Patrick Byrne A concerned citizen who has been hunting the oligarchy and Deep State since 2004. My actions forced me to abandon recently my 2,000 colleagues at Overstock.com. Help them out by going to Overstock.com and making a purchase.

Sam Antar: PS And is that Mr. Goniff?

1 min read

For those new to the story: besides my gig as a journalist at the award-winning Website DeepCapture.com, I also have a day job as CEO of Overstock.com. In that context I received tonight an email from Sam Antar, of whom I have written fondly: see for example my “Why are Fortune Magazine and the New York Financial Media Suddenly Pimping Sam Antar the Crook?” (N.B. this statement from the Utah Attorney General warning the public that Sam is a con man). It is, of course, the contention of DeepCapture that Sam Antar is deeply affiliated with the world of criminal stock manipulating hedge funds whose mission it is DeepCapture’s work to expose.

In any case, here is Sam’s letter, and my reply.

From: Sam E. Antar [mailto:sam@whitecollarfraud.com]
Sent: Friday, October 30, 2009 10:52 PM
To: Patrick Byrne
Cc: Joseph Tabacco
Subject: Overstock.com Conference Call

Patrick:

I recently learned that Overstock.com scheduled its Q3 2009 conference call for November 3, 2009. If you agree, I would like to participate in that call like other analysts and ask questions about Overstock.com’s financial disclosures. Please let me know by Monday if you will let me participate in the conference call.

Sam

Sam Antar

Sam E. Antar

My dear Sam,

Of course, you are always welcome to participate. As always, simply send your questions to us via email: limit of 25 words per question, and no more than 4 questions. We will respond to any questions that are not of the “Do you pick your toes in Poughkeepsie?” variety.

Regarding my introduction to your questions… How do you like to be introduced? “Felon”? “Crook”? Or “Goniff”? Are you sensitive about having threatened little girls on the Internet, or having pled to a felony while ratting out your own family so as to reduce your sentence? How do you feel about jokes concerning tossed salad? Please let me know.

I look forward to your “participation” in our call, and until then, I remain,

Sincerely yours,

Patrick

Sam E. Antar [mailto:sam@whitecollarfraud.com]
Sent: Friday, October 30, 2009 10:52 PM
To: Patrick Byrne
Cc: Joseph Tabacco
Subject: Overstock.com Conference Call

Patrick:

I recently learned that Overstock.com scheduled its Q3 2009 conference call for November 3, 2009. If you agree, I would like to participate in that call like other analysts and ask questions about Overstock.com’s financial disclosures. Please let me know by Monday if you will let me participate in the conference call.

Sam

Sam E. Antar

Website: www.whitecollarfraud.com

Blog: www.whitecollarfraud.blogspot.com

My dear Sam,

Of course, you are welcome to participate, as always. Simply send your questions to us via email: limit of 30 words per question, and no more than 3 questions. We will read them and respond to any questions that are not of the “Do you pick your toes in Poughkeepsie?” variety.

Regarding the introduction of your questions… Which moniker do you prefer? “Felon”? “Crook”? Or “Goniff”?

I look forward to your participation in our call, and until then, I remain,

Yours always,

Patrick

Patrick Byrne A concerned citizen who has been hunting the oligarchy and Deep State since 2004. My actions forced me to abandon recently my 2,000 colleagues at Overstock.com. Help them out by going to Overstock.com and making a purchase.

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38 Replies to “Sam Antar: PS And is that Mr. Goniff?”

  1. My name is Sam E. Antar. I am a former CPA and former Chief Financial Officer of Crazy Eddie, Inc. During the 1980s, I helped mastermind with my cousin Eddie Antar and Uncle Sam M. Antar (co-founders of the company) one of the largest securities frauds of its time. Crazy Eddie Antar was coined by US Attorney Michael Chertoff as, “the Darth Vader of Capitalism.” This securities fraud cost investors hundreds of millions of dollars, cost many people their life savings, cost many people their jobs and careers, cost creditors hundreds of millions of dollars, and many people’s suffering that cannot be measured. I was the government’s key witness in both the criminal and civil prosecutions. I also fully cooperated with all civil plaintiffs in the prosecution of their claims. I make no excuses for my criminal conduct. Nor should I receive any praise for my cooperation.

