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Patrick M. Byrne (born 1962, Fort Wayne, Indiana, United States) is the president, CEO, and chairman of the board of directors of Internet retailer Overstock.com. In 1999, Byrne took control of the company, then called D2: Discounts Direct, and changed its name to Overstock. He had previously served shorter terms leading two smaller companies, including one owned by Warren Buffett’s Berkshire Hathaway.
In 2002, Byrne took Overstock.com public. The company has since increased its revenue to over $1 billion a year, and achieved full profitability in 2009.
In 2002, Byrne was named to BusinessWeek’s list of the 25 most influential people in e-Business and Ernst & Young awarded Byrne the "2002 Milestone Award Winner Utah Region." In 2010 Overstock.com was named the best retailer to work for in America by Forbes, noting that Byrne's 92% employee approval rating is the highest of any CEO in the nation.
Beginning in 2005, Byrne become known for his campaign against naked short selling, a practice which he says has been used in violation of securities law to hurt the price of his and other companies' stock. Under his direction, Overstock.com has filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm.
For six years Overstock.com has waged a war to expose Wall Street mischief. We did not go looking for a fight, but our company was attacked, and we learned we were not alone: the same manipulation-for-profit tools that Wall Street had deployed against us had also been deployed against many American companies, harming job creation, innovation, and economic growth. We knew that if left unchecked and unexposed, Wall Street's games could ultimately damage U.S. capital markets.
Ditto
Originally posted by freakjive
Flag & Star the hell out of this. We need as much support as presence of mind for Mr. Byrne. He truly is fighting the good fight and this is David vs. Goliath for sure. Thanks for bringing this to ATS.edit on 10/14/2011 by freakjive because: (no reason given)
Call it Lloyd Blankfein's perfect game.
For the first time in its 140-year history, Blankfein's Goldman Sachs managed to close out the first quarter without suffering a single loss from its trading operations.
In addition, the gold-plated bank posted trading revenue of at least $25 million for the 63 trading days that made up the quarter, and on 35 days generated revenue of at least $100 million. The achievement represents a first for the bank since going public in 1999.
Goldman's Wall Street equivalent of a no-no comes as the bank endures repeated hits to its reputation for benefiting from the market's downswings at a time when rivals -- and some clients -- have stumbled. It also occurs against the backdrop of the Securities and Exchange Commission filing civil fraud charges last month against the bank, which is also the target of a fed criminal probe into its business practices.
Originally posted by projectvxn
There was a news report about Goldman's perfect trading quarter which seem to happen only as often as people aren't looking:
Goldman's perfect trading quarter
Call it Lloyd Blankfein's perfect game.
For the first time in its 140-year history, Blankfein's Goldman Sachs managed to close out the first quarter without suffering a single loss from its trading operations.