Naked Short Selling
Patrick Byrne is a leading voice in a growing movement convinced that powerful interests on Wall Street are destroying American companies for profit - robbing investors and destabilizing our financial system in the process.
- November 2008 - Utah Attorney General Mark Shurtleff comments on anti-Overstock.com blogger Sam Antar.
- August 2008 - Melissa Bond of the Wasatch Journal: The Tao of Patrick
- August 2, 2008 - Salt Lake Tribune's Steven Oberbeck: A win for Utahn
- July 28, 2008 - (Video) Patrick Byrne on FOX Business: Money for Breakfast
- July 25, 2008 - (Video) Patrick Byrne on FOX Business: Cavuto
- July 22, 2008 - (Video) Patrick Byrne on FOX Business: Money for Breakfast
- July 22, 2008 - (Video) Patrick Byrne on BNN
- Phantom Shares (Bloomberg Television - roughly 30 minutes - 110MB)
- Criminal Charges Near In Stock-Lending Cases (free summary, subscription required to view full version)
- Amended Complaint Filed in Prime Broker Litigation
- Games Short Sellers Play by Bob Drummond, Bloomberg Markets (pdf format)
- Senate report faults SEC on hedge fund probe
- Patrick Byrne answers the question: "Are hedge funds evil?" at Culture Project 2007 (95 mb)
- The Crash of 1929: Are We on the Verge of a Repeat? By Scott Thill, Alternet.org
- The Dark Side of the Looking Glass: Corruption of Our Capital Markets (Patrick explains naked short selling)
- Feb 23, 2006 - Robert Shapiro discusses naked short selling on CNBC
- Dec 23, 2006 - Interview with Patrick Byrne (Bloomberg Television - roughly 8:30 minutes - 33MB)
- Nov 24, 2006 - Patrick Byrne's interview on Bloomberg Television
Patrick's battle for fair markets is being waged on several fronts.
Because Regulation SHO, the SEC's half-hearted attempt to reduce illegal naked shorting, is itself a failure, Patrick actively supports state and federal legislative efforts to end illegal naked short selling.
Patrick helped craft a pair of lawsuits filed by Overstock.com shareholders against the miscreants whose strategic, illegal naked shorting has kept companies like Overstock.com on the Reg SHO list for over two years now.
The first lawsuit, filed in August of 2005 against Rocker Partners hedge fund and so-called independent research firm Gradient Analytics, claims libel, unfair business practices and tortuous interference. The suit is based largely on the affidavits of three former Gradient Analytics employees who affirm, under oath, that Gradient Analytics published false and misleading research that was in fact prepared by associates of David Rocker, principal of Rocker Partners hedge fund. The suit further alleges that Rocker Partners expected to profit from the drop in Overstock.com's share price that resulted when Gradient Analytics published the tainted research.
The second lawsuit, filed in January of 2007 against 12 Wall Street prime brokerages, claims a massive, illegal stock market manipulation scheme based on naked short selling: brokers lending shares they don't posses to short sellers with no intention of covering their illegal short positions to begin with; resulting in a dangerous build-up of persistent delivery failures. Economists agree that this sort of strategic failure to deliver is commonplace, targeted, responsible for depressing target companies' share prices, and potentially destabilizing to America's financial system.