I am confused are you then admitting in this paragraph that you are in fact Patrick Byrne, what most of us have assumed all along?
Hey Flytiger - How does the CEO of Overstock know so much about this? I guess if someone was trying to slam your stock down, you'd learn? Is that the case??
People told him what and why, he kept asking questions, he hired some very professional economists, investigators. And just kept digging. On the Glenn Beck show about entrepreneurs, he said he had lobbyists, but only for Wall St. Reforms. He put up his own money, did his own stuff. And when you do that, tipsters seek you out. How would you like to be an honest money manager and have to compete against the likes of Pequot, Galleon, and others who should show up any day now? There is more I won't tell you until Patrick makes it public.But it is very obvious Wall St. is wailing away in its death throes. Any real talent there has been so overwhelmed by subterfuge and fraud as to render it meaningless. It's one big shell game siphoning off huge money from the populace. And the guys left who want to continue to work in this business better step up before it's too late. The left would just as soon turn us into one big co- op, and given the news flow, it's tough to blame them.
http://www.deepcapture.com/sac-capital-linked-to-insider-trading-who-knew/ If you look at the links here, you can see they had SAC insider trading a year ago. The DOJ reads Deepcapture. It takes them a while to investigate. But they do. Watch the headlines. This is going to be fun. 40%. Talent. One of the best traders. Sure.
November 6, 2009 6:02 AM PST 14 more charged with insider trading By Alex Berenson The New York Times After weeks of speculation on Wall Street, prosecutors brought a fresh round of insider trading charges on Thursday that left no doubt they were aiming at hedge funds and the networks of market gossip that are endemic on trading floors. The charges, against 14 money managers, lawyers and other investors, followed the arrest last month of a hedge fund billionaire, Raj Rajaratnam, on charges that he had profited from inside information. The case has also touched the tech world. This week, Hector Ruiz, former CEO of Advanced Micro Devices, stepped down as chairman of AMD spin-off Globalfoundries. Ruiz is not charged but is linked to the Galleon case in a U.S. attorney's complaint. In addition, Robert Moffat, a senior vice president at IBM who is charged in the case, has left the company. Others at IBM and Intel have been charged as well. In the latest criminal complaints, prosecutors described a network that used prepaid cell phones to avoid detection, and that was pierced in part through surveillance and wiretaps. One law enforcement official, speaking on condition of anonymity because the investigation is continuing, said the authorities expected to make more arrests in the coming weeks. The investigation is part of a broad Federal Bureau of Investigation push into crimes related to hedge funds, including the addition of a third securities fraud unit in New York, the official said. And for the first time, the authorities hinted that they might be brushing against the pinnacle of the hedge fund world, SAC Capital Management, a $12 billion Connecticut fund company. Neither SAC nor any current employee has been charged with wrongdoing. The broadest of Thursday's complaints names seven defendants, including Arthur J. Cutillo, a lawyer at the prestigious firm of Ropes & Gray, who is accused of offering tips on impending takeovers that the firm worked on. The tips were then passed among a group of lawyers and traders. Prosecutors also announced five guilty pleas from hedge fund managers in Massachusetts and California, including one from Roomy Khan, the witness at the center of the case against Rajaratnam. Plea agreement As part of a plea agreement made public on Thursday, prosecutors agreed not to charge Richard Choo-Beng Lee, a California fund manager who worked at SAC from 1999 through January 2004, on any insider trading he committed at SAC as long as he had disclosed the insider trading to them. Lee pleaded guilty in October to insider trading while running his own hedge fund last year. Jeffrey L. Bornstein, Lee's lawyer and a partner at K&L Gates, said Lee was cooperating with the authorities and could not comment on the letter or what information Lee might be able to provide. A spokesman for SAC said he could not comment on the letter. Preet Bharara, the U.S. attorney for the Southern District of New York, said the investigation, which began more than two years ago, was continuing. He added that investors who believed they were at risk of being charged should come forward voluntarily. "I urge you to come knocking on our door before we come knocking on yours," Bharara said. In all, 20 defendants have now been charged in the overlapping cases, and five have pleaded guilty. Defense lawyers who were not involved in the case said the government's tactics, which included phone taps and wiring cooperating witnesses, were more typically used in organized crime than in securities fraud cases. Galleon at center Still, the investigation has not publicly ensnared any of the biggest hedge funds. And the total profits that the schemes are said to have produced are relatively