For six years Overstock.com has waged a war to expose Wall Street mischief. We did not go looking for a fight, but our company was attacked, and we learned we were not alone: the same manipulation-for-profit tools that Wall Street had deployed against us had also been deployed against many American companies, harming job creation, innovation, and economic growth. We knew that if left unchecked and unexposed, Wall Street's games could ultimately damage U.S. capital markets.
So in 2005 and 2007 we filed two lawsuits. The first case was against a hedge fund (Rocker Partners) and hatchet-job-for-hire research team (Gradient Analytics), both with ties to Jim Cramer. The second case was against a group of eleven Wall Street prime brokers, culminating in Goldman Sachs. The hedge fund in question (Rocker Partners) hired famed lawyer David Boies, and the prime brokers showed up with an army of the most prestigious law firms in America. Our lawyers were Dore Griffinger, Ellen Cirangle, Jonathan Sommer and Catherine Jackson of Stein & Lubin, a small but excellent San Francisco law firm.
We won the hedge fund case against Gradient and Rocker, extracting an apology, a retraction and over $5 million in cash (it felt good to beat David Boies' firm). In our prime broker case, one of the Wall Street banks (Lehman Brothers) has gone under (two, Bear Stearns and Merrill Lynch were sold at fire sale prices), and another seven paid us millions to let them out.
That leads us to the main event this coming December, when Overstock.com will square off against Goldman Sachs and Merrill Lynch (and Merrill's parent, Bank of America) in a San Francisco courtroom. Recently, in the prosecution of this case, we uncovered evidence of collusive action between Goldman Sachs, Merrill Lynch and other Wall Street bad guys, in a scheme designed to fool regulators and profit illegally at the expense of Overstock.com.
As a result of this discovery, in December 2010, we added a Racketeer Influenced and Corrupt Organization (RICO) Act claim and requested treble damages under this RICO claim. We firmly believe the conduct of Goldman Sachs and Merrill Lynch were “racketeering” and “corrupt.” We are moving forward: trial is scheduled to commence this year, on December 5, 2011. At trial we will hold Goldman Sachs and Merrill Lynch accountable and expose a slew of illegal Wall Street practices to the public.
It is now widely accepted – and lamented — that US President Barack Obama failed dismally in attempting to make peace between Israel and the Palestinians. Defeated by Israel’s hard-line Prime Minister Benyamin Netanyahu, and by Israel’s friends in the U.S. — lobbyists, Congressmen and women, neo-conservatives, Christian Zionists, and assorted Arab-haters both inside and outside the Administration — the President threw in the towel.
What is less well understood is that Obama was also defeated in another major area of foreign policy – relations with Iran. When he came to office he vowed to ‘engage’ with the Islamic Republic, but this admirable objective was soon supplanted by a policy of threats, sanctions and intimidation aimed at isolating Iran, subverting its economy and overthrowing its regime.
Israel and its friends led the campaign against Iran, demonizing it as a threat to all mankind, and forcing the United States to follow suit. Israel has repeatedly, and very publicly, threatened to strike at Iran’s nuclear facilities, and has done its best to drag the U.S. into war against it, in much the same way as pro-Israeli neo-conservatives – such as Paul Wolfowitz and Douglas Feith at the Pentagon — manipulated intelligence to push America into war against Iraq in 2003, with catastrophic consequences for the United States.
Phi Beta Iota: Brazil and Turkey are depicted as adults, the US as a retarded child misguided by Israel. There is no discernible difference between the Bush-Cheney Administrations and the Obama-Biden Administration with respect to foreign policy and national security, with one signal exception: the National Security Advisor is a Goldman Sachs lobbyist.
Industrialized agriculture, and industrialized corruption in defense. Nobody is serious about creating safe, affordable, sustainable solutions for anything, from agriculture to defense.
Phi Beta Iota: Holistic strategic analytics with embedded full life cycle “true costs” is a non-negotiable first step toward global hybrid governance, with or without governments.
Operation Shady Rat. Sustained, silent, IP theft from 70 organizations across 14 countries. More. What we have witnessed over the past five to six years has been nothing short of a historically unprecedented transfer of wealth — closely guarded national secrets (including from classified government networks), source code, bug databases, email archives, negotiation plans and exploration details for new oil and gas field auctions, document stores, legal contracts, SCADA configurations, design schematics and much more has “fallen off the truck” of numerous, mostly Western companies and disappeared in the ever-growing electronic archives of dogged adversaries.
Phi Beta Iota: This is not new! What is new is the desperation of the Pentagon and its contractors to find a new threat justifying gross waste in the face of new taxpayer outrage over borrowing a trillion a year to pay for things we do not need and cannot afford. What most do not understand is that those nations that do industrial espionage on this scale also have the brains to devote humans to the cherry-picking task, which is non-trivial and labor intensive. CIA and NSA have never been about a sufficiency of humans–at CIA, in the early days of cyber-espionage, one reports officer walked off the job when handed a print-out of everything stolen in one pass by one device. Cyber-war is a scam, plain and simple. We should be focusing on responsible communications and computing architectures, and on open sources of information in 183 languages we don't understand. Until then, Shady Rat will continue to kick Sleeping Dog's ass.