http://www.cultureproject.org/index.php?option=com_content&task=view&id=49 http://cultureproject.org/video2/archivepages/hedge2.html Are Hedge Funds Evil?
listen to the presentation; he says that. Toomany of you guys comment, but don't spend the time doing th work.
"Too many of you guys comment, but don't spend the time doing the work." Well, in between pondering the universe, Jack Hershey, and answering the phone in the boiler room , guys like me depend on you for cliff notes. Thanks.
Interesting that you would pick up on that comment. No substitute for hearing it yourself. Notice the number of redundant questions I got off Naked Short thread, when it was all laid out. So they let you answer the phone now? Congrats on the promotion.
We've known for a long time the Press, mainly the NY Press, has been complicant in this fiasco. They basically do the bidding of the Hedge Kings. You answer your own question about why they do it. Anyway, take a look at this. I find it fascinating, as this winds down, they still play the same stupid game. BTW, if OSTK is as big a piece of shit as you all tell me, why all the finger pointing and attention that would be better served elsewhere? If it is such a diseased tissue, won't it just collapse? Why the attention? The day of redempton is fast approaching. Thanks IV By the way, this is all predictated by these two "articles". http://blogs.marketwatch.com/greenberg/2007/05/sec_subponas_ov.html http://garyweiss.blogspot.com/2007/05/sec-subpoena-patrick-byrne-forgot.html Comments from Patrick Comments today from the Auction Message Board: "I was contacted by a source located at the core of the relationships alluded to above. That source paints a startlingly clear picture of how this âsystemâ really works" ... "backed up by 1000 emails" ... OUCH!!! -------------------------------------------------------------------------------- Some seem to be noticing that my mitzvah (that is my name for my efforts to expose an enormous financial scandal that is occurring on Wall Street) is gaining traction. Forbes has covered it in several articles in the last few months, Bloomberg Television recently released âPhantom Shares,â an amazing half-hour documentary about it, numerous foreign news sources are starting to cover it, The Economist hosted me earlier this week in a debate before an audience in Manhattan ( http://www.cultureproject.org/index.php?option=com_content&task=view&id=49 ), and there may even be a couple more major pieces in the works. It was entirely predictable then, that today Roddy Boyd of The New York Post (a newspaper for people who move their lips when they read People Magazine), Floyd Norris of The New York Times, and Herb Greenberg have all contacted me today about a trivial non-issue but asking precisely the same question in similar language that makes the same false assumptions, almost as though it were orchestrated. How odd (Sloppy work, guys: write back for new instructions). Their sloppiness presents, however, a wonderful opportunity to display the corruption of our financial press, how it shills for the powerful financial interests which own it and against whose perfidy I have been gaining traction in exposing. I will tell you the facts, and then present their questions, to give you an idea of how this works. I and some colleagues (both within and outside the company) have voluntarily cooperated with the SEC for over two years in a variety of investigations run out of several offices. I started doing this because I became convinced our capital markets are strikingly corrupt and have to be fixed or else our country may endure a 1929 event. All along I informed them that at any time I would be more than happy to provide them, in fact pleaded with them to examine, documentation of my various assertions. In addition, I repeatedly suggested to them that on any issue within the company about which they ahd any doubt or concern, to please permit me to provide them whatever documentation they needed in order to clear their minds and satisfy themselves that my motives were pure. On May 4 of last year they took me up on my offer, sending a subpoena for an enormous volume of documents concerning my allegations regarding corruption on Wall Street, along with questions concerning issues about which I had repeatedly suggested I would love to clear their minds. Upon receiving that subpoena, we visited