Fascinating Read on DeepCapture.com
I pulled this from “In Play” on Yahoo! Finance today. They referenced this press release from overstock.com’s Web site. (I watch In Play throughout the day to get the short story on what’s moving the markets.)
9:08AM Overstock.com issues press release related to Reg. SHO (OSTK) 20.15 : Co announces that “yesterday marked the 800th trading day that the co has appeared on the Regulation SHO threshold list”. The CEO said “While this may seem paradoxical, the facts can be reconciled. One need only understand that our capital markets have been hijacked: our settlement system no longer settles, our New York financial media no longer investigates, and our regulators no longer regulate. For further explanation, see the fine example of investigative journalism that appeared this week on DeepCapture.com”.
Deepcapture.com posted a long (about the size of a small book) article about the corruption in shorting stocks on Wall Street including names of the alleged culprits. I have no idea if this is true, but it’s a great read. I didn’t get through all of it due to time constraints and thought many of you would enjoy reading as much of it as you have time for.
Comment by lenofus
Unfortunately, deepcapture is true. I know: I lived it. And if you don’t think it’s true, tell me what happened to BSC, and why, when Jamie Dimon looked at the balance sheet, he was “shocked ” at what he saw. He already knew about subprime. What else was there? And the $2 bid was because of the ‘liabilities’. You don’t need to be Bernanke to figure it out.
Comment by William Burr
There are a lot of crackpots who promote Patrick’s whacky ideas, including his UFO-like rant at deepcrapture.com, Lenny is one of those crackpots and the reason he doesn’t want to accept the plain truth that subprime did Bear Stearns in is because he used to promote subprime stock that imploded, Novastar.
Patrick Byrne has been caught in numerous fabrications, his latest is that he called Elliot Spitzer a crook in 2005. Unfortunately someone dug up his actual statement and it was that he didn’t think Elliot Spitzer was involved in anything illegal.
Another lie Patrick was caught in was his recent assertions that he never said his fantastic claim about a “Sith Lord”, who was supposed to be controlling a vast web of people who were naked shorting Overstock, really referred to an individual. Again someone dug up his actual words and he specifically referenced a single person and said he know who that person was.
Now the nutburger running Overstock has dreamed up a contest to pay the person who comes up with the best idea to spam the deepcapture.com website. Now the loons are spamming every public official they can and all their friends with links to the deepcapture website. The funny thing is just about everything at the website is the same rant that Patrick Byrne published back in 2005.
Comment by Ted
William, you have a fascinating rant going on there. I was worried for a moment that there was a shred of open mindedness in there but then I woke up.
SEC activities in controlling short selling – all a ruse.
The Regulation sHO threshold list – all a ruse.
The failures now published quarterly, and doubing in value the past 3 years – all a ruse.
Not that you have provided a modicum of evidence denying Byrne’s statements, you just deny the existence of a problem because you are told to deny it exists.
Comment by Patrick Byrne
Folks,
William is lying. For exmaple, he writes, “Another lie Patrick was caught in was his recent assertions that he never said his fantastic claim about a ‘Sith Lord’, who was supposed to be controlling a vast web of people who were naked shorting Overstock, really referred to an individual.” This is a lie. At first the Party Line was to exaggerate what I had said: once I succeeded in getting people to understand the truth (in this case, by pointing out that the “Sith Lord” comment was made in passing at the end of an hour speech), the Party Line became … well, just what William is regurgitating above.
Visit http://www.deepcapture.com/the-story-of-deep-capture-by-mark-mitchell/ to understand why these guys are so worried. There is also a contest with $75,000 in prize money for the right person who cracks the riddle.
Patrick
Comment by Gil Gilson
There he goes again. Patrick can’t seem to open his mouth without lying. Here are his exact words at the investor conference call where he mentioned the Sith Lord not once, but twice, and in great detail:
http://library.corporate-ir.net/library/13/131/131091/items/191196/OSTK%20(8-11-05)%20Transcript.pdf
(begin quote)
And here’s the funny part. As this went on I started realizing that there was
actually some more orchestration here being provided, by what I’m calling here is
the Sith Lord or the mastermind. Now, can I tell you who that designated bottom
feeder was who was supposed to end up with our company? Can I tell you? I can.
