On May 31 TheStreet.com (which at one point had notorious Wall Street villains Jim Cramer and David Rocker as shareholders #1 and #2, and has repeatedly been used by Jim Cramer in the pursuit of the kinds of illegal market practices for which he so proudly took credit in this video), published an “upgrade”: Overstock.com Inc. Stock Upgraded (OSTK). Given my history with Jim Cramer, including unsuccessfully attempting to draw a libel suit from him some years ago by writing ““Jim Cramer is a Complicated Man and by calling Cramer a “criminal” in an Overstock.com marketing email to close to 20 million people , the compliment is something of a surprise, and reminiscent of the full Churchill line, “By its sudden collapse, … the proud German army has once again proved the truth of the saying, ‘The Hun is always either at your throat or at your feet.'”
N.B. Generally I divorce references to my day job at Overstock from my writing on DeepCapture. I mention Overstock here only when it is unavoidable, as it is here. Nothing in this brief post is meant to suggest endorsement of Overstock or TheStreet.com (which I continue to maintain is one node in a criminal enterprise that has emerged on Wall Street in the last 15 years, abetted by an SEC which has bravely re-branded itself as Wall Street’s Towel Boy), nor make any comment about the stock price.
Just so you can see that Patrick is not the only person dishing out his fair share of crow meat today.. LOL
OVERSTOCK’S PATRICK BYRNE GETS HIS REVENGE
Jim received an SEC subpoena. He wrote “Bull sh_t” on it and held that up to the camera and told the SEC to go to hell.
The SEC saw his show and decided that his response was a fair and reasoned rebuttal and that they would no longer require him to answer the subpoena.
How much clout do you have to have to tell the SEC to suck it on national TV and for them to just agree to suck it?
After that show of being the big bad wolf, now he wants to try to be Patric’s lap dog.
Dear Mr Byrne,
Please keep a safe distance from rabid animals. We need you around.
Sincerely all us briar rabbits.
June 5, 2013, 1:13 p.m. EDT
Madoff, other felons say markets are unfair
MarketWatch interviews five Wall Street felons, including three in jail
Good to see you’ve mellowed, Doctor. Good to see.
Funny that we when we frenetically fought this madness, nothing could make it happen. And now, it seems nothing can stop the end from happening.
I see us at least leaving a better place. And that was always the purpose. Ironic indeed; crumbling under its own weight.
Patrick and OSTK are doing fine and moving up and SAC and Stevie baby is going down.. how fitting is this end?! Karma baby.. it’s come full circle!!!
Hedge fund manager Steven Cohen slipped $500 million, according to the Bloomberg Billionaires Index. Cohen’s firm, SAC Capital Advisors LP, received billions of dollars in withdrawal requests this week, according to two people who saw the contents of a June 4 e-mail sent to employees by SAC President Tom Conheeney.
Steven Cohen, founder and chief executive officer of SAC Capital Advisors LP, doesn’t want to let the government get the best of him and is seeking to defend a reputation as one of the most successful hedge-fund managers ever, said the people, who asked not to be named because the information is private. Photographer: Ronda Churchill/Bloomberg
“We don’t like losing capital, but even with the investors that are leaving, we still have a stable capital base and have been performing well this year,” Conheeney said in the e-mail. Even if the firm ended this year with assets close to where it was four years ago, “we will still be a good-sized firm.”
SAC employees had expected that clients, who faced a June 3 redemption deadline, would take back most of the $4 billion they haven’t already marked for redemptions by early next year, people familiar with the firm said earlier this week. Investors are exiting as the U.S. government intensifies its probe of insider trading at the Stamford, Connecticut-based firm, once one of the best in the industry, with returns averaging 25 percent since 1992.
Cohen, 56, is ranked 119th on the index with a net worth of $9 billion.
Like eating corn on the cob.
Then flossing out the kernels that
got stuck between teeth.
Published: Monday, 10 Jun 2013 | 12:07 PM ET
NEW YORK, June 10 (Reuters) – A Securities and Exchange Commission judge has ordered optionsXpress, its former chief financial officer and a customer to pay a total of $4.8 million in fines and to return $4.2 million for illegally selling shares they did not hold.
The order was posted late Friday on the SEC’s website.
A lawyer for Charles Schwab Corp, which bought optionsXpress in 2011 after the alleged violations occurred, said that optionsXpress “respectfully disagrees” with the ruling and is considering an appeal.
“There was no naked short selling in this case,” Stephen Senderowitz, a lawyer representing optionsXpress, said in an email to Reuters.
The judge charged optionsXpress, former CFO Thomas Stern and customer Jonathan Feldman in April 2012 for naked short selling in options of companies that included American International Group, Sears Holdings Corp and Under Armour Inc between late 2008 and March of 2010.
The online brokerage was ordered to pay a civil penalty of $2 million and to disgorge to the government $1.6 million; its former CFO Stern was fined a $75,000 civil penalty. Feldman was ordered to pay a $2 million civil penalty and to disgorge $2.66 million.
