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cubanstockpicker (< 20)

Confessions of a paid basher, a link from a yahoo message board

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December 28, 2007 – Comments (6)

I was reading up on the yahoo message boards about some stocks and I came accross this incredible posting. I cant attest to the truthfulness or "truthiness" of this board member, but his description on how the process works and deep knowldege of how paid bashing works is right on target.

I thought it was amazing and interesting reading, enjoy fellow fools

Press here

 

Fool on 

 

 

 

6 Comments – Post Your Own

#1) On December 28, 2007 at 9:08 PM, camistocks (< 20) wrote:

This is a hoax, I remember reading a very similar post back during the 2000-2003 bear market. While there may indeed be stock bashers, this particular story is a hoax.

Confessions of a Phony Stock Basher By Betsy Schiffman December 19, 2007 | 5:15:21 PMCategories: Total Crock  

Stock message boards are a bastion of crazies and idiots who try to manipulate stocks by spreading misinformation. "Bashers" are posters who are notably and consistently negative on a stock. They make ridiculous calls (e.g. "Microsoft shares will fall $6 tomorrow!") and they claim to have inside information about specific stocks. (They often pick on smaller sub-$10 stocks that are cheaper and easier to manipulate, as opposed to larger, widely-held stocks such as Wal-Mart.)

In recent weeks, stock message board users have been aflutter with one post, "Confessions of a Paid Basher." The so-called confession was written by somebody who claims he/she was paid by "Springfield Global Funds" to dump on a handful of stocks including Overstock.com, OmniVision Technologies, Crown Media Holdings and Dendreon.

"The idea behind my group is to bash the price of a company's stock down low enough to where the group of investors who retained our company's services can buy the stock really cheap and perhaps even take it over all together."

This poster claims he/she was paid $18 per hour, plus "$1.25 bonus for every decent quality post over 100 per day as well as a monthly bonus of $100 for every penny the stock had dropped from the previous month."

This is actually pretty old news -- several versions of this same confession have circulated online at least since 2000 -- but it struck us as odd that somebody took the time to update the post to include Overstock.com, a company whose CEO,Patrick Byrne, is pretty obsessed with stock manipulation.

Byrne (right) denies allegations that he has anonymously posted on message boards to defend his company, but we wondered if an overzealous defender of Overstock, or even low-level employee might be responsible for this particular rendition of the confession.

"This is not something we had anything to do with," says Overstock.com spokesperson Judd Bagley.

http://blog.wired.com/business/2007/12/confessions-of.html 

 

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#2) On December 29, 2007 at 12:58 AM, EScroogeJr (< 20) wrote:

When I read the Yahoo post, I assumed it was a pumping scheme aimed at pumping BRLC, OSTK, DNDN, and CRWN. Notice that all four are problematic stocks that look in desperate need of some pumping. It's quite a comforting message: don't listen to the bears, someone hiding in some secret vault is actually accumulating your penny stock, don't be a loser, follow the smart money. The mentioning of OSTK resonates with the high-publicized statements of its CEO and should give credibility to the whole concept. And in case you ask yourself why the attention of this strange basher seems to be confined to a basket of stocks so decidedly un-Buffetesque, there's the mentioning of OVTI to put your fears to rest. If you can see how smart money would want to accumulate a stock like OVTI, then the attempt to accumulate the other four shouldn't look too suspicious, should it?

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#3) On December 29, 2007 at 8:38 AM, camistocks (< 20) wrote:

Everybody, please read this:

If anyone needed further proof that Internet bulletin boards attract fools like winged vermin to a Shell No-Pest Strip, Steve Tracy offered it last week when he publicly "confessed" online that he was being paid to bash stocks.

In the week that followed, lots of the gullible folk still apparently didn't realize just how badly they were being had. So badly that Tracy, the originator of the little hoax, was sheepishly wondering if his prank had spiraled out of control.

"In my view, this thing has gotten totally ridiculous," he wrote in an email interview. "While at first I was pleased at the reception it received, I am quite dismayed that so many people would believe what I had thought to be an obvious joke (!!!)."

The fun began last Wednesday when Tracy, who goes by the Internet alias firebird_1965, posted a tome entitled, "Confessions of a Paid Basher", on Raging Bull.

 Please read the whole article, which was written in 2000! 

http://www.thestreet.com/tech/internet/1165692.html

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#4) On December 29, 2007 at 7:34 PM, cubanstockpicker (< 20) wrote:

Its not that I have a particular opinion any which way. I am just a fellow fool who read a message that seemed interesting. If people do follow these posts or not, its still to observe that if this activity does go on. Which I think everyone can agree that it does, then we should also agree that the feds, or even the boards whould do more to control this kind of manipulation.

I am glad fool.com has done an excellent job because it doesnt give roon for bashers or pumpers, because the truth of the pick is attached to the player and his/her rating. 

 For me the message boards are almost as useless as the discussion forums section of craigslist. Diatribes of senseless and witless information.

Maybe if we had a stronger fed, they could look in to this kind of junk information by attaching or recording IP addresses or some other kind of tracking.

 

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#5) On December 30, 2007 at 2:03 PM, EScroogeJr (< 20) wrote:

I wouldn't support this. We have too much Fed control and IP tracking as it is.

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#6) On January 03, 2008 at 10:38 PM, abitare (49.76) wrote:

cubanstkpkr,

I use the message boards, 90% is garbage. However, there is some great, great wisdom occasionially posted there. It is not unusual to have employees and managers of companies having discussions and sometimes their are people in the business, who can answer questions. I prefer CAPS, when you can judge a guy by his picks and score. But I use the message board sometimes also.   

Please do not ask the FED for help, ever.  

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