Michael Milken, 60,000 Deaths, and the Story of Dendreon (Chapter 3 of 15)

    What follows is PART 3 of a 15-PART series. The remaining installments will appear on Deep Capture in the coming days, after which point the story will be published in its entirety.

    Click here to read PART 1
    Click here to read PART 2

    Where we left off, CNBC’s Jim Cramer had declared Dendreon to be a “battleground stock,” and Dendreon had been attacked by naked short sellers who illegally flooded the market with phantom stock, right at the time when the FDA’s advisory panel delivered the fantastic news that it had voted in favor of approving Dendreon’s prostate cancer treatment.  We had learned that it is impossible to know who was responsible for the phantom stock (the SEC keeps that a big secret), but we do know that, thanks to an SEC loophole, phantom stock was often created by “marrying” a market maker’s naked short sales to put options.

    We had also learned that in the days after the FDA’s vote, only ten hedge funds on the planet held significant numbers of  Dendreon put options (bets against the company). We had learned that the criminal Michael Milken or his close associates had connections to seven of those hedge funds, and  we had begun to ask whether those seven “colorful” hedge funds knew anything about the strange occurrences that were soon to derail Dendreon, and whether those strange occurrences had anything to do with the “philanthropy” of Michael Milken.

    Now we begin to learn the identities of those seven hedge funds…

    * * * * * * * *

    The first of the seven “colorful” hedge funds that held Dendreon put options (right when Provenge was on the fast track to FDA approval) was Bernard L. Madoff Investment Securities, managed by the Mafia-connected criminal who orchestrated a $50 billion Ponzi scheme while helping the SEC write a short selling rule that came to be known as the “Madoff Exemption.”

    According to SEC filings, Madoff owned put options on 180,000 shares of Dendreon as of March 31, 2007, which was two days after the FDA’s advisory panel voted in Dendreon’s favor. That is fewer than the numbers of put options bought by the other six hedge fund managers, but again, the SEC does not require hedge funds to disclose their short selling, so we do not know whether Madoff had a larger short position in Dendreon, along with these puts.

    In any case, Madoff’s bet against Dendreon was significant. Given the positive data Dendreon had released and the subsequent vote of the FDA advisory panel, the trading position was not only counterintuitive, it was also (given some strange events which occured shortly thereafter), prescient to a degree one could only describe as “improbable.”  The trade was all the more significant when you consider that only ten traders on the planet owned more than 150,000 Dendreon put options at the time, and at least seven of those traders, including Madoff, are part of a tight-knit network of people who have worked intimately with Michael Milken or his close associates.

    It has been widely reported in the media that Madoff’s criminal activity was confined to his fund management business, and that this business did not execute any real trades — that Madoff merely pocketed the money of his investors, all of whom were “victims.” According to the media reports, Madoff’s market making operation was legit.

    These claims may well be false. Again, the fact that Madoff was one of only ten people on the planet who owned large numbers of put options in Dendreon suggests a certain degree of foresight (especially when one understands those subsequent strange occurrences, which we will be getting to in due course).  The trade was so counterintuitive, and timed so precisely to coincide with Dendreon’s triumphant news (and the brutal naked short selling attack that accompanied it), that the claim  that Madoff was merely pocketing investors’ money and falsely reporting random trades seems unlikely, given how remarkable this one trade turned out to be.

    Madoff had to have meditated on the Dendreon trade. He had to have had information – some reason to record a bet against Dendreon at a time when there was every reason to be optimistic for Dendreon. And if Madoff thought about making this long shot bet against Dendreon enough to report it in his SEC filings, it is likely that he did, in fact, place the bet. That is, he probably purchased those put options. If so, the theory that his Ponzi fund did not execute any trades is false.

    A Deep Capture source who has seen some of Madoff’s records says that Madoff’s fund management business was, in fact, executing a great number of trades. According to the source, the fund would place buy orders, and these orders would be filled by Madoff’s market making operation, which would sell  stock to the fund without first borrowing or purchasing it.

    In other words, it is probably correct to say that Madoff  stole a lot of his investors’ money, but he seems to have used at least some of that money to generate phantom stock. Why would he do this? There is one obvious explanation: to drive down prices, adding to his short selling profits, and contributing to the profits of his short selling friends.

    It is reasonable to speculate that Madoff’s market making operation derived business from executing manipulative naked short sales for unscrupulous hedge funds. After all, remember, the SEC exemption allowed market makers, such as Madoff, to engage in naked short selling. Madoff had a reason for advocating for that exemption. Perhaps he knew that it would allow him to help high-paying hedge funds create married puts – the phantom stock “bullets” that market makers and hedge funds have used to obliterate stocks.

    Consider also that Madoff’s prosecutors note in their case that Madoff funneled at least $250 million from his investment fund to his market making division. I can think of only three reasons for his doing so:

    1. the money was used to buy securities — trades that weren’t executed, according to the press; or phantom stock, according to our source;
    2. the money came from hedge funds who, far from being victims, were paying off the market maker for helping them generate phantom stock; or
    3. the money was used to buy stock that Madoff used to cover some of his open naked short positions.

    The authorities have been rather slow to provide details of Madoff’s fraud, but there is other evidence to consider. For example, Madoff’s secretary recently wrote in Vanity Fair magazine that Madoff’s stock loan operations (the division of his brokerage responsible for locating and borrowing shares to be sold short – or, more likely, responsible for  not really locating or borrowing those shares) — was segregated in an area that Madoff called “the cage” – on the 17th floor of the Lipstick building.

    Stock loan operations are integral parts of brokerage businesses. One would normally expect Madoff’s stock loan operations to be housed in his brokerage. But Madoff’s brokerage business was on the 14th floor of the Lipstick building, separate from “the cage” on the 17th floor, which was home to Madoff’s “Ponzi” fund management business.

    Multiple reports (including a recent story in Fortune magazine) state that Madoff was maniacally secretive about the activities on the 17th floor, and kept the employees who worked there strictly isolated from visitors and other employees. This is because the 17th floor was the heart of Madoff’s criminal enterprise. The secretary’s information seems to indicate that this criminal enterprise involved both the fund management business and the stock loan cage (i.e. the division that helped manufacture phantom stock by not actually borrowing shares that were sold short).

    As for Madoff’s “victims,” it is clear that some of his investors and “feeders” were to a significant extent participants in his fraud. As Madoff’s chief lieutenant, Frank DiPascali, seems prepared to testify,  Madoff conspired with a few “special” clients to alter the returns that they received on their “investments.”  However much the “special” clients wanted to earn in a given month, Madoff would give it to them.

    DiPascali identified one particularly “special” client:  Jeffry Picower, who seems to have  netted around $5 billion from the Madoff scam. Picower gained some renown in the 1980s. At the time, nobody had any idea who he was or where he got his money. He was a big mystery.

    Then, one day, it was learned that he was the single largest limited partner in the arbitrage fund run by Ivan Boesky, who was later jailed for being a principal co-conspirator in the stock manipulation frauds of a famous criminal.

    That famous criminal is now a “prominent philanthropist,” too.  And his name is Michael Milken.

    * * * * * * * *

    By most accounts, Madoff had just a few key “feeders”– hedge funds and individuals who raised money to “feed” his  $50 billion Ponzi scheme. For some time, the press suggested that these “feeders” were “victims” of Madoff’s fraud, but in an increasing number of cases, authorities are suggesting otherwise.

    A lawsuit filed by the State of Massachusetts against “feeder” fund Fairfield Greenwich makes it clear (by supplying copious transcripts of phone conversations, etc.) that Fairfield had more than an inkling of what was going on in Madoff’s shop. And on June 22, 2009, the Securities and Exchange Commission charged several Madoff “feeders” with securities fraud related to their participation in the Madoff Ponzi. One of those charged was Robert Jaffe, who was also a partner with Madoff in a brokerage called Cohmad Securities. Earlier in his career, Jaffe was found to be running money for the Anguilo brothers, the Boston dons of the Genovese Mafia family.

    Madoff’s other key “feeders” have not yet been charged with wrong-doing. Perhaps, they will never be charged. But it is interesting to note that a number of them were close associates of a famous criminal and “prominent philanthropist” named Michael Milken.

    One of the most important Madoff “feeders” was Rene Thierry Magon de La Villehuchet, a French aristocrat who worked on deals in the 1980s with Drexel Burnham Lambert, which was the headquarters of Milken’s junk bond and stock manipulation empire. During this time, Monsieur Rene Thierry Magon de La Villehuchet came to know not just Milken, but also Leon Black, who was the head of Drexel’s mergers and acquisitions department.

    Most every account of those days suggests that Black was Milken’s closest ally at Drexel. Black argued vehemently that Drexel should not cooperate with Milken’s prosecutors and he defended Milken to the end. Today, there are few people closer to Milken than Leon Black.

    After Milken’s crimes bankrupted Drexel, Black joined forces with Monsieur Rene Thierry Magon de La Villehuchet to launch an investment fund called Apollo Management. As you will recall, a certain Apollo Medical was one of the ten hedge funds that owned large numbers of put options in Dendreon. I have not yet been able to determine whether Apollo Management is affiliated with Apollo Medical. Neither Black nor Apollo Medical manager Brandon Fradd returned my phone calls seeking comment.

    But we do know that Monsieur Rene Thierry Magon de La Villehuchet provided the initial capital to Leon Black’s Apollo Management. And in its early years, the French aristocrat was Apollo’s biggest fundraiser. Indeed, it is correct to say that in addition to being one of Madoff’s most important “feeders,” Monsieur Rene Thierry Magon de La Villehuchet was Milken crony Leon Black’s single most important business partner.

