Category | Take 5 With Patrick - Essays on Unrelated Subjects

Political Campaigns and Overstock

We often receive political complaints at Overstock .  I am posting this so that in the future, when customer service agents get harangued by people angry about statements they believe are being made by our decision to advertise certain places or carry certain products or sell certain books, music, or magazines, those agents can just send a link to this post.

During the 2004 election, we created a book page with books by Hillary and Bill Clinton on one side, and two books by Dick Morris criticizing them on the other side. On the left, another book by James Carvel (as I recall). On the right, one by Ann Coulter. All images were of the same size, and there were an equal number of them on each side.

We were inundated with complaints from the Left and the Right about featuring books from the other side. Go figure.

We hear from from Family Values folks about the movies and music we sell (even though we actually are quite conservative, selling, for example, Playboy, but not the steamy stuff).

When we advertised on AirAmerica, we got flack for it.

A few weeks ago we heard from the Ron Paul folks protesting our advertising on Fox, given his exclusion from a debate they covered. I wrote a letter to our customers about it, saying that while I happen to support Paul personally, I was not going to change our TV advertising to punish Fox. Then we heard from people angry that I had mentioned that I personally support Ron Paul.

Last week we heard from the Family Values folks protesting the TV shows on which we advertise.

This week we are hearing about the Hillary Clinton Nutcracker on our site.

I respectfully suggest that people should remember, Different strokes for different folks. It is not up to us to make statements with what products we do or do not carry or where we advertise them.  Playboy is often our fastest selling magazine. The Hillary gadget was briefly one of our fastest selling items.  We have about 1 million products, and I’m not going to police American tastes, beyond not selling hardcore or kiddie porn (like some other etailers), and firearms and ammunition and such.

There was one exception: when Rush made fun of Michael J. Fox, we yanked our advertising.

This is going to be a long and exciting campaign. I don’t recall anything like it since 1980. I hope the citizenry gets through it as friends.

Most respectfully,

Patrick

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“On any other day, that might look strange.” – Nicholas Cage, Con Air

From: Sam E. Antar [mailto:sam@whitecollarfraud.com]
Sent: Monday, January 28, 2008 7:22 PM
To: Patrick Byrne
Cc: israelk@sec.gov
Subject: Overstock.com Fourth Quarter Fiscal Year 2007 Earnings Call

Dear Mr. Byrne: This is in response to your email and post on the InvestorVillage Board (see below). At your third quarter fiscal year 2007 earnings conference call, you had asked if I was on the line and said that you would accept questions from me if I was on the conference call. If that statement at the last conference call was not intended to intentionally mislead your shareholders, I would expect that you would welcome my participation at Wednesday’s call on an equal footing with all other participants.It is highly irregular for a participant in a conference call to be singled out and limited to three questions posed in advance, each consisting of 25 words or less. I believe that such a condition would be at variance with the principles of free and full disclosure required by the securities laws at conference calls. You appear to be imposing conditions on me that are not imposed on other conference call participants. I will not accept special conditions that are not imposed on other participants in the conference call.Accordingly, I again request that I be permitted to participate in this conference call on an equal footing with all other participants.I await your response.Sincerly,

Sam Antar

Original email from Sam E. Antar to Patrick Byrne (CEO of Overstock.com): From: Sam E. Antar [mailto:sam@whitecollarfraud.com]
Sent: Monday, January 28, 2008 4:10 PM
To: ‘Patrick Byrne’
Cc: ‘Kevin Moon’; ‘Joseph Tabacco’; ‘Clay Corbus’
Subject: Overstock.com Earnings Call on 01/30/08
Patrick Byrne:

Can I participate in Overstock.com’s earnings conference call scheduled for Wednesday, January 30, 2008 at 11:00 ET? Please let me know by tomorrow morning.

Regards,

Sam E. Antar

E-Mail: sam@whitecollarfraud.com

Web Site: www.whitecollarfraud.com

Blog: www.whitecollarfraud.blogspot.com

Patrick Byrne’s email response to Sam E. Antar

From: Patrick Byrne [mailto:PByrne@overstock.com]
Sent: Monday, January 28, 2008 7:21 PM
To: Sam E. Antar
Subject: RE: Overstock.com Earnings Call on 01/30/08

Sam,

http://www1.investorvillage.com/smbd.asp?mb=3532&mn=13943&pt=msg&mid=3984919

Peace baby.

