CEO of Overstock.com, Patrick Byrne’s recent appearance on Fox Business News has received some attention on blogs and YouTube the past couple days, and rightfully so. But, too few people know about Mr. Byrne’s crusade to expose a mind-blowing financial scheme called “naked short selling”.
Digging down the rabbit hole and understanding the outright fraud that is naked short selling makes you realize the recent Madoff scandal is only the tip of a very corrupt iceberg. This is more than one man carrying out an evil isolated act. It is an entire fraudulent system that relies on thieves like Madoff to survive. It’s a systematic take-over-and-control by a small group of people at the expense of your hard earned wealth.
Mr. Byrne has bravely put his name and reputation on the line to fight for liberty and truth by running the must-read and appropriately titled blog, Deep Capture.
I had the privilege to meet Mr. Byrne during the RP 2008 campaign and sit in on a meeting he had with Congressman Paul in Salt Lake City. This was the first I had heard of naked short selling and the rather simple concept behind it. He gave us all a CD explaining the issue and suggested some legislative options to take.
I remember Congressman Paul being very supportive and asked Mr. Bryne to contact his office. Since that meeting, I have gone on to research the topic. The outright fraud is breathtaking. I highly recommend Mr. Byrne’s 80 minute presentation on the topic (only worked in IE for me) to give you a full understanding of naked short selling. It’s well worth the time investment. It’s like discovering and wrapping your mind around the federal reserve all over again.
Then, bookmark his blog and put it on your daily browsing list. Here is a snippet of a post that I’m looking forward to following:
Whatever the real story, it is clear that market makers are accessories to a scheme that is much, much bigger than Madoff.
The key players in this scheme are 20 or so mega-billionaire hedge fund managers, who operate with a supporting cast that includes not just market makers, but also smaller hedge funds, rogue prime brokerages, corrupt lawyers, dishonest journalists, bogus one-man credit rating agencies, dubious index trackers, bribed “experts,” skalawag statisticians, compromised professors, private investigators, crooked financial researchers, captured government regulators, hustlers, felons, thugs and mafiosi.
The mega-billionaires masterminded their scheme in the 1980s, and ever since, they and their progeny have been working together – raiding and destroying public companies for profit.
It goes on to say…
Soon, I will name those 20 mega-billionaires, their supporting cast — and the man who is their guru. The evidence is pouring in – there is much to reveal.
Start naming names!! The anticipation is killing me.Published in