the deputy

The legal cost system can financially bleed and emotionally bring down accusers unless he or she has unlimited funds. Crooks thrive on the legal sysyem because going to court and spending your money tears the plaintiff into pieces while their life is turned upside down. I've seen cases where the plaintiff's marriages are absolutely destroyed.

Now, Patrick Byrne president of Overstock.com is the exception. He went after the stock brokers for facilitating the entry of suspected phantom sales directed at his company. On July 17, 2007 Judge John Munter of the California Supreme Court for the City and County of San Francisco agreed with Overstock that claims of market manipulation under State law had merit and allowed Overstock's suit of major brokerage companies to continue.

Unfortunately for Byrne, one of the major accused companies proved to the judge that these sales did not originate in California and the case was dismissed in January 2012. Byrne vowed to bring the company's suit to the appropriate State. As a side note to the topic, Martin Armstrong has stated that the whole City of New York is corrupt including the legal system. There are few things that money won't buy. For the Americam people, Ron Paul if elected would have cleaned up this giant cesspool but money also buys votes and Congressman Paul is virtually out of campaign funds while his opponent takes bathes in the stuff.

Following are come comments surrounding the initial application to the court in 2007:

"As I listened to defendants' counsel argue that phantom shares don't
exist because the SEC says they don't exist," said Patrick Byrne, Overstock
Chairman and Chief Executive Officer, "I was reminded of Abraham Lincoln's
favorite joke: 'If you call a tail a leg, how many legs does a dog have?'
'Five?' 'No, four -- because calling a tail a leg doesn't make it a leg.'
Defendants create phantom shares by facilitating naked short selling and
other types of trades which result in failures-to-deliver. This is
manipulative and illegal -- regardless of what the industry's all-too-cozy
regulatory agency says. The battle to clean up Wall Street is only going to
be won when it is brought to a jury of 12 Americans. Today was a giant step
towards that goal."
The suit alleges that the defendants, who control over 80% of the prime
brokerage market, participated in a massive, illegal stock market
manipulation scheme and that the defendants had no intention of covering
such orders with borrowed stock, as they are required to do, causing what
are referred to as "fails to deliver." The suit also alleges that the
defendants' actions caused and continue to cause dramatic distortions with
regard to the nature and amount of trading in the company's stock which
have caused the share price of the company's stock to dramatically drop.
The suit asserts that a persistent large number of "fails to deliver"
creates large downward pressure on the price of a company's stock and that
the amount of "fails to deliver" has exceeded the company's entire supply
of outstanding shares. The company is seeking damages of $3.48 billion.