All credits go to u/Tribune-Of-The-Plebs
Good Morning afternoon Everyone! (this took longer to write than anticipated)
I want to get the eyes of some of the more wrinkled-brains Apes on this comment letter to the SEC from 2009: https://www.sec.gov/comments/s7-08-09/s70809-4614.pdf.
You know those important comment letters to the SEC written by folks like our recent guest Carl Hagberg that apparently just go ignored? I think this might be one of those.
(Please Note: this is a very long post. I’ve done my best to create a TL;DR at the bottom*, but please try to read both this post, and the linked source materials, in their entirety. They are fascinating and informative.)*
This 2009 SEC comment letter was written by Mark Mitchell, a Deep Capture investigative journalist. Deep Capture is the website created by Patrick Byrne, former CEO of Overstock.com, who waged a very public war against the naked short selling by Wall Street after his company fell victim to it. For his efforts, Patrick faced ridicule and dismissal from the mainstream media (we know something about that here). Patrick of course was ultimately vindicated by the events of 2008, when the SEC and Congress finally admitted the seriousness of the naked short selling issue as it threatened to destroy Lehman Brothers and Bear Stearns, and the whole financial system along with it. The SEC temporarily banned all naked short selling during the 2008 crisis.
Patrick Byrne was also vindicated through Overstock’s lawsuits against various short seller hedge funds and market makers who had targeted Overstock. Many of these lawsuits eventually settled out of court without admissions of guilt... but I think we can all read between the lines. I encourage you to read some of the juicy details on one of those lawsuits here, as reported by the BASED Matt Taibbi on Rolling Stone: https://www.rollingstone.com/politics/politics-news/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-244035/
I also encourage you to watch this very interesting documentary from 2012 that has been posted to this subreddit a co
... keep reading on reddit ➡