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Emails Show Journalist Rigged Wikipedia’s Naked Shorts

“Two and a half years ago, Overstock.com CEO Patrick Byrne penned an editorial for The Wall Street Journal, warning that widespread stock manipulation schemes – including abusive naked short selling – were threatening the health of America’s financial markets. But it wasn’t published. “An editor at The Journal asked me to write it, and I told him he wouldn’t be allowed to publish it,” Byrne says. “He insisted that only he controlled what was printed on the editorial page, so I wrote it. Then, after a few days, he got back to me and said ‘It appears I can’t run this or anything else you write.'”

The Journal never changed its stance. But last week, the editorial finally saw the light of day at Forbes – after Byrne added a few paragraphs explaining that naked shorting had hastened what could turn out to be the biggest financial crisis since The Great Depression. “With a traditional short sale, traders borrow shares and sell them in the hope that prices will drop. A naked short works much the same way – except the shares aren’t actually borrowed. They’re sold but not delivered. By the middle of the summer, these unresolved “stock IOUs” – as Byrne calls them – were pilling up in four Wall Street giants already struggling to stay afloat: investment banks Lehman Brothers and Merrill Lynch and mortgage finance companies Fannie Mae and Freddie Mac. On July 12, the Securities and Exchange Commission issued an emergency order banning naked shorts in a host of major stocks, and all four of those names were on the list.

The order expired in mid-August, and in the weeks since, Lehman Brothers has filed for bankruptcy, Merrill Lynch has swallowed into Bank of America, and Fannie and Freddie were seized by the US government. Then, on September 17, the SEC issued a new order meant to curb naked shorting of all stocks. “These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling,” read a statement from SEC chairman Christopher Cox. “The Enforcement Division, the Office of Compliance Inspections and Examinations, and the Division of Trading and Markets will now have these weapons in their arsenal in their continuing battle to stop unlawful manipulation.”

In the wake of the SEC’s crackdown, the mainstream financial press has acknowledged that widespread and deliberate naked shorting can artificially deflate stock prices, flooding the market with what amounts to counterfeit shares. But for years, The Journal and so many other news outlets ignored Byrne’s warnings, with some journalists – most notably a Forbes.com columnist and former BusinessWeek reporter named Gary Weiss painting the Overstock CEO as a raving madman. Byrne has long argued that the press dismissed his views at least in part because Weiss – hiding behind various anonymous accounts – spent years controlling the relevant articles on Wikipedia, the “free online encyclopedia anyone can edit.” “At some level, you can control the public discourse from Wikipedia,” Byrne says. “No matter what journalists say about the reliability of Wikipedia, they still use it as a resource. I have no doubt that journalists who I discussed [naked shorting] with decided not to do stories after reading Wikipedia – whose treatment [of naked short selling] was completely divorced from reality.”

(via Investigate The SEC)

(Many people believe that the current financial crisis is mainly due to the domino effect of the sub-prime mortgage collapse. This is just a part of the equation. The illegal practice of naked short selling has been going on for years under the radar of the SEC. It’s a complicated practice to explain, let alone uncover. This is why the SEC has a temporary ban on ALL short selling (some financial experts disagree with this). “Naked short selling” and “short selling” are two different things. For good definitions on short selling and naked short selling read the excellent articles provided by Investopedia.com.)

MS sufferer in High Court battle asks: ‘Will my husband go to jail if he helps me to commit suicide?’

“A multiple sclerosis sufferer who wants her husband to help her die has accused the Director of Public Prosecutions of ‘ cowardice’ for refusing to clarify the law on assisted suicide. Debbie Purdy hit out at Sir Ken Macdonald for failing to make clear under what circumstances someone would be charged for aiding the death of a terminally ill person.

When asked why she thought prosecution guidelines were unclear, Miss Purdy, of Bradford, West Yorkshire, said: ‘I think it’s cowardice to be perfectly honest. It’s the last taboo.’ The 45-year-old, who was diagnosed with primary progressive MS in 1995, said she hopes to travel to Switzerland or Belgium, where assisted suicide is legal, to end her own life when her pain becomes unbearable.