    I take full and complete responsibility for my actions and apologize to all the victims of my crimes. Also, I apologize to the other persons who would never have committed a crime, if not for my efforts to recruit them into the conspiracy and convince them to lie thereafter. Furthermore, I apologize to the government lawyers, plaintiff’s lawyers, government investigators, and plaintiff’s investigators whose efforts in prosecuting the truth of the crimes at Crazy Eddie were hampered by my willful stonewalling prior to me relenting and later deciding to cooperate with the investigations. I apologize anyone I deceived, directly or indirectly, including but not limited to the shareholders, employees, creditors, public accounting firms, Wall Street firms, financial analysts, the press, etc.

    However, my apologies, acceptance of responsibility, and the punishment imposed upon me by the court is not enough.

    I believe that acceptance of one’s personal responsibility for past actions must be accompanied by corrective action and not include exploitation for personal gain. I believe that former criminals like me must do more than just express regret for our crimes and pay whatever punishment society imposes upon us. I believe that it is our obligation and responsibility to educate society, so that society can avoid future perils caused by new generations of criminals. I also believe that any person’s true test of character comes from overcoming past misdeeds and wrongdoing and trying to do something positive out of it without any personal gain or recognition.

    1. So just to make sure I follow… Sam, the crook, “I always play with a marked deck” Antar’s angle is to admit that back then… he was bad-very bad, but now he’s good. Is that it ?

      Got it. Antar is now one of the good guys. Thanks for clearing that up. I also understand that Samtard has some land for sale in AZ with a spectacular view of the San Francisco Bay Bridge. Please tell us more…

      1. You joke, but it seems our Mr. Antar seems to be doing quite well now due to his current work in real estate. I wouldn’t put it past him at this point!

  2. For the dozen callers a day who ask me, “is this ever over? Can we possibly win? Why won’t they stop naked short selling?” I give you Patrick Byrne

    He will not be denied. And neither will we. Have faith, righteous people, and dial those knuckleheads that represent you and demand justice, that is not, in the parlance of Washington, “Just US”.

    It’s what keeps me going, knowing Dr. Byrne is on our side.

    1. Wednesday, November 4, 2009 at 7:04 PM
      To: ‘Sam E. Antar’
      Cc: The readers of Deep Capture
      Subject: Stop throwing a tantrum

      Hi Sam:

      To answer your first question, because you are a clown. A parody. A fellow with not enough sense to realize that your messages here are very quickly becoming the butt of many jokes, all of them very much at your expense. If you are that insistent on asking questions on a conference call, why don’t you dial in to one of the 1-900 party lines, I am sure they will let you ask questions to your heart’s content, and who knows, you may even meet someone special in your area who wants to party with you!

      Since you seem to want to start the “lets call people names of food you think they resemble” game, are you a pear?

      Very truly yours,
      Sarge

  3. Now that Patrick Byrne was kind enough to broach the subject of his email on this web site, I’d like to put it in context by summarizing the findings I have on my website concerning Overstock.com’s accounting:

    In October 2008, Overstock.com disclosed new customer credit and refund accounting errors and restated all financial reports from Q1 2003 to Q2 2008 to reflect an additional $8.2 million of claimed accumulated losses in prior reporting periods. It was the second time in two years that Overstock.com restated its financial reports due a violation of GAAP. PricewaterhouseCoopers had erroneously given clean audit opinions on the company’s financial reports before each restatement correcting GAAP violations for such reports.

    Those customer refund and credit errors also caused Overstock.com to underbill earned income due from its fulfillment partners for offsetting costs and reimbursements. Overstock.com restated its prior financial reports to correct its customer refund and credit errors. However, the company failed to make offsetting corrections and properly accrue underbilled income earned from its fulfillment partners in those same affected prior reporting periods, as required by GAAP.

