Hedge Fund Community and Wall Street Banks Form An Oligopoly
By Louis Bedigian
San Francisco Chronicle
“Halleluiah!” That was the first word out of Patrick Byrne’s mouth when Benzinga asked him about the recent hedge fund scandal. “It’s about freaking time!”
Byrne, the president and CEO of Overstock.com, Inc., gives serious credit to the Department of Justice and the FBI for the work they’ve done. “And there is no love lost between me and the Feds,” he said. “I really don’t like the Feds. I’ve been under federal investigation for the past six years. When they finish one investigation they start another. It just goes on and on.”
That, Byrne says, is the downside to his crusade against naked short selling, which he believes ticked off some really powerful people on Wall Street. “I was told that this would happen – that I would be retaliated against and I’d be subject to endless investigations until I shut up,” Byrne reveals.