OVERSTOCK.COM INC
SymbolOSTK

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Overstock.com faces another shoddy accounting challenge

2009-02-20 13:38 ET - Street Wire

by Lee M. Webb

Overstock.com Inc., an online discount retailer headed by naked short selling conspiracist Patrick M. Byrne, is again being challenged about its accounting practices. Once again, the challenger is the former chief financial officer of Crazy Eddie Inc. and convicted fraudster Sam E. Antar.

According to Mr. Antar, Overstock.com violated generally accepted accounting principles (GAAP) in its fourth-quarter reporting, essentially fiddling the books to turn an $800,000 quarterly loss into a $1-million profit. (All amounts are in U.S. dollars.) Mr. Byrne dismisses Mr. Antar's claim as gibberish.

Some people, perhaps easily persuaded by ad hominem arguments, evidently find it very easy to disregard Mr. Antar's claims. After all, as Mr. Byrne is quick to point out, Mr. Antar is a former fraudster. In fact, in Overstock.com conference calls and elsewhere, Mr. Byrne often eschews describing Mr. Antar as a "former fraudster" and has repeatedly referred to him as "Sam Antar the Crook."

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Lee, you rascal you. Have you ever loved a worse crook anymore then you still love Sam?

This is all coming out tool. Got you hideout stocked?

Posted by Ron Doc @ 2009-02-20 15:01


As I have stated several times this week, I am man who deeply cares for Dr. Patrick Michael Byrne. I will defend him, you have been warned. . I have his back and he has mine. It's a trust you may never understand. You should know how thrilled and alive it makes me feel to know I can defend a man of his honor and popularity! Your blog is worthless. Thank You for proving to everyone that all the World is against this fine and upstanding man. You must stop treating this man so callously! You should be ashamed! I for one, see him as he is: a leader of men. If Dr. Byrne would ask me to lay down my life for this cause, I would do so! I stand beside him and praise the good work this noble man has done. You have a choice: join us or perish in the damnation of greed and sin. We will not allow all to join us in the new order that is forming as Wall Street burns to the ground. Join now or forever be a victim to the crimes and distortions of the elite media.

Posted by lenofus @ 2009-02-20 15:44


Lee, I suggest you and your readers educate yourself about how the DTCC Clearance and Settlement system is totally corrupted at it core by reading Dr. Jim DeCosta's letter to the SEC:

www.sec.gov/comments/s7-30-08/s73008-75.pdf

Everyone should especially note page 13 - 22 where the following is explained:

>>>> THE ANATOMY OF A TRILLION DOLLAR HEIST

It is quite amazing how stock is sold and never delivered by the Wall Street Criminals, and that this practice is completely supported and facilitated by the corrupt DTCC system for clearance and settlement. Counterfeiting shares of stock is the quickest way to become wealthier by increasing the liquidity of one's bank account with other peoples money.

Why would a Wall Street Criminal want to deliver stock shares they sold when the DTCC system allows them to counterfeit shares and are never required to supply a delivery date?

Not only this, but all the counterfeit shares of stock can also be sold again and again in the corrupted DTCC system!!!

And we the buying public are forbidden by the corrupted DTCC system from knowing if the stock we bought was ever delivered.

Wall Street Criminals have figures out that they can become rich by selling counterfeit shares of stock, which they never have to deliver according to the DTCC system.

With this knowledge in hand, can anyone say that Dr. Byrne is making this up? No, no one can.

The better question is > Why are you Lee ignorant of these facts about the corrupted DTCC system?

Or are you?

Posted by Steven @ 2009-02-20 17:14


Very impressive Lee. Now that you haven't the opportunity to hype convicted felon Anthony Elgindy I see you have focused your energies on hyping the work of similarly convicted felon Sam Antar. The problem you face is that Sam has met with the SEC on numerous occasions and they have yet to agree with his repeated claims. Bringing in Coenen and Weiss into the equation is equally irresponsible reporting without likewise reporting the cozy relationship the three have.

For an unbiased reporter you certainly do come across with an axe to grind here.

Posted by Dave @ 2009-02-20 17:16


sam antar is a rat...and a rat is a rat...and dat is dat

Posted by good story @ 2009-02-20 17:25


What's next, the musings of former convicted felon Barry Minkow?

Posted by Dave @ 2009-02-20 18:46


To Lenofus and Dave Patch:

To borrow a line from Groacho Marx:

"I love my cigar too, but I take it out of my mouth once in a while."

