{"id":37057,"date":"2013-07-30T13:14:42","date_gmt":"2013-07-30T17:14:42","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=37057"},"modified":"2013-07-30T13:26:24","modified_gmt":"2013-07-30T17:26:24","slug":"overstock-ceo-mocks-hedge-fund-giants-downfall","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/07\/2013\/overstock-ceo-mocks-hedge-fund-giants-downfall.html","title":{"rendered":"Overstock CEO Mocks Hedge Fund Giant’s Downfall"},"content":{"rendered":"

\"screen-shot-2013-07-27-at-3-36-03-pm\"<\/a>New York (HedgeCo.Net) – CEO and Chairman of\u00a0Overstock.com Patrick Byrne took out a strange full page advert in the Wall Street Journal in order to mock SAC Capital’s Steve Cohen, calling him a “Sith Lord.”<\/p>\n

Byrne become known for his campaign against the practice of\u00a0naked short selling. Byrne says it has been used in violation of\u00a0securities law\u00a0to hurt the price of his and other companies’ stock.\u00a0Under his direction, Overstock.com has filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm.<\/p>\n

“Cohen’s life work is being destroyed,” he told Business Insider, “I feel good.\u00a0Shooting SAC Capital dead and throwing all of its employees into the streets is simply civilization scraping some dog s**t off its shoe. \u00a0I felt it was time I spent $100k on a derisive ad in order to say that.”<\/p>\n

“Eight\u00a0years ago I was roundly criticized by coming out publicly and saying, in brief: A network of dirty hedge funds were practicing all kinds of dicey practices, including insider trading and naked short selling (and being serial killers of firms in the process),” Byrne said in a statement. “The SEC was not doing its job protecting our markets because it is a captured regulator, and this combination was destabilizing the\u00a0system.”<\/p>\n

“Also that the mastermind, the Napoleon of crime, so to speak, was someone I initially identified as the “Sith Lord” of all that was evil and wrong on Wall Street. In the months after, I gradually dropped broader and broader public hints that I was talking about Stevie Cohen. Of course, through all of this my claims were spun,\u00a0ridiculed, and mocked.”<\/p>\n

“Besides, if you’re not going to kick a man when he’s down, when\u00a0are<\/em>\u00a0you going to kick him?” Bryne said.<\/p>\n

Editing by Alex Akesson
\nFor\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.Net) – CEO and Chairman of\u00a0Overstock.com Patrick Byrne took out a strange full page advert in the Wall Street Journal in order to mock SAC Capital’s Steve Cohen, calling him a “Sith Lord.” Byrne become known for his […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16005,3],"tags":[],"class_list":["post-37057","post","type-post","status-publish","format-standard","hentry","category-developing-stories","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=37057"}],"version-history":[{"count":9,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37057\/revisions"}],"predecessor-version":[{"id":37060,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37057\/revisions\/37060"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=37057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=37057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=37057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}