till-they-throw-me-out
Part 12 - Back To Back
by RoryKearney | August 29, 2008 at 12:21 pm | 412 views | 5 comments
http://www.nowpublic.com/world/12-back-back
Part 13 - To Catch A Rat — Illegal Rumor Mongering at its Lousiest
by RoryKearney | September 2, 2008 at 10:15 am | 1292 views | 2 comments
http://www.nowpublic.com/world/catch-rat-illegal-rumor-mongering-its-lousiest
Part 14 - Are They Going To Arrest The Sith Lord
by RoryKearney | September 11, 2008 at 11:43 am | 413 views | 2 comments
http://www.nowpublic.com/world/are-they-going-arrest-sith-lord
Just Say Yes. The FDA Ties That Bind. A Saturday Morning Rant.
by RoryKearney | July 12, 2008 at 08:24 am | 245 views | add comment
http://www.nowpublic.com/health/just-say-yes-fda-ties-bind-saturday-morning-rant
Part 16 — Got Lipstick? Some Pigs Are More Equal Than Others
by RoryKearney | September 19, 2008 at 07:39 pm | 95 views | 5 comments
http://www.nowpublic.com/world/got-lipstick-some-pigs-are-more-equal-others
Everything I write is my opinion. If I have made any factual errors, please notify me, and I will correct them.




Most RecentMost Recommended Comments (10)
at 11:52 on September 17th, 2008
Could you please use the highlight tool when quoting external sources?
http://www.nowpublic.com/newsroom/tools/highlight/highlight
This is a heavily quoted article; generally we prefer excerpts to citing an article verbatim from another source.
at 12:24 on September 17th, 2008
Is that necessary for Dr. Byrne's press releases, which he writes himself, and encourages people to use the entire article since he wants his press releases read by as many people as possible (hence the contest asking people to spread the word) and David Patch also writes his own material, and he also wants people to spread the word far and wide. David has been trying to expose this problem for years.
at 12:23 on September 17th, 2008
Time to start taking names and the numbers: 'MAKING A LIST, CHECKING IT TWICE, WE'RE GONNA FIND OUT WHO'S NAUGHTY AND WHO'S NICE.' And if the courts won't do it, and the justice dept..... well, the people will have to.
at 12:43 on September 17th, 2008
Thanks René.
Patch, Byrne, The Easter Bunny, Mark Faulk, Bud Burrell and several other people have tried to warn people for years. Now that people are seeing it destroy their wealth, their retirement funds, their children's futures, their country, and the world, they are starting to wake up. If they want to round up the largest group of crooks easily, all they have to do is build a jail around the Capitol and Wall Street. More rules with no punch.
at 12:55 on September 17th, 2008
Here's the problem, Rory and Mike. You make your posted stories so long and so convoluted, that most online readers are going to loose patience and go on to some other 'short' story they can digest. Making it into parts is fine, without all the added links to all your previous NowPublic stories.
This whole subject is important. I can see that. but you aren't helping anyone with the way you're reporting this here.
We want the five Ws and H and in the first few paragraphs please. Who, What, When, Where, Why and How.
I can see you're not afraid to name names, but why do you hide them behind all the verbiage? I'm sure you can 'boil' this down so people can understand what you are trying to get across.
Do a list of names (the bad guys), with their companies, and their illicit gains.
Do a list of companies who are their victims, dates, etc.
Don't try to write a book here.
at 12:59 on September 17th, 2008
BTW, I always found Jim Cramer's financial advice just too pat and too machine-gun delivered, to trust his advice myself. Like he was using the force of his voice to 'make you do as he said' with your money. Too bad if you did, I guess.
at 13:10 on September 17th, 2008
So what does this Amr Ibrahim Elgindy have to do with 9-11? And do you have info on the missing $4 trillion after 9-11?
at 15:47 on September 17th, 2008
You can find Elgindy on DeepCapture.
I did a deepcapture search for Elgindy
http://www.deepcapture.com/index.php?s=elgindy
Cramer gets the tulip award here.
http://www.itulip.com/awards.htm
In case you are unfamiliar with tulip mania in the 1600's
http://www.stock-market-crash.net/tulip-mania.htm
Excerpt
"Could a mere tulip bulb be worth $76,000? It is if people are willing to pay for it! It may sound preposterous, but this is exactly what happened in Holland in the 1630’s.
The seeds of this craze were planted in 1593. A man by the name of Conrad Guestner imported the first tulip bulb into Holland from Constantinople, in present day Turkey. After a few years, tulip bulbs became a status symbol and a novelty for the rich and famous. Eventually, tulip bulbs became a hot ticket item in neighboring Germany, as well. After some time, a few tulip bulbs contracted a non-harmful plant virus called mosaic. The effects of this mosaic virus were tulip petals with beautiful “flames” of color. This unique effect furthermore increased the value of the already rare and highly exclusive tulip bulb."
* * * * *
Cramer has changed his spots again. I am glad he is finally talking about the naked shorting and the hedge fund corruption, a subject he never mentioned until a month or two ago. For years he denied it existed. In my opinion he deserves to be wearing stripes for conning innocent people who have no idea about the market to listen to his unsound investment advice to trick many of them into losing their money. He claims that he told people to get out before the tech crash, but that is not the truth. He was busy giving a talk at the Javitts Center in NY, telling people to buy tech with both fists, like he was.
I see they moved the link again. Cramer loves trying to cover his trail. Of course many of us have the original but this will give you an idea.
You can still find "Winners of the New World" here.
"Most of these companies don't even have earnings per share, so we won't have to be constrained by that methodology for quarters to come."
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_T/threadview?m=te&bn=18446&tid=177431&mid=-1&tof=4&rt=2&frt=2&off=1#-1
Here are the stocks he was touting
http://marketprognosticator.blogspot.com/2007/04/winners-of-new-world-part-i.html
at 21:23 on September 17th, 2008
I can't believe they let that self-confessed crook, Jim Cramer, actually have his own financial advice show on CNBC. They should have charges brought against them or be sued.
And the SEC? should be charged, too.
Five years ago Robert Shapiro filed this report with the SEC Rules Committee:
Source: sec.gov
And they let these crooks continue to take apart our financial world without doing anything about it.
And, yes, I have read about the 'tulip craze'.
at 02:40 on September 18th, 2008
A leopard doesn't change its spots.
http://www.investorvillage.com/smbd.asp?mb=3532&mn=24171&pt=msg&mid=5624542