Naked short-selling involves selling shares without first borrowing them, a violation of Regulation SHO that requires people making short trades to ensure that they will buy or borrow stock they don’t own to ensure delivery within three days of a trade.
The sham transactions occurred repeatedly with knowledge from some brokerage officials, the judge found.
CBOE Holdings, which owns the biggest options exchange where many of the trades occurred, said last month that it expects to be penalized as much as $10 million for failing to enforce its regulatory obligations. The SEC inquiry focuses on its handling of the trades, people familiar have told CBOE.
When it brought the charges against the broker and its customer more than a year ago, The SEC said three other officials associated with optionsXpress had settled in separate administrative proceedings without admitting or denying its findings.
Senderowitz, the lawyer representing optionsXpress, said the firm had fulfilled its obligations, and there was no downward price effect on the markets. He said the regulator should have clarified its rule on short selling to make it plain that the trades at issue were not allowed.
Link for above reuters story…
Silver Manipulation Update:
CFTC Gold and Silver Bank Participation Report – Ted Butler’s Comments:
“Since the BPR of February 5, the US bank category position (in effect, almost exclusively JPMorgan) has swung by a net 100,000 contracts, from net short 70,000 contracts to net long 30,000 contracts (all rounded). There has never been a move of such magnitude before. Over that same time, the total net commercial short position (in the COT) declined by 113,000 contracts, meaning that JPMorgan accounted for almost 90% of the entire commercial decline. It is not possible for that extreme degree of concentration and market share not to be manipulation, pure and simple.
And here’s the manipulative icing on the cake – JPMorgan was able to flip a net short position in COMEX gold of 50,000 contracts in February to a net long position of 50,000 contracts on a gold price decline of as much as $350. I would submit that the singular purchase of 10 million ounces of gold (worth the equivalent of $15 billion) within four months on a greater than 20% price decline could only be accomplished if the price was manipulated lower by the purchaser. No other explanation would be possible…
JPMorgan’s emergence as the big COMEX gold long changes the dynamic of the gold market. In addition to conclusively proving that this is the most crooked and evil financial institution ever to exist, it confirms the extremely bullish set up for the gold price…
Of course, if JPMorgan can continue to accumulate inventory on lower prices, we will get lower prices temporarily. But having JPMorgan confirmed as being on the long side of gold is a game changer. That’s why I continue to throw money out the window on silver call options….”
WOW.. you mean there really is such a thing as “Naked Shorting” and some of the biggest players on Wall Street were involved? Who’da thunk!! LOL
SEC Cracks Down on Chicago Options Exchange for Naked Short Sales
The other Irony is look at whose reporting it!! LOL CNBS itself. The Hedge Fund Shill Network!!!
Silver Manipulation Update: I would ask you to consider that it would be impossible for any entity to buy 10 or 20 or 30 million ounces of gold in a matter of months on the deepest price decline in years.
It would be like someone buying all the commercial office space in New York City in a few months 20% below market rates.
Or someone buying all the stocks in the S&P in a short time frame at a big discount. That would be impossible.
Just like it is impossible for JPMorgan to have bought as much gold (and silver) as they have over the past few months at such steep markdowns in price.
The Bank Participation Report of June 2013 shows that the big short crook has positioned itself massively on the long side of gold in a manner that would be impossible in a market that wasn’t manipulated. – Silver analyst Ted Butler…08 June 2013
finally a case of the proverbial fox guarding the chickens:
SEC Charges CBOE for Regulatory Failures
FOR IMMEDIATE RELEASE 2013-107 Washington, D.C., June 11, 2013The Securities and Exchange Commission today charged the Chicago Board Options Exchange (CBOE) and an affiliate for various systemic breakdowns in their regulatory and compliance functions as a self-regulatory organization, including a failure to enforce or even fully comprehend rules to prevent abusive short selling….
here are clips from the above w/referenced origin
…An SEC investigation found that CBOE failed to adequately police and control this conflict for a member firm that later became the subject of an SEC enforcement action [link to SEC Charges optionsXpress and Five Individuals Involved in Abusive Naked Short Selling Scheme FOR IMMEDIATE RELEASE 2012-66 Washington, D.C., April 16, 2012]. CBOE put the interests of the firm ahead of its regulatory obligations by failing to properly investigate the firm’s compliance with Regulation SHO and then interfering with the SEC investigation of the firm…
…. According to the SEC’s order instituting settled administrative proceedings, CBOE demonstrated an overall inability to enforce Reg. SHO with an ineffective surveillance program that failed to detect wrongdoing despite numerous red flags that its members were engaged in abusive short selling. CBOE also fell short in its regulatory and compliance responsibilities in several other areas during a four-year period…
I savour, cause I found just what I was taking a look for.
You have ended my 4 day long hunt! God Bless you man.
Have a nice day. Bye
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