Patrick

Patrick Byrne’s InvestorVillage message board post (under the alias Hannibal) linked to in Mr. Byrne’s email response above:

Dear Sam,

Sure, you are welcome to participate: please send me your top three questions (in the interest of avoinding your endless “Do you pick your toes in Poughkeepsie” rants, please limit them to 25 words each, and know that I will treat compound questions as multiple questions).You know my email (N.B. your email address for Clay is out-of-date).

Your friend,
Patrick

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Integrity-Challenged Journalists Harm Children

The Salt Lake Tribune again provides example of the harm being done to society by shoddy, agenda-ridden journalism.

 

In November, 2007 The Salt Lake Tribune published two articles by Lisa Schencker and Rebecca Walsh regarding education. Their work  (especially Ms. Walsh’s) displayed such astonishing intellectual dishonesty that I, assuming the customary right to respond granted to those who figure prominently in such coverage, wrote a response. With characteristic integrity, The Salt Lake Tribune refused to publish it. Today, however, they published another article by Lisa Schenker which could have been titled, “Oops! We were wrong about everything we were fighting Byrne about.”

 

I will first provide easily verifiable data regarding Utah’s test scores by which we may substitute facts for their bromides and impressions. Then I will use this data to address Ms. Schencker’s misrepresentation of a recent education study (which was itself dubious). I will then turn to Ms. Walsh, who, when it comes to sheer intellectual duplicity, never lets us down. Last, I will return to today’s story, which thoroughly vitiates their earlier point of view.

 

First, the data. The United States and 29 other nations make up the 30 developed countries of the OECD, the set of countries that represent our competition in the global economy. How does the USA within the OECD? The Digest of Education Statistics, Table 399 , gives the answer: when tested in reading, math, science, and problem-solving skills, and where rank #1 = “the best,” our nation’s 15 year-olds rank #15, #24, #19, and #24, respectively, out of 30 countries. With an average rank of 20.5, the USA ranks in the bottom 1/3 of the 30 OECD countires.

 

How does Utah rank within the United States? The National Assessment of Education Progress (known as “The Nation’s Report Card” http://nces.ed.gov/nationsreportcard/nde/statecomp/ ) provides the tool by which one may judge. Here are Utah’s most recent test results in reading, writing, and math, ranked versus other states: #30, #34, and #31 (only in science do we show above-average #19). However, for historical and socio-economic reasons there are disparities in educational achievement by ethnicity, and one must control for that otherwise one ends up measuring ethnic composition more than achievement. When one does so, Utah slips substantially. For example, Utah’s white students rank 38th in math, 39th in writing and 41st in reading when compared with their peers in other states. That is, Utah’s white kids rank around the lowest 1/5 of their peers in this country, which is in the bottom 1/3 of the OECD. Unfortunately, Utah’s Latino and African-American children fare even worse: according to Utah State Office of Education, 42% drop-out without finishing a basic education.

 

With such data at hand, let us turn to the Tribune’s work.

Lisa Schencker’s November 18 piece (“Utah in Top 10 in Math and Science”) explored a then-recent American Institutes for Research study comparing the educational achievement of states within the US with the achievement of other countries. The study is flawed in that the set of countries to which it compares the United States omits 17 of 30 OECD countries, all of which score higher than we do. (Arguably it is also flawed in that it looks only to math and science scores, the latter of which is Utah’s one above-average score, but omits reading and writing, subjects in which Utah fares worse, and does nothing to control for ethnicity when ranking US state results.) What is shockingly disingenuous, however, is the Tribune’s claim that Utah is “top 10 in math and science”: it is only top 10 on a list of 46 countries which includes such educational luminaries as Saudi Arabia, Botswana, Tunisia, and Serbia, but which omits essentially all of our true international competition.