    Unfortunately, in December 2008, soon after the Mafia-connected Madoff turned himself in to the authorities, Monsieur Rene Thierry Magon de La Villehuchet was found in his Madison Avenue office – dead.

    They said it was a suicide.

    * * * * * * * *

    Another of Madoff’s most important “feeders” was J. Ezra Merkin, who managed the Ariel Fund, which seems to have been designed specifically to raise money for Madoff’s fraudulent investment business. In this regard, the New York attorney general has described “Merkin’s deceit, recklessness, and breaches of fiduciary duty…”

    While Merkin was “deceitfully” feeding the Madoff Ponzi, he was also a co-owner, along with Steve Feinberg, of Cerberus Capital Management, a fund named after the mythological three-headed dog that guards the gates of Hell.

    Previously, Feinberg was a top trader for Michael Milken at Drexel Burnham Lambert. After Drexel, Mr. Feinberg moved (on Milken’s recommendation) to a brokerage called Gruntal & Company.

    Gruntal owed its existence to the generous junk bond finance that its parent company, the Home Group, received from Michael Milken. Its options department was founded by Carl Icahn, who later became a “prominent” billionaire owing to the junk bond finance that he received from Michael Milken.

    When Icahn left Gruntal, he was replaced by a Milken crony named Ron Aizer, who proceeded, on the recommendation of Milken, to hire two traders.

    The first trader hired by Aizer was, according to a reliable source, investigated by the SEC for trading on inside information that he received from Milken’s operation at Drexel Burnham Lambert. This trader is now a “prominent” billionaire and the manager of a well-known hedge fund. The second trader hired by Aizer is now also a “prominent” hedge fund manager, though he is not quite a billionaire. Both of these traders play important roles in the story of Dendreon. Carl Icahn, the founder of Gruntal’s options department, has a cameo role, too.

    So I will return to all three – the two former Gruntal traders and Icahn – in upcoming chapters.

    * * * * * * * *

    I know people who used to work at Gruntal. They are honest people who have gone beyond the call of duty to contribute to Deep Capture’s reporting. They also confirm that Gruntal’s New York operation (as opposed to some of its offices in other states) was among the more disreputable brokerages in America. As Fortune magazine once put it, Gruntal was firmly situated on the “shabby side of the Street.”

    Gruntal’s senior vice president, Maurice B. Gross, was found to be running money for Thomas Gambino, a capo in the Gambino Mafia family. Another New York Gruntal trader, Samuel Israel III, later launched his own hedge fund, and in 2008, it emerged that this hedge fund was the largest Ponzi scheme in history. Israel was charged on multiple counts of fraud, and briefly faked his own suicide before handing himself over to the authorities.

    Soon after, the Mafia-connected Bernard Madoff admitted to running a $50 billion Ponzi scheme, so Israel’s Ponzi scheme was no longer the largest in history. It was the second largest. The third largest Ponzi scheme, remember, was orchestrated by Reed Slatkin, the criminal who was a limited partner in Apollo Management, which was one of those ten hedge funds that owned large numbers of put options in Dendreon.

    It has been reported that Israel ran his Ponzi scheme with help from “feeders” who had ties to the Genovese Mafia family. So it is perhaps noteworthy that after he left Gruntal, and before he started his own criminal operation, Israel worked for JGM Management, a hedge fund owned by “prominent” investor Michael Steinhardt. As Steinhardt belatedly admitted a few years ago, his father, Sol “Red” Steinhardt, once worked for the Genovese Mafia family. Steinhardt Sr. spent a number of years in Sing-Sing prison after a New York state prosecutor pegged him as the “biggest Mafia fence in America.”

    * * * * * * * *

    The key limited partners in Steinhardt Jr.’s first hedge fund, Steinhardt Partners, were the Genovese Mafia family, Ivan Boesky, Marc Rich, and Marty Peretz.

    Ivan Boesky, was, of course, the famous co-conspirator in many of Michael Milken’s stock manipulation schemes. As noted, Boesky’s biggest investor and limited partner was Jeffry Picower, the mysterious “special” client of the Mafia-connected Bernard Madoff — who authored one of the SEC’s naked short selling loopholes, orchestrated the largest Ponzi scheme in history, and held 180,000 put options in Dendreon.

    Steinhardt’s other key limited partner, Marc Rich, was eventually indicted for tax evasion and trading with Iran and Libya. He fled to Switzerland, where he has ever since lived as a fugitive from U.S. law. Rich later received a pardon from Bill Clinton for some of his crimes, but he remains in Switzerland, from where he now runs a securities and commodities trading empire.

    According to the Vanity Fair article written by Bernard Madoff’s secretary, Rich was one of the last people with whom Madoff met before handing himself over to the FBI. Given that Rich avoids travel to the U.S. for fear of certain arrest (for those crimes  not covered by Bill Clinton’s generous pardon), it would appear that Madoff, in the days immediately preceding turning himself over to U.S. law enforcement, made time to visit Rich in Europe. Apparently, before going away for what he likely knew would be the rest of his life, Bernie Madoff had something vitally important to discuss with Rich.

    Steinhardt’s third key limited partner, Marty Peretz, was later a co-founder, along with CNBC’s Jim Cramer and a certain hedge fund (which I will soon name), of TheStreet.com, a financial news website. Cramer, a former hedge fund manager, once planned to run his business out of the offices of Milken co-conspirator Ivan Boesky. When Boesky was indicted, Cramer instead ran his hedge fund out of the offices of Michael Steinhardt.

    A lot of names have been thrown at the reader. But stick with me, for I think you will come to see that these relationships matter. And I think you will come to agree that most of these people –Bernard Madoff, those two Gruntal traders (whom I will soon name), Jim Cramer, Michael Steinhardt, Carl Icahn, Marty Peretz, that hedge fund manager who co-founded TheStreet.com, Michael Milken, and some folks who are tied to the Mafia – deserve prominent mention in the story of Dendreon.

    * * * * * * * *

    So, again, as far as we can ascertain from public records, there were ten hedge fund managers on the planet who were betting heavily against Dendreon as of March 31, 2007, shortly after the FDA advisory panel put Provenge on the fast track to approval, and during the time that Dendreon was under an unprecedented, illegal naked short selling attack, and right before Dendreon would be derailed by some strange occurrences. Seven of those ten hedge fund managers are quite “colorful,” all are part of the same network, and one of them was Bernard Madoff.

    The second of the seven “colorful” hedge fund managers was…as a prelude to introducing the second “colorful” hedge fund manager, it helps to understand some things about a man named Felix Sater, who is alleged (by a former business partner and other reports) to be affiliated with the world’s most murderous organized crime outfit – the Russian Mafia.

    In the early 1990s, Sater (who has since changed the spelling of his name to Satter) was charged with aggravated assault after he stabbed a fellow broker in the face with the broken stem of a wine glass. Soon after, he founded, a brokerage called White Rock Partners.

    Felix had previously worked as a trader for Gruntal & Company, the brokerage that owed its existence to generous junk bond financing from Michael Milken – the same brokerage whose options department was founded by Milken crony Carl Icahn, later replaced by Milken crony Ron Aizer, who quickly hired two Milken cronies, both of whom, we will see, figure prominently in the story of Dendreon.

    In the mid-1990s, several of Gruntal’s top managers were accused of embezzling millions of dollars. The managers were indicted and Gruntal agreed to pay $6.5 million in fines – one of the stiffest penalties that had ever been levied by the Securities and Exchange Commission. Around this time, many of Gruntal’s traders moved to White Rock Partners, the firm run by  Felix Sater. Former Gruntal employees accounted for much of White Rock’s staff, and became White Rock’s top-earning traders.

    This information can be found in a book called “The Scorpion and the Frog”.  Also in this book, one of Felix’s partners states that Sater –  given a pseudonym, “Lex Tersa” – is the son of a high level boss in the Russian Mafia. The name of Sater’s father is Mikhail Sater.

    Felix’s partner also says that hehe believed that Felix Sater might murder a man named Alain Chalem, who was the boss of Toluca Pacific, a Mafia-controlled brokerage that was then one of the most notorious naked short selling outfits on the Street. Toluca and White Rock had previously worked together, but Sater was angry that Chalem had begun to sell short a stock that Sater was trying to pump.

    Fortunately, says the partner, Sater didn’t end up killing Chalem.

    But not long after, several men arrived at Chalem’s New Jersey mansion. The men told Chalem to kneel down on the floor. Then the men fired several rounds of bullets – one bullet into Chalem’s chest, one bullet into Chalem’s forehead, one into Chalem’s face, and a number of bullets into each of Chalem’s ears. According to a man who was with Chalem just hours before his death, the murder was the work of the Russian Mafia.

    And it involved a dispute over naked short selling.

    * * * * * * * *

    In the late 1990s, the FBI launched Operation Uptick, which resulted in the arrest of more than 120 Wall Street stock manipulators linked to organized crime – the biggest Mafia bust in FBI history. That effort led to other operations and many more cases that collectively came to be known at the FBI as the “Mob on Wall Street” campaign. In one such case, prosecutors charged that Felix Sater’s White Rock Partners was tied to Russian mobsters and the Italian Mafia and had engaged in multiple stock manipulation schemes.

    According to the prosecution’s case (in which Sater was named as an “unindicted co-conspirator”), the Mafia thugs who worked with White Rock included Frank Coppa, who was a capo in the Bonanno Mafia family; Edward Garafola, a soldier in the Gambino Mafia family; and Ernest Montevecchi, a soldier for the Genovese Mafia family. The prosecutors described White Rock as employing threats of physical violence and other forms of thuggery.

