Editorial Note: What follows is an excerpt and a link to a collection of posts from the personal blog of Patrick M. Byrne, CEO of Overstock.Com, a NASDAQ-listed company with a market capitalization of $US273 million dollars and a stock price that is on quite an upsurge over the last month. In these series of posts, Mr. Byrne lays it all out, in great and knowlegeable detail, on the global economy and how it works.
These are a scathing and damning series of posts. And quite remarkable because of those very qualities.
From the Introductory post:
Dear Reader,
Since early 2005 I have been criticizing our nation’s financial system. Some recent news stories displayed confusion regarding my claims. I will therefore state them here in a way that will be difficult for others to misunderstand or misconstrue. Then in subsequent posts I will review evidence that has emerged over these past two years and evaluate the degree to which that evidence has confirmed or falsified my claims.
I can reduce my theory to ten simple claims:
1. The Securities & Exchange Commission, 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 their and their pensions’ losses in the stockmarket).