 

That is, yes, Utah is in the top #10, if we don’t count 17 out of 20 OECD countries and don’t count 40 out of 50 states and don’t consider subjects in which Utah has low scores. Ms. Schencker blithely buys this Procrustean Bed, but by this logic, I could claim to be a top 10 skier, as long as I am allowed to eliminate from consideration the tens of millions of people who ski better than I do, and eliminate the events in which I ski slowest.

 

When it comes to just not getting the joke, however, all honors are due Ms. Rebecca Walsh. She writes: “If Byrne had really put his money where his mouth was – with low-income and minority families frustrated with public schools – he could have paid for thousands of private school scholarships.” If Ms. Walsh were capable of performing that modicum of research one would expect of a sophomore journalism student she would learn that I do, in fact, support precisely such causes, paying for hundreds of scholarships for minority children in Utah as well as building 19 schools educating about 6,000 kids in Africa and Asia (and funded the DC voucher movement, which is now serving thousands of children). Why it is wrong to seek to provide choices for, not hundreds, but hundreds of thousands, Ms. Walsh leaves unaddressed.

 

Ms. Walsh notes the demands for apology that were spawned by a deceptively-edited statement of mine that appeared on You Tube: she neglects to mention that the demands for apology disappeared as soon as the complete statement was posted. In fact, I received numerous apologies from some who had previously demanded them, again, a fact Ms. Walsh could have discovered had she tried “research.”

 

Ms. Walsh notes that I feel so let down by our governor that I said I would back an opponent of Huntsman (“even a communist”) while neglecting to note that I also said, “That’s not going to happen. There is not going to be anybody who seriously threatens him… I like the guy, he’s a decent, he’s a lovely intelligent guy, I like him” but I could not support him again myself, given his abdication of what he led me to believe was a core principle.

 

http://www.kutv.com/content/news/politics/default.aspx?articleID=30196

 

Most significantly, Ms. Walsh apparently misunderstood my Tribune editorial asserting that Referendum #1 was not an IQ test but a sanity test (following Einstein’s dictum that insanity is doing the same thing over and over while expecting different results, which is what Utah committed itself to do by rejecting Referendum #1). It was not a retraction, it was an escalation. So that Ms. Walsh not waste any more ink on poorly aimed rejoinders, I’ll state it with total clarity: I wish neither to disrespect nor scold my adopted state, but I believe that Utah’s elimination of choice for low-income and minority kids was an utterly shameful act. Utahns who voted against Referendum #1 can save their breath criticisng my bluntness: I think they are the ones who should be ashamed of themselves. In fairness to Ms. Walsh, however, she may have been misled here by the Tribune’s decision to headline my editorial, “What I mistakenly called a statewide IQ test was actually an insanity test”: the insertion of the word “mistake” was a fabrication on the part of the Tribune, one that seems to have confused Ms. Walsh regarding the tone of my piece.

 

Curiously, Ms. Walsh made no discernible attempt to grapple with my arguments. Her one nod in that direction is her statement that I “gussied up [my] argument with statistics comparing Utah students’ test scores to those in other states, minority graduation rates and surging enrollment (sic).” Beyond its grammatical infelicities, it is hard to know what to make of this complaint. If including data in argument bothers Ms. Walsh perhaps she should have suggested an approach which avoids the minimal commitments to rational discourse and intellectual integrity she and the Salt Lake Tribune clearly find distasteful.

 

That was the set-up. Here is the punchline. Today, January 9, 2008, The Salt Lake Tribune ran a story whose headline read, Utah’s overall school quality grades put it near bottom nationally. The story accurately describes precisely what Ms. Schenker could have herself ascertained months ago.

 

What damage is done to society by journalists so supercilious they can rationalize distorting the news as heavily as these folks did in November? Do they simply think that they they can obfuscate the public discourse to steer the polity to decisions about which they, the anointed, know best? What damage did it do when they misled a state that “ranks among the bottom eight states in the nation when it comes to education” (in a nation that ranks near the bottom of industrial countries) into thinking that it was “Top 10 in Math and Science”?

 

I am given to understand that many Utah got angry at me for my comments about “a statewide IQ/insanity test.” I am indifferent to it, but I do think their anger is misplaced.