But I’m not going to today. The Sith Lord is, can I tell you who that is? Well, I
could tell you it’s a name that everybody on the phone, every single person on the
phone would recognize this person’s name. He’s one of the master criminals from
the 1980s, and he’s back in business. But I’m not going to. I’ll just call him the
master mind today.
(end quote)
Here is the second discussion of the Sith Lord om that same conference call:
(begin quote)
And lastly, the man I’ve identified here as the Sith Lord of this stuff I just say,
you know who you are and I hope that this is worth it, because if the feds catch
you again, this time they’re going to bury you under the prison. And I’m going to
enjoy helping.
(end quote)
As we all know now, there was no “Sith Lord.” This was a fiction Byrne made up out of thin air. That he would lie about doing so and rewrite history just makes his despicable conduct even more gross and disgusting.
Comment by William Burr
Nice job make it clear who was lying Gil. Patrick is also currently passing out the lie that he correctly claimed in 2005 that Elliot Spitzer was a crook. Reading Patrick’s 2005 diatribe shows that Patrick is lying about that as well, in fact he said not once but twice that he was not claiming that Elliot Spitzer had done anything wrong.
To be honest I don’t know if Patrick is just confused about what he has said in the past or he is deliberately lying. I’m not even sure if Patrick even knows.
He continues to pass out other fictions and claim them as fact as well. He has an internet stalker working for him and that stalker happens to be the same person who is helping run the deep capture website where they are asking people to give them credit card numbers even though deepcapture doesn’t even have a credit card merchant account.
Be careful with your credit card numbers folks, if you send it to someone you don’t know in an unencrypted email some beady eyed crook could steal it.
Comment by Gil Gilson
You’re right. Patrick Byrne is lying, as usual, about Spitzer as well. He made two references to Spitzer in his famous August 2005 conference call. Here they are in their entirety:
(begin quote)
There’s Elliot Spitzer. I’m not putting him up here of course because I think
there’s anything inappropriate about him. I just wanted to remind folks that he’s a
close friend of Jim Cramer. They went to law school together. And Elliot Spitzer
put his family money with Cramer Berkowitz when he went into public service.
According to The Wall Street Journal, his major donors are the hedge funds. And
in fact, there was a story last year that said there was a hedge fund fundraising
dinner for Spitzer and the word on everybody’s lips was, “Are we next?” from
hedge funds. And the signal was basically, No, after the insurance companies
we’ve got other plans. I have an idea who those other plans are, but not _____.
(end quote)
At the very end of the call he says as follows:
(begin quote)
PS As I said, the mere mention of someone’s name in this call is not intended to
imply participation in bad acts on anyone’s part. Some of the mentions were truly
intended simply to display connections. By way of non-exhaustive examples: of
Leon Black I know little other than he is a well-known financier; of Tom Barton I
know nothing other than he was at Feshbach, presumably knew Caruthers, and
now lives in Texas (Mr. Barton has since assured me he does not short stocks or
have anything to do with these practices, and I take him at his word); Liz
Macdonald is, I suspect, a legitimate reporter trying to do her job; and Eliot
Spitzer wants to be governor.
(end quote)
I think you are being unduly charitable, William. Partrick Byrne is a bald-faced liar.
Comment by Patrick Byrne
Wow, now that most everything I said in the phone call has come true, the spin never stop with you guys, does it? That’s funny. How do you explain Herb Greenberg’s writing an article claiming that I suggested Spitzer was tied up in this mess? Or put differently, whom did I accuse in that conference call? http://www.google.com/search?q=herb+greenberg+sith+lord+byrne+spitzer&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a
Comment by William Burr
Patrick,
It’s about what you wrote and said, not Herbie. Your lies don’t become truth because of something Herbie wrote. You said it, you lied about it, you continue to attempt to deflect with further lying. Address your own quotes Patrick, Gil was nice enough to post them.
Just about everything you said in that call didn’t “come true”, that’s just another lie you toss out. You seem unable to tell the difference between a “prediction” and a reference to something you believe already happened.