NY Financial Press Engage in Whitewash and Cover-up, Byrne Tells it Like It Is
Location: Blogs Bob O'Brien's Sanity Check Blog
Posted by: bobo 3/8/2006 11:46 PM
Dr. Byrne issued forth a fun missive yesterday, directed at Rocker Partners and Gradient, after they lost their SLAPP motion and it was made official by the courts. Here's the release - sort of speaks for itself:
PR Newswire - March 08, 2006 21:29
Overstock.com Fights Campaign of Stalls and Lies by Rocker and Gradient
SALT LAKE CITY, March 8, 2006 /PRNewswire-FirstCall via COMTEX/ -- Overstock.com(R) (Nasdaq: OSTK) President Patrick Byrne issued the following response to Gradient Analytics' notice of appeal, filed in response to the California Superior Court ruling denying Gradient's Anti-SLAPP Motion to Strike all causes in the Overstock.com lawsuit:
"Eight months ago Gradient and Rocker were thumping their chests threatening to counter-sue us. I said at the time that they would not because these miscreants could not survive the discovery a counter-suit would trigger. They still have not filed suit, and now, once again, they are doing whatever they can to stall the discovery process. I once again invite them to counter-sue, and let us move to discovery quickly."
"In addition, while Gradient, Rocker and their cronies attempt to spin this as a First Amendment issue, let me remind observers that the activities described in our witness's declarations are covered by a technical term: 'illegal.' It is 'illegal' to let favored clients doctor research then publish it as independent; it is 'illegal' to permit such clients to front-run that same research; it is 'illegal' to front-run it themselves through hedge funds they secretly control. Their arguments that this conduct is somehow all protected by the First Amendment were roundly rejected by the Honorable Vernon Smith, whose decision these blackguards now dismiss as an 'erroneous trial-court ruling.' Good luck with that, fellows."
Overstock.com filed its original lawsuit against research firm Gradient Analytics and hedge fund Rocker Partners in August 2005 when it learned the firms colluded to publish false and misleading research in a scheme to engineer stock fluctuations from which Rocker and Gradient's owners could front-run stock trades while harming Overstock's reputation with consumers, suppliers, and employees."
Huh. That about says it all.
Illegal. Blackguards. False bluster and trickery.
The NY financial press hasn't commented on this at all. They are still busy trying to spin the subpoenas from the SEC as 1st Amendment stuff, which nobody west of NJ buys for a second.
Why does the NY financial press seem to be so intent on whitewashing this story, and covering it up? Why haven't we heard all about the CNBC poll that showed 89% of the respondents supported the SEC in their subpoenaing Herb, and Carol and Jim (Oh my!)?
Why not a word about all the insider sales at TSCM once they had been served, but before shareholders were told?
Why is it that the NY financial press seems to be so comfortable being the lapdogs of super-wealthy hedge funds? Some even seem to celebrate it, have made a career out of it? Is this the marvelous 1st Amendment wars were fought over - to keep everyone parroting the same party line?
Wanna bet not a word is uttered about this latest salvo from Byrne?
