Overstock (NASDAQ: OSTK) CEO Patrick Byrne surfaced in the hornet’s nest this week, leveling charges at the JP Morgan Chase (NYSE: JPM) Conference that Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C) are the most egregious of 15 major Wall Street brokerages holding positions far in excess of their Depository Trust and Clearing Corp. positions.
Byrne told the brokers that Goldman Sachs, holds 1,696,513 shares in excess of its DTCC position of 1,024,234 shares, as of January 12, and Citigroup holds 942,890 shares in excess of its position of only 88,706 shares.
Goldman Sachs is said to be the primary brokers for Rocker Partners, a huge hedge fund that Overstock has sued, claiming collusion with Gradient Analytics. The U.S. Securities and Exchange Commission has also subpoenaed records from both companies, along with several prominent “journalists,” in what is thought to be a front-running investigation.
Other large unfilled positions are held by City Securities, Morgan Stanley, Barclay, NFS LLC, Lazard Capital, Charles Schwab, Merrill Lynch, UBS Securities, Daiwa, Bear Stearns, National Investors, Ameritrade and E*Trade.
"The first quarter of 2006 wasn't one of them, as profits surged 62 percent and the Wall Street firm's revenues reached a record $10.34 billion — more than $3 billion ahead of analysts' expectations. "
"the company is well-hedged against market fluctuations." ( I bet they are)
"Analyst David Trone of Fox-Pitt Kelton said more than half of Goldman's revenue came from trading and investing"
Well, not hard to see the correlation as to how and why they made so much profit.... is it? I say open their books and lets see the years from 2000 to date! How many other companies are they SHORT??
Welcome to the Shoutbox!
Jed: allgoodthings, you don’t need to register with TOL, all shareholders always were! See here for the latest info from TOL... www.cmkmtol.com/
Feb 24, 2021 1:10:56 GMT -4
investwise11: Present..... No eyes on us back then.... Maybe now we have a case.. who knows...
Feb 24, 2021 15:43:04 GMT -4
johmond: So proboards wants a contribution now, how about they put back 1MM's......
Feb 24, 2021 18:00:23 GMT -4
mayz: Still here and keeping the faith.
Feb 24, 2021 18:35:01 GMT -4
Jed: Did you ALL know that Proboards was collecting and selling our personal information all these years??? Scroll to the very bottom of the donation page www.proboards.com/contribute See where it says “Do Not Sell My Personal Information"
Feb 24, 2021 20:16:41 GMT -4
narvo: Wondering if anyone here ever knew the shareholder last name Ehmann from the desert area of California? He was a good man and he liked fell off the face of the Earth. I am sensing a bad feeling. He held many shares. Thx, Narvo
Feb 25, 2021 0:20:13 GMT -4
bbildman: 2 Covid Moderna vaccine shot done, nd I am still alive
Feb 25, 2021 16:14:52 GMT -4
narvo: Another link with CMKX in it.QFS Schedule: According to Military Intel Contact Tier 4B should be notified to set redemption/ exchange appointments on Mon. 1 March or Tues. 2 March,though it may happen sooner.QuantumFinancialSystem anonup.com/thread
Feb 28, 2021 0:02:28 GMT -4