    Instead, Overstock.com improperly recognized income from its underbilled fulfillment partners using a non-GAAP cash basis as amounts were collected future accounting periods: Q4 2008 $1.8 million, Q1 2009 estimated at $1.4 million, and Q2 2009 $87k. For additional details see SFAS No. 154 and SFAS No. 5 paragraph 1, 2, 8, 22, and 23.

    In effect, Overstock.com improperly created a “cookie jar reserve” to inflate earnings in future reporting periods. For example, the company should have reported a Q4 2008 loss, but instead reported a profit for that quarter by violating GAAP. That improperly reported net profit enabled Overstock.com to report its first quarterly profit after a string of 15 consecutive quarterly losses and beat mean analysts’ consensus expectations for earnings per share (See: SEC Staff Accounting Bulletin No. 99 about Materiality).

    1. Don’t certain types of financial exposure actually dictate the creation of a reserve for future periods where certain debits are expected? For example, a known inventory exposure, that might or might not be sold off. There comes a point where nothing more may be sold off, due to obsolescence. If at that point the inventory has not been turned it shall have to be written off. Therefore, a reserve must be held.

    1. Sam, did you ever get the feeling that people do not respect you? You seem to be under the impression that when you come calling each and every one should listen. Fact is, that is far from the case.

      Your position on Overstock is well known. There is little you can add on a conference call that you have not already stated (and restated by your trolls) many times over. You are not objective (as required of analysts) and therefore lack the credibility to be given an open mic forum.

      I suggest you take the company up on their offer and provide them meaningful questions. They may actually get read on the call if only you could keep it to business. If you want to rant, that is what you have Gary Weiss and Floyd Schneider to do for you. Use their, and your own forums for that.

  4. There seems to be a term for companies going after critics (issuer retaliation). Why isn’t there a term for regulators (like the SEC) going after critics?

    There has to be some proportion here.

    Byrne’s problems are arcane, and relatively trivial, beyond their effect on his own company.

    On the other hand, his investigative site has put a big dent in a lot of undeserved reputations and put the spotlight on a gallery of rogues hitherto unknown.

    The motive for retaliation on his critics’ part is thus much greater than any such motivation on his part.

    The onus is on the SEC to explain why its action is anything but punitive.

    In short, after having missed Madoff, as well as Goldman Sachs etc. etc., it would take some contortion to consider the SEC an honest broker.

  5. Lila,

    You made some excellent points. The panic Antar is attempting to foment amounts to small potatoes. He’s really quite transparent. Embarrassingly so.

    Just beware the wrath of Sam if you happen to get sideways with him or those of whom he takes his “employment”… as it were. He’ll slander you with many colorful and thought-provoking names: ad (such as adulterer, anti-Semite, drunk, drugee, narcissist, necrophiliac, you name it). And then Sam & the rest of the Little Rascals will bash you on the message boards the rest of their days…

    Then again, everyone knows he’s full o’ shite… so I guess it doesn’t really matter.

    Sam displays tremendous conviction (snicker) for a guy that sold out his own family so he could do the crime but not the time. I suspect his “employer” (had to clear my throat) thinks along the same lines. Whomever that “loyalty”, for lack of a better word, is directed toward must pay very, very well.

    And Sam, glad to know you regularly visit this site. Perhaps a little civility & class will rub off.

    I won’t be holding my breath.

  6. Keep up the pressure on Penson. They are naked shorting ground zero, providing clearing for most day trading naked shorting.

  7. I give everyone a second chance, but Sam, you need to become an honest bricklayer or something. Work an honest job, make money for your family, rebuild your reputation. I am willing to give you a second chance.

    This quick buck thing doesn’t wear well on you.

    The fact you are drawn to the bribeable public market sez alot.

    Personally, I find you lower than lil GW, because at least he doesn’t pretend he’s turned over a new leaf.

    You have a point, I think Patrick ‘erred in posting a confidential email here and it was wrong to you and I think he would be better to out debate you in a public airing, then cut off your microphone, but Patrick has earned the right to err.