    Nowadays, Sater is the behind-the-scenes owner of the Bayrock Group, a real estate development company. Among his 11 partners in this venture are a number of  investment fund managers who are tied to Michael Milken. Most notable of Sater’s business partners is Apollo Real Estate Advisors, which is run by Leon Black.

    As you will recall, Black was Milken’s closest ally at Drexel Burnham Lambert, and started Apollo Management with considerable help from Monsieur Rene Thierry Magon de La Villehuchet, who was one of the most important “feeders” to the Ponzi scheme run by the Mafia-connected Bernard Madoff (who authored the SEC’s naked short selling loophole and owned 180,000 put options in Dendreon).

    In 2005, Deep Capture reporter Patrick Byrne began a crusade against the crime of naked short selling. A few months later, while working as an editor for the Columbia Journalism Review, I began work on a story about the naked short selling scandal, and started asking a lot of questions about the ties that bind various hedge funds to Michael Milken and his famous co-conspirator, Ivan Boesky.

    In the fall of 2006, I received several threats and was once ambushed by three men, punched out, deposited on my doorstep, and told to stay away from Patrick Byrne. Soon after, Deep Capture reporter Patrick Byrne met with an off-shore businessman who had once worked in the world of Mafia-controlled brokerages, but had since reformed himself and begun to help with our investigation.

    This businessman told Patrick that he had received a message. And the message was that the Russian Mafia was going to murder Patrick, and possibly those close to him, if Patrick did not end his crusade against naked short selling.

    According to the off-shore businessman, this threat was conveyed by Felix Sater – alleged son of a top Russian Mob boss; former co-owner of the Mafia-infested White Rock Partners; and business partner of Michael Milken’s closest crony, Leon Black.

    * * * * * * * *

    In their case against Felix Sater’s White Rock Partners, prosecutors noted that the firm not only employed threats and had ties to the Mafia, but also manipulated stocks in close cooperation with other Mafia-affiliated brokerages. According to the prosecutors, White Rock was tied directly to two specific Mafia-affiliated brokerages – A.R. Baron and D.H. Blair.

    Again, I apologize for throwing so many names at the reader, but it is worth remembering this name: D.H. Blair.

    D.H. Blair was perhaps the dirtiest operator on Wall Street. In various indictments and investigations, the SEC and the U.S. Attorney’s Office in Manhattan determined that D.H. Blair was at the center of a network of Mafia-affiliated brokerages that included not only Felix Sater’s White Rock Partners, but also Toluca Pacific (the brokerage run by the naked short seller who had bullets shot into both of his ears) and notorious Mafia outfits such as A.S. Goldmen, J.W. Barclay, F.N. Wolf, Stratton Oakmont, Parliament Hill Capital, J.T. Moran, and R.H. Damon.

    The founder of D.H. Blair was a man named J. Morton Davis. In his heyday, Davis was known as a “prominent” investor and the “king of penny stocks.” He has yet to be convicted of a crime. But given the subsequent revelations about his firm, it is not surprising that some people now call him the “king of stock fraud.” D.H. Blair was eventually indicted on 173 counts of securities fraud.

    Until 1995, the president of D.H. Blair was a man named Richard A. Maio. Prior to joining the Mafia-affiliated D.H. Blair, Maio was a top employee of Michael Milken, the famous criminal and future “philanthropist.” Maio’s deputy at D.H. Blair, Eric Siber, was also a former employee of Milken. At various times both Maio and Siber had been national sales managers for Milken’s operation at Drexel Burnham Lambert.

    In 1998, as the FBI was closing in, D.H. Blair went out of business. In 2000, not only was the firm itself indicted on 173 counts, but some of its top executives pled guilty to additional counts of securities fraud. These included two D.H. Blair vice chairmen — Alan Stahler and Kalman Renov — both of whom were sons-in-law of Davis, the founder.

    But by then, the Milken boys had scooted. Another top executive of D.H. Blair also avoided prosecution. His name was Lindsay Rosenwald.

    Rosenwald was the third son-in-law of D.H. Blair’s founder, J. Morton Davis – the so-called “king of stock fraud.”

    Rosenwald was also the third vice chairman and director of finance of D.H. Blair – that is, the third vice chairman of the dirtiest Mafia-affiliated brokerage on Wall Street.

    And in March 2007, Rosenwald was the second of those seven “colorful” fund managers who were positioned to profit from the demise of Dendreon, a little company with a promising treatment for prostate cancer.

    * * * * * * * *

    Lindsay Rosenwald may be the son-in-law of “the king of stock fraud.” And he was once the vice chairman of D.H. Blair, a firm affiliated with the Mafia – a firm that was run by two former top lieutenants of Michael Milken before it found itself at the center of one of the biggest Mafia investigations in the history of the FBI and on the business end of a 173-count federal indictment.

    But never mind — Mr. Rosenwald is now a “prominent investor.” In fact, he is not just a “prominent investor”— he is one of America’s biggest biotech investors, if not the biggest biotech investor.

    D.H. Blair was known for investing in biotech companies, pumping their stocks, and then short selling them out of existence. Many of those companies were frauds that were nowhere close to producing any medicines.

    Rosenwald is more sophisticated. He invests in companies that have real scientists experimenting with real drugs. But in an overwhelming number of cases, these companies prove to have nothing to bring to market. The companies churn out lots of press releases heralding medical breakthroughs, and their stock prices soar. But ultimately they announce that, in fact, their experiments have failed. By the time the bad news hits, Rosenwald will typically have sold all of his stock.

    While Rosenwald promotes medical companies that are nowhere near delivering real medicines, hedge funds affiliated with Rosenwald sometimes bet heavily against competing companies that do have medicines. The hope seems to be that the demise of competing companies with promising treatments will increase the market value of Rosenwald’s not-so-promising companies.

    That may partly explain Dendreon’s tribulations.

    With the exception of big pharma, there are only a few biotech firms that have received significant publicity for developing treatments for prostate cancer. One of these companies, Cougar Biotechnology, was, until last month, controlled by this Lindsay Rosenwald, who aside from running D.H. Blair in cahoots with people tied to the Mafia and Milken’s former national sales managers, is also a close friend of Milken himself. While Rosenwald was in control, Cougar Biotechnology’s scientific advisory board also included four individuals affiliated with Milken’s Prostate Cancer Foundation – Dr. Eric Small, Dr. Michael Carducci, Dr. Philip Kantoff, and Dr. Howard Scher.

    Cougar’s prostate cancer treatment was and is in the early stages of development. It is nowhere close to receiving FDA approval. I believe that the scientists and doctors whom Cougar hired to conduct trials into its treatment are earnest about their work. But judging from Rosenwald’s record, it is possible that Cougar’s business model was not to bring a treatment to market – but rather to exaggerate the importance of data obtained in trials, pump the stock, then sell before the trials proved that the drug did not work.

    This plan would benefit from forming a scientific advisory board comprised, with help from Milken’s “philanthropy,” of illustrious medical scientists who might not understand how the stock market game is played.

    In any case, Cougar has been promoted (by Milken’s Prostate Cancer Foundation and Cougar) as having a treatment that is a preferred alternative to Dendreon’s. Any Dendreon achievement would negatively affect Cougar’s stock price. Which might explain why a Rosenwald-affiliated hedge fund mauled Dendreon in the days before and after the FDA’s advisory panel voted that Dendreon’s promising treatment should be administered to patients.

    As of the end of March, 2007, a hedge fund called Perceptive Advisors held more than 600,000 put options in Dendreon. Perceptive Advisors is run by a man named Joseph Edelman. As of 2008, Edelman was still identifying himself (when donating to political campaigns, for example) as an employee of Paramount Capital, which was founded by Rosenwald. To summarize: Lindsay Rosenwald founded Paramount Capital, which had an employee named Joseph Edelman, who was simultaneously managing Perceptive Advisors, so we can reasonably surmise that Perceptive Advisors is an adjunct of  the Rosenwald biotech trading empire.

    SEC filings show that at the end of March, 2007, Perceptive Advisors held not just puts, but he also held call options on a whopping 6.2 million shares of  Dendreon. Call options are usually a bet that a stock will increase in value. But don’t let this fool you.

    According to brokers familiar with his strategy, Edelman worked like this: He bought massive numbers of call options at rock-bottom strike prices. When Dendreon’s stock began to soar in value, Edelman exercised the calls, at which point his broker had to sell him an equally massive number of shares at the rock bottom price. These Edelman would quickly dump, flooding the market with massive selling volume and putting downward pressure on the stock. Meanwhile, according to the brokers, Edelman sold short massive amounts of Dendreon’s stock, profiting from all the selling volume.

    I called Edelman and asked him if he was short selling Dendreon while flooding the market with stock from his call options. He did not deny that he was short selling the company, but he hung up on me before I could ask any more questions.

    In any case, the strategy I describe above is technically legal. It’s legal so long as Edelman was not colluding with other hedge fund managers, all of whom happened to be generating massive selling volume at precisely the same time. And it’s legal as long as he was not engaged in naked short selling, or, equivalently, conspiring with a market maker to create married puts to synthesize those phantom stock “bullets” that unscrupulous hedge funds spray into the market to drive down stock prices.

    As to whether Edelman was in fact either directly naked short selling, or indirectly generating phantom stock by colluding with his option market maker, the brokers are staying mum. The SEC is unlikely to say much either.

    As far as the SEC is concerned, remember, illegal naked short selling is a big secret – a “proprietary trading strategy.”