Lenofus likes to call Patrick Byrne a "man-God."

Dave Patch received free legal services from a lawyer hired by Patrick Byrne.

Posted by Sam E. Antar @ 2009-02-20 18:59


Notice how no one will touch the facts of the matter.

Posted by SOP @ 2009-02-20 19:36


SOP writes:

"Notice how no one will touch the facts of the matter."

Lenofus and Dave Patch are Patrick Byrne's message board trolls. They cannot refute me on Overstock.com's GAAP and SEC violations.

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-20 19:50


Dave:

Very impressive Lee.

Thank you.

Now that you haven't the opportunity to hype convicted felon Anthony Elgindy I see you have focused your energies on hyping the work of similarly convicted felon Sam Antar.

Apart from a few nutbars and perhaps a handful of people with reading comprehension difficulties, I do not see how anyone could construe my coverage of the Elgindy trial as hype. As for Mr. Antar, I think I have done a fair job of presenting his well-supported arguments regarding some issues relating to Overstock.com's accounting. Again, I suppose a few nutbars and perhaps a handful of people with reading comprehension difficulties might construe that as hype. So be it.

The problem you face is that Sam has met with the SEC on numerous occasions and they have yet to agree with his repeated claims.

I do not know whether it is actually the case that the SEC has "yet to agree with his repeated claims" and even if that were the case, it hardly presents a problem for me. Of course, I can follow Mr. Antar's arguments, review and understand the supporting documentation and draw my own conclusions about whether he is right.

Frankly, I find it more than a tad peculiar that an avid proponent of the notion of "captured regulators," someone who used his investigatethesec.com website and mailing list to distribute dozens of tedious rants about the ineffectiveness of the SEC, would even suggest that an adverse conclusion can be drawn about Mr. Antar's claims simply because the SEC purportedly does not agree with him.

Bringing in Coenen and Weiss into the equation is equally irresponsible reporting without likewise reporting the cozy relationship the three have.

Setting aside the fact that you hardly qualify as an authority on responsible reporting, I do not know that Mr. Antar, Ms. Coenen and Mr. Weiss have a "cozy" relationship or any relationship at all beyond at least an occasional interest in Overstock.com and Patrick Byrne.

I think "cozy" would more aptly describe your previous relationship with the late Gayle Essary, former stock tout and naked short selling conspiracist, and Mark Faulk, current CEO of a revoked pink sheet scam and naked short selling conspiracist.

For an unbiased reporter you certainly do come across with an axe to grind here.

And you, Dave, as always, come across just as would be expected by anyone familiar with your background.

Lee

Posted by Lee M. Webb @ 2009-02-20 20:05


Lenofus likes to call Patrick Byrne a "man-God."

Somebody -- anybody -- please tell me that Sam is joking.

Good grief.

Lee

Posted by Lee M. Webb @ 2009-02-20 20:20


I am afraid that Sam Antar is not joking. Lenofus has referred to Bryne as a "man-God".

If you devote time to study the posts and doings of the followers of Byrne - paid and unpaid - that foul waft William K. Wolfrum detected permeates the atmosphere like Pepe Le Pew in heat.

The truth may eventually out, but in the meantime, my speculation is that the reason Patrick Byrne has avoided SEC action is because of a combination of an especially dysfunctional Utah SEC branch office, and Byrne's core talent, perhaps his only talent: He is a cunning manipulator.

I have no doubt that another manifestation of apophenia is coming from Bryne and his "Black Ops" crew that will demonstrate that the recent wellspring of criticism aimed at Bryne is all interconnected by a dark force using dark matter. The longer this drags on, the greater the embarrassment for the SEC.

Posted by philosifur @ 2009-02-20 23:38


Don't you get it? The SEC are the biggest crooks on Wall Street, they should all be jailed for what has happened, yes that's right, the people who run the SEC criminals! There is no question about it.

