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: Notes on David Einhorn: The Predator in a Cute T-Shirt

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Notes on David Einhorn: The Predator in a Cute T-Shirt

Mark Mitchell

DeepCapture, 10 June 2010

I received an email a while back from Jim Brickman, a crony of short selling hedge fund manager David Einhorn, demanding that I post the Securities and Exchange Commission inspector general’s report on the commission’s investigation of Allied Capital. According to Brickman, the report proves that Einhorn was right about Allied being a massive fraud. Moreover, says Brickman, the report definitively establishes that Einhorn did not seek to drive down Allied’s stock price. The report, which I gladly post below, does nothing of the sort. I will discuss the report in further detail, but first a little history.

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Article: Europe Comes to Terms With Market Manipulation; the SEC and the American Media Bury Heads in the Sand

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Europe Comes to Terms With Market Manipulation; the SEC and the American Media Bury Heads in the Sand

Mark Mitchell

DeepCapture, 21 May 2010

Well, the current state of the global financial markets is certainly interesting. I mean, you have to be a bit sick in the head, but if you think about it the right way, it really is “interesting” — sort of like, oo-wee, look, the girl in the cute leotard is falling off the tightrope, there’s no net, and she’s going to go “splat” when she hits that pavement. How interesting! And check it out, the circus animals have gone berserk — the tigers are tearing the trainer into bloody shreds, the elephants are stampeding, the tent might very well collapse, maybe we’re doomed, and look at those clowns – they’re still smiling. How deliciously interesting!

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Article: How “Activist Investors” David Einhorn and Dan Loeb Brought Their Special Talents to Bear On New Century Financial

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How “Activist Investors” David Einhorn and Dan Loeb Brought Their Special Talents to Bear On New Century Financial

Mark Mitchell

DeepCapture, 18 February 2010

You don’t hear much about it, but the March 2007 bankruptcy of a company called New Century Financial was arguably one of the most important events leading up to the financial crisis that nearly caused a second Great Depression.

It was the demise of New Century, then the nation’s second largest mortgage lender, that triggered the collapse of the market for collateralized debt obligations. And it was the collapse in the value of collateralized debt obligations (a majority of which contained New Century mortgages) that hobbled a number of big financial firms. Once hobbled, the likes of Bear Stearns and Lehman Brothers were ripe targets for unscrupulous hedge fund managers who amplified their problems by spreading exaggerated rumors while bombarding them with illegal naked short selling.

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Article: New Evidence Raises Questions About Kingsford Capital

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New Evidence Raises Questions About Kingsford Capital – Links To TheStreet.com Inc., Others

Mark Mitchell

Market Rap, 7 January 2010

A blog published by the University of North Carolina School of Journalism reported recently that Steve Cohen of hedge fund SAC Capital managed to kill a story by Reuters reporter Matt Goldstein. It seems that Goldstein was going to shed some light on allegations that Cohen engaged in insider trading. Cohen didn’t like that, and got in touch with Goldstein’s superiors.

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Web: Patrick Byrne, Facing Dilemma, Lashes Out at Penson Financial

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Patrick Byrne, Facing Dilemma, Lashes Out at Penson Financial

Gary Weiss

gary-weiss.com, 9 October 2009

Sam Antar today describes the serious dilemma facing Patrick Byrne, the wacky CEO of Overstock.com. Thanks to an SEC investigation instigated by Sam, who has posted frequently about how Overstock has systematically inflated its financial statements, Byrne is caught between the proverbial rock and a hard place.

He has to either restate Overstock’s recent earnings–including a much-ballyhooed “profit” in the fourth quarter that was actually a loss–or wait until the SEC forces him to do so.

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Article: Our Watchdogs and the Financial Scandal of the Century

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Our Watchdogs and the Financial Scandal of the Century

Mark Mitchell

Deep Capture, 3 April 2009

“Accountability – Integrity – Reliability”

That’s the motto of the Government Accountability Office, and it almost makes you believe that there really is a functioning watchdog – somebody, aside from us Internet loons, to investigate and report on the incompetence and malfeasance that pervade our public institutions.

Certainly, there were high hopes when the GAO began investigating the Securities and Exchange Commission’s oversight of the Depository Trust and Clearing Corporation (DTCC), a black box Wall Street outfit that is at the center of one of the great financial scandals of our era.

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Web: Remember How Naked Short Selling Wasn’t a Big Deal?

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Remember How Naked Short Selling Wasn’t a Big Deal?

Bob O’Brien

Sanity Check via Wayback, 28 January 2009

Bernie Madoff’s brokerage owed $600 million in stock to its clients, that it, well, didn’t actually have on hand, as in the shares were either never delivered to the brokerage, or far more likely, it just, “Desked the trades” – meaning that it took the client cash, represented the securities as having been bought in the market and delivered (via the brokerage statement the client got every month), but never bothered with buying the shares.

Also known as one type of naked short selling.

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Article: Strange Occurrences, and a Story about Naked Short Selling

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Strange Occurrences, and a Story about Naked Short Selling

27 January 2009

Mark Mitchell

DeepCapture, 27 January 2009

Evidence suggests that Bernard Madoff, the “prominent” Wall Street operator and former chairman of the NASDAQ stock market, had ties to the Russian Mafia, Moscow-based oligarchs, and the Genovese organized crime family.

And, as reported by Deep Capture and Reuters, Madoff did not just orchestrate a $50 billion Ponzi scheme. He was also the principal architect of SEC rules that made it easier for “naked” short sellers to manufacture phantom stock and destroy public companies – a factor in the near total collapse of the American financial system.

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