Today, short-selling hedge fund Rocker Partners paid Overstock.com $5-million to settle the lawsuit filed against them in August of 2005. Rocker Partners also entirely dropped its own countersuit. This is a major victory for all public companies targeted by bear raiding hedge funds.
Summary – This post contains two emails I sent Fortune Magazine regarding Deep Capture’s work documenting an inappropriate…
December 30, 2008
the evidence shows that Rocker Partners hedge fund first approached Bethany McLean about Fairfax on December 7, 2006. Bethany then met with Rocker Partners employee (and former SEC attorney) Richard Sauer 11 days later, and presumably began work on what would become her March 6, 2007 article The inside story of a Wall Street battle royal shortly thereafter.
There’s no sense denying it: reporters depend on sources, and in the mind of most business journalists, a…
December 16, 2008
After years of intermittently ignoring and whitewashing one of history’s biggest financial swindles, the Wall Street Journal today, for the first time, published some basic truths about the crime: “Illegitimate naked short selling is different from [legal short-selling]…this kind of manipulative activity can have drastic consequences…Eliminating the prospect of naked short selling will help assure investors that… when the market declines it is not because of unseen manipulators and `distort and short’ artists.”