 

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Another leaf turns over: the Wikipedia connection

Posted: Mon Dec 03, 2007 7:03 pm
Post subject: Another leaf turns over: the Wikipedia connection

http://www.theregister.co.uk/2007/12/04/wikipedia_secret_mailing/

Did something just hit a fan?

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Voucher Webcast Information

Posted: Mon Nov 05, 2007 5:38 pm
Post subject: Voucher webcast tonight – call in!

Hey Sports Fans,

Utah has passed a pro-freedom law providing vouchers for kids to attend schools of their choice. It is heavily slanted towards poor kids, who get $3,000 (versus the $500 that children of families earning over $100k will receive). ( http://www.youtube.com/watch?v=4tpVnenIpSU )Even in Utah there are, regrettably, people who are against freedom. They have a referendum on tomorrow’s ballot to prevent this law from going into effect. I have been going around the state debating the anti-freedom teams. Tonight I am doing a conference call at 9 PM Mountain Time. Please feel free to call in and listen or ask questions. Even more importantly, find the phone numbers of 5-10 folks you know and call them tomorrow and persuade them to go out and vote for Utah’s Referendum #1 tomorrow.Even the miscreants must understand the situation with education in this country. Those guys are venal, but not stupid. So I invite even them to show some class and help out here.

Patrick

Q&A regarding Referendum 1

Dr. Patrick M. Byrne
Chairman & CEO, Overstock.com

To ask a question, dial (800) 510-9661
The passcode is 910 38 485

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Deep Capture: The Movie

Posted: Fri Nov 02, 2007 1:19 pm
Post subject: DEEP CAPTURE: THE MOVIE

big button Deep Capture: The Movie

Hey Friends.Two years ago I began a campaign to expose a massive circle of corruption on Wall Street involving something called “naked short selling.” The financial press, which had previously been quite generous towards me, immediately began devoting a tremendous amount of energy to misrepresenting, dismissing, and downplaying my allegations. It began to seem as though they were taking part in a cover-up, especially given that I simultaneously became persona non gratis on Wall Street, so that the entire discourse about whether or not I was right went forward with precisely one person precluded from taking part: me. The lengths to which this cover-up was prosecuted astonished even me: for example, last year a large conference (”Value Investors’ Congress”) invited me to speak, but some powerful hedge funds threatened to boycott if I were allowed to tell me side of the story, and the invitation was rescinded.Times are changing, however, and a few weeks ago I was invited to speak to an even bigger conference of hedge funds. I did so, and was finally able to connect the dots for the public. Please view this by clicking the red button above, and, if you like it, send the link to a dozen friends (or better yet, post links elsewhere on the Internet to this page and www.deepcapturethemovie.com).

Respect,
Patrick M. Byrne
Concerned Citizen

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Education, Teachers’ Unions, and the NAACP

Posted: Sun Oct 28, 2007 3:17 pm Post subject: Education, Minorities, Teachers’ Unions, and the NAACP


SEE THE CLIP ON YOU TUBE: http://www.youtube.com/watch?v=4tpVnenIpSU

Dear Customer, The NAACP is demanding an apology from me. I must respectfully refuse. Since this is making national headlines, I write to explain what is going on.Overstock is based in Utah, where 42% of minority children fail to graduate from high school: this is a calamity of epic proportions. In the last few years I have sought to use such resources as Overstock’s success provide me to pay for the education of hundreds of low-income and minority children in Utah, where many private schools have tuitions ranging from $2,500 to $3,800. (I also built 19 schools and orphanages in Afghanistan, Nepal, and in Africa and South America, schools that now educate 6,000 kids, mostly female: all these schools are named after my Mom). Recently I appeared on TV to criticize the Utah system for failing 42% of minority kids. My argument is that in a global economy people compete on the skill sets they acquire in school. Accepting the current situation is like saying that we as a society are OK with discarding 42% of minority kids, wasting their lives like one would burn a pile of leaves (incidentally, I purposefully choose such horrific images in order to cut through the polite euphemisms by which some assuage their guilt over the current situation). Indeed, I have been supporting a new Utah law that will allow such low-income children to receive grants of $3,000 towards tuition in private schools (the law, which provides grants of only $500 to children of higher-income families, is designed to serve the interests of lower income children). Nationally, between 57% and 77% of Hispanic and African-Americans support such programs: the numbers are even higher when considering just those minority families with children of school age years. http://www.friedmanfoundation.org/friedman/schoolchoice/ShowFaq.do#faq_14

