Patrick Byrne: Do As I Say, Not As I Do.

Patrick Byrne, CEO of Overstock.com (NASDAQ:OSTK) has been on a crusade against naked short selling for a couple of years (or more?). It is currently his position that naked short selling is bad. He confirms his belief in this statement on Overstock.com:

Patrick Byrne is waging a fight with Wall Street over naked short selling. He believes that, through the practice of naked shorting, Wall Street is cheating Main Street America and destroying small companies for a profit. Byrne feels that the SEC is failing to protect retail investors and small companies because it has been captured by Wall Street, and that the New York financial press is similarly co-opted. Byrne believes that the SEC’s efforts to eliminate this abusive practice are falling short, not simply for Overstock (which has itself been on the Regulation SHO Threshold list for over two years), but in a way that creates the possibility of systemic risk for our financial world.

So naked short selling is an “abusive practice”? (Notice that there are no qualifiers in the statement above. It simply says that naked shorting is bad.)

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Airlines likely to increase fares due to “congestion fees”

Last week I posted on WalletPop about a proposed “congestion fee” that airlines would have to pay at airports. Right now they pay a landing fee based upon the weight of the plane. With the congestion fee, they would instead pay a fee based upon the day of week, time of day, and congestion at … Read more Airlines likely to increase fares due to “congestion fees”

SEC fines have gone down

The fines levied by the Securities and Exchange commission have fallen to their lowest level since 2002. Bloomberg reports that “fewer billion-dollar accounting-fraud cases” and “new policies for fining companies” are to blame. For the year ended September 30, the SEC issued $1.6 billion in fines, compared to $3 billion in each of the two … Read more SEC fines have gone down

Milwaukee Police Department stops asking about immigration status

This is crazy. Using an “it’s not our job” excuse, the Milwaukee Police Department now has a policy that police officers will not ask about immigration status.

“Community activists” say that people who are stopped for traffic violations or crimes shouldn’t be asked about immigration status because it’s “unrelated.” (I don’t know how often the breaking of federal laws is deemed “unrelated” and therefore police should turn a blind eye.)

It’s not just Milwaukee that’s doing this. Other police departments are caving to the pressure to not ask about immigration status.

Read moreMilwaukee Police Department stops asking about immigration status