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Of Hissy-fits, Ashtrays, and The Importance of Self-Expression

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 3/13/2006 12:00 AM

Update - 2PM EST - Dr. Byrne will be addressing the packed JP Morgan conference today at 4 PM. Listen in by clicking here.

----------------

In one of his conference calls, Dr. Patrick Byrne recounted how an angry hedge fund manager threw an ashtray across the room, presumably in a fit of pique. This has entered the popular psyche, and has given form to un-tutored imitation - with sometimes disastrous results. This has to stop. Please, all you Wharton and Harvard grads, pay attention - this is easily as important as which Patek conveys the right power-structure message, or which tie goes with the herringbone weave.

----------------

“The time has come, the walrus said

To talk of many things

Of ashtrays and their heft and weight

And physics of the flings…”

 

When throwing a full blown hissy-fit, there are few things as satisfying as picking up some object and hurling it across the room. Nothing says out-of-control borderline-personality disorder like a good old-fashioned tantrum-chuck. But what to throw? Chairs are impractical, as often, the flabby, flaccid musculature of the true Wall Street impresario isn’t up to the task – plus, the weight of the average Henry-Miller chair makes it impractical.

Telephones are good, but the cords are an issue (backlash, as in fly fishing, can be problematic), and while paperweights might have some preliminary appeal, what kind of pussy has paperweights these days?

Ipods are too trendy, PDAs too expensive, bottles too messy, prescription anti-depressant bottles too flimsy. A scotch tumbler is appealing, but can send the wrong message to subordinates.

It’s a conundrum.

Sadly, for the modern male, the metro-sexual chic that is the post-modern office is conspicuously deficient in providing for cathartic instruments suitable for enraged outbursts, or for conspicuously underscoring one’s intensity. Political correctness has robbed the 21st Century male of virtually all means of expression.

Except for the ashtray.

This noble, timeworn instrument is both light enough for even a bantam-weight to fling with authority, and ubiquitous in high-pressure work environments. Thus, our trusty friend comes to the rescue, and the average hedge fund manager or research toady can bemoan his fate with abandon, and impact.

But lest the uninitiated set themselves up for humiliating failure and mockery, the Bunny has organized a simple primer to assist those running big money, and wanting to make big moves. There are some important ground-rules necessary to be aware of; once mastered, then you too can be proficient enough to let loose whenever the mood strikes you…

 

ashtray.GIF

 

1)      Choose a suitable shape. Don’t get taken in by the aesthetic appeal of topical designs, or mementos from favorite landmarks or nightspots. Not only are the physics and aerodynamics important, but launching an Eat At Joe’s clunker or an ornamental container lacks appropriate gravitas. As a general rule, avoid any sort of fruit motif – sleek and conventional beats trendy every time. This is serious business, and you need a serious ashtray. Don’t get cute.

 

ashtray1.GIF

 

2)       Hurl as a discus thrower, not a schoolgirl tossing a ball. This is important. Nobody wants to see a spoiled, self-indulgent megalomaniac fling an ashtray like a four-year old. For appropriate velocity and distance, always think disc and rotation, not flipping or pushing air. Don’t fight the atmosphere – use it for lift.

ashtray3.GIF

 

3)      While glass has a certain heft and weight, modern synthetics are far more resilient, and won’t leave post-tantrum dilemmas like who needs to clean up what. It’s ‘06, babe, glass is so 1998…

 

ashtray2.GIF

 

4)      For maximum control and impact, try to avoid flinging your chosen object when furious. Calculate when and how this important statement is made. While it can be gratifying to let loose when in a blind fury, try to find the inner sense of peace that will ensure maximum control. Use the energy and feng-shui of the situation to your advantage – be the ashtray.

 

If you adhere to these simple directives, you too can make the next leap from hissy-fit throwing blowhard to serious angry mo-fo, whose every enraged outburst will be taken seriously. When practicing, always use protective eyewear, and don’t be discouraged by a lack of proficiency – everything takes some getting used to, and you didn’t climb to the top of your heap by giving up. Keep at it, and you will be a pro in no time at all.