Posted by Crooks All @ 2009-02-21 00:11


So sayeth the nut job Lenofus:

“Patrick Byrne is a Man God and his image should be cast in Gold and displayed in the offices of the SEC. You imps are not worthy of his presence as he enlightens only those who believe.”

http://blogs.wsj.com/marketbeat/2008/12/23/2008-lookback-best-calls-of-the-year/#comment-95349

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-21 00:19


Lee:

Dave Patch is a message board troll for Patrick Byrne - the lying king of corporate America. Patrick Byrne's serial lying about Overstock.com's financial performance dates back about 10 years.

http://whitecollarfraud.blogspot.com/2007/10/patrick-byrne-ceo-of-overstockcom.html

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-21 00:27


Lee,

As usual, a well done job.

regards,

the_worm06

Posted by the_worm06 @ 2009-02-21 04:56


Lee,

I'm surprised you didn't include Patch's relationship with Russ Godwin of Medinah Minerals fame in your response to him.

Posted by James R Brownfield @ 2009-02-21 10:28


James:

I am familiar with Mr. Godwin and his support of the anti-naked short selling crusade, but I think he was, at most, on the periphery of the cosy Essary-Faulk-Patch relationship.

Besides, Mr. Godwin has about 50 Stockwatch articles on his website, including more than 20 that I wrote, so he probably deserves some slack. Ha!

Lee

Posted by Lee M. Webb @ 2009-02-21 13:14


Lenofus:

If Dr. Byrne would ask me to lay down my life for this cause, I would do so!

I suppose that we can only hope that Mr. Byrne never makes that request.

I would like to believe that you are just feigning this devotion to Mr. Byrne and his "cause." If not, I think you really should seek help from a mental health professional.

Lee

Posted by Lee M. Webb @ 2009-02-21 13:39


Lee,

At least through 2006, Patch's bogus "investigatethesec.com" scam site was sponsored by RGM Communications, Russ Godwin's Vancouver-based tout shop.

http://web.archive.org/web/20061018013042/http://www.investigatethesec.com/

But I have to agree about Russ deserving some slack as Leslie "the Putz" Price really stiffed him. Still, if you're going to sleep with dogs, you can't be surprised if you wake up in the morning covered with fleas.

Posted by James R. Brownfield @ 2009-02-21 13:42


I am hurt. To think such a honorable set of cretins don't think highly of me. I think the only one missing for the gang would be Tony Ryals but from what I can gather, none of you bailed him out of the crazy farm this time around.

Lee, I was wondering whether you have spent any time reviewing the e-Mails Mitchell is posting on deepcapture.com and how they tie so many together. It seems that you want to use your access to the media to present a story and yet you fail to look at the evidence that pits the accuracy of your story in question. Now I recognize that to discuss such evidence may put in jeopardy your feelings towards a few convicted felons and other questionable sorts but you may want to consider looking into those e-mails before you make more of a fool of yourself.

BTW...Yes the SEC is captured but then again, yes Sam Antar is a convicted felon who personally benefits from trashing companies - justified or not.

Posted by Dave @ 2009-02-21 14:57


Care to discuss Lee? What did they mean, take it down for the count? this dialogue seems to support Byrne's allegations don't you think?

Message Sent: 02/22/2006 08:57:48

From: AHELLER3@bloomberg.net|ANDY HELLER|EXIS CAPITAL MANAGEM

To: JONKALIKOW@bloomberg.net|JONATHAN KALIKOW|STANFIELD CAPITAL

Subject: CNBC – FAIRFAX

Reply:

He did this one time before, and the stock went down 3 on the open, then closed up 1. the way to get this thing down is to get them where they eat, like the credit analysts and holders. we’re taking this baby down for the count. ads and I are going to toronto in 2 weeks for a group lunch. J

= = = = =End Message= = = = =

* * * * * * * *

That email was authored by a top employee of Exis Capital, which is an offshoot of SAC Capital — said by some to be the most powerful hedge fund on Wall Street. We can’t be certain who, aside from the email’s author and “ads” (Adam D. Sender, head of Exis), attended that “group lunch.” But from other emails we know that a particular “group” of hedge fund managers did, indeed, intend to take “this baby down for the count.”

The “baby” was Fairfax Financial, a major, publicly listed insurance and financial firm.

The above email (acquired through discovery in Fairfax’s lawsuit against some members of the “group”) makes reference in the first line to journalist Herb Greenberg, who bashed Fairfax on CNBC, apparently causing the stock to go “down 3 on the open.” Other emails in our collection (we’ll publish a couple more of them) suggest that Herb’s reporting involved nothing more than contacting the “group” to find out what he was supposed to say.

Posted by Dave @ 2009-02-21 15:03


Hey Lee Web, would you let your friends like Antar, ex criminal.. and all of your other criminal friends babysit your children?