them to suggest that it was not sufficiently broad enough, that there were additional materials in my personal (not corporate) possession I would like to turn over that were not covered in the first, and to request that they request these of me (which they immediately did in a subsequent short, 150 word coda subpoena on issues that were generally a subset of the first, along with those additional materials we were suggesting we provide but were in my personal, not corporate, possession). This all happened over an 11 day period in the first half of May, 2006. Though not required to do so, in the midst of it I issued a press release not only informing the public of our receipt of subpoena, but celebrating it. I literally put out a press release of which, their subsequent kibbutzing notwithstanding, I was and remain proud: âOverstock.com Celebrates Receipt of SEC Subpoenaâ (http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=858248&highlight= ). And in subsequent interviews and radio appearances I have discussed these events. Now, a year later, how odd that the precise set of journalists and their lampreys (can lampreys have lampreys?) who write stories that support the investment positions of a small stable of hedge funds would concern themselves with precisely the same trivial point on the same non-issue that I have been discussing publicly for over a year. These three journalists have apparently decide that have decided that this was not enough, that I should have put out another press release about the coda-subpoena that followed up on the first that I announced with a press release, which itself made headlines for my decision to publicize my âcelebrationâ of it, as though (after all that). Typical of their ilk is this from Herb: Quote: From: Greenberg, Herbert [mailto:XXX] Sent: Thursday, May 10, 2007 6:05 AM To: Patrick Byrne Cc: XXX Subject: Patrick's subpoena Patrick, I'm working on a small piece about your subpoena and had one question: Why did you wait nearly a full year to disclose your subpoena? Thanks, Herb Greenberg Roddy Boyd writes: Quote: âi had no idea of was that you had received a subpoena. looking at the docs last night, it is disclosed that you did get one. why the 1 year delay in disclosure?â Floyd Norris contacted us with the same question. The beat goes on. Iâm just curious that I did not hear from Bethany and Carol as well. Here is the punch-line: as a matter of law I must tread carefully here, but I can say that the heart of the investigation is not, I would suggest, Overstock-centric, but rather, concerns itself with a strange set of relationships among â¦.. Well, let me just say that the irony here is just delicious. In a strange occurrence that would tend to confirm the existence of a karmic balance in the universe, not long ago I was contacted by a source located at the core of the relationships alluded to above. That source paints a startlingly clear picture of how this âsystemâ really works, backed up by approximately one-thousand emails and other documents provided to confirm every word. Given the apparent locus of the SECâs interest, you can expect me to deal with this gold mine of evidence as any concerned citizen would. Your humble servant, Patrick *************************************************** Me, Fly: I think it's time to really give that literary Giant Greenberg his own thread. It is very interesting his columns mirror the Reg SHO list to about a 95% correlation. Now, why would that be? Oh, he's protecting the public.
http://forums.auctions.overstock.com/viewtopic.php?p=218973#218973 I've been involved in this mess long before I ever heard of Patrick Byrne, and I can tell you the New York Press is involved in horrible, despicable ways. It appears to me Patrick has them cold; he's been working on that for a long while. When he brought it up in Aug 05 in his conference call, everybody thought he was nuts. I was jumping up and down, holllering, that somebody had the balls to tell the truth about the WSJ and Barron's. The above link shows you how the game is played. Read the bio of nocera. Lives in Long Island with his beautiful family, enjoying his beautiful life. Screw everybody else. Oh. If he gets discovery in California, it's all over. They can't stand that scrutiny. With no good news factored in the stock, in the most crowded trade in history, I wonder what will happen to the stock?
