Bringing Down Bear Stearns
Vanity Fair, 30 June 2008
On Monday, March 10, the rumor started: Bear Stearns was having liquidity problems. In fact, the maverick investment bank had around $18 billion in cash reserves. But soon the speculation created its own reality, and the race was on to keep Bear’s crisis from ravaging Wall Street. With the blow-by-blow from insiders, Bryan Burrough follows the players—Bear’s stunned executives, trigger-happy reporters at CNBC, a nervous Fed, a shadowy group of short-sellers—in what some believe was the greatest financial scandal in history.
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Patrick Byrne Covers Up Ownership of ‘Deep Capture’ Smear Site
gary-weiss.com, 19 June 2008
A couple of months ago I described how Overstock.com’s terminally wacky CEO Patrick Byrne has thrown caution (and any lingering sanity) to the winds and was openly sponsoring attacks on journalists and other critics, on a smear site that he owned and was operated on Overstock servers, “Deep Capture.”
This was a change from Byrne’s previous tactic of claiming that smears and attacks were by people who just coincidentally happened to be his employees. The word for this is “astroturfing,” and it is a particularly sleazy method of concealing corporate (and sometimes government) involvement in dirty tricks campaigns.
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