Would you let your kids have a sleepover with all of your wonderfull criminal friends?

Well for sure, I would never let my kids be babysitted by you Lee or any of your friends, but I would have no worries about Patric Bryne from Overstock.

When it comes to the stocks and the market i feel the same.

Posted by agnes @ 2009-02-21 17:31


Hey, Agnes, how's your ASD Cash Generator Pyramid scam treating you?

Posted by James Brownfield @ 2009-02-21 17:51


dear gawd, in these prison walls as i sleep tank you fer perteting me from the evil patric burn and his sheep. tank you fer reforming fellow criminals lle webb, sam antar and berry mincow. tanks for teeming them with gary (weazel) weiss and tracey (ferret) cohen. what wismon you show in putting together this mighty crime fighting teem. i'm sure meny hours were spent exposing this possible 2 million doller mistake. pleeze don't let dem get sidetracked going after small time scmucks like madoff and stanford. and most of all gawd let dem contiue to cloud the issue of neked shorts. at least long enouf fer me to be parolled and get my piece of the neked short pie. as you know i promised bubba a new life. as soon as i meet my goals i to wil join the fight to expose dese do gooders fer what they are;do gooders.

Posted by oldepro @ 2009-02-22 09:22


dear gawd, in these prison walls as i sleep tank you fer perteting me from the evil patric burn and his sheep. tank you fer reforming fellow criminals lle webb, sam antar and berry mincow. tanks for teeming them with gary (weazel) weiss and tracey (ferret) cohen. what wismon you show in putting together this mighty crime fighting teem. i'm sure meny hours were spent exposing this possible 2 million doller mistake. pleeze don't let dem get sidetracked going after small time scmucks like madoff and stanford. and most of all gawd let dem contiue to cloud the issue of neked shorts. at least long enouf fer me to be parolled and get my piece of the neked short pie. as you know i promised bubba a new life. as soon as i meet my goals i to wil join the fight to expose dese do gooders fer what they are;do gooders.

Posted by oldepro @ 2009-02-22 09:23


Posted by lenofus ~ who ever posted this, is surely gay. What a joke of a post..."lay down my life for him" ~ LOL!

this guy, could be a serial killer, a little too serious pal.

Posted by LOL @ 2009-02-22 10:23


Posted by lenofus ~ who ever posted this, is surely gay. What a joke of a post..."lay down my life for him" ~ LOL!

this guy, could be a serial killer, a little too serious pal.

Posted by LOL @ 2009-02-22 10:23


Just as I thought, this was the one that would draw Lee out once and for all, letting everyone see where he makes his bed.

A well connected friend in Europe told me Stockhouse and Raging Bull may be nothing but naked short sellers tools and this seems pretty good at proving he is onto something.

OK now, flame away Lee...After all this is your platform.

Posted by Ron Doc @ 2009-02-22 10:28


Investors Hub is by far the worst, its operators take grease from crooked market makers who manipulate message boards according to their own agenda.

Posted by scumbags @ 2009-02-22 14:57


I think I've seen it all now. How you can openly embrace a convicted felon who publicly boasts about his criminal record and then to go on and write such a cheap article about one of the few voices that is out there exposing the criminal culture that has been allowed to flourish within our financial system is bewildering to say the least.

Shame on you Lee Webb.

Posted by not surprised @ 2009-02-22 15:05


Agnes:

Well for sure, I would never let my kids be babysitted by you Lee or any of your friends, but I would have no worries about Patric Bryne from Overstock.

Well, I don't do babysitting, nor do I have need of a babysitter, so your endorsement of Mr. Byrne as a babysitter is wasted on me.

Perhaps Mr. Byrne would appreciate your babysitting reference, however. After all, being trusted with the responsibility of providing adult supervision rather than being the subject of adult supervision marks a certain progress toward maturity.

This is from a July 29, 2008, Overstock.com news release:

"Jonathan has developed into a tremendous asset for our team," said Patrick Byrne, chairman and CEO of Overstock.com. "He has gone from simply providing adult supervision for me, to being a fine, aggressive contributor across many facets of our firm's operations."

Lee

Posted by Lee M. Webb @ 2009-02-22 16:47


You putz's are a shortsellers bestfriend...keep fighting and we'll keep selling, you still don't get it do you?? And my guess is that you never will.

