Moral Hazard at the SEC
When attempting to understand much of what happens at the Securities and Exchange Commission, I believe moral hazard is nearly as important a factor as the much more frequently-discussed matter of regulatory capture.
Notes on David Einhorn: The Predator in a Cute T-Shirt
David Einhorn would have you believe that he is brave crusader against corporate malfeasance. The truth is, he's a fraud who did serious damage to the markets.
David Einhorn, Cheryl Strauss, and the “Unavailable” Bethany McLean
05 September 2008 by Patrick Byrne
As will be explored in a subsequent piece, it would be fair to describe my relationship with Bethany McLean of Fortune as “strained”. However, it is not unusual for her to write or call me seeking comment, generally regarding spurious allegations fed her by crony hedge funds which she dutifully regurgitates on command, [...]
Posted in Journalists Tried to Be Players But Became Pawns, The Deep Capture CampaignComments (12)
Anti-Investigative Reporter Joe Nocera and The Newspaper of Non-Record (New York Times)
04 September 2008 by Patrick Byrne
Joe Nocera has a problem. Nocera’s problem is not what Apple CEO Steve Jobs thinks of him (“Steve Jobs Doesn’t Have Cancer, Calls NYT Columnist a ‘Slime Bucket’“). No, Joe’s problem is that the naked short selling issue went mainstream this summer. In the last 6 weeks there have been literally hundreds of articles that describe the reality of [...]
Posted in Journalists Tried to Be Players But Became Pawns, The Deep Capture CampaignComments (48)
Was Dan Loeb’s capital allied with David Einhorn’s?
27 August 2008 by Judd Bagley
Mega-hedge fund manager Daniel Loeb recently disclosed a double-whammy to his investors: substantial losses early in the third quarter of 2008, and the initiation of a formal SEC investigation into the operation of Loeb’s fund, Third Point Partners.
Posted in AntiSocialMedia with Judd BagleyComments (1)
Daniel Loeb is Mr. Pink and more
21 August 2008 by Judd Bagley
The Silicon Investor stock message boards have Mr. Pink. The Yahoo Finance stock message boards have Mr_Pink_esq. In this legal filing, hedge fund manager Daniel Loeb admits that he is the Mr. Pink of Silicon Investor. According to this Wall Street Journal story, Loeb insists that he is not Mr_Pink_esq of Yahoo Finance. Loeb, as it turns out, is not telling the truth, and here’s how I know it...
Posted in AntiSocialMedia with Judd BagleyComments (1)
Media Herd Lassoed by a Lie
19 August 2008 by Mark Mitchell
In the middle of last week, a previously unknown professor in Switzerland published a report that purported to show that the SEC’s emergency order preventing naked short selling in 19 financial companies had been a mistake. By the end of Friday, that report had become the basis for stories by reporters at the Wall Street Journal, the Financial Times, the Economist, TheDeal.com, Dow Jones Newswires, Reuters, and Hedgeworld.
Posted in The Mitchell ReportComments (1)
Mr. Norris, We’re Here to Help
14 August 2008 by Mark Mitchell
Floyd Norris of the New York Times has written a column about the SEC’s recently expired “emergency order” preventing naked short selling of 19 financial stocks. His argument is…Actually, I have no idea what Mr. Norris is trying to tell us.
Posted in The Mitchell ReportComments (0)
5,000 Words About An Obscure Bad Newswire Reporter
12 August 2008 by Mark Mitchell
The ever cuddly Carol Remond (“I’m going to shred this guy to bits,” she said of Deep Capture reporter Patrick Byrne) has published yet another defense of criminal naked short sellers. In a recent column for Dow Jones Newswires, Carol writes that the SEC should think twice about cracking down on the criminals because some of the people (she names four) who have complained about illegal naked short selling have run into legal problems of their own.
Posted in The Mitchell ReportComments (1)
A Peace Sign for Wall Street
03 August 2008 by Patrick Byrne
Greetings, and peace. As we Irish say, “I’m sorry for your troubles.” In today’s Salt Lake Tribune there is a story that is 100% correct: two years ago an elder statesman of the hedge fund industry sat me down to tell me that I had become the most hated man in living memory in New York, [...]
Posted in Unsettled Trades & Systemic RiskComments (3)
Wall Street to USA: “I…drink…your…MILKSHAKE!”
02 August 2008 by Patrick Byrne
The closing minutes of “There Will Be Blood” handily dramatizes naked short selling and, more generally, Wall Street’s relationship to the United States (WARNING: movie spoiler).
Posted in The Deep Capture CampaignComments (0)
Gary Weiss knows what Joe knows
01 August 2008 by Judd Bagley
Gary Weiss come to know the substance, sentiment and timing of one of New York Times business columnist Joe Nocera’s most vicious attacks against opponents of illegal naked short selling, long before it was published?
Posted in AntiSocialMedia with Judd BagleyComments (0)
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