Teachers’ unions are against letting poor children get a better education outside of the current system. They are defending their guild, which is to say, the status quo, which is to say, in this case, a system that currently destroys the prospects of 42% of Utah’s minority kids. In a fine display of the intellectual integrity that marks their arguments, they are attacking an excerpt from that recent appearance I made, carefully edited to make it seem like I was endorsing the act of throwing such kids away rather than decrying the system which permits it. It apparently is convincing to no one, as 100% of the dozens of letters I have received (many from people who identify themselves as minorities) make clear they support and understand what I said, even through the deceptive editing. Even journalists writing about it are exposing the mendacity of this campaign. http://www.sltrib.com/ci_7292445

Unfortunately, this is an issue where the NAACP’s ties with the teachers’ union leaves it at odds with the wishes of the great majority of African American and Hispanic families. Last Friday the Utah Chapter of the NAACP held a joint press conference with the teachers’ union, which apparently had misled the NAACP by not even providing them my statement, unedited. Based on a review of this, the NAACP has demanded an apology from me. I refuse. I have long respected the NAACP, but their moral authority is their brand, and I believe they are squandering that moral authority by staking out a position based on so deceptive a tactic as the one to which this union has resorted, and more generally, by being so joined-at-the-hip to this union that they would oppose a law which is supported by a strong majority of Black and Hispanic families and whose benefits are overwhelmingly directed to their children. The statistics we read about drop-out rates are, in fact, statistics about lives shredded: if my language be gruff, it is because I want Americans to see what is at the tip of their newspaper spoon. In my view, the ones who owe an apology are those who accept and defend a status quo which is squandering the prospects of 42% of Utah’s minority kids.

Respectfully,
Patrick M. Byrne
CEO, Overstock.com

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Our Corrupt Federal Regulator the SEC

Posted: Fri Aug 10, 2007 11:25 am Post subject: Our Corrupt Federal Regulator the SEC

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.In an attempt to force action before there was a systemic crisis, I tried to open the eyes of the financial media to these conditions, and drew nothing but vilification that was, in the words of one professional media observer, “like nothing we’ve seen in America since the 19th century.” They uniformly refused to report on the substance of my claims, instead stretching (often quite ridiculously) to portray it all as just a CEO ticked about his own stock price. I organized a fairly extensive effort to bring relevant information to those senators who provide political oversight to the SEC, but was stymied in these efforts by Senator Richard Shelby of Alabama, a politician known in DC for his penchant for milking maximal dollars from all sides of every issue, then voting for whatever serves the interests of Wall Street (even at the obvious and profound expense of the citizenry). In a somewhat desperate measure, I encouraged legislation at the state level: reformist legislation passed the Utah legislature almost unanimously, but was then blocked by Wall Street through a series of threats, legal action, and (I am informed) cash dispensed to some state legislators who obediently flip-flopped.Through these efforts the SEC was not only 0 help, they actually aided those whom I was hoping to expose before a systemic meltdown became inevitable. SEC Commission Annette Nazareth, who has a vested interest (through marriage) in continuing the cover-up, was quoted as being dismissive of my claims (though they were already supported by hard, uncontestable data, much of it in published economic research). SEC Commission Campos also personally opposed me, telling an associate of mine in a public forum, “Imperfect regulation does not justify vigilantism by Patrick Byrne or Overstock.com” (actually it does, when the stakes are as high as they are proving to be, the form of the “imperfection” is corruption, and the “vigilantism” is simply exposure). I pushed hard on the SEC, even writing and narrating a presentation that explains the situation in fair detail, and which has been downloaded 500,000 times, but drew no response from the SEC beyond becoming the target of their federal investigation.One man came forward to support my claims: former SEC investigator Gary Aguirre. Recognizing that the Senate’s oversight of the SEC was fundamentally broken, he went to the Senate Judiciary Committee, sending letters that supported my view of rampant fraud within Wall Street protected by a co-opted regulator (and, it turns out, delivering boxes of evidence in support of these contentions). Naturally, the same journalists who had obediently clogged, cluttered, distorted and dismissed my claims, also went to work on Aguirre. Both The New York Times and The Wall Street Journal published articles and editorials so derogatory, inaccurate, and insulting about Mr. Aguirre, that when the smoke clears they will stand for ages as examples of yellow journalism at its worst, and the costs it can impose on our society. However, in the Senate Judiciary Committee the irresistible forces of fraud and money met the immovable objects of Senators Grassley and Specter. They held hearings and dug into Aguirre’s claims. In an unbelievable display of hubris, the SEC had the gall to subpoena the United States Senate Judiciary Committee, which told them to get stuffed: Senator Grassley’s two letters (since made public) lecturing the SEC on the meaning of “congressional oversight” within the framework of the US Constitution are remarkable both in content and in the simple fact of their necessity. Senators Grassley (from Iowa) and Specter (a former prosecutor) refused to be bullied, and instigated an investigation by the Government Accounting Office.