    * * * * * * * *

    To be continued…Click here for Chapter 4

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    87 Responses to “Michael Milken, 60,000 Deaths, and the Story of Dendreon (Chapter 3 of 15)”

    1. Anonymous says:

      SEC do your job ,its sad that reporters have to ,step up SEC ,wow how is this stuff allowed to happen.Markets crashed no wonder with naked short selling.

    2. akcje says:

      Mitchell, have you gone completely madooff?

      You write that Madoff’s market maker, owned a large number of puts a few days after DnDn panel’s positive vote. Wow! What is so surprising about this? DnDn stock was reaching unsustainable highs on a short squeeze. Of course many would buy puts. In fact I bought some too, even though I was _long_ DnDn shares.

      And then you come up with this pearl of “investigative” reporting:

      ” we do not know whether Madoff had a larger short position in Dendreon, along with these puts.” !!!!

      “we do not know”?! indeed!!… Now it’s clear why your story is so long. In fact it should be hundreds of chapters, since you are making a very long list of things you don’t know!! BRAVO!

      One of the things you seem to have no clue about or pretend not to know, is how a market maker or a trader operates. Quite often when a MM has a _long_ position in a stock, he will hedge by buying puts. So if you know that Madoff MM bought puts, you should suspect that he was long the Dendreon stock, rather than short as you _imagine_.

      You still use the worst tabloid style: Mitchell, I’ve heard from very trustful sources that nobody wants to confirm you’ve used to beat up on your own mother. And your being such a close follower of Mad makes your own stock transactions highly suspect.

      I’ve skipped most of the chapter 3 unrelated to Dendron, and arrived to your description of Edelman/Perceptive Advisors Dendreon trading. You note that they’ve bought a large number of puts. And then that they also owned a large number of calls. Amazing again. You mean somebody would have an option straddle or strangle position expecting a binary biotech company event? Unheard of! Sheesh. In fact you also note that he had a much greater call position. This simply makes Edelman betting more on positive outcome of FDA decision. Of course this is now the end of facts you quote. The rest are his imagined by you “manipulations” which as concocted by you, would quickly turned a billionaire into a pauper.

      Now, I don’t know Edelman nor his hedge fund. And I have no idea if they engage in illegal trading, market manipulation, spilling oil of shore, stealing cars, or counterfeiting $100 bills. I don’t even know if you work for them…. But your descriptions of supposed manipulations don’t pass kindergarten entrance test.

      • Tnkersdamn says:

        akcje – Stop confusing us with facts and alternative rationalizations. There is really only one way to interpret events. My paranoia must be respected!

        • Sarge says:

          Facts??? All I was able to pull from either of these two posts (from the people posting as “akcje” and “tnkersdamn”) was more of the very same song that detractors of this issue have been repeating all along, just like a Bon Jovi tune on karaoke night. It’s almost like a memo was circulated with bullet points explaining how to counter this topic. I suspect such a memo would read something like this:

          Step one – Shoot the messenger. When you can’t counter with verifiable facts, do everything you can to discredit the person presenting them. Do all you can to paint them as a conspiracy theorist, you get extra credit for using the phrase “tinfoil hats”.

          Step two – Baffle with BS. If you can’t post any verifiable information in support of your case, just pretend that the person that you discredited in step one is completely naive about the subject matter. Spend a few hours boning up on key industry terms and vocabulary in order to make yourself appear more credible.

          Step three – Sarcasm. Appearing witty and sarcastic helps to establish a link with your target audience, mainly by making them feel as if they are taking a part in the joke.

          Step four – Disregard the use of proper grammar or spell check. The audience must be inherently stupid in order to be attracted to this topic in the first place, so your improperly spelled words and poor sentence structure should appeal to them at a level where they are comfortable.

          Step five – Gather up support. Be sure to tell a friend about your post prior to submitting it, so that your friend can leave a supporting comment directly below your original post. This gives the illusion of support for your comments by way of the “other people are agreeing with it so it must be true” argument.

          akcje and Tnkersdamn,

          If you truly want to have a spirited debate about these issues, come back with some tangible evidence to support your claims. Ad hominem attacks and elitist attitudes only serve to make you look like douchebags to the rest of the audience here. In summation, post facts or STFU.

    3. The Man says:

      So we fell into the rabbit’s hole… which turns out to be a hornet’s nest… I know some of these turds are pissing their pants each time a new part of the article is released. I just don’t know how long the mass media can ignore it.

    4. kelatious says:

      Crooks get richer,
      PC victims die.

      Will 60 Minutes, 20/20, Dateline…..hell, Inside Edition–please step up to the reporting plate? What is going on here? Is everyone bought and paid for? Will it ever end? Is the SEC “looking onto it”?
      WTF?!!! WTF?!!! WTF?!!!

      Geraldo, where are you?

    5. Trond says:

      “SEC filings show that at the end of March, 2007, Perceptive Advisors held not just puts, but also a whopping 6.2 million call options in Dendreon.”

      Okay — this one I would like a little extra explanation on. 6.2M calls? Do you mean 6.2M shares controlled by options (which would be 62,000 calls)?

      I would venture that there were not 6.2 million calls in total, since that would control 620M shares and there were only ~82M shares at that time in 2007.

      Thanks for any expanation…

      • akcje says:

        we are dealing with _complex_ numbers here.

        More _real_ numbers will be just more confusing.
        Who cares anyway about facts. It is the _imaginary_ millions of naked shares which are the main point. This and the Russian mafia of course.

        As for 620 million shares it just matches the number of naked shorts claimed by newyorker (appx) as confirmed by FOIA response from SEC. If you believe inventions of Deep Throat Captured, you can as well believe that FOIA stuff. At least newyorker was disclosing his “sources”, unlike Mitchell here.

        • Sarge says:

          “Unlike Mitchell here”, you have yet to put up any tangible evidence yourself. While your sarcasm is certainly appreciated (see what I did there, how I used sarcasm too?), and your inventive use of the underscore to highlight words you deemed important shows some creativity on your part, I find it entirely too taxing on my simple yet obviously defective brain to fall in behind an argument based solely on an ad hominem attack. Again I refer to my previous statement, post facts or STFU.

          • Anonymous says:

            Sarge > you have yet to put up any tangible evidence yourself

            I claim that Mitchell is not providing evidence. For the evidence of _my_ claim, just read his article. So far most of his stuff are either totally undocumented guesses, imaginary and wrong ideas on how Market Makers make money, and lists people associations.

            A better conspiracy article is the recent one on Goldman Sachs in Rolling Stones. But as I pointed elsewhere, I could make a very convincing argument that Harvard is behind all the political and financial disasters. After all you find Harvard graduates in large numbers in top of US and other countries governments and financial power. I could name names… 🙂

            Sarge > your inventive use of the underscore to highlight words

            Sorry, I can’t take credit for this one. It is an old way taken from the plain text, pre-browser times of the Internet. Used in emails and Usenet newsgroups.

            Sarge > post facts or STFU

            I assume you direct this to Mitchell, right? 🙂 But it is his blog, he can write whatever he wishes. By the way, “facts” are not enough. In this kind of conspiracy articles, authors do use some facts. Except that those facts are no proof and often are not even much related to the thesis. They just help to add credibility in eyes of uncritical readers.

            I realize that those who like to blame all life failures on conspiracies will eat and drink articles like these and nothing will make them think. Oh, well I can do only so much for humanity… 🙂

            • akcje says:

              (sorry forgot to “sign” the above reply. But since everybody else signs accolades, it should be clear anyway)

    6. Sledge_Hamer says:

      Intriguing ongoing story indeed! So intriguing that I’m sending
      these links to the FBI along with the following link for review.


    7. Rick says:

      Mark Mitchell and Patrick Byrne, thanks very much for your brave reporting.

    8. huck says:

      You still not letting the cat out of the sac, eh Mark? Oh well, it will come. Nice the way you stirred up such a concise response though. You dastardly mother beater, you…….. Are every one of those clowns really such dim witted morons? I can’t fathom any way, such idiotic fools could ever generate more wealth than a flea bitten pan handler, passing himself off as the forgotten son of Edward of Great Britain. Oh well. “Best and brightest”..Keep it coming, sir.

    9. 1045 says:

      wow! didnt realize that the conspiracy went this deep! I wish there was a way to expose these big players and get them indicted! this would go a long way in creating a fair playing field. Or has the market always been this rigged and I’m just finding out. in any case, makes me wnt take my money out of the stock market and buy some real estate! great job reporting!

    10. Revolt says:

      Search engine ranking update for this article with the search phrase “Michael Milken”:

      June 24th
      Google: 13 – jumped one spot
      Yahoo: 78 – no change
      Bing: 10 – jumped from 25

      June 23rd
      Google: 14
      Yahoo: 78
      Bing: 25

    11. Wolf says:

      Mr. Mitchell talks about the two traders from Gruntal, but does not name them. If memory serves me correctly (and, yes, it does), Steven Cohen of SAC Capital started at Gruntal brokerage (as can be seen on Wikipedia under his name). I wonder if he and his fund had “dealings” with DNDN? I am DEFINITELY looking forward to new chapters of this story.

      Messrs. Mitchell and Bryne, as well as the entire Deep Capture team, I thank you for your effort, work, and courageous reporting of these atrocities. I wish you much good luck and lots of success.



    12. ginger says:

      Add Bernard Madoff and others to update this list, and keep it handy to track the cast of miscreants.

      Ivan Boesky:
      Criminal from the 1980’s. Cramer was originally going to run his hedge fund from Boesky’s offices until Boesky went to jail for insider trading.

