I think a lot of you will think this is interesting. Check out this website:
Patrick Byrne, the CEO of overstock.com, believes that the upper levels of the SEC have been taken over by criminals. I heard him speak on this today... it was very compelling.
Despite the efforts of Wall Street to shut him up, he's been gaining a lot of momentum in recent days.
wa runner wrote:
This snipet, taken from his website, explains his basic claims against the SEC:
1. The SEC, regulator of our nation’s capital markets, has been partially captured by financial elites to the point that it favors Wall Street over Main Street.
2. A clear regulatory violation (in fact, a crime) is routinely occurring in our capital markets, but it is enormously profitable for Wall Street banks and hedge funds so they prevent the SEC from addressing it.
3. As a result of this crime, while Wall Street profits, corporate governance in America has been shattered.
4. As a result of this crime, while Wall Street profits, companies (often innovative tech and biotech companies) are damaged or destroyed and Americans are robbed of their savings (often without any awareness on their part beyond the losses they and their pension plans suffer in the stockmarket).
5. This crime has become so extensive that it may have created in our country’s financial system a crack so deep it could trigger a systemic collapse.
6. The relationship between Wall Street and the financial media is inappropriately cozy.
7. Though economists have produced data supporting the view that this has the makings of the financial scandal of our lifetime, most in the financial media have proven themselves incapable of bringing a critical mindset to this issue because of their too-cozy relationship with Wall Street (and some elements of the financial media actually seem to be engaged in a cover-up on behalf of financial elites they cover).
8. Within “social media” (blogs, message boards, and wikis) evidence for the preceding points has been pieced together, but as a result, there is a campaign to hijack the discourse within social media, and working within that campaign are some of the same Wall Street and media figures who are behind the cover-up in the mainstream financial press.
Until I read that second post I was wondering why the CEO of Overstock cared so much about the Southeastern Conference.
I didn't read your link because it was just too dry to get through right now, but I am a former SEC attorney, and I find it difficult to believe that the same agency that had no qualms about taking down Ivan Boesky and Michael Milken and dragging other Wall Street big wigs out of their cushy offices in chains is now too cowed to bring a high-profile case against hedge funds. More evidence please.
Everybody knows LSU has been outbidding Wichigan, Florida, and Miami (Fla) to get the best players. The other teams in the SEC are right behind them in the bidding wars!!!
Former Enforcer wrote:
I didn't read your link because it was just too dry to get through right now.
lol.... Check the link for the movie, it has a slideshow that is a lot more interesting.
I agree that at first glance, the whole thing sounds far-fetched, but there is some decent evidence. Check out slide 11 to see a whistleblower's statement from within the SEC. He was fired soon after his letter.
Not only that, but LSU sucks the worst of all the SEC teams. look at how they lost to a bozo Arkansas team.