Seven months ago the wig began to slip. The GAO issued a preliminary report that confirmed “the whiff of a cover-up,” as Senator Specter summarized it in January. Last Friday, the Senate Judiciary Committee and General Accounting Office released their final report thoroughly vindicating Gary Aguirre (and in the process, my own long-standing criticisms of the SEC). It makes it clear that those on Wall Street with “juice” (as one higher-up called it while killing an investigtion) are considered untouchable by our regulators, who turn out to be negotiating for $1 million jobs with the same firms for whom they are derailing investigations. The report excoriates the SEC’s Office of the Inspector General (OIG) in particular as having taken part in the corruption and cover-up.

This week, SEC Inspector General Walter Stachnik (who has held that position since the SEC OIG was created in 1989), announced his retirement. Commissioner Roel Campos followed suit and, according to today’s newspapers, Commission Annette Nazareth is leaving soon as well.

When a corrupt Sheriff turns a blind eye to thuggery from his patrons, self-defense is justified but not obligatory. However, when that sheriff’s indolence leaves not just oneself but also innocent strangers to be mugged by the bullies, a civilized person takes it as his duty to get up in their grills. The corrupt sheriff will naturally denounce as “vigilantism” this decision by another to do that job for which he, the sheriff, is paid, but at which he is so abjectly failing.

When the Securities and Exchange Commission was created in 1934, it was given the daunting mandate of restoring investor confidence in what was left of America’s battered capital markets. In recent years they and the New York financial media have degenerated into cronies of Wall Street. As a result, our global financial system is now teetering on precisely the kind of systemic event of which I have been warning, brought about by precisely the kind of deep, latent derivative risk we were told could not exist, but which came to exist under the noses of the See-No-Evil Twins of the SEC and the New York Financial Media. Sadly, I predict that in the weeks and months to come we’ll learn that Aguirre was just the footnote to what has been covered up. And, regrettably, our nation will suffer deeply for it.

Most respectfully,

Patrick M. Byrne

PS Regarding the federal investigation: I have no beef with it, actually. Everything I have done has always been legal and ethical, but I do recognize that my actions have been somewhat irregular and, coloring outside the lines as far as I have, I do not begrudge the attention I have received from the Federals. In addition, I have no desire to express disrespect for, nor hurt the feelings of, those hundreds of honest, hard-working government employees who come to work each day wanting to do a good job regulating the capital markets. I simply think that a fair share of their bosses, the brass at the SEC, have been corrupted in one way or another. The departure of the OIG, and especially Annette Nazareth, is a first step in fixing this most vital of regulatory bodies.