However, she is concerned that if her Cuban husband Omar Puente helps her to travel, he might be prosecuted. Under the 1961 Suicide Act, the crime is punishable by up to 14 years’ imprisonment. Miss Purdy yesterday launched a landmark legal case at the High Court in an attempt to force the Crown Prosecution Service to spell out exactly what actions would be taken.”

(via The Daily Mail)

The Age of Apathy, and I.D.G.A.D.

‘By far the most dangerous foe we have to fight is apathy – indifference from whatever cause, not from a lack of knowledge, but from carelessness, from absorption in other pursuits, from a contempt bred of self satisfaction’- William Osler (Canadian Physician, 1849-1919)

“It may well be that our means are fairly limited and our possibilities restricted when it comes to applying pressure on our government. But is this a reason to do nothing? Despair is nor an answer. Neither is resignation. Resignation only leads to indifference, which is not merely a sin but a punishment”- Elie Weisel

“Science may have found a cure for most evils; but it has found no remedy for the worst of them all-the apathy of human beings.”- Helen Keller

“The price of apathy towards public affairs is to be ruled by evil men.”- Plato

“The biggest conspiracy has always been the fact that there is no conspiracy. Nobody’s out to get you. Nobody gives a shit whether you live or die. There, you feel better now?” -Dennis Miller

“The death of democracy is not likely to be an assassination from ambush. It will be a slow extinction from apathy, indifference, and undernourishment”- Robert M. Huchins

“Is it ignorance or apathy? Hey, I don’t know and I don’t care”- Jimmy Buffet

(I originally wrote this to take a look at the apathy prevalent in our society today without intending to look at this as a ‘generational thing’ because it generalizes entire groups of unique individuals, but I discovered that in order to talk about the current situation it was necessary to go back in time and look at the sociological trends that got us here.)

Recently someone sent me a link to the famous article written by Tom Wolfe, ‘The ?Me’ Decade and the Third Awakening’. When it first came out it in the mid-seventies it caused quite a stir. So much so that it became the label for an entire group of young people growing up at that time. ‘The Me Decade’ or ‘The Me Generation’ went on to become the ‘Baby Boomers’ new title. ‘See me, feel me, touch me, heal me.’ Analyze me, listen to me, and talk to me, me…me!! After reading through the article, it occurred to me that Voltaire was right. ‘Plus ca change, plus c’est la meme chose’. The more that things change, the more they stay the same.

Some friends and I were talking over dinner when their 20 year old son commented on the attitude of some of his generation. He said that his peers are (and I quote) ‘very spoiled, selfish, and unrealistic about work and life in general. They tend to be self-indulgent, messy, and wait for others to take care of things. Some want a good paying job without having to be too inventive or work too hard for it, and many are foolish about handling money. Immediate self-gratification is expected and pursued. There is a tendency to blame others for things and many have to be rescued from their own lack of experience or incompetence.’

The youth of ANY generation has some of these qualities, so what’s different?

Much of the ‘Me Generation’ were the product of hard working parents who grew up during the Great Depression, and who fought and lived through WWI and WWII. Scarcity was the norm, and family and community were of priority. The future rebels of the 60’s grew up hearing about war and the enormous struggle to make ends meet in the quest for the ‘American Dream’. The anti-war protests, civil rights movement, sexual liberation, and other movements of the 60’s and 70’s, were led by a youth whose idealism and vision led them to believe that united together they could ‘change the world’. In essence this was correct. Many things did change, and some issues we’re still fighting for today.

The idealism and self-exploration of the sixties eventually morphed into the self-indulgent, narcissism of the 70’s and 80’s. Out of the communal focus of free love and equal rights for everyone, a scream for individuality and uniqueness emerged. New religious movements and psychotherapy became common place, and intense self-examination and hedonism became acceptable and encouraged. The mottos ‘Do Your Own Thing’, and ‘Do What Thou Wilt’ eventually morphed into disco glitter and glam, metal, punk and goth and ‘whatever turns you on’. ‘You create your own reality, baby. Go and get it!’

The advance in technology in the 90’s created a time of opportunity and optimism. With the ‘dot-com boom’, company mergers and spinoffs, and a fairly decent job market, the growth and expansion seemed limitless. Then suddenly, along with the event of 9/11, the ‘opportunities’ came to a screeching halt. The dot-coms went bust. Corrupt accounting practices were uncovered in large established companies. Many good paying jobs were outsourced or eliminated completely, and rampant corruption was found in the justice department, the political arena, business, financial, and housing markets, which left us little reason to hold on to such positivism.