    He’s one of the most courageous people I know and I guarantee you his actions have hurt his personal fortune in the short term, but will help it in the long term. People will reward heroes in the long term.

    I tell everyone I know to buy Overstock and I am a proud share owner and I wish more CEO’s were as brave as he is.

  8. Thanks Anon,

    Here is some additional information about the SEC acting as Defense Lawyers for the Fraternity Brothers in the Financial Industry:

    EAGLETECH COMMUNICATIONS, INC. (OTCBB:EATC)

    http://www.youtube.com/watch?v=aXelJlpmf8M

    Dear Mr. Rod Young,CEO, Eagletech Today, February 13, 2006, you stood before four Commissioners of a shameful and conflicted Securities and Exchange Commission. For fifteen minutes, you spoke on…

    Additional Information:
    – SEC INITIAL DECISION – June 7, 2005
    —–( sec.gov/litigation/aljdec/id287jtk.htm

    – A Silent Lynch Mob – An Open Letter From Rod Young
    by Rodney Young
    —–( http://www.faulkingtruth.com/Articles/Investing101/1050.html

    – Eagletech Communications Sues 40 – Financial Firms, Market Makers, Brokers, & Individuals Charging Fraud & Conspiracy – Common Law Fraud, Civil Conspiracy, Conversion and Violation of the Rico Act Are Alleged in a Scheme to Manipulate the —–( eagletech1.com/prn1113.html

    – Eagletech Communications to Challenge Reg. SHO Grandfathering as a 5th Amendment Violation – Illegal Taking, in Public Oral Arguments before SEC Commissioners on February 13, 2006
    Eagletech Communications to Challenge Reg. SHO Grandfathering as a 5th Amendment Violation – Illegal Taking, in Public Oral Argu
    By: PR Newswire
    Feb. 9, 2006 04:32 PM
    —–( http://www.sys-con.com/node/181577

    – An open letter to the American investor from Rod Young – Eagletech CEO

    “…
    Eagletech has alleged in its affirmative defenses that the SEC has illegally taken the property of shareholder’s in violation of the 5th amendment to the U.S. Constitution. By ‘Grandfathering’ pre-regulation SHO delivery failures this agency of our Federal Government has conducted an ‘inverse taking’ of shareholder’s property without due process and without compensation when ‘Grandfathering’ suspended the settlement process which they are mandated to maintain in the Securities Exchange Act of 1934. By Grandfathering and then by De-registering Eagletech shares the SEC has taken shareholder’s property and given it to the criminal perpetrators who have sold counterfeit shares to the public with no intention of, and now no requirement to ever deliver them.

    To everyone’s astonishment Administrative Law Judge Kelly gave leave to appeal his decision on this theory (see pages 4 and 5 of his opinion attached to this email).

    The SEC’s Enforcement Division has chosen to blatantly ignore evidence of criminal Naked Short Selling misconduct and instead has chosen to sweep the crimes under the rug by De-Registering the Company’s stock. Eagletech has provided to the SEC the following evidence of criminal misconduct:
    …”
    —–( cfrn.net/research/rodyoung.html

  9. – Eagletech Communications to Challenge Reg. SHO Grandfathering as a 5th Amendment Violation – Illegal Taking, in Public Oral Arguments before SEC Commissioners on February 13, 2006
    ( Eagletech Communications to Challenge Reg. SHO Grandfathering as a 5th Amendment Violation – Illegal Taking, in Public Oral Argu )
    By: PR Newswire
    Feb. 9, 2006 04:32 PM
    http://www.sys-con.com/node/181577

    – An open letter to the American investor from Rod Young – Eagletech CEO

    “…
    Eagletech has alleged in its affirmative defenses that the SEC has illegally taken the property of shareholder’s in violation of the 5th amendment to the U.S. Constitution. By ‘Grandfathering’ pre-regulation SHO delivery failures this agency of our Federal Government has conducted an ‘inverse taking’ of shareholder’s property without due process and without compensation when ‘Grandfathering’ suspended the settlement process which they are mandated to maintain in the Securities Exchange Act of 1934. By Grandfathering and then by De-registering Eagletech shares the SEC has taken shareholder’s property and given it to the criminal perpetrators who have sold counterfeit shares to the public with no intention of, and now no requirement to ever deliver them.

