NO QUARTER FOR CORRUPTION (Focussing on The Fed./FRBS)

[bartermania]

Dr. Byrne’s “Dark Side of the Looking Glass” – Epilogue

(Link to this: http://www.businessjive.com/nss4/darkside4.html )

Location: BlogsBob O'Brien's Sanity Check Blog
Posted by: bobo 1/20/2006 10:31 AM

Dr. Patrick Byrne, CEO of Overstock.com, has released the fourth installment of his “Dark Side of the Looking Glass” slideshow, which is linked from the Slideshow section of this website - hosted at the Businessjive.com website - Judd's great corporate profile site.

The final installment is remarkable listening, as it breaks down, in simple, easy terms, how Austria works as a money-laundering center, and how it factors into the story of REFCO, and the well-documented manipulation of Sedona Corporation.

He covers REFCO’s “toxic waste” of undisclosed liabilities, and the secrecy surrounding the $430 million liability of “unknown liabilities” that are widely thought of as naked short sales, and of the systemic collapse issue that is being bandied about as a real concern should that $430 million liability be bought in, if it is in fact naked shorted shares that haven’t been covered.

He discusses the US media’s coverage of REFCO, versus the international coverage, focusing on Barron’s jaw-dropping non-coverage - Wall Street's classic "pretend it doesn't exist and don't talk about it" gameplan in action.

He also discusses the secrecy surrounding the ongoing REFCO matter, and the presence in their scheme of NJ and Moscow hedge funds, a small agricultural bank in Austria making half billion dollar loans to obfuscate the presence of that $430 million barrel of “toxic waste”, Phil Bennett's last minute trip to Austria plans which were interrupted by his arrest, Thomas Badian's flight to Austria...

He concludes by running the numbers on the liability that $6 billion of FTDs actually poses for the system, and the conclusion is chilling.

Frightening.

And he makes the absolutely terrifying observation about why the SEC is working so hard to shut the entire story up, and things like the REFCO civil trial are ordered closed to the public and the records sealed.

Everyone needs to listen to this. Everyone. And then write your elected official a brief note pointing them to this slideshow presentation, as well as demanding accountability and transparency in REFCO – the company defrauded investors in the public markets. Doesn’t it seem a little odd that the nature of the liability that sank the firm and cost shareholders billions is being kept secret? Who is served by that? Who is protected?

View and listen to the slideshow, write a letter, send it to us at [e-mail] - and come back here and comment on it.



Copyright ©2006 Bob O'Brien

(Link: http://www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/35/Default.aspx )