Posted by Tel Aviv short @ 2009-02-22 18:02


Screw penny stocks, I make far more money selling Shamwow now! I will never going back to the phones.

Here's my video!

http://www.youtube.com/watch?v=QwRISkyV_B8

Posted by Pumper @ 2009-02-22 19:27


"essentially fiddling the books to turn an $800,000 quarterly loss into a $1-million profit"

So what? This is pocket change in the grand scheme of things and is nothing but accounting nit picking. The scumbags who ran Crazy Eddie Inc. stole hundreds of millions from investors using blatant criminal fraud and deception. They stacked empty boxes to trick naive auditors they have millions inventory. Their books were so cooked they caught on fire. What is Stockwatch doing even quoting Sam E. Antar? That filthy crook should have had his head caved in with a baseball bat.

Posted by what's going on? @ 2009-02-22 22:02


"What is Stockwatch doing even quoting Sam E. Antar? That filthy crook should have had his head caved in with a baseball bat."

Go for it. Take a swing.

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-22 23:20


Sam E. Antar (former Crazy Eddie CFO and a convicted felon) is a scumbag!

Hey Antar, you have a lot of nerve pointing your finger at anyone else after what you have done, you POS!

Posted by It ain't Kosher @ 2009-02-23 00:22


And Sam especially has a lot of nerve being RIGHT, and demonstrating so indisputably how WRONG certain un-indicted captains of distressed merchandise [and associated cultists] are.

That's really galling, isn't it?

Posted by ExTopangan @ 2009-02-23 00:47


I believe Sam E. Antar suffers from some kind of mental illness, he should seek therapy instead of trying to find a place that doesn't not exist for him within the securities industry, in any capacity.

Get lost Sam, you're not wanted.

Posted by Outcast @ 2009-02-23 01:00


"Get lost Sam...."

No

"...you're not wanted."

Too bad to you.

Your pal,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-23 01:04


Sam, are you on drugs you freak?

Posted by Outcast @ 2009-02-23 01:29


"Sam, are you on drugs you freak?"

Do Cuban cigars count?

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-23 02:28


Overstocks's accounting treatment of the $1.8 million one time gain is not different than any NYSE or NASDAQ company would do. This whole article is disgusting hatchet job with the sole purpose of undermining Mr. Byrne's attempts to expose the biggest money making racket used by industry criminals to steal money from the investing public. Lee, you're sitting on the wrong side of the fence.

Posted by Investigator @ 2009-02-23 12:01


"Investigator" writes:

"Overstocks's accounting treatment of the $1.8 million one time gain is not different than any NYSE or NASDAQ company would do."

Lawlessness by other public companies is no excuse for the lawlessness of Overstock.com and its CEO Patrick Byrne.

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-23 12:41


It not lawlessness, but rather an accounting method. Companies use one time charges all the time. Besides, its such a small amount of money its laughable, unlike the hundreds of millions you stole from the investing public. You should still be in jail you scumbag. Patrick Byrne is right about the criminal naked shorting that has long been industry practice which destroys public companies and steal billions in shareholder value. There is really something terribly wrong with you, Antar. Its too bad you didn't get 35 years for your despicable crimes!

Posted by Investigator @ 2009-02-23 13:06


Which accounting method you are referring to?

Accounting according to GAAP and SEC rules or Patrick Byrne version of "cigar box" accounting?

Do allegations of "criminal naked shorting" give Patrick Byrne the right to defraud investors by violating GAAP and other SEC rules such as Regulation G for non-GAAP disclosures?

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicred felon) @ 2009-02-23 13:23


Sam, how much did you pay back to your victims? You smoke Cuban Cigars, hand over hundreds of thousands of dollars to other convicted felons so that they too can attack public companies (while being proven to be wrong by regulators I might add), and yet not a penny went to the people you admit you cheated and stole from? How does that work?

If you are all about honesty and integrity, why haven't you reached out to any of your victims?

Posted by Dave @ 2009-02-23 13:30


>Do allegations of "criminal naked shorting"

Are you in denial criminal naked shorting is harming public companies and their shareholders? Its obvious who's pocket you are in.

Antar, you are one twisted freak!

Posted by Investigator @ 2009-02-23 13:39


Sam, how much did you pay back to your victims? You smoke Cuban Cigars, hand over hundreds of thousands of dollars to other convicted felons so that they too can attack public companies (while being proven to be wrong by regulators I might add), and yet not a penny went to the people you admit you cheated and stole from? How does that work?