      Michael Milken:
      Business colleague of Boesky. “Junk Bond King. Also went to prison in the 1980’s

      Michael Steinhardt:
      Son of Sol “Red” Steinhardt who was a mobster with the Genovese Crime Family. Started a hedge fund. Principle investors included – Genovese Mafia, Ivan Boesky, Marty Peretz and Marc Rich. In the 1990’s he shut down his hedge fund after being implicated in a scheme to corner the U.S. treasury market.

      Marc Rich:
      In 1983 Rich was indicted for trading illegally with Iran while Islamic revolutionaries held the American Embassy hostage in Tehran. Rich fled to Switzerland to avoid prosecution for his crimes in the US. His long time friend (Michael Steinhardt) who was huge in democratic circles wrote a letter to then president Bill Clinton, to beg for a pardon for Marc Rich. In Clinton’s last minute of presidency he granted a pardon to Marc Rich.

      Marty Peretz:
      Was an original investor with Michael Steinhardt. Was an original investor with Jim Cramer. Was a founder with Jim Cramer of “The Street.com”. Peretz is the former editor of the New Republic Magazine. He teaches at Harvard where Jim Cramer went to school.

      Jim Cramer:
      Jim originally started Cramer Berkowitz with money from Marty Peretz. He originally planned to run the fund from Ivan Boesky’s office. When Boesky went to jail, Cramer moved to Michael Steinhardt’s office. There, he met his wife – Karen Backfisch-Olufsen. Karen the head trader for Michael Steinhardt. David Rocker was also an employee of Michael Steinhardt’s at the same time. Jim left the hedge fund industry and founded “The Street.Com” with co-founder Marty Peretz.

      Cramer Berkowitz:
      Cramer Berkowitz was Jim Cramer’s hedge fund that was originally founded on money from Marty Peretz. It’s been suggested that Jim Cramer fed information to Maria Bartiromo on CNBC while front-running the stocks.

      Karen Backfisch-Olufsen:
      Karen is formerly the head trader for Michael Steinhardt. She is now married to Jim Cramer. David Rocker was also an employee of Michael Steinhardt during the same period.

      David Rocker:
      David Rocker was once an employee of Michael Steinhardt. He worked with Karen Backfisch-Olufsen who is now Jim Cramers wife. Rocker was for a long time the largest outside shareholder in The Street.com. Rocker was a regular writer for The Street.com. Shortly before Jim Cramer received a SEC subpoena, Rocker sold out all of his shares of The Street.com. After leaving Michael Steinhardts operation, David Rocker established Rocker Partners – a short biased hedge fund. Rocker Partners changed its name to Copper River when David started to receive some negative press about a lawsuit with Overstock.com. Rocker was short Overstock.com. Rocker is said to have spoon fed Gradient Analytics (a so-called independent research firm) negative information on which Gradient based their reports. Gradient also changed their name from Camelback around the same time Rocker did, and most likely for the same reason. Ex-employee’s of Gradient have sworn under oath the David Rocker colluded with Gradient to produce negative research reports on companies that he was short. In fact they suggest he had Gradient hold off on publishing those reports to buy some time allowing him to establish a short position in the stock.

      Maria Bartiromo:
      CNBC anchor. Maria is married to Jonathan Steinberg. Jonathan is now Michael Steinhardt’s top partner in a new hedge fund. Nicholas Maier, former employee of Jim Cramer wrote a book called “Trading with the Enemy”. In that book, Nicholas said Cramer would game Bartiromo by feeding her story to effect the value of his positions when Maria announced them on the air. Maria is rumored to have originally recruited Jim Cramer to CNBC.

      Jonathan Steinberg:
      Top Partner of Michael Steinhardt’s new hedge fund. Married to Maria Bartiromo.

      Larry Kudlow:
      Larry Kudlow partnered with Jim Cramer on the Kudlow & Cramer show on CNBC. Larry did a hack interview with Patrick Byrne in an attempt to make Patrick Byrne appear untrustworthy to his shareholders.

      The Street.com:
      The Street.com was originally founded by Jim Cramer and Marty Peretz. For a long time its largest outside shareholder was David Rocker. The Street.com has a long list of former writers and editors whom all maintain close relationships with Jim Cramer. They also seem to have an uncanny knack for writing disparaging articles about companies that David Rocker is short. All have taken a vocal, purely negative, and many times untruthful stance against Overstock and Patrick Byrne.

      Herb Greenberg:
      Herb is perhaps the most notorious alumnus of The Street.com. Herb is good friend with Jim Cramer and often is found as a special guest on CNBC. Up until recently he was a star columnist for MarketWatch.com. As of May 1, 2008 Herb has left his job at MarketWatch. He cited a desire to open up his own independent research firm. Herb’s articles overwhelmingly mirror the short positions found in his colleagues hedge funds. Herb has be named in signed affidavits (available on Overstock.com’s website) by multiple, former employees of Gradient Analytics, who all suggest Herb was working with both Gradient and David Rocker to time negative articles around Rocker Partner short positions. Herb’s assistant, Brian Harris spent a significant amount of time working directly from Gradients offices. Herbs close friend, Jon Markman ran a hedge fund out of the offices of Gradient Analytics. Jon was also an alumnus of The Street.com. Herb is running scared.

      Dan Colarusso:
      Dan is also an alumnus of The Street.com. Dan moved over to become an editor for the New York Post. Dan is the boss of Roddy Boyd. In April 2006 Dan made the following comment at the SABEW Conference while talking about Patrick Byrne and Easter Bunny: “The more they attack us, you know, we have barrels of ink and stacks of money, and all the resources in the world at our disposal, legal, and via our media, to crush them…”. Great journalistic integrity from the editor of The New York Post.

      David Kansas:
      David is also an alumnus of The Street.com. David worked closely with Herb Greenberg as they were both editors at The Street.com. David went on to become the editor of the Money & Investing Section of The Wall Street Journal. David Kansas was repeatedly discussed in the Elgindy transcripts. David is known to have edited articles such as Jonathan Weil’s article in April of 2004 that simply put- was a hack job on Novastar Financial. Kansas also sent Karen Richardson in blind to interview Patrick Byrne in a piggy back article attempting to support Gradient Analytics research. It was bogus. In addition David also edited hack job stories on Fairfax Financial. The articles echoed the bogus claims of Spyro Contogouris who is now in jail on unrelated charges. The fund who hired Spyro and provided him with office space was a former Steven Cohen trader. Cohen, one of the most powerful players on Wall Street was short Fairfax.

      Jeff Mathews:
      Jeff is a former writer for The Street.com. He is a hedge fund manager who became a pastor. Yet another money manager who found god. Jeff has a blog where he has written many articles about Patrick Byrne and Overstock. Most notably was his false claim that Overstock’s Vice President of Marketing works in a Nudie Bar. Jeff worked for David Rocker. Jeff owned “Puts” in Overstock – another way to short the stock. Judgment day will come Jeff!

      Jesse Eisinger:
      Jesse is a former writer for The Street.com. Jesse moved to the “Money & Investing section” of the Wall Street Journal under editor David Kansas. Jesse stole the phone records of the Easter Bunny. He began phoning all the numbers listed on the records. He ended up in Las Vegas harassing a little old lady whom he suspected of being the Easter Bunny’s mom. Jesse was removed kicking and screaming from the property.

      Brian Harris:
      Brian Harris was Herb Greenberg’s research assistant. Brian worked out of Gradient Analytics offices. Herb claims he was only trying to get a job there.

      Peter Eavis:
      Peter is a name that only some will know. Peter, not surprisingly, is a former writer for The Street.com. Peter did numerous hack jobs on Fairfax Financial which was a Rocker Partner short. Peter left The Street.com and miraculously found god and became a pastor. These days Peter seems to be back in business writing for Fortune as a senior writer. Must have run out of money!

      Roddy Boyd:
      Roddy is a writer at The New York Post, working under Dan Colarusso. Roddy wrote a lotion job for Sam Antar. In an email to Sam Antar, Roddy referred to Michele McDonough (formerly Michele Sarian) of Magic Consulting as their “mutual best friend”. Roddy wrote about how he thinks the Easter Bunny was a used equipment salesman named Phil. Roddy was working with Sypro Contogouris to hammer a Rocker Partner Short – Fairfax Financial. He BS article didn’t make it to press because the garbage he was spewing wouldn’t have stood up to foreign libel laws. When Sypro got arrested, Roddy wrote how Sypro was actually working with the FBI, insinuating that Fairfax was in some kind of trouble. Of course, like so many of Roddy’s other lies this was baseless.

      Joe Nocera:
      Joe Nocera is an old friend of Herb Greenberg. He writes for The New York Times. Joe wrote the “Campaign of Menace” article about Patrick Byrne. In emails (in the possession of the DeepCapture team), Gary Weiss makes light of the fact that he heavily influenced Joe’s article.

      Jon Markman:
      Jon is yet another former editor of The Street.com. Jon is a close friend of Herb Greenberg. Jon ran a hedge fund out of the office of Gradient Analytics which purported itself to be an “independent” research firm. Jon became the managing editor of MSNMoney.com which is likely why MSNMoney.com uses Gradient Analytics Research.

      Carol Remond:
      Carol is a reporter at the Dow Jones newswire. Carol was originally subpoenaed with Jim Cramer and Herb Greenberg. Carols stories are completely unbalanced and tow the party line. Carol was often cited in the Elgindy transcripts along with Herb Greenberg, David Kansas and Dave Evans. Carol was caught red-handed by Patrick Byrne. Carol was using a mole within the Overstock staff in an attempt to gain garbage on Patrick Byrne. Patrick suspected as much so he created a fictional story about gay bathhouses. Not surprisingly the story ended up in the hands of Carol Remond and the Overstock employee was fired.