    To everyone’s astonishment Administrative Law Judge Kelly gave leave to appeal his decision on this theory (see pages 4 and 5 of his opinion attached to this email).

    The SEC’s Enforcement Division has chosen to blatantly ignore evidence of criminal Naked Short Selling misconduct and instead has chosen to sweep the crimes under the rug by De-Registering the Company’s stock. Eagletech has provided to the SEC the following evidence of criminal misconduct:
    …”
    http://cfrn.net/research/rodyoung.html

  10. Overstock.com (NASDAQ: OSTK) Q3 2009 Earnings Call Questions for Patrick Byrne

    To Patrick Byrne:

    You have denied me personal access to the conference call and have provided arbitrary and unreasonable conditions not imposed on other participants in the call. In any case, I will be seeking access to the call to ask possible follow up questions.

    You are perfectly aware that some of my questions involve complicated accounting issues and cannot reasonably be kept to 25 words or less.

    Enclosed are my four questions. I request that you read each of them out loud into the record, in full, and provide detailed answers to each question.

    Please answer “yes” or “no” to questions one, two, and three before responding to the issues:

    1. Did Overstock.com’s EBITDA calculations reported from Q2 2007 to Q2 2008 violate SEC Regulation G?

    2. Did any Overstock.com financial report issued from inception initially comply with GAAP and SEC disclosure rules?

    3. Did Overstock.com violate GAAP in accounting for underbilled offsetting costs and reimbursements from fulfillment partners and create a cookie jar reserve for the purpose of manipulating future earnings?

    You have previously claimed that Deep Capture is unrelated to Overstock.com.

    4. Why did you respond to my request to participate in the Q3 2009 earnings call by posting my private email and your response on Deep Capture?

    Regards,

    Sam E. Antar

      1. Before anyone here gets any crazy ideas about paying any attention to this supposedly “reformed” convict that is Sam E. Antar, I highly recommend that you read the following, which was copied and pasted directly from his own blog.

        Sam E. Antar writes (under his “About Me” portion of his blog no less):

        “I am a convicted felon and a former CPA. As the criminal CFO of Crazy Eddie, I helped Eddie Antar and other family members mastermind one of the largest securities frauds uncovered during the 1980s. My responsibilities at Crazy Eddie included skimming, money laundering, insurance fraud, securities fraud, and a list of other criminal activities too long to list here.

        I eventually pleaded guilty to three felonies: conspiracy to commit securities fraud, conspiracy to commit mail and wire fraud, and obstruction of justice. I was sentenced to only six-month’s house arrest, 1,200 hours of community service, and paid approximately $10,000 in fines.

        In my settlement with the Securities and Exchange Commission, I agreed to a lifetime bar from being an officer or director of a public company and paid $20,000 in disgorgement of losses that were avoided by selling my Crazy Eddie stock at inflated prices.

        In my settlement with the victims of my crimes, I avoided all civil liability.

        We committed our crimes at Crazy Eddie for fun and profit and simply because we could. We had no empathy whatsoever for our victims. During my sixteen years at Crazy Eddie and two years spent covering up our crimes after being terminated from the company, I never had a single conversation with any of my co-conspirators about morality or the suffering of our victims. Our conversations focused solely on the successful cold-blooded execution of our crimes.

        I was the main witness in the Crazy Eddie criminal trial prosecuted by US Attorney’s Office in Newark, NJ, civil trial prosecuted by the Securities and Exchange Commission, and civil litigations brought against us by our victims.

        I did not cooperate with the government and victims because of any sense of morality or remorse for my crimes. I simply cooperated with them to avoid a long prison sentence and reduce potential monetary penalties. If my crimes had remained undetected and the government did not seek to prosecute me, I would probably still be the criminal CFO of Crazy Eddie today.

        Apologies for my crimes are irrelevant.”