PPS In all fairness I should exclude a small number of the Wall Street financial media from the charge of being hand-puppets for financial elites. Barron’s is nothing but marketing literature for about 8 hedge funds, the Wall Street Journal is to Wall Street as Sports Illustrated is to sports, Fortune is People Magazine for capitalists, and The New York Post is for folks who move their lips when they read People Magazine. But the same New York Times which employs Establishment-defending hacks like Floyd Norris and Joe Nocera also employs Gretchen Morgenson, who has integrity. Forbes reporters doing highly-credible jobs on these and related issues include Liz Moyer and Nathan Vardi, while Bloomberg has explored it through the superb investigative stories of Bob Drummond, and broadcast a shocking 25 minute Bloomberg Special Report by Gary Matsumoto. In addition, PBS gave fair treatment to Aguirre. In the same vein, I believe there are honest SEC Commissions (e.g., Cox and Atkins), and that the rank-and-file of the SEC are straight-shooters as well: it is the upper echelons that have lost track of for whom they work. In short, these systems are not monolithic.

PPPS TO GET YOUR COUPON please click here. It will take you to Overstock. When you checkout you will find the coupon deducted from your order. The coupon expires on Monday, August 13, 2007. It will take 10% off (not applicable to Entertainment products, and limited to $250 of benefit, so do not buy more than $2,500 with it!) If you have more than one coupon in your account, our checkout process will apply the one that gives you the biggest discount on the order.Last edited by patrickbyrne on Tue Sep 18, 2007 11:14 am; edited 33 times in total

Posted: Fri Aug 10, 2007 12:25 pm Post subject:

patrick, didja really write this letter ripping the SEC & then give em an overstock coupon? ROFL! i gotta admire yer gumption!
wonder if any of em used it?
Laughingbtw, the SEC couldn’t deserve it more. (the ripping, not the coupon.)
Posted: Fri Aug 10, 2007 1:52 pm Post subject:

Yes, ’twas I.
Posted: Sat Aug 11, 2007 7:19 am Post subject:

Hello Patrick,I admire your persistence in the fight against this corruption. I think I have an idea what this is costing you, and the dangers you are facing. Wickedness in high places….I have a question for you:Have you considered hiring a weekend auction employee to man a fraud hot line? I usually don’t go looking for it but report it when I happen to see it.I spent a few minutes this morning and found 2 persons that keep coming back here with new user names. One of them has used the same name over and over and just adds a couple of numbers to the end of the name to change it. Another usually “sells” computers and in his listing he asks people to email him for off-site transactions. Yesterday I saw about 30 counterfeit handbags by a new user that have been listed for over 3 days already.I think the Content Review team does a wonderful job. I can only imagine how busy they must be.Thanks for your time,

Silvia

Posted: Sat Aug 11, 2007 5:11 pm Post subject:

I’m so impressed! The counterfeit handbag auctions are still up but the other 2 have been disabled.Way to go, Content Review team! 8)
Posted: Sat Aug 11, 2007 8:08 pm Post subject:

Quote:
Yesterday I saw about 30 counterfeit handbags by a new user that have been listed for over 3 days already.
Quote:
I’m so impressed! The counterfeit handbag auctions are still up but the other 2 have been disabled.

Yes they are and I am fairly certain that they will run till the end of their auction time. What a shame!!

Posted: Mon Aug 13, 2007 7:46 am Post subject:

Great article – I’ve thought something was fishy for some time now – thanks for expressing it so well!
Posted: Mon Aug 13, 2007 8:17 am Post subject:

Nandupuy,Thanks for reading it.Best,Patrick
Posted: Mon Aug 13, 2007 9:39 am Post subject: Thanks!!

First time reader -
So glad the opportunity to read this was posted on my e-mail “flyer”. Otherwise I’d have never gotten this article and opportunity to learn the details of this. Have sent it to about everyone I know who is actively watching/working investments . . . thanks for educating an amateur!
Posted: Mon Aug 13, 2007 12:21 pm Post subject:

I want to thank you for a eye opening, thought provoking article! I am going to forward this to everyone I know. Wish it could be on the home page of every internet provider for more people to read!!
Posted: Mon Aug 13, 2007 7:52 pm Post subject: THANKS!!!!!!!!!!!!!