      Bill Alpert:
      Bill is a good friend of Herb. He writes for Barrons. Bill wrote several articles of interest including one on Biovail and one on Pequot.

      Karen Richardson:
      Karen writes for the Wall Street Journal. Her boss is David Kansas formerly of The Street.com. Richardson wrote favorably about David Rocker and she regurgitated questions (prepped by David Kansas) to Patrick Byrne without even realizing perhaps that she was simply being puppeted to spew garbage at Patrick which originated from Gradient Analytics. Karen committed a felony when she contacted Patrick Byrnes doctors trying to gain access to his medical records without his consent. The hospital was thankful on que, and called Patrick to confirm. That’s when it was discovered that Patrick had not given his consent and in fact wanted nothing to do with Karen Richardson’s upcoming article.

      Bethany Mclean:
      Bethany Mclean writes for Fortune Magazine. She wrote a story called Phantom Menace which ridiculed Patrick for saying short sellers use dubious tactics. The day the story was released, hundreds of millions of dollars were shorted in both Fairfax Financial and Overstock without being delivered. In other words, the hack job was published the day the naked shorts hit the stocks. Spyro Contogouris was a favored source of Bethany McLean’s. Bethany authored “The smartest Guys in the Room”, which was made into a documentary by funding from Mark Cuban (another Overstock short). The major source for her stories was Jim Chanos. The overwhelming majority of Bethany’s articles are sourced from “the cabal”. Bethany has also maligned stocks like MBIA with help from William (Bill) Ackman.

      Floyd Norris:
      Floyd is a long time friend of Herb. He is the chief financial correspondent for the New York Times. Floyd has written a few lapdog articles denouncing the truthfulness of the naked short selling contingent.

      Gradient Analytics:
      Gradient is a so-called independent research firm in Arizona. They are currently involved in numerous lawsuits alleging they conspired with short-selling hedge fund managers, including David Rocker, to disseminate false information about public companies as part of a scheme to manipulate stock prices. Three ex-employees of Gradient have signed affidavits that Gradient conspired with David Rocker and Herb Greenberg to manipulate stock prices. Gradient had a hedge fund being operated from its premise and it has been alleged that they were front-running and trading off their research reports. Gradient has hired a PR consultant – Karen Hinton to try and put some kind of positive spin on Gradients business.

      Milberg Weiss:
      Not so long ago Milberg Weiss was the all powerful class action firm in the US. That was until the entire firm and its main partners were indicted! Yes, MW was paying kickbacks to individuals for taking positions in stocks “about to fall in value” and then having them act as the lead plaintiff in a class action lawsuit against the company. How did they know that certain stocks were “about to fall in value”? Well, a payroll worksheet from an ex-employee of Gradient Analytics might shed some light on that as it included a line called “Milberg Weiss”. Yes, apparently a Gradient Employee was rewarded for assisting in getting MW a class action suit! Not surprisingly Milberg Weiss filed an uncanny number of class action lawsuits on companies that were David Rockers short positions!

      Amr Elgindy:
      Elgindy is now in jail serving an 11 years prison sentence. He ran an online chat group where he distributed illegally obtained information to a group of short selling friends. Members of his group include: John Fiero (barred from the industry for securities fraud); Auric Goldfinger (short seller running Corsair Capital); Daniel Loeb (hedge fund manager and former trader for Steven Cohen); Doug Zemsky and Paul Haray (both plead guilty to a stock manipulation and kick back scheme). Elgindy’s group made many references to Herb Greenberg, David Kansas, David Evans (all bent journalists). It is said the Russian Mob made him cut off his own finger to ensure that he would talk in Prison. Indeed, he showed up to trial with 9 1/2 fingers!

      Dave Evans:
      Dave is a reporter for Bloomberg. Dave was discussed often in the Elgindy circles. Daniel Loeb commented that Dave Evans was a “made man”.

      Jim Chanos:
      Jim Chanos runs a short biased hedge fund called Kynikos Associates. Jim was funded by Dirk Ziff (heir to publishing empire) on the recommendations of none other than Marty Peretz. As you will recall, Marty was the co-founder of The Street.com. One of my favorite comments from Jim is “Fairfax is a zero”. Oops! Jim has spoken openly about the “nefarious” claims of naked short selling. Jim has used Whitney Tilson’s Value Investor’s Congress to spew some of his nonsense. Interestingly, when Patrick Byrne was invited to speak at the conference, rumor has it that Jim threw a hissy fit and said it’s either him or me! The last time I reviewed the long term returns on Jim fund, they were brutal. So how does a guy with brutal long term results stay in business? The question should be why? Jim Chanos was a big contributor and fund raiser for Eliot Spitzer. The hooker (Ashley Dupre) who Eliot Spitzer was caught with is also good friend Jim Chanos. They met at a nightclub several years ago and since then she’s often been invited to his babe filled Hamptons parties. She seems to know him well enough to call him “Uncle Jim”. (Uncle Jim??? nudge-nudge-wink-wink!). The 50 year old Chanos, divorced in November 1996, says he didn’t know that she was a hooker.

      William Ackman:
      William Ackman is another hedge fund manger who was funded by none other than Marty Peretz. Ackman is a friend of Jim Cramer. MBIA was a company that Ackman was short. Ackman attacked the company with the help of David Einhorn and Whitney Tilson. Spitzer launched an investigation into it which went nowhere. Bethany Mclean with the assistance of Ackman wrote negative articles on the company.

      David Einhorn:
      David Einhorn is good friends with Dan Loeb, Cramer, Whitney Tilson, etc.. He hired Kroll Associates to put together some dirt on Allied Capital. As it turns out Jules Kroll and David Einhorn are neighbors. It would appear that Kroll was also hired to dig up dirt on Patrick Byrne. Patrick tried to hire Kroll just to see if they would bite and they completely skirted the issue. The theory holds that they couldn’t be employed by Patrick, when they were already employed to investigate Patrick!

      Carl Icahn:
      Carls Ichan’s name appears in “The Den of Thieves”. He is a friend of Ivan Boesky and Michael Milkin. He is a corporate raider. Also a friend of David Einhorn.

      Jules Kroll:
      Jules Kroll is the neighbor of David Einhorn. Jules owns a private investigations firm. The investigative firm seems to have a unit that is tasked with providing dirt on the Cramer constellation of hedge funds. Patrick Byrne suspected he was being investigated by Kroll. He met with them in an attempt to hire them but Kroll completely skirted the issue. The theory holds that they couldn’t be employed by Patrick, when they were already employed to investigate Patrick!

      Gary Weiss:
      Gary is a dedicated message board hack with a distant background in journalism. Gary left BusinessWeek sometime ago. During his years at BusinessWeek, Gary used Manuel Asensio (short-seller) and Mike Wilkins (short-seller) as a key sources in his articles. Evidence suggests that Gary was writing unfavorable articles in support of his short-selling friends’ investments. Gary has been caught using extensive sock puppets to write favorable articles about his own book, and negative articles about anyone he doesn’t like. Gary has been caught monopolizing Wikipedia pages including those on naked short-selling, Patrick Byrne and Overstock.com. Evidence also exists that suggests Gary has used computers at the DTCC to post some of his garbage. Side Note: He uses way too many adjectives!

      Sam Antar:
      Sam Antar (convicted felon) is an insomniac blowhard. He attempts to use his convicted felon status to lay credibility on his claims that Patrick Byrne and Overstock.com are liars and cheats. Sam coordinates his attacks with Gary Weiss, Barry Minkow and Tracy Coenen. Although Sam cost his investors millions of dollars and has never paid them back in full, he has found it in his heart to gift $250K to his spiritual advisor Barry Minkow (convicted felon). Barry used the money to fund his research on USANA, a stock that Sam held a short position in. Part of the money was paid to Tracy Coenen for her “research” on the company. Herb Greenberg recently had lunch with both Sam and Barry. Sam and Roddy Boyd are mutual friend of Michelle McDonough.

      Barry Minkow:
      Barry Minkow (convicted felon) funded his so-called Fraud Discovery Institute by taking cash contribution from Sam Antar and Whitney Tilson. Barry is openly short the companies he analyses. Barry used a $250K contribution from Sam Antar to publish negative articles on a stock in which Sam held a short position. Surprise, Surprise! Barry hired Tracy Coenen to provide research (if you can call it that) on USANA. Tracy attempts to misdirect readers by bending the truth when analyzing financials.

      Whitney Tilson:
      Whitney is a friend of Jim Cramer and past contributor to The Street.com. Whitney gave $10,000 to Barry Minkows campaign against USANA. He has shorted positions along side David Einhorn and William Ackman. Whitney runs a hedge fund and he also runs the “Value Investing Congress”. It appears to me that the VIC has been compromised. Guest like Jim Chanos, Ackman, Greenberg etc… use the forum to spew their garbage about stocks they are short.

      Manuel Asensio:
      Manuel Asensio is a short seller and past source for Gary Weiss. In 2000, NASD fined Asensio for selling stock that didn’t exist and then in 2006 Asensio was barred from the Securities Industry for failing to respond to charges that he published false information in stock research reports. Asensio worked closely with various hedge funds, but most notably was Mike Wilkins and Kingsford Capital. (Formerly Highland Capital). Asensio collaborated with Gary Weiss to profit from a short position on Hemishperix. Asensio built the short positions and Weiss wrote the unfavorable article. Asensio tried to buy Mark Mitchell when he discovered how much Mark knew about his shady past.

