A Tycoon’s Deep-State Conspiracy Dive
Sheelah Kolhatkar, 07 December 2020
In July, 2015, Patrick Byrne, the founder of the online discount retailer Overstock, delivered a twenty-minute talk at FreedomFest, the annual libertarian conference in Las Vegas. Other speakers included the venture capitalist Peter Thiel; John Mackey, the chief executive officer of Whole Foods; and the Presidential candidate Donald J. Trump.
Byrne’s talk, entitled “Turtles All the Way Down: How the Crypto-Revolution Solves Intractable Problems on Wall Street,” was a version of one he had given many times before. It touched on several of his interests, including the kind of liberalism usually referred to as libertarianism, the flaws in the structure of the stock market which make it vulnerable to manipulation, and how a blockchain-based financial system could eliminate those flaws. After the talk, a line of people waited by the stage to speak to Byrne.
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In Pursuit of the Naked Short
Alexis Stokes, Texas State University
Journal of Law and Business 5/1 (Spring 2009)
This article explores the origins of naked short-selling litigation; considers
the failures of significant naked short-selling lawsuits in federal court;
surveys the obstacles erected collectively by constitutional standing requirements, the Federal Rules of Civil Procedure, the Private Securities Litigation Reform Act, brokerage firms, death spiral financiers, and the Depository Trust and Clearing Corporation; examines the efficacy of Regulation SHO, SEC rule 10b-21, and new FINRA rules; discusses recent state legislation and state court litigation; and identifies non-litigation options to curb naked short-selling. Ultimately, this article seeks to answer the question: If manipulative naked short-selling is more than a mythological scapegoat for
small cap failure, what remedies are, or should be, available?
PDF (62 Pages): Article In Pursuit of the Naked Short
The ‘Phantom Shares’ Menace
John W. Welborn
Securities & Exchange, 24 April 2008
In 1985, the National Association of Securities Dealers (nasd) commissioned Irving M. Pollack, a securities law expert and former Securities and Exchange commissioner, to conduct a comprehensive review of short selling in nasdaq securities. The nasd sought to determine what, if any, additional short selling regulation was needed for the nasdaq market. The result was the now-famous “Pollack Study,” which described the short selling landscape of the day and made important recommendations regarding the disclosure, reporting, and settlement of short sales.
PDF (10 pages): The ‘Phantom Shares’ Menace