posted on Dec, 7 2011 @ 05:02 PM
Now that the date has passed I thought it would be worth looking for news-
Patrick Byrne made headlines of his own by taking on Wall Street firms, including Goldman Sachs, with his claims that Overstock has been a victim
of heavy so-called “naked shorting” that was designed to push down the value of the company’s stock. The stock now trades at under $8 from a
high of $76 in 2004. Overstock said a trial is set for March 2012.
He has certainly made some enemies out there. I found some very venomous articles, such as
, where he is described as a "stock market
conspiracist" and a Ron Paul supporter(!) - amongst other things.
Maybe we should give him a break?! (-Ref. some of the comments on this page, which included my own queries.)
Interestingly this other derogatory article
that he has already received out-of-court settlements from several other big players:
This is an expensive nuisance for the banks, costing them millions in legal fees, and I'm sure they'd like to make it go away by throwing some
bucks at Overstock. Byrne's hopes along those lines were encouraged when Morgan Stanley (MS), Citigroup (C), Deutsche Bank (DB), Credit Suisse (CS),
Union Bank of Switzerland and Bank of New York (BK) cashed out in 2010 for $4.5 million, and Bank of America (BAC) chose to bow out recently, in a
settlement whose terms have not been disclosed.
But here's what's really
interesting: his lecture entitled "Deep Capture: How Wall Street Criminals hijacked the institutions that are
supposed to be protecting us from them"
(click on the next number on the left if you hear the soundtrack starting to repeat)
It's VERY interesting.
And somebody doesn't like it. His "conspiracy-theory website, Deep Capture" was recently shut down as a result of a court case in Canada (-as
mentioned in the last, clearly biased, article).