If you are all about honesty and integrity, why haven't you reached out to any of your victims?

Posted by Dave @ 2009-02-23 13:41


Hi Dave Patch:

How does anything relating to Crazy Eddie excuse Overstock.com and Patrick Byrne's violations of GAAP and SEC rules?

Did you thank Patrick Byrne for taking care of your legal fees? Why did you hide that fact for so long?

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-23 13:45


Hi Dave Patch:

How does anything relating to Crazy Eddie excuse Overstock.com and Patrick Byrne's violations of GAAP and SEC rules?

Did you thank Patrick Byrne for taking care of your legal fees? Why did you hide that fact for so long?

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-23 13:45


Sam E. Antar's crime spree landed his sorry ass in jail!

Way to go Antar, you're a real piece of work!

LOL

Posted by Mentally ill @ 2009-02-23 14:32


Sam, Sam, Sam.

Your claims against Overstock are similar to those made by similarly convicted felon Barry Minkow. Problem is, while both of you claim wrongdoing no regulator who has reviewed their books relative to your complaints have come to similar conclusion. So how do your past actions relate to present activities - They both appear to have been based on an orchestration of deceit.

Now as to my legal fees. Funny how that is the best you have to go after me on as like your attacks on Overstock's accounting you appear short on detail.

You see, James Cramer tried to sue me for slander to shut me up as I addressed him over naked shorting issues and his comments dating back to 2005. Jim has now come to my way of thinking by the way. Anyway, I spoke to Patrick about this not for payment but with regards to an attorney we both were acquainted with. Jim really hadn't much of a case and was using attorney's at TheStreet.com to harass me. I sent the attorney a retainer to draft a response of which, as I explained before, the retainer was returned uncashed. The fact that Patrick covered the expense was unknown to me until he blogged it so you knew at or before the time I knew. No hiding, simple facts you keep ignoring and trying to make into something much more than it was. BTW...Since it was nothing more than a memo response to their claims what do you figure the cost was? Do you think it was more or less than the $300,000 you paid convicted felon Barry Minkow to stalk public companies?

BTW...How is your buddy Gary Weiss doing now that he was thrown off Wikipedia for lying and was outed for hyping his pathetic book using a technique of sock puppeting?

Posted by Dave @ 2009-02-23 15:46


Sam Antar is a classic example of the stock market sociopath. He's so messed up he can't even see it! This guy really needs to be locked up before he victimizes any others.

Posted by Sam Antar the Sociopath @ 2009-02-23 20:37


I find it interesting that Stockwatch through Lee Webb has ventured into siding with a convicted felon to perpetuate this convicted fraudster Sam Antar's propogandist views on it's own forum.

Big loss of credibility here Stockwatch.

Posted by not surprised @ 2009-02-23 21:13


This is just another example how the securities industry is all about protecting itself no matter what crimes its participants are guilty of. As an example, Madoff still isn't in jail yet the SEC chases around Howe Street beggars trying to justify its pitiful existence. Illegal naked shorting is as old as the stock market itself, do you think the industry really wants to stop this gravy train?

Posted by Used to it @ 2009-02-23 21:43


Weird. I'm not terribly familiar with Lee Webb and Stockwatch but a quick tour of google reveals that he has pretty solid track record of calling out scams.

the most interesting thing are the comments to his pieces. pretty much every one follows the same pattern: outrage, furor, defense, insults and the like.

Not surprised at 21:13 is the most typical...a big pronouncement of credibility loss. And then, eventually, the SEC or someone files suit and the long trip south. I wonder if "not surprised" and his ilk email in their apologies when things reverse for their stocks?

Posted by T.O. Shea @ 2009-02-23 22:49


T.O. Shea:

You wrote, "the most interesting thing are the comments to his pieces. pretty much every one follows the same pattern: outrage, furor, defense, insults and the like." It comes with the territory when you expose scamming companies like Overstock.com and lying CEOs like Patrick Byrne.

Patrick Byrne lies to his shareholders while masquerading around as a stock market reformer. Dave Patch, who belatedly admitted that Byrne paid his legal fees, masquerades as a stock market reformer, while defending Patrick Byrne's lies.

By masquerading as stock market reformers, both Patrick Byrne and Dave Patch seek to build a wall of false integrity around them. They use their wall of false integrity in an attempt to gain credibility for their expressed “outrage, furor, defense, insults and the like.”

