The Sith Lord revealed!

By Felix Salmon
January 13, 2010
muttering darklyabout a "Sith Lord" orchestrating a devious conspiracy of short-sellers. Well, Max Abelson has finally found out who it is, from Byrne's lieutenant Judd Bagley:


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Thousands of people have wondered over the years who on earth Overstock CEO Patrick Byrne was talking about when he started muttering darkly about a “Sith Lord” orchestrating a devious conspiracy of short-sellers. Well, Max Abelson has finally found out who it is, from Byrne’s lieutenant Judd Bagley:

The Sith Lord turns out to be Sith Lords. “It’s Steven Cohen and Mike Milken, though I’ve never said that to a reporter,” says Patrick Byrne, Overstock’s CEO.

So there you have it: one guy who makes most of his money from high-frequency algorithmic trading, and another guy who’s pretty much a full-time philanthropist at this point. But maybe those public profiles are just covers for their nefarious conspiracy!

A bit further down in the piece, Patrick Byrne flouts Regulation FD by telling Abelson that Overstock is about to report its first annual profit. I wonder which accounting firm will ratify them.

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Comments
7 comments so far

If you believe that the significance of Cohen and Milken ends at high frequency trading and philanthropy… I don’t know, I just don’t know. This is saddening.

Posted by Uncle_Billy | Report as abusive

Sam states in his post who the next accounting firm will be. Or you can read this headline: http://goingconcern.com/2009/12/kpmg-to- be-the-next-auditor-of.php

Posted by CJN | Report as abusive

you have to find the video clip of this from several years ago, with Jeff Matthews – it’s a classic. In it, Byrne makes a point of enunciating a “Master Manipulator” – it seemed clear he was talking about MM – michael milken – at the time.

Posted by KidDynamite | Report as abusive

ps – felix – i think you have Stevie Cohen confused with Ken Griffen of Citadel when you refer to HFT.

Posted by KidDynamite | Report as abusive

Just go take a look at Milken’s website. If you don’t come away with “Sociopath on Steroids,” your Aspergers has gone terminal.

Posted by Uncle_Billy | Report as abusive

If Milken were to return to the financial markets today, after having basically created the junk-bond market in the 1980′s and having made more money than God, even after the fines and prison — I can’t imagine he’d get much of a kick out of manipulating the widely derided stock of Overstock.com, market cap $300M. IIRC Milken paid more than $300M just in California taxes one year in the 1980′s!

Posted by SelenesMom | Report as abusive

Felix:

As an alleged member of Byrne’s delusional conspiracy fantasy, I have good information that REAL Sith Lord is a cute stripper named Molly.

http://www.businessinsider.com/meet-the- sith-lords-2009-12#sam-e-antar-new-york- ny-20

Sam E. Antar

Posted by SamAntar | Report as abusive
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