modest, about $60 million so far. Rajaratnam is not named in any of the complaints or pleas announced on Thursday. But Galleon, his company, appears to be at the center of the investigation. The two men identified as leaders of the ring, Zvi Goffer and Craig Drimal, are former employees of Galleon. Goffer worked at Galleon from January to August 2008, while Drimal had an office at Galleon, according to the complaint. A person knowledgeable about Galleon said that Goffer had been laid off last year as part of a broader staff reduction, while Drimal was once an employee. Thursday's complaint does not claim that the men used insider information on Galleon's behalf. Instead, it claims that they traded for their own accounts, making millions of dollars buying stocks in companies that were about to be taken over. Drimal made the largest profits, earning $8 million, according to the complaint. The defendants were concerned about the possibility of wiretaps and informants and frequently talked about ways to avoid being caught, according to the complaint. It said that in February 2008, Goffer warned Jason C. Goldfarb, another defendant, against making trades that were too obvious. Referring to someone who had bought options that would be valuable only if a stock made a large gain in a few weeks, he was quoted as saying: "You know what that means? Someone's going to jail, going directly to jail, so don't let it be you, O.K.?" Adding an expletive, he then said, "That's a ticket to the big house." The other defendants charged Thursday are Emanuel Goffer, Michael Kimelman, and David Plate. All worked at Incremental Capital, a trading company that Zvi Goffer started in 2008. Incremental did not return requests for comment. Lawyers for the men declined to comment. In a statement, Ropes & Gray said it was disappointed "to learn about this situation" and would cooperate with investigators. A lawyer for Cutillo declined to comment. Two other defendants, Ali Hariri and Deep Shah, were charged in other complaints. Other developments Thursday's arrests overshadowed an afternoon hearing in which Rajaratnam asked U.S. Magistrate Judge Theodore H. Katz to lower his bail and loosened his travel restrictions. Katz ruled that Rajaratnam, who had been required to remain within 110 miles of New York City, could now travel throughout the United States. But Judge Katz declined to reduce Rajaratnam's bail to $25 million from $100 million, as his lawyers had asked. Rajaratnam has vowed to fight the charges against him. The five guilty pleas announced on Thursday include Lee and Ali Far, former Galleon fund managers who set up their own hedge fund, Spherix Capital, in 2007; Steven Fortuna, managing director of S2 Capital, a hedge fund in Boston; Gautham Shankar, a trader at the Schottenfeld Group, a broker in New York; and Khan, who once worked at Galleon and pleaded guilty to a federal wire fraud charge in 2001. Richard Schaeffer, Fortuna's lawyer, said Fortuna had closed his hedge fund. He declined to say whether Fortuna was cooperating with investigators but said Fortuna "is hopeful of the fact that he accepted responsibility for his conduct at a very early stage will bear upon the sentence he receives." Lawyers for Far, Shankar and Khan either declined to comment or did not return calls or e-mail messages seeking comment. The complaints represent a significant expansion of a case that has gripped the hedge fund community. Researching a company's prospects is a crucial part of investing, and hedge fund managers, stock analysts and other investors regularly swap information about the companies they own. But they are not allowed to buy and sell stocks based on important information that has not been disclosed to the public, such as the news that a company is about to be taken over, or word from a corporate executive that a company's earnings will fall short. The tips described in the broad complaint on Thursday appear to fit into the classic definition of insider trading more clearly than the case against Rajaratnam. In each example, the stocks rose quickly and predictably after the announcement of a deal, enabling conspirators to make large and low-risk profits in a matter of days. In contrast, much of the complaint against Rajaratnam focuses on his habit of swapping tips and rumors in advance of quarterly earnings reports and other corporate announcements, a practice on Wall Street that has been routine--at least until now. Michael J. de la Merced and William K. Rashbaum contributed reporting. Entire contents, Copyright © 2009 The New York Times. All rights reserved.
http://www.osborneink.com/2009/11/patrick-byrne-supplied-cramer-tape-to.html You read it on ET first. Stand by, ETer's. It's going to get very interesting. We are on our way back to Stocks, Bonds, and Mutual funds. That is, if we survive. "Friday, November 06, 2009 11:49:15 AM SEC Enforcement Chief: Increasing breadth of probe of the Galleon insider trading scheme- says probe suggests insider trading may be a fundamental part of the business model of some of the firms being probed." TTN So, what he's saying is, the SEC allowed illicit trading as a matter of "business".
After the 100th time you've said this, you might get lucky and be right one of these days! Have you read "The Boy Who Cried Wolf"?