In today’s social climate much of the idealism and self-indulgence of the past has now turned into apathy. The predominant attitude of today is filled with apathy, victimization, and what I call ‘I.D.G.A.D’ (‘I Don’t Give A Damn’ or I.D.G.A.S: ‘I Don’t Give A Shit’, if you prefer). And this isn’t limited only to the youth. Many adults fit this same profile.

What the HELL happened?!

For many people computers, video games, television, and cell phones take up most of their time and serve as a distraction to what is really going on around them. The rising cost of living and the dwindling of job opportunities have some people working two or three jobs just to pay the bills. Our Bill of Rights are being slowly stripped away by our government, ‘Big Brother’ is watching, and some people are so stressed out that they’re taking pills supplied by Big Pharma to put them deeper into zombie mode.

Take action and try to change things?
Who has the time, energy or motivation?
Lawsuits won by Big Business (which are intimately connected to our politicians and everything else) leave shareholders, disgruntled employees, and potential whistleblowers asking ‘why bother?!’

Information, communication and entertainment are an instant click away. The desire for attention and our ’15 minutes of fame’ are satiated though social networking sites, forums and blogs. The disconnection and isolation the instant world has brought leave many people yearning for community. Which ironically leaves some people all alone with their computers and gadgets trying to ‘connect’; searching for some sort of validity through their virtual worlds.

In spite of the fact that technology has been used mainly as a tool for the expression and exploitation of ‘self’, there has also been an increase in people using it for creating a force to combat the corruption that attempts to blind, silence, and control us. With our rights to protest being threatened (and in some cases protesters themselves being labeled as ‘terrorists’), it’s time to ‘wake up’ and take back the power that we have to make a difference. To take control of our anger and what we’re doing in the virtual world and manifest it onto the physical. Can’t find the time? Take some time off from your networking sites, games, texting and T.V, etc. and get out there. Don’t like this message?

Frankly…I.D.G.A.D.

Documentary: “Mr. Schneider Goes To Washington”

Mr. Schneider Goes to Washington is a documentary about lobbyists and campaign finance reform in Washington. The film was made after Jonathon Schneider became irate watching a 60 Minutes episode with Senator Hollings’ candid account of the corruptive influence of money in Washington. You can see it for free for the next week and a half on YouTube.

“In a recent CNN poll 67% of Americans said they believe the American government is corrupt. Even more alarming, it seems 99.9% of the population does nothing to change it. Frustrated by Washington and his apathy towards it, I was finally shaken off my comfortable couch and compelled to storm to the capital of the worlds only superpower to find out what is going on with his government.

Quickly, I discovered that things in Washington are even worse than I imagined. Because of their dependence on big business and special interests to finance their political futures, almost every decision the President, Vice-President and Members of Congress make is corrupted. After all, there is no bigger issue facing our political leaders than getting re-elected. From education to health care, social security to taxes, foreign policy to gas prices, Americans interests repeatedly take a back seat to that of special interests.

Amazingly, Washingtons political elite agrees. Lobbyists, Members of Congress, lawyers, even the Commissioner of the agency responsible for regulating the influence of money in Washington candidly admit this is the most destructive influence on American democracy. Yet no one seems to care. More people voted for their favorite American Idol candidate than for their favorite candidate for President of the United States. We care more about the marital status of our favorite celebrity than what our elected leaders are doing in Washington. This isnt lost on the media, whose news coverage reflects its audiences preoccupation. The result: a population of uniformed, disengaged and disenfranchised non-voters hold the worlds only super power in check.”

(“Mr. Schneider Goes To Washington”. A.P.E . (Americans Pissed-off Enough) site)

WM3 Denied New Trial Despite DNA Evidence That Could Clear Them

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“A judge on Wednesday rejected claims that DNA evidence clears three men convicted of killing three 8-year-old boys in 1993 and denied their requests for a new trial. Lawyers for Damien Echols, Jason Baldwin and Jessie Misskelley – known to supporters as the ‘West Memphis Three’ – had argued that new DNA tests would prove their clients’ innocence.

