The 3BL Media blog roll is a select list of the most influential, respected, and authoritative voices in corporate social responsibility. Compiled from the 3BL Media staff’s extensive contacts with longtime CSR commentators, these bloggersoffer relevant news, opinions, and ideas about all things CSR in one convenient place.
Either Overstock.com CEO Patrick Byrne is certifiably insane, or he’s a genius. Perhaps he’s a blend of both. I have to admit, the guy fascinates me.
For the past five years, Byrne has waged an unrelenting crusade against the banking practice known as naked short selling, a financial sleight of hand that floods the market with nonexistent stock. Today that war has culminated into two Internet websites, a high-profile public relations campaign, and a $3.48bn lawsuit that Byrne has filed against 12 New York brokerage firms, alleging a “massive, illegal stock market manipulation scheme.” The case is still pending.
To get a sense of both the scale and significance of Byrne’s claims, take a few paces back in time. Years prior to the 2008 financial crisis, Byrne went on TV warning people of the dangers of naked short selling and predicting that a financial catastrophe was just around the corner.
“I think there is something going on in the American marketplace that has to be stopped,” Byrne told Bloomberg in November of 2006. “When it comes to light, it’s going to be something that makes Enron look like a tea party.”
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