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Patrick Byrne, back for more



March 18, 2008 – Comments (6) | RELATED TICKERS: OSTK , BSC.DL , JPM

After a long absence, Patrick Byrne is back posting at It's because he's got something to share. He wants us all to know that, well, here it is in his own words:

Everything that is happening now in the capital markets is precisely what I thought would happen. It is precisely what I said would happen. It is precisely what I have been running around for 2+ years warning people was going to happen.

This will likely surprise you, if you've paid any attention at all to Dr. Byrne's vociferous ravings against Wall Street. That's because what he has alleged -- most recently via a question-begging, oversimplifying, ofuscating gem of circular logic -- is a massive, media-complicit, Wall Street conspiracy involving the creation of "phantom" shares, or naked shorting, and that this money-making machine is ruining the world as we know it.

Still, since something bad seems to be going on, NOW (by which I mean yesterday) Dr. Byrne figures it's time to take the first of his victory laps, even though he cannot, I believe, provide a shred of evidence that he warned anyone, at any time, of the problems emanating from the housing bubble, structured finance, phony bond ratings, misleading financial reporting, and unsustainable housing prices that have actually caused the recent problems in the credit markets.

I have asked him to provide us with examples of his warnings -- "precise" ones, to use his words, would be good. I will not hold my breath waiting for them.

6 Comments – Post Your Own

#1) On March 18, 2008 at 4:27 PM, FoolishChemist (92.94) wrote:

Who's he calling a Miscreant?

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#2) On March 18, 2008 at 4:44 PM, mandrake66 (77.87) wrote:

This is like when that annoying buffoon from Lenox Financial ("greatest no-brainer in the history of earth") Jon Shibley runs endless commercials telling you that he's been warning about what's happening for years. You just have to laugh.

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#3) On March 18, 2008 at 5:33 PM, ByrneShill (82.56) wrote:

The funny thing is that Pat is actually a pumper, not a dumper. He keeps trying to pump overtock's share price, and while he said doom was impending, what he really meant was "All is nice and dandy in Utahland".

Now, an advice to Pat: Next time you want to pump your stock, don't hire a noob like Judd, go with the big gorilla, like Cramer. if he can pump BSC, he can pump you guys.

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#4) On March 18, 2008 at 7:07 PM, FleaBagger (27.53) wrote:

What is the deal with Jon Shibley from Lenox Financial? Is that "a racket and a rip-off"? Or is that actually a good deal? Or what?

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#5) On March 18, 2008 at 7:29 PM, TMFBent (99.24) wrote:

"Who's he calling a Miscreant?"

Usually, anyone who doesn't agree with him or dares question him.

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#6) On March 18, 2008 at 9:57 PM, AntiRL (< 20) wrote:

Ok Mr Smarty Pants, so when are we gonna see this stuff turn around.  What signs are there gonna be and what can bubble / acts will help get us out of this recession. Ask him that too!!!!!!

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