08-15-2007, 11:54 AM
The latest: Overstock's Byrne calls the SEC corrupt - and offers a 10% off coupon.Â
full (lengthy) letter: http://forums.auctions.overstock.com/vie...hp?t=17841
Letters to the New York Times:
full letters: http://forums.auctions.overstock.com/vie...hp?t=17711
Quote:Our Corrupt Federal Regulator the SEC + 10% Discount CouponÂ
Dear Reader,
Two years ago I became convinced we were standing at the edge of an economic crisis perhaps comparable to the 1929 market collapse, due primarily to the SEC having become a "captured regulator" which turned a blind eye to the fraud it was created to suppress. The proximate cause of systemic failure, I argued, was that our financial system was building up latent derivative risk (in the form of unsettled trades in our settlement system) among a vast network of hedge funds and their prime brokers. But the conditions for collapse were created, I argued, by an indolent SEC...
full (lengthy) letter: http://forums.auctions.overstock.com/vie...hp?t=17841
Letters to the New York Times:
Quote:Dear Sir or Madam,
In your July 16 article, "July 16, 2007 - The Hand That Controls the Sock Puppet Could Get Slapped" your reporter made a claim that was false. In addition, he had to go way out of his way to make it.
Since you have not previously even responded to my requests for citation, I decided simply to make this one public.
Explanation welcome.
Patrick Byrne, CEO, Overstock.com
full letters: http://forums.auctions.overstock.com/vie...hp?t=17711