Both Baldwin and Misskelley claimed their lawyers failed to adequately represent them during trial. Their lawyers said DNA evidence provided by Echols’ defense team showed that the men did not kill Steven Branch, Christopher Byers and Michael Moore. ‘The court finds that (Echols’s) DNA-testing results are inconclusive because they do not raise a reasonable probability that he did not commit the offenses; that is, they are inconclusive as to his claim of actual innocence,’ Circuit Court Judge David wrote in a 10-page order denying the men’s requests for a new trial.”

(via Precious Metal)

(Related: “Updates on The West Memphis 3 Case”)

Dramatic Surge in Support for Whistleblower Rights

“Today, the Government Accountability Project (GAP) announced that seventy new organizations from across the United States have joined a June petition calling on Congress to enact sweeping new whistleblower rights for government employees. The groups are calling on Congress to finish the job before adjourning for the upcoming elections. Both chambers have approved legislation to revive the discredited Whistleblower Protection Act (WPA), but efforts to reconcile the different versions have stalled.

Tom Devine, Legal Director of GAP, which helps coordinate whistleblower rights advocacy for the 182 groups now supporting the legislation, explained, ‘Groups demanding reform have increased by over 60% in a week of outreach since Labor Day. Our goal is credible free speech rights enforceable through jury trials for all employees paid by the taxpayers. Government employees need the same free speech rights that Congress has passed three times since 2006 for corporate workers in various sectors. This should not be controversial.’

Until Congress acts, the current law will remain a trap that rubber stamps almost any retaliation government whistleblowers challenge. The administrative board where employees receive a ‘day in court’ only has conceded illegal retaliation against government whistleblowers in two cases during the entire seven and a half years of the Bush administration (the board has found against whistleblowers 55 times). Ironically, this has made a so-called good government law the best reason for those witnessing fraud, waste or abuse to remain silent observers, instead of blowing the whistle.”

(via GAP)

Lawsuit Against County and Sheriff Pat Hedges Claims Pot Shop Closure After Raid Violates Constitutional Rights

“An Atascadero woman has sued the county and Sheriff Pat Hedges, claiming a raid last year that led to the closure of a Morro Bay marijuana dispensary violated her constitutional right to medicinal cannabis. The case filed June 20 by Elaine McKellips, 56, illustrates an ongoing legal battle between conflicting state and federal laws surrounding medical marijuana use. In her lawsuit, McKellips alleges that Hedges: ?violated the state constitutional right of her and others to medical marijuana;

? illegally raided the Central Coast Compassionate Caregivers marijuana dispensary on March 29 using a federal search warrant instead of a state search warrant; ? violated confidentiality laws by seizing medical records; and ? inflicted emotional distress on her and other patients when denying them access to medical marijuana.

McKellips is asking for an unlimited amount in compensation and an investigation by the county to determine if the sheriff spent taxpayer dollars appropriately during the probe of the dispensary and whether the sheriff violated his duty to uphold state laws, according to the complaint.”

(via San Luis Obispo.com. h/t: The Drug Law Blog)

Teenager Allegedly Sends Drug-laced Treats To Police

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“A teenager is suspected of delivering baskets of drug-laced treats to about a dozen police departments in the Dallas-Fort Worth area, according to police who charged him Tuesday with LSD possession. At least three officers have gotten sick. The 18-year-old man was arrested after taking cookies to the Lake Worth police station, said Brett McGuire, the suburb’s police chief.

Officers there had been tipped off that someone was falsely claiming to deliver treats on behalf of Mothers Against Drunk Driving. “Our officers took a good whiff and thought they smelled like marijuana,” McGuire said, adding that preliminary tests instead detected traces of LSD. Christian Phillips was taken into custody and later charged with possession of the powerful hallucinogen, although the charge may be changed, McGuire said.

The suspect denied trying to contaminate the goodies or harm anyone and said one of his friends might have been smoking pot while Phillips was baking, McGuire said. The suspect is not affiliated with MADD, the chief said.”