But please. No wagering. That is illegal in all states but Nevada, and Atlantic City, and on some Indian land – and no way would a high powered player be caught dead during business hours anywhere near those places…

 

Copyright ©2006 Bob O'Brien
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Comments (46)
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By CMElec on 3/14/2006 10:24 AM
EB,

You must be a safety instructor on the side! How about something about the frozen food aisle.

CMElec
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By rtway1 on 3/14/2006 10:29 AM
I had tears in my eyes all the way through this. Dave Barry could get lessons from you. The funniest part is that it is 100% the truth.Made my day.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By andruw jones on 3/14/2006 3:52 PM
jerk, jerk, jerk.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Johnboy on 3/14/2006 3:57 PM
Bobo, Here is a link to a good video. The history of the federal reserve, quite a mind blower.
http://video.google.com/videosearch?q=money+masters
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By InTheKnow on 3/14/2006 4:04 PM
When will GW get invited to speak at JP Morgan.

LIKE NEVER!
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By InTheKnow on 3/14/2006 4:07 PM
When will GW get invited to speak at JP Morgan.

LIKE NEVER!
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By bphaere on 3/14/2006 4:10 PM
4:10 3/14
Very strange ... do new posts always appear following the third reply?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By jpc on 3/14/2006 4:42 PM
Dave

What percentage of the time do you guess that you should instead "imagine"

A's broker lends to B who sells to C
C's broker lends to D who sells to E
E's broker lends to F who sells to G
G's broker lends to H who sells to I

and that A,C,E,G have no idea that their shares have been lent? What about a broker's fiduciary duty to A,C,E,G?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Harry on 3/14/2006 4:49 PM
That is why the funds and investors are not guilty of naked shorting. It is the brokerage houses which are lending the same shares over and over again. That is what happened in GENI. Short interest in GENI exceeded the amount of outstanding shares.

Could prove as a problem for Byrne though since the funds shorting the stock do not even know about what is really happening.

Big news must be that Byrne is going to sue major brokerage houses. Byrnes real problem is the funds which he has accused of naked shorting. How does he retract his slander against them if this is what happened? A fund thinks they have a real borrow to be able to short the stock. Here is what Byrne posted today which proves the point.

"The assertion that the same shares are lent over and over again with each
new recipient acquiring ownership of the same shares is either an
intentional misrepresentation of the SEC-approved system, or a
profoundly ignorant characterization of this component of the process of
clearing and settling transactions. " http://www.shareholder.com/overstock/downloads/JPMorgan_3-14-06.pdf
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Granny on 3/14/2006 5:08 PM
Dave,
You make too much of it. I see it more like this. It’s like an all you can short smorgasbord. They pick some small caps out, fax the bad news around, and if they get enough interest and can get it down to $2.50 they offer the stupid shareholders $2.00, use their illegal votes to approve the buyout at $2.15 and take your shares off your hands. Well it’s always worked before.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By rtway1 on 3/14/2006 5:11 PM
Lets take a stroll through history. If you were to say to our founding fathers of this great country that this is the way you will determine your ownership of a certain entity, and you handed them this example of all this bullshit of of transferring shares and etc., etc., do you really think they would pass a constitution with this much fraud built into iot. Even better, have a referendum for the public (the ultimate target of the scam) to vote on whether they would like to keep this system we have now or trash it. First of all, how would you explain this system to the everyday voter, or who would explain it. Also make the everyday voter aware that this system does in fact affect his life and future. If it weren,t for Dr. byrne and a lot of other great people here, these bastards will keep going with impunity, laughing all the way to their overseas bank.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By lenofus on 3/14/2006 5:44 PM
Must be profitable, eh?