        1. There are a few key excerpts from my above post that should be re-examined closely,

          Sam E. Antar wrote:
          “I did not cooperate with the government and victims because of any sense of morality or remorse for my crimes. I simply cooperated with them to avoid a long prison sentence and reduce potential monetary penalties.”

          – And yet you would like us to believe that this little crusade of yours against Patrick Byrne is purely motivated by the moral drive and desire to bring “justice” to our markets, the same markets (and investors) you openly admit to having felt no moral obligation to when it came to your very own fraudulent activities? Are you sure this attack on Patrick Byrne isn’t borderline (clinical) obsession on your part? Especially when you take into consideration the fact that more than 80% of the content on your ENTIRE blog is dedicated solely to Patrick Byrne?

          Sam E. Antar writes:
          “If my crimes had remained undetected and the government did not seek to prosecute me, I would probably still be the criminal CFO of Crazy Eddie today.”

          – Again, we’re supposed to believe that you had your “come to Jesus” moment, and are now dedicating your life to stopping the same sort of market manipulation that you were in fact convicted of (and from all the circumstantial evidence floating around the web, still seem to be actively involved in in some form, albeit with a different group of miscreants – assuming you had no choice but to seek out new cohorts considering you were directly responsible for putting your own flesh and blood away for years-a true sign that you could not man up and face the music for the very crimes you so proudly boast your role in playing such an instrumental part of)? Or are you really saying that if you hadn’t been busted in the first place, you’d happily forget your new found claim to “expose fraud to defend the capitalist system and the common investor”, and just keep running the same old scams that landed you in front of a judge in the very first place?

          And the final quote that sums up exactly the type of character who has taken it upon himself to try to hijack this part of the Deep Capture site with his garbage posts:

          Sam E. Antar writes:
          (the act of making) “Apologies for my crimes are irrelevant.” (part in parenthesis is mine)

          – Glad to see you feel this way, you definitely seem to have a good grasp on this whole “turning over a new leaf” thing. As even my 7 year old seems to understand, a heartfelt apology begins with the remorse (see: guilty feelings) that is felt by the person who committed the crime (or wrongdoing) in the first place that they now regret through sympathy, empathy, and on moral grounds. I guess by following that logic, this lack of remorse from Sam E. Antar would certainly explain why he feels that an apology to his victims would have to be “irrelevant”.

          I hate to go the ad-hominem route with you Sam, but actions definitely speak louder than words. You can claim all you want that you have mended your criminal ways and that you are ONLY interested in uncovering fraud in the marketplace. But it is all lip service, and it is falling on deaf ears. I cannot reconcile The Sam E Antar who writes such wonderful claims about wanting only to expose fraud and dishonesty in the marketplace in order to better our markets for the little guy, with the same guy who seems to feel it is morally acceptable to threaten schoolchildren on the internet. So keep throwing your toys out of your pram like my young daughter does when she doesn’t get her way, I’m sure you’re pal Gary Weiss will be there to help you clean up the mess you’ve made when this tantrum of yours is over and done.

          Oh, and feel free to threaten my daughter on the internet if my reply here has angered you in any way…the person responsible for this post happens to be an old Army NCO (who happened to serve in Iraq and in Afghanistan), I would love to see if you and your shady little group of wiseguys would have the balls to back those sorts of threats up against a combat vet.

    1. You see Sam, this is why you aren’t offered opportunity to call in, you ask stupid questions.

      Look at it this way, I can answer some without even being part of Overstock. Here would be my responses

      Question 1-3. Absolutely not. We believe that all of our filings and the methods of accounting used are in compliance with regulations. The SEC has investigated our methods once already and are again looking at how our accounting standards are maintained but as of right now, we believe we are in full compliance and the SEC has not informed us otherwise.

      Wow was that easy. Now, If you were put on Enron’s calls and asked the same question, do you really think they would say yes? That is what makes it a stupid question not worthy of spending time on.

