Image via Wikipedia GS New World HdqtrsHe took a stand and fought back. Read how Overstock Patrick M. Byrne,Chairman and CEO, took on the Goliath's on Wall Street AND WON! Just another example of how this peaceful revolution against the greed mongering Wall Street firms continues.View the Overstock.com site for more news.There you you will find these stories and more...click here
Rolling Stone | August 2011
Is the SEC Covering Up Wall Street Crimes?
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Is the SEC Covering Up Wall Street Crimes?
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The Register | June 2011
Patrick Byrne: 'See, I told you America's economy was busted'
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Patrick Byrne: 'See, I told you America's economy was busted'
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Benzinga.com | March 2011
Patrick Byrne Amends Suit Against Goldman Sachs To Include Charges of Racketeering
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Rolling Stones | May 2011
The People vs. Goldman Sachs
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Patrick Byrne Amends Suit Against Goldman Sachs To Include Charges of Racketeering
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Rolling Stones | May 2011
The People vs. Goldman Sachs
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____________ This messages and message links contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the conduct at issue in the lawsuit described, related claims and forecasted process, including trial and any outcome. Overstock.com, Inc.'s Form 10-K for the year ended December 31, 2010, its subsequent quarterly reports on Form 10-Q, or any amendments thereto, and its other subsequent filings with the Securities and Exchange Commission identify important factors thatFor 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.
So in 2005 and 2007 we filed two lawsuits. The first case was against a hedge fund (Rocker Partners) and hatchet-job-for-hire research team (Gradient Analytics), both with ties to Jim Cramer. The second case was against a group of eleven Wall Street prime brokers, culminating in Goldman Sachs. The hedge fund in question (Rocker Partners) hired famed lawyer David Boies, and the prime brokers showed up with an army of the most prestigious law firms in America. Our lawyers were Dore Griffinger, Ellen Cirangle, Jonathan Sommer and Catherine Jackson of Stein & Lubin, a small but excellent San Francisco law firm.
We won the hedge fund case against Gradient and Rocker, extracting an apology, a retraction and over $5 million in cash (it felt good to beat David Boies' firm). In our prime broker case, one of the Wall Street banks (Lehman Brothers) has gone under (two, Bear Stearns and Merrill Lynch were sold at fire sale prices), and another seven paid us millions to let them out.
That leads us to the main event this coming December, when Overstock.com will square off against Goldman Sachs and Merrill Lynch (and Merrill's parent, Bank of America) in a San Francisco courtroom. Recently, in the prosecution of this case, we uncovered evidence of collusive action between Goldman Sachs, Merrill Lynch and other Wall Street bad guys, in a scheme designed to fool regulators and profit illegally at the expense of Overstock.com. As a result of this discovery, in December 2010, we added a Racketeer Influenced and Corrupt Organization (RICO) Act claim and requested treble damages under this RICO claim. We firmly believe the conduct of Goldman Sachs and Merrill Lynch were "racketeering" and "corrupt." We are moving forward: trial is scheduled to commence this year, on December 5, 2011. At trial we will hold Goldman Sachs and Merrill Lynch accountable and expose a slew of illegal Wall Street practices to the public.
5 COMMENTS:
Listen....
Tickerguy With Dylan Ratigan
http://market-ticker.org/akcs-www?post=195411
Who is in charge of the United States of America?
http://www.youtube.com/watch?v=3bvmrxlU2is&feature=youtube_gdata
Currency Wars: European Debt Crisis and the Next Phase of Global Finance
Make no mistake. The United States wants Europe to bail out
its deeply indebted nations so they can repay what they owe big European
banks. Otherwise, those banks could implode taking Wall Street with
them. (And this is why the Fed is helping to finance the arrangement
with eurodollars which are no longer tracked as part of M3 - Jesse)
One of the many ironies here is some badly-indebted European nations
(Ireland is the best example) went deeply into debt in the first place
bailing out their banks from the crisis that began on Wall Street.
Full circle.
In other words, Greece isn’t the real problem. Nor is Ireland, Italy,
Portugal, or Spain. The real problem is the financial system centered
on Wall Street. And we still haven’t solved it.
And that problem will not be solved in the way that you might think of
it, because the people 'solving it' are the same ones who created it.
Their every effort will be directed toward increasing their power and
preserving their situations and advantages, to the exclusion of most
other concerns.
http://jessescrossroadscafe.blogspot.com/2011/10/administrative-note.html
Ned Naylor-Leyland: CFTC lets Morgan get away with rigging silver marketThis extraordinary and inexplicable ‘free-pass’ from reporting by the CFTC
allowed major players (such as JPMorgan)to go beyond speculative position limits
so long as they ‘make a good faith attempt to comply with
reporting requirements’. What this means in real terms is that the CFTC loosened
reporting requirements – where previouslyany position beyond the concentration
limit must be proven to be hedged elsewhere, no longer would this be thecase.
Just 1 day after this ‘relief’ was granted, the Silver (and Gold) price went
into a tailspin. How the CFTC thinkit is appropriate to continually delay the
vote imposing the will of Congress with respect to position limits is
anyones guess, but to provide ‘temporary relief’ from reporting while the Silver
manipulation is still under investigation is malfeasance under any definition of
the word. I look forward to seeing how higher Regulatory and Judicial
authorities in the US deal with this behaviour by the CFTC, presumably the CFTC
itself can look forward to being dragged infront of Congress to account for
itself.http://www.scribd.com/doc/67350783/Silver-Gorillas-CFTC-Etc-1
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