Regards,

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-24 01:00


Sam E. Antar, you have zero credibility. You were jailed for your crimes against the investing public, just who in hell are you trying to kid? The accounting issue you are crying about is minor, especially when compared to the Trillions Wall Street has looted from the world. You are one dirty POS carrying out this smear campaign against Overstock.com and Patrick Byrne who is exposing real fraud and corruption within the DTCC system. Why don't you go cry on the Yahoo GS board and see what people think of you? You are one delusional freak!

Posted by POS @ 2009-02-24 01:18


"Sam E. Antar, you have zero credibility."

Swing and a miss.

Sam

Posted by Sam E. Antar (former Crazy Eddie CFO and a convicted felon) @ 2009-02-24 04:49


the.street:

David PATCH

Author

Stockgate Today

I am the General Counsel of TheStreet. com, Inc. (“TheStreet. com”), which publishes, among other things, articles by James J. Cramer, a columnist and our co-founder, Michael Comeau and William Gabrielski, both research associates. I write to you regarding two articles you have written in your online newsletter Stockgate Today, the first entitled “Regulation SHO; Results Leave Questions More than Answers,” which is dated December 29, 2005, and the second “If Short Sellers are so smart, why do they need to cheat to succeed?” which is dated January 1, 2006. Your newsletter appears to be published on a web site that you control, , and distributed by Investrend Communications, Inc,, a company controlled by Gayle ESSARY. These articles contain numerous factual inaccuracies and misleading characterizations and insinuations, which should be promptly and fully retracted.

Continued: http://www.investorshub.com/boards/read_msg.asp?message_id=9162541

Posted by KeithP @ 2009-02-24 12:02


Dave Patch from Investigatethesec.com on PalTalk (CMKX) October 3, 2004

http://cmkx.yazzi.com/dave_patch_-_paltalk_100304.htm

Posted by KeithP @ 2009-02-24 17:22


Sam Antar keeps spinning wheels in his plight to discredit Dr. Byrne. It's quite disturbing to witness his incessant drum beat of negativity. GAAP crap, is all I can say.

The key factor for any business is cash flow. At least in the case of the $1.8 million gain, I see new cash that hadn't been accounted for previously.

In summary, that's a good thing for Overstock's balance sheet.

Posted by carlk @ 2009-03-04 14:31


''To think such a honorable set of cretins don't think highly of me. I think the only one missing for the gang would be Tony Ryals but from what I can gather, none of you bailed him out of the crazy farm this time around.''

- David Patch

Well Well Well,While I finally noticed the two warring gangs of penny stock criminals including the scummy scammy self rigteous con artist Mr.Brownsfield were here as well as the skkkumbag David Patch who I quote above.Note neither gang informed me of your articles Mr.Webb.So they both lie I am not part of any of their gangs and Charles Schwab could verify if it wished to that I was ripped off in their mutual penny stock scams.I suspect James Brownfield is also den of thieves on ragingbull but not sure.They do have much in common.Denofthieves used to try to get me off ragingbull and ragingbull wanted me off so the fraudsters could continue to defraud innocents who discovered the site.You would think we,Brownsfield and I, had similar beliefs but his views are phoney like his scam journalist pal Gary Weiss of Steve Forbes' digital rag.Weiss and he have claimed that 'naked shorting' would not hurt a stock's share price which is like arguing that German's printing of excess currency in the 1930's did not effect currency value.In fact the U.S. is about to just print more dollar currency just to replace that sent offshore in scams both these criminal groups aid abet and profit from due to their close connections to corrupt officials in the SEC and I believe CIA,etc..Both groups are more allied to Israeli money laundering banks or offshores in general that to Am ericans who are hurting because they continue their frauds on the internet and through brokers and offshore account in my opinion.

And you'll never hear any of them lament or even mention that 911 was funded or at least the incompetent pennt stock 'companies' Securacom of Marvin Bush,Wirt Walker III and the Al Sabah which began trading or dumping shares in 1997 at $8.50 per share and the Israeli criminal enterprise ICTS International that incorporated in Joe Biden's state of Delware in 1999 were both stock frauds.And they or at least the Israeli criminal enterprise were easily placed on NASDAQ in 1999.Thanks again Mr.Madoff.

Posted by Tony Ryals @ 2009-03-26 13:01


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