By Brandon Matthews
There is a simple truth when it comes to Sirius XM Radio (SIRI). Had it not been the victim of an illegal naked short selling scheme three years ago, its stock today would be worth significantly more than it currently is. The scheme cost investors tens if not hundreds of billions of dollars. Many investors lost everything, and developed an ill will towards the company as a result. Sirius XM continues to heal from the wounds that were inflicted. Thanks to Patrick Byrne of Overstock.com, we now have suggested evidence of an actual conspiracy that took place, by the biggest and most trusted names on Wall Street.
While the Securities & Exchange Commission is attempting to bolster investor confidence through the prosecution of some small time insider sales, it ignores the trust that was stolen by manipulation schemes such as the one uncovered by Overstock. While the S.E.C. boasts of the arrests of insignificant investors, Wall Street firms are given little more than a stern scolding. There is no doubt in my mind, that the S.E.C. turned a blind eye to this blatant theft from retail shareholders. Whom might I ask, can protect investors from the people charged with protecting investors?
What you are about to see will disgust you. It will disgust you whether you were an investor in Sirius XM Radio, Dendreon (DNDN), Overstock.com (OSTK), TASER (TASR), CMKM Diamonds, or any other company that fell victim to an intentional scheme to defraud investors, and rob the retirement, college or other savings of hard working people.
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Overstock.com is suing Morgan Stanley (MS) regarding the naked short selling of its securities. In the course of finding fact, Overstock.com has uncovered what it claims to be damaging evidence of a conspiracy to defraud investors. In court papers obtained by SatwavesPro.com, Overstock is asking the court to add a claim for violations of the RICO act against Goldman Sachs (GS) and Merrill Lynch (BAC).
The filing itself is heavily redacted, yet it is clearly suggestive that a lawsuit by TASER has uncovered similar overlapping characteristics to Overstock's own findings, along with a third redacted company.
The accusations are stunning. I was witness to the effects of naked short selling of Sirius XM Radio shares. While Goldman Sachs had a negative outlook and rating on Sirius, Merrill Lynch had a completely optimistic view. To learn the two companies were potentially working together is an outrage.