      Mike Wilkins:
      Mike Wilkins worked extensively with Manuel Asensio. He manages Kingsford Capital. Kingsford Capital made a large cash donation to the Columbia Journalism Review. It is unclear whether this was an attempt to squash Mark Mitchell’s article, however the contribution out of the blue is highly suspect in my humble opinion. Mike Wilkins managed the fund with Cory Johnson, good friend of Herb Greenberg and yet another founding editor of The Street.com. Mike also was a source for Gary Weiss and trading records suggest that he held short positions in stocks that Gary Weiss was writing negative articles about.

      Cory Johnson:
      Cory Johnson was another founding editor of The Street.com. Cory is a friend of Herb Greenberg and Jim Cramer. Cory worked with Mike Wilkins in managing the funds of Kingsford Capital.

      Kingsford Capital:
      Kingsford Capital is a hedge fund managed by Mike Wilkins and Cory Johnson (former editor of The Street.com). Kingsford Capital was started by some of the principles of West Highland Capital a client of Manuel Asensio and source for Gary Weiss while at BusinessWeek. Kingford Capital made a large donation to the Columbia Journalism Review while at the center of an investigation by then editor Mark Mitchell. Shortly after the CJR accepted the money, Mark left his job. In Marks words: “I have no doubt that the hedge fund’s “beneficence” was aimed at preventing the publication of stories like this one”

      Kevin Ingram:
      Kevin is a convicted arms dealer. He is a former trader at Goldman Sachs and Deutche Bank. He was caught trying to sell stinger missiles to Pakistani Intelligence Agents who proved to be FBI agents. After doing time in a federal pen, he began to post on stock message boards bashing stocks that mirrored the short positions of David Rocker.

      Jimbo Wales:
      Jimbo Wales is founder of Wikipedia and former operator of an internet porn site. Jimbo has been heavily criticized for allowing both Gary Weiss and Linda Mack to hijack certain Wikipedia pages such as the ones on Patrick Byrne and Naked Short Selling.

      Steven Cohen:
      Steven Cohen runs SAC Capital. Steven in one of Wall Street’s most influential money managers. Steven is involved in a lawsuit with Fairfax Financial. He and his former traders who now run their own money are alleged to have initiated “The Fairfax Project”. This was an attempt to take down Fairfax Financial, a company in which Steven was short. Steven keeps a $12M stuffed shark in his living room. He calls it art!

      Dan Loeb:
      (Third Point) Dan Loeb was a member of Anthony Elgindy’s online community. His screen name is “Mr. Pink”. Dan Loeb is good friends with David Einhorn. He launched his fund after leaving his trading position at SAC Capital. Dan contracts with Magic Consulting (Michelle McDonough). Michelle is a convicted stock manipulator who went to prison in 2000. Michelle’s job is to coordinate complicit journalists and internet board posters to bash stocks that Dan Loeb and his friend are short. One internet basher in the group is Floyd Schnieder – former employee of Amr Elgindy. Floyd has an obvious relationship with Gary Weiss as it pertains to Overstock.com

      Michelle (Sarian) McDonough:
      Michelle is a convicted stock manipulator who went to prison in 2000. Michelle’s job is to coordinate complicit journalists and internet board posters to bash stocks that Dan Loeb and his friend are short. Roddy Boyd referred to Michelle as “our mutual best friend” in an email exchange with a known con artist.

      Floyd Schneider:
      Floyd Schneider is a former employee of Amr Elgindy. Floyd has a history of credit card fraud and even stole $20,000 from his uncle. Floyd appears to be a low level message board hack whose efforts are coordinated by Michelle McDonough and Magic Consulting. Magic Consulting has been contracted by Dan Loeb.

      Adam Sender:
      Adam Sender is another ex- SAC Capital trader that left to start his own hedge fund, Exis Capital. Exis Capital is named in the lawsuit with Fairfax Financial. It is alleged that Exis was part of “The Fairfax Project”, a project that attempted to drive down the price of Fairfax’s stock to benefit from short positions.

      Andrew Heller:
      Lone Pine Capital is another hedge fund named in the Fairfax lawsuit. Andrew Heller is yet another ex-trader from SAC Captial.

      Spyro Contogouris:
      Spyro Contogouris is a con man. He was recently arrested for siphoning money from a Greek shipping magnate and could face up to 20 years in prison if convicted. He was hired by the hedge funds running “The Fairfax Project” to harass and intimidate the company. Sypro had previous dealings working with Kingsford Capital on Escala Group. Sypro was bailed out of prison by ICP (Institutional Credit Partners). ICP is also named in the Fairfax lawsuit. Spyro seems to have worked with Roddy Boyd on the Fairfax project as well as Bethany Mclean. Roddy tried to tell the market that Sypro was working with the FBI and that Fairfax shareholder should be fearful. Turns out that he wasn’t and the FBI arrested him! Nice spin Roddy.

      Eliot Spitzer:
      Eliot Spitzer aka “Client #9” is best of friends with Jim Cramer. They were roommates in college and Cramer managed money for Sptizer. As attorney general Spitzer was a bully. Most of his claims just went up in smoke. His biggest campaign donors were the short selling hedge funds in this list. Spitzer manufactured the “independent research” racket which has allowed people like Spyro, Sam, Gary, Barry and Gradient Analytics to make a living harassing publicly traded companies. Spitzer was recently caught by the FBI for having sex with a hooker in a prostitution ring. By no strange coincidence, this very same hooker was a regular “house guest” of James Chanos. She called him “Uncle Jim”. That’s just sick.

      • huck says:

        Ginger. Great job. You did make a minor error though. Rocker, along with cramer, exited tscm AFTER little jiminy received the subpoena. The “news” became public AFTER the exit. Opps. There’s that pesky insider trading issue, again.

      • Sarge says:


        Awesome work. This reads like a character listing from a seedy B movie. Sometimes truth really is stranger than fiction.

    13. harveydawabbitt says:

      today i shared the link to chapter 3 in our chat room and surprisingly enough i got some positive responses.
      usually i get yer full o sh*t responses.
      making progress!!!!!

      thanks mark way to go.
      thanks patrick way to go
      thanks judd way to go
      thanks to all those who are involved way to go.

    14. captainmargarine says:

      “You still use the worst tabloid style: Mitchell, I’ve heard from very trustful sources that nobody wants to confirm you’ve used to beat up on your own mother. And your being such a close follower of Mad makes your own stock transactions highly suspect.”

      Is anyone else reading this? You just made yourself highly suspect, and possibly dimwitted (based on that last sentence.) Or is this a tactic to get more people paying attention to the story? You know:

      “Hey, check out Mark Mitchell’s new series – people that are probably related to the story have shown up in the comments!”

    15. sean says:

      Captain, this is not his first attack on Mark and this story and it won’t be his last. These miscreants’ days are numbered and they know it. Way to go Mark, you have them right were you want them on the ropes!!LOL

    16. SueRae says:

      Breathtaking! While I’ve heard many of these names before (lindsay Rosenwald in particular), up to now, no one has connected all the dots like you have. Hats off to Mark and Patrick for exposing the rotten to the core conspiracy that is keeping good companies and promising treatments for suffering people under their corrupt feet. These operators are guilty of nothing short of murder and I hope someday are brought to justice for their actions. The rabbit hole is much deeper and convoluted than I ever imagined. I can’t wait for your next chapter. Be safe, both of you. I wish you well.

    17. Dan says:

      I cant believe this isnt front page news on Barrons or the WSJ or the NYT. How do we get the story out and please write to me and let me become more invloved. Thank you Dan

    18. Dan says:

      How can I email and chat with you I want to know more and help get this story out. Dan

    19. Fintas says:

      Ginger..way to go. Peter Eavis also slammed CALPINE for months and months. When all was said and done as the game of ABNSS was undertaken ol Calpine eventually did a chapter 11. Must have been due to that great reporting. NOT!

      Great job Mark. Put the guilty in jail and throw away the keys.

    20. what an eye opener; it certainly has revealed some rotten things happening in our markets.

    21. NOYBIZNIZ says:

      Ginger, that is one of the best synopses and simple, yet detailed abstracts of the interlocking relationships that exist between these miscreants that I have ever seen! I actually copied it, pasted it into a document, and I am forwarding it to anyone who may be interested. Thank you!

      I can’t wait to see/read the names of the other hedge funds that were involved.

    22. Anonymous says:

      Of course we knew Madoff was trading, and we have been fed more lies by our regulators. SIPC would not be paying these investors
      $ 500,000.00 had there not been any trading activity. So sick of the lies from the crooks and the lies from the regulators who cover for the crooks… I guess honesty became a thing of the past and is now not politically correct/even for our supposed wathcdogs. Rot in Hell each and every one of you. Burn Naked Shorty..BURN !!

    23. flabbergasted says:

      I can only imagine who’s behind the curtain at Knight Trading. Let me guess Don Corleone himself?

      • huck says:

        That “anonymous”, was the most detailed rundown of the means, the scum utilised, that I have ever seen. Brought up several sideline scams that hadn’t occurred to me. Putting that in “favorites”.

    24. IguanaBio says:

      Great read. We’ve been posting some excerpts to your site for our readers. http://www.iguanabio.com/more-dendreon-and-maddoff-ties-plus-cougar-biotechnology/

      • huck says:

        Finally, a realistic explanation of what it means to be a libertarian. Refreshing that a person of Dr. Byrnes character has “joined the ranks”.

    25. Sarge says:

      I’m eagerly awaiting the next chapter. Mr. Mitchell, you have outdone yourself!

    26. Millerd1 says:

      Dan, Mark, Ginger, and Patrick;

      By far the fairest coverage any financial reporting operation has done has come out of the Financial Times of London. It is clear they recognize see the risk and consequences of naked shorting. These company defaming shenanigans are just the short’s spice in their over all recipe.