      Another easy one…

      Item 4. Overstock.com and Deepcapture are two separate companies. monies from one is not placed into the other. Many corporate CEO’s have interests, incomes, and investments outside of the company they manage. Patrick Byrne’s affiliation with Deepcapture.com does not mean that such affiliation is overstock.com’s affiliation. You are an investor in Barry Minkow but being an investor does not mean that all of your other outside interests and employments are also affiliated with the felon – does it?

      You are a wretched man with no morals. Your accusations and questions are childish and do not deserve the public forum you so desperately want. You have been denied for years now affirmation of your claims and as such you get more and more bitter making you incapable of seeing the light.

    1. And Sam, by his own account, could have sniffed out all of wallstreet’s crimes, all by his pudgy little self – simply out of the goodness of his heart – as easily as he can blow smoke rings up everyone’s asses with his putrid White Owls.

      Why, oh why, doesn’t anyone take hime seriously?

      1. ‘hime’ was not meant as ‘hymie’ or any such epithet (whether fitting or not). Purely a typo.

  11. Jeff Matthews has crawled out from under his rock-er after several years in seclusion. Appearances on Bloomberg TV (“Ram Partners” caption) and querying Byrne on a WSJ Q&A session.

  12. Secret Software & Naked Short Selling
    We need NSS arrests – not Insider Trading arrests
    It is November 5th, 2009 at high noon and the SEC is all over the news about another arrest. They are all on stage giving this big press conference on 14 arrests for Insider Trading connected to the Galleon Group investigation. Is it Insider Trading? The Government wanted the world to believe this caused the financial meltdown on Wall Street. Three weeks earlier the SEC made the first arrest for Insider Trading involving Raj Rajaratnam and 5 other people on Wall Street.
    It is my opinion that the Government and the SEC is involved in a cover up to try and make people think that it was insider trading that caused the crisis of 2008. Let the truth be known. The news media, along with Goldman Sachs and many other Wall Street companies and people of power are all involved in the biggest cover up in the history of the United States. It involves greed to the fullest extend. The SEC is responsible, under the leadership of Christopher Cox in July 2007, the Securities Exchange Commission abolished the Up Tick rule. The elimination of the Up Tick rule created a wave of corruption that grew out of control, based on Naked Short Selling and the use of secret software and super fast computers.
    Insider trading has played a role in the financial crisis, yet the story not being told by the news media is the arrest of a Goldman Sachs employee who tried to steal Goldman Sachs secret software. This arrest came over the July 4th Holiday week-end and was aired briefly on a Saturday night on TV and then came Monday July 6th, 2009 and the story disapeared. A few weeks later Goldman Sachs reported its FY 2009 2nd QT earnings ( April – May -June ) and Goldman Sachs made over $100 million dollars a day in 46 of the 64 trading days for that quarter. How could this be possible after a 17 month recession. Wall Street changed two major Laws. The first being the use of decimal places (2001 )instead of fraction. Years later and after they lobbied for the removal of the Up Tick rule ( 2007 ) the secret software was designed and in place ready to go into full operation now that Wall Street was allowed to naked short sell millions upon millions of shares that Goldman Sachs and other hedge funds didn’t even own and failed to deliver. Their greed took over, who wouldn’t , when Goldman Sachs was making over $100 million a day in trading. They destroyed companies like Sirius XM radio and overstock.com and many others. Then they began naked shorting the banking industry and attacking each other.
    This is the truth that the news media, corporate Amercia, the SEC, the Government, Goldman Sachs, Hank Paulson and the many others that were in power have not told the American people and the world. Now, as I write this letter, they are now trying to con the world into thinking it was insider trading that caused 95% of the middle class workers to lose 20% – 60 % of their investments and 401K’s.
    In the end the Entire story will be told and I hope I get my chance to tell it. Check the facts. There was an arrest of that Goldman Sachs employee in July 2009. Why was it covered up? Where are the arrests for Naked Short Selling and Goldman Sachs use of their secret software that stole the wealth off investors all across the country. It will go down as the biggest scandal in history.
    I give you permission to re-print this letter. Please follow up and investigate. This story needs to be told. Please contact me. It is exactly what is taken place.

    Richard Keane

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