Article: Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street

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Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street

Cade Metz, WIRED, 18 February 2021

The problem with the modern economy, Byrne says, is that it rests on the whims of our government and our big banks, that each has the power to create money that’s backed by nothing but themselves. Thanks to what’s called fractional reserve banking, a bank can take in $10 in deposits, but then loan out $100. The government can make more dollars at any time, instantly reducing the currency’s value. Eventually, he says, laying down a classic libertarian metaphor, this “magic money tree” will come crashing down.

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Web: Fake New Impresario Patrick Byrne Gets Canadian Court Deadline

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Fake New Impresario Patrick Byrne Gets Canadian Court Deadline

Gary Weiss

gary-weiss.com, 16 February 2017

Another setback for Overstock.com CEO Patrick Byrne, as he fights the There’s been a victory in the struggle against fake news, and chances are you’ve never heard about it.

I’m referring to a legal battle involving a right-wing financier named Patrick Byrne, CEO of Overstock.com. A few months ago he was trounced in a Canadian court for outlandish lies that he published on his fake news website, “Deep Capture.”

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Article: London Gold Fix study suggests decade of bank manipulation

Article - Media, Publications

London Gold Fix study suggests decade of bank manipulation

Bloomberg News, 28 February 2014

The London gold fix, the benchmark used by miners, jewellers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.

Unusual trading patterns around 3 p.m. in London, when the so-called afternoon fix is set on a private conference call between five of the biggest gold dealers, are a sign of collusive behavior and should be investigated, New York University’s Stern School of Business Professor Rosa Abrantes-Metz and Albert Metz, a managing director at Moody’s Investors Service, wrote in a draft research paper.

“The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,” they say in the report, which hasn’t yet been submitted for publication. “It is likely that co-operation between participants may be occurring.”

The paper is the first to raise the possibility that the five banks overseeing the century-old rate —Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale SA — may have been actively working together to manipulate the benchmark. It also adds to pressure on the firms to overhaul the way the rate is calculated. Authorities around the world, already investigating the manipulation of benchmarks from interest rates to foreign exchange, are examining the $20 trillion gold market for signs of wrongdoing.

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Article: Overstock’s Byrne claims $5m scalp over short selling

Article - Media, Publications

Overstock’s Byrne claims $5m scalp over short selling

Cade Metz, 09 December 2009

Overstock.com CEO Patrick Byrne has said that hedge fund Copper River Partners paid his company $5m this afternoon to settle claims it colluded to denigrate Overstock and then profit from short positions in the retailer’s shares.

Byrne – who has waged a very public battle over Wall Street short selling – tells The Reg that the $5m payment from Copper River (formerly Rocker Partners) arrived at about 2:30pm Pacific time on Tuesday. According to Byrne, it settles a 2005 lawsuit Overstock filed against the hedge fund. Continue reading “Article: Overstock’s Byrne claims $5m scalp over short selling”

Article: Emails show journalist rigged Wikipedia’s naked shorts

Article - Media

Emails show journalist rigged Wikipedia’s naked shorts

Cade Metz

The Register, 1 October 2008

Two and a half years ago, Overstock.com CEO Patrick Byrne penned an editorial for The Wall Street Journal, warning that widespread stock manipulation schemes – including abusive naked short selling – were threatening the health of America’s financial markets. But it wasn’t published.

“An editor at The Journal asked me to write it, and I told him he wouldn’t be allowed to publish it,” Byrne says. “He insisted that only he controlled what was printed on the editorial page, so I wrote it. Then, after a few days, he got back to me and said ‘It appears I can’t run this or anything else you write.'”

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