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Fraud Links for a Thursday

From Gary Weiss on Sam Antar

"The Going Concern blog today has an amusing item describing how Overstock.com CEO Patrick Byrne can apologize to Sam Antar--the convicted felon and former Crazy Eddie scam mastermind whose sharp analysis of Overstock.com's fraudulent financials has been vindicated."

From Tracy Coenen on Lennar:

"On January 7, 2009, Barry Minkow and the Fraud Discovery Institute issued an initial report on Lennar Corporation (NYSE:LEN), citing 10 Red Flags of Fraud.  Lennar immediately came forward and called FDI and its investigators liars."

Andrew Gelman on Eliot Spitzer:

"Spitzer makes a pretty convincing case that the current system (in which rich dudes pass multibillion dollar favors back and forth to each other) isn't good. I mean, sure, we all help out our friends, but I think there's a difference between giving your brother-in-law the contract for paving your parking lot, and these big-money financial deals."

Eric Falkenstein on the Consumer Protection Act:

"A bunch of legendary comedians got together to make a sketch, where the punchline is: "establish a Consumer Financial Protection Agency". It's kinda a funny, but mostly because of the Darrell Hammond's imitation of Clinton making sexual innuendos, and Fred Armisen's impersonation of Barak Obama. It seems director Ron Howard was trying to find something to 'do good', so he chatted with the earnest and overeducated Elizabeth Warren, and decided consumer financial regulation was the kind of smart idea that would obviously work. After all, who's against consumer protection? 

I am! This is the same government that goaded banks to lower standard to lend more to historically damaged communities, and then when those borrowers defaulted, blamed such lending on the banks. Avoiding the poor is redlining, targeting the poor is predatory, which means, whatever goes wrong can be blamed on the banks. Government always wants to have its cake and eat it too: low taxes & high spending, high growth and union-type work rules, banks lending more today and raising their capital.

Related articles by Zemanta

• Overstock.com (NASDAQ: OSTK) Q3 2009 Earnings Call Questions for Patrick Byrne (whitecollarfraud.blogspot.com)
• Overstock.com CEO Patrick Byrne Ducks Crucial Questions About GAAP Violations During Call (whitecollarfraud.blogspot.com)
• SEC Busts SafeNet for Regulation G Violations. Will Overstock.com be Next? (whitecollarfraud.blogspot.com)
• What is Patrick M. Byrne Afraid Of? (whitecollarfraud.blogspot.com)

Full post as published by Misleading Advertising Law on March 11, 2010 (boomark / email).