Thank you Patrick. You’re a very intelligent man. I’m glad somebody is keeping an eye on those thugs and thieves.
Posted: Mon Aug 13, 2007 8:27 pm Post subject: Wow

Shocked
Thank you for this information. I got a finance degree back in 1988 but went straight on to law school and never used it… now I wish I had kept up with the markets over the years so I would know more of the background information. I am shocked and appalled by all of this. The corruption is real, isn’t it?? How long until our culture falls into abject decay?
Posted: Mon Aug 13, 2007 10:14 pm Post subject:

Valerie,I am afraid we may be reaching that point already.Thanks to all of you for taking the time to read this.Patrick
Posted: Mon Aug 13, 2007 10:14 pm Post subject:

PS Stay tuned. More to come.
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Posted in Take 5 With Patrick - Essays on Unrelated SubjectsComments (2)

A $10 coupon for my friends

Posted: Sat Jul 28, 2007 2:04 pm Post subject: A $10 coupon for my friends

Hi Folks.It occurs to me that I have asked much of those who come here: to provide me feedback on business ideas, to understand patiently as we work through different business problems, to provide witness to the perfidy of various journalists, and ultimately, to get involved in comprehending a complex financial crime on Wall Street.That is a lot for me to ask of thousands of folks whom I have never met. As Don Corleone put it, “Let’s just say, ‘I owe you.’”As a small token of my appreciation, I have created a discount coupon that takes $10 off any purchase > $100 on our shopping site. Just in case it gets out of hand (as happened to me when I posted an offer on someone else’s blog a month ago), I have set the coupon to expire on Monday evening, July 30, to limit the damage I can do to Overstock’s budget for such promotions.

By the way, I am not imagining myself a munificent Santa Claus here: I am just trying to do a nice thing for folks who visit. Feel free to post a link to this page anywhere else around the Internet (I know there are sites and blogs devoted to searching for shopping specials and various deals). However, if you folks seem to like this, I will make a habit if including these coupons in my blogs.

In any case, here goes nothing: If you want the $10 off $100 coupon, good until Monday night, please click here.

Your most humble servant,

Patrick

UPDATE: For those to whom this is new, to use the coupon you just click on the link above. It takes you to Overstock, you shop, and then when you checkout you will find the coupon deducted from your order. If you have more than one coupon in your account, our checkout process will apply the one that gives you the biggest discount on the order. So for example, if you are a Club O member you receive a 5% discount. If you order $105 worth of stuff, this coupon will drop it to $95. If you order $300 worth of stuff, you will get a $300 X 5% = $15 discount.Last edited by patrickbyrne on Sat Jul 28, 2007 8:05 pm; edited 3 times in total

Posted: Mon Aug 27, 2007 7:42 am Post subject: Signatures and delays

Wings,Yes, I did forget to sign it. You’re right.”Somebody call somebody!” – Panicking helicopter cop’s line at the end of the movie, “7″.

;)

By the way, I put that notice up of the show about my friend because the producer called that day to say it was going to be on. Evidently it got bumped. She wrote me this weekend:

“There was a scheduling change at ESPN because of a WNBA game so the new air date is Friday the 31st at 7:30pm (ET) on ESPN2.”

So I hope you tune in this Friday.

Patrick

PS There is a profound irony in the fact of its being bumped for a WNBA game. Somewhere, good-naturedly, Brian is laughing until tears roll down his face. As was his style.

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Posted in Take 5 With Patrick - Essays on Unrelated SubjectsComments (0)

Carol Remond

Posted: Wed Jul 25, 2007 11:55 am Post subject: Hello Carol Remond!

Dear Carol,

We have not heard back from you, so I am writing to make clear that I would be most happy to provide comment or answer any questions that you have. Given our history, I think it best that you provide them to me in email form. I will respond within 60 minutes. Anything that is on the record for me must be on the record for you as well, but I will accommodate any reasonable request regarding delaying my publication, so please indicate to me your preference regarding the timing of my release of the article. Respectfully,

Patrick M. Byrne

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Posted in Take 5 With Patrick - Essays on Unrelated SubjectsComments (0)

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