Thursday, October 15, 2009

Short a stock, then bring the company down: sounds like a plan

This blog tells quite an incredible story about the CEO of, Patrick Byrne, bringing to light the strategy of some hedge funds to short a stock and then use various mechanisms to bring the company down, and how the media appears to be involved in a coverup.  I don't know how well sourced this material is, but it's a good read anyway, and to be honest, it doesn't surprise me at all.
A small group of powerful hedge fund managers stop at nothing to annihilate the companies they sell short. Their tactics include: blackmail, smear campaigns, espionage, fraud, harassment, extortion, bribery, rumor-mongering, sabotage, off-shore money laundering, political cronyism, frivolous lawsuits, witness tampering, biased financial research, false identities, bogus credit ratings, bribery, libelous blogs, bad science, forgery, wiretapping, counterfeiting, collusion, lying, cheating, threats and theft.
Sounds like the Wall Street I know and ... well, definitely not love.

Greed gone wild.

"When I despair, I remember that all through history the way of truth and love has always won. There have been tyrants and murderers and for a time they seem invincible, but in the end, they always fall.. think of it, always." - Mahatma Gandhi

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