(via CNN)

In Satanist’s Custody Battle, Law May Play Devil’s Advocate

“The T in Satan’s name inked on Jamie Meyer’s left leg is drawn to look like an upside-down cross. The crucifix suspended above his bed hangs upside down too. Meyer’s ex-wives say he also has turned their children’s lives upside down since he joined the Church of Satan-an organization that eschews spirituality and celebrates man’s selfish desires. One of Meyer’s ex-wives is citing his religious affiliation as the main reason an Indiana judge should restrict his visitation time to allow his three youngest daughters to attend Christian church. A Fulton County judge could decide the case Wednesday. “My children are my legacy,” said Meyer, 30, a factory worker. “It is because of them that I am still here today. I will always fight for my rights as a father.”

Across the nation, child-custody disputes involving religion are on the rise as the frequency of interfaith marriages and religious conversions increases and fathers become more active in their kids’ upbringing. Judges risk crossing the line between church and state, experts say, if they try to choose the religion in which a child should be raised.”

(via Chicago Tribune)

The Black Hole in The Cost of Healthcare: Big Pharma and Transparency

It’s no secret that Big Pharma has been providing doctors with special perks in return for prescribing their products. This has been going on for ages. But to get a better grip on why the costs of healthcare have been increasing dramatically we need to understand about the massive networks that Big Pharma is involved in. Believe it or not, Big Pharma is connected to everything. The AMA, the FDA, the financial markets/big business, the insurance industry, law and politics; these are all affected by Big Pharma.

Recently it was reported that there are more Americans addicted to prescription drugs than illegal drugs. An article in The New York Times stated that ‘An analysis of autopsies in 2007 released this week by the Florida Medical Examiners Commission found that the rate of deaths caused by prescription drugs was three times the rate of deaths caused by all illicit drugs combined.’ That’s a pretty hefty number. I know quite a few people who became addicted to prescription drugs. Some said tranquilizers and painkillers were harder to quit than illegal drugs. Prescription pain killers have become the ‘new heroin’, and are increasingly becoming a major problem in the school system.

Not only are the doctors getting ‘perks’ from the drug companies, but the professors and the research facilities of major universities have been the recipient of ‘special benefits’ as well. Recently ‘three influential psychiatrists from Harvard Medical School seem to have been caught with their hands in the drug-laced cookie jar, and now they’re in big trouble. Two days after it was alleged that the three doctors failed to report a collective $4.2 million in payments from pharmaceutical companies, Harvard and the affiliated Massachusetts General Hospital have launched an investigation into the doctors’ behavior.’ Big Pharma = Big Money.

Let me just state for the record that I think research and development in pharmaceuticals is an important factor in saving lives. Not all prescription drugs are addictive or deadly. Many are necessary to keep people alive. But let me also state that many side effects from certain drugs are not discovered until many years later. This can be a ‘Catch-22’. Also more money is spent on advertising than on R&D. In an article by Science Daily it was reported that ‘the U.S. pharmaceutical industry spent 24.4% of the sales dollar on promotion, versus 13.4% for research and development, as a percentage of US domestic sales of US$235.4 billion.’ Instead of prolonging or enhancing life, getting the word out about their products is of priority.

Senator Charles Grassley (R-Iowa) is proposing legislation for reporting any payments over $500 paid by pharmaceutical companies to doctors or academic research to be on public record. ‘If they are being paid, it ought to be reported,’ said Sen. Charles Grassley, R-Iowa. Grassley is also looking at the money drug companies pay doctors for academic research. He is investigating some 20 top medical schools – including Harvard, Stanford and the University of Cincinnati, for under-reporting the income top researchers are getting from the drug industry. Grassley wants to learn if the money is influencing research.”

I think transparency on this is issue is way overdue. When the absurd ‘war on illegal drugs’ becomes part of a cover for the pharmaceutical companies’ desire to line their pockets, then something needs to be done.

(References: Discover Magazine-“Psychiatrists Who Hid Big Pharma Money Now Face Inquiry”, New York Times-“Legal Drugs Kill Far More Than Illegal”, Science Daily-“Big Pharma Spends More on Advertising Than Research and Development, Study Finds”, Weeks MD “Are Perks Compromising MD Ethics?”, The Providence Journal- “CVS Trial: Celona Tells of Becoming Point Man For CVS” , Campus Progress-” A New Kind Of Addiction”, Wired-“Prescription Drugs: Rock’s New Coke and Heroin?” and a h/t to Dr. Peter Rost’s Pharma Law Blog.)

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