Background: Steven Cohen (SAC) has been under a bit of scrutiny lately. His name has appeared in a number of lawsuits. Three of his ex-traders seem to have similar problems. Exis Capital (Adam Sender), Lone Pine Capital (Andrew Heller) and Third Point (Daniel Loeb). In the Fairfax lawsuit, Exis Capital, SAC, Third Point are accused of hiring a company called M14 Reconnaissance. This so-called company was run out of Exis Capital offices for the sole purpose of driving down the stock of FFH. Adam was trying to recover his huge loss in his FFH short. (Kinda like what happened to him with Research In Motion). Looks like another "Consulting" company ~ "Magic Consulting" also had a similar relationship to Third Point as did M14 Reconnaissance. The kicker here is Roddy Boyd appears to have ties and I suspect it won't be long until it's discovered how Gary Weiss, Nocera, etc all factor in. Not surprisingly ~ Michelle McDonough (owner) of Magic Consulting is a convicted felon for securities fraud. <IV Read about here: http://www.antisocialmedia.net/ THE LATEST: Paid bashers: cracking the code. Third Point, LLC is a hedge fund run by Daniel Loeb, also known on stock message boards as âMr. Pink.â Michelle McDonough (formerly Michelle Sarian), is a convicted felon who has spent one year in prison for securities fraud. Today, as before being going to prison, McDonough has a company called Magic Consulting. Floyd Schneider is a prolific message board poster, whose many pseudonyms can typically be found repeating the same drumbeat of fraud and executive incompetence. Schneiderâs posts frequently encourage shareholders to file SEC complaints and/or join shareholder lawsuits. Yolanda Holtzee is also a prolific message board poster, most notably as Ms. Mint Green, who holds herself out at a close associate of Daniel Loeb/Mr. Pink. Holtzee is also frequently found to be encouraging shareholders to complain to the SEC and participate in shareholder lawsuits. Roddy Boyd is a reporter for the New York Post and frequent online supporter and offline apologist of Floyd Schneider and Yolanda Holtzee. AntiSocialMedia.net has learned that Third Point has, on multiple occasions, engaged Michelle McDonough to generate support for SEC investigations and/or class action lawsuits brought by shareholders against companies in which Third Point has substantial short interests. (Daniel Loeb refused to comment on the nature of his relationship with Michelle McDonough.) McDonough, in turn, frequently engages Floyd Schneider and Yolanda Holtzee (among others) to foment and feign support for such shareholder actions on stock message boards. (McDonough refused to comment on the nature of her relationship with Schneider and Holtzee.) Roddy Boyd has been asked on two occasions to comment on his relationship with McDonough. The resulting exchanges, via email with Judd Bagley, proceeded as follows: Judd Bagley: ââ¦What do you know about a woman named Michelle McDonough?â Roddy Boyd: âre Michelle M: nothing. Should I? google has about 1mm entries for that name.â Judd Bagley: âShe used to go by the name Michelle Sarian. Today she runs âMagic Consulting.â I think she did a year in prison back in 2001.â Roddy Boyd: âre sarian or mcdonoughâ¦youre concern, not mine.â The second, more recent, exchange proceeded as follows: Judd Bagley: âWhile Iâve got youâ¦you recently denied knowing Michelle McDonough (formerly Sarian). Is that still your position?â Roddy Boyd: âsorry judd, im not talking to you about anything else, period. if youre not comfortable with me asking the questions-fine. but im not anwering yours.â Thatâs rightâ¦Roddy Boyd, a reporter, essentially twice gave me a reply of âno commentâ when asked about any relationship he may have with Michelle McDonough. This is a vastly complicated topic, which ASM, with the help of many, will spend the foreseeable future unraveling. Loeb, McDonough, Holtzee, Schneider, and Boyd are again encouraged to contact me with any relevant comments they may have on this topic as we continue to explore it.
.......and it's all been known for a long, long time. Loeb, "Mr. Pink", "4", was a frequent contributor to the Elgindy message board. As were some other very big names. Follow this. They are pulling out all the stops to crush Patrick Bryne, who now has some incriminating emails. Why the rush? What is the hurry? Frank? The Feds? And they never mention the fact they haven't properly settle trades in well over 500 days. This is really getting interesting.
From last year, found this on a search today. Some stuff is dated,: http://news.com.com:80/2008-1030_3-6046300.html What hasn't dated is the stuff on Greenberg. Watch his column, TV, and see what he bashes. High correlation to SHO. They didn't give him a subpoena for no reason. They dismissed it for no reason. Reporters. Patrick says he's obtained emails. Believe him. we have a lot of stuff from Elgindy, but I can't wait to see the emails. He should be getting discovery; the moidis operandi he talks about could be exposed with discovery. They'll try to settle, but, I wouldn't bet on Byrne taking a settlement. He's not built that way. Rumblings of another big enforcement action this week. The Bush White House is looking very dirty over dismissal of Donaldson, and appointment of Cox.