      There is clear there is international involvement in what you have already describe, not to mention the offshore holding of some hedge funds in British and Canadian flagged countries, like SAC and Rocker/Cooper’s have/had for instance.

      Since few honest US reporters other than Mark himself have stepped up to honestly cover naked shorting and the consequences to the US stock market credibility perhaps it is time to offer the Financial Times enough content and investigative objectives to give them a shot at a sharing Mark’s Pulitzer prize which I think is sitting inside the full unraveling of this whole cabal.

    27. Anonymous says:

      The thing to remember as you hear about how they want to use a flu panic to give power to the privately controlled world health organization or an economic crash to give power to the privately controlled bank for international settlements is that the people behind 911 who I believe are organizing this “new world order” are fragile, arrestable little people. There are 100’s of thousands of us for every one of them and their inherited money will never protect them from Joe Sixpack.

      I want to live in a democracy where my vote is counted by someone other than Diebold, where I get my information from the internet rather than the liars at NBCCBSABCCNNMSNBCFOX and where prices are set by supply and demand of the actual thing. And you know what? I’m going to get my wish because us people are sick and tired of the elite bs con games and msm propaganda.

      The reason there is such a huge naked short is they are planning on crashing the system and devaluing all the world’s currencies by about 50% against hard assets, exactly as they did in 1933 and they will use it as an excuse to bring in the Amero and international drawing rights, the new world currency.

      The people naked shorting don’t get arrested because they are part of the same elite that plans to crash the system and reboot.

    28. Revolt says:

      Search engine ranking update for this article with the search phrase “Michael Milken”:

      June 25rd
      Google: 4 & 6 – chapter 3 and chapter 1 respectively
      Yahoo: 82 – dropped 4 spot
      Bing: 10 – no change

      June 24th
      Google: 13 – jumped one spot
      Yahoo: 78 – no change
      Bing: 10 – jumped from 25

      Let’s see if it will climb to #2 in Google. Wiki is #1 so it will be tough to beat.

    29. Anonymous says:

      Mark and Patrick have testosterone and are true heroes.

      Too many men are like children, waiting for someone else to solve their problems. Each one of us needs to stand up and fix this and take our share of the burden from Mark and Patrick and put it on our own shoulders.

      From another site.

      POSTSCRIPT FOR MEN ONLY: Sure, any battle against such overwhelmingly powerful enemies would basically look like the very definition of a ‘lost cause’. Or about the closest thing you could ever get to a real life struggle ‘against all odds’. A truly epic conflict, which could last your entire life, and beyond…

      But we’re the MEN here: we’re supposed to be the heroes; supposed to fight the good fight; supposed to speak up when others don’t dare; supposed to suffer the brunt of disaster, controversy, or combat, in order to protect the women and the children. Supposed to keep humanity safe.

      We are humanity’s cutting edge! The virtual spearhead of our race and civilization!

      We’ve successfully kept our species going for at least a million years now. Even in the face of an Ice Age, monstrous giant bears, wolves, and saber-toothed tigers, super-volcano spawned nuclear winter-type events, and asteroid or comet impacts only a few notches below that of what killed off the dinosaurs.

      In our very worst moment so far– the nearest we ever came to extinction– there may have been only around 2000 men, women, and children left alive worldwide. But still, we made it. We gritted our teeth, and did what had to be done.

      How could it be that we might now allow a mere handful of rich, spoiled bastards to enslave us? After all that? To gradually demote us all to mere Medieval peasants again? Be cooked like the proverbial frog in slowly heated water?

      Sure: compared to the super-rich villains we have nothing but our bare hands and willpower. They can send our own police and military after us on a whim.

      But not if enough of us resist them together. Enough of us tell them “no” at the same time. Refuse to cooperate with them. Refuse to follow their orders. Refuse to believe their lies, or give in to their threats. That will be the ultimate way to defeat them. Of course, as simple as it sounds, it sure won’t be easy for the first among us (the very bravest) to do it!

      Even if we don’t stand a snowball’s chance in hell against them, let it not be said that American MEN let the final darkness fall over their country without a fight; without a resounding defense; without giving it our all to stop the bastards. Before they’d reduced our nation to just another third world country among many. And maybe after that, ruined the rest of the world as well.

      As Patrick Henry said in 1775: “Give me liberty or give me death!”

    30. tkalantzis says:


    31. iStandUp says:


      Thank you for your excellent list of characters in this crime wave via the Wall Street Counterfeit Machine!

      Please keep us updated as Mark continues his ground-breaking expose of the crimes committed against DNDN!

    32. iStandUp says:


      FYI – per Cougar’s website, JNJ has offered to buy Cougar:

      “June 5, 2009 – Cougar Biotechnology’s Board of Directors Recommends Stockholders Accept Johnson & Johnson’s $43.00 Per Share Cash Tender Offer.”

    33. Anonymous says:

      Very interesting,
      I suggest that, in order for the reader to better assimilate their connections, you could publish their pictures next to their names.

      At least for me, it will help a lot.

      Best regards


    34. sean says:

      Mark, I believe your publication should be next..

      Seeking Alpha: Movie Sheds Light on Sirius Naked Shorts
      2009-06-26 13:11:14.133 GMT


      Stock Shock the movie is breaking new ground. The movie that promises to shed light on illegal naked short selling has actually caught the eye of the United States Securities & Exchange Commission. Stock Shock is a documentary that educates viewers

    35. sean says:

      Something has got to give. Not even the miscreants can defend themselves from this onslaught of negative media coverage and from our “Only ” honest politician at that!!

      Sen. Kaufman skewers SEC

      Senator Ted Kaufman (not running for re-election and thus freed from the clutches of lobbyists) put out another scathing press release yesterday demanding an end to naked short selling. He also addressed the issue on the Senate floor.

      “It is past time to put an end to naked short selling, once and for all.”

      Text follows:

      Kaufman Turns Up Heat on SEC to Curb Abusive Short Sales

      Kaufman: “There is a fierce urgency to fix this problem now”

      June 25, 2009

      WASHINGTON, D.C. – In a floor statement last night and letter to SEC Chair Mary Schapiro, Sen. Ted Kaufman (D-DE) outlined the ways abusive short selling exacerbated the recent financial crisis – especially with Bear Stearns and Lehman Bros. – and warned that, if it is not prohibited and effectively policed, it could cause substantial harm during another market decline.

      “Let me be clear: The public believes and the SEC has yet to discount that the effects of abusive naked short selling practices helped cement the demise of Bear Stearns and Lehman Brothers, as well as made it significantly harder for banks to raise critical capital in the throes of the financial crisis,” Sen. Kaufman said on the floor. “It is no exaggeration to say that abusive short selling at a critical moment further endangered our financial system and economy and thereby helped lead to taxpayer bailouts that have totaled hundreds of billions of dollars.”

      Read the rest here…


      Anyone other than me feel the temp gauge go up a couple of degrees here…LOL!!LOL!!! ADJKE (sp) where are you to deal with this one!!!

    36. yesquire says:

      Yes, the heat is being turned up.

      Over the past several weeks I’ve heard what I consider to be very strange ads.

      A while ago, Knight was running ads on TV, and I would have to guess that 99% of the audience had no idea what they were.

      Now FINRA is running radio ads extolling the billions of dollars they have caused to be refunded to shareholders.

      Once again, 99% of the audience has no idea what FINRA is or what it does.

      Why do these entities suddenly feel the need to do public relations work?

    37. iStandUp says:


      Thanks for the link to Senator Kaufman’s statement!

      Interesting to NOTE that withing 30 minutes of posting this on the MEDX Yahoo board there were about 17 votes to bring its rating down to just two stars… This tells me the Wall Street Counterfeit Machine is feeling the heat!

    38. zigzagman says:

      Check out the massive manipulation on DNDN just before the closing bell today…In the last half hour it fell from about $25.25 to just under $24.00 Here is a five minute chart that shows most of the drop happened in the last few minutes of the session on huge volume…


      Was this a big seller exiting a position, or another Bear Raid to drop the price dramatically so that profits could be taken in the after hours session on a large Short position?…

      Here is a screenshot of my Time and Sales window for the after hours session that shows some interesting trading:


      Do you see the pattern here?…All of the large blocks of shares are going off at just under $24.00 and since I took this screenshot there have been over three million shares have traded in this fashion…

      This is why I won’t Buy and Hold this stock even though I really believe in Provenge’s ability to help a lot of men that are in need of this treatment…

      It’s obvious to me that the crooks are still playing this one, so Buyer Beware IMO…

    39. Ozark says:

      All of these so called accusations put forth by DeepCapture will prove more than accusations. Like a bulldozer, they are leading somewhere. Strangely, I believe our distractors have forgotten a few key elements. Dr. Byrne’s is in possession of a particular hard drive with thousands of emails from inside the beast. Additionally, Gradient was neutered after the good Doc took them to court. By the end of the series, we shall arrive at a complete understanding of the facts covering his thesis.

    40. Paul says:

      I just read the article about Picower being one of 8 Madoff investors that were treated much more specially than all of the others – and that the feds are interested in learning about Picower

      I sure hope that you have directed your research to the Justice Department

    41. Cynthia Opp says:


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      So if you want to discuss something about your article, and about my experience with Aloe vera products for skin care, I’ll always be glad to talk.

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    43. Brandon says:

      Looks like some more intriguing news just hit. Jeffry Picower , was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m. Palm Beach police are investigating the death as a drowning, but have not ruled out anything on the cause of death.

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