http://www.nytimes.com/aponline/business/AP-Earns-Goldman-Sachs.html?_r=1&oref=slogin
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By z3peru on 3/14/2006 5:52 PM
Any idea why the link on the JPM presentation web site is not working for the Overstock material?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Sledge on 3/14/2006 6:54 PM
DOES are dropping like flies....lol

Eagle Broadband Announces that California Court has Ordered Lawsuit to Proceed Against Internet Posters
Tuesday March 14, 4:30 pm ET
Eagle Broadband Believes Internet Posters are Engaged in Manipulative Trading Activities and Stock Manipulation Schemes

http://biz.yahoo.com/bw/060314/20060314006049.html?.v=1
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By n-tres-ted on 3/14/2006 7:31 PM
Dave,

The transactions you describe are all short selling. A, C, E and G each have enforceable rights to the shares they loaned, and those rights are not counterfeit. On the other hand, it's clear that some parties are naked short selling, as reflected in the fining of the firm by the SEC announced today for naked shorting through Canadian accounts. Others have said pretty much straight out that naked shorting is done by those who are big enough to demand it.
slide #24 By harlydog on 3/14/2006 7:49 PM
Let me explain the list on slide #24.
It is not a list of naked shorters. Think about it , DTCC says Goldman has on record 1,024,234. Goldman shows beneficial owners of 2,720,747.. This means that over a period of time Goldman has bought, for their clients, 2,720,747 shares. The have on account with DTCC 1,024,234 shares. The difference between beneficial owners and DTCC records is what has not been delivered to Goldman. Goldman is not the one you want to chastise. It is the broker on the other side of the trade who is failing to deliver. Had the firm, who Goldman bought from, for their (Goldman's) clients delivered the shares there would be no discrepancies. Someone go to the fool site and let them know and also try explaining on the yahoo site, although one will listen.

Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By robelita on 3/14/2006 7:50 PM
Bobo,


Me thinks Harry should be given a coming-out party in Doggerel.


BTW-I enjoyed the public service announcement. The American Cancer Society will be in our corner now...smoking cessation due to lack of ash receptacle.

Speaking of butt receptacles, I think-as a gesture of goodwill-we should take up a collection in preparation of the upcoming perp walks...an anal care package-if you will. Give each recipient a goody basket with vaseline, KY (for that non-greasy option), Preparation H ('cause not all of the prison "daddies" like ticklers), a box of condoms ('cause safe-sex just might be an issue) and an inflatable ring cushion for those morning-afters. Some lip-balm would be a nice touch for those desiring oral trajectories.


Is a hissy-fit gender-based?


Off to Boston to revel with the drunken Irish-hold down the fort and remember... flatulence is uplifting.

HASENPFEFFER

Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By captspell on 3/14/2006 8:04 PM
Hi bunny - I clicked the "listen to Bryne" link and got the page. It shows all the hot links to conferences etc. the only one that is not a "hot" link is the Bryne one. It shows it but its not a hot link ?????
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By TOTALKNOWLEDGE2006 on 3/14/2006 8:29 PM
IF THE SEC IS A GOVERMENT ENTITY AND THE GOVERMENT IS SUPPOSED TO PROTECT TAXPAYERS ... WHY SHOULD WE PAY TAXES ON APRIL 15TH ... CANADIANS ARE RIPPING US OFF TELL THEM TO PAY THE TAXES AND ANYONE WHO THINKS THEIR STOCK IS NAKED SHORTED SHOULD REFUSE TO PAY TAXES.. WE NEED TO FIND SOMETHING IN OUR TAX LAW THAT SAYS IF WE ARE NOT PROTECTED BY OUR GOVT WE CAN REFUSE TO PAY TAXES AND USE IT AGAINST THE SEC...THESE GUYS WHO NAKED SHORT COMPANIES OUT OF BUSINESS NEVER PAY A DIME IN TAXES ON THEIR ILL GOTTEN GAINS... SEC IS A JOKE...
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By bobo on 3/14/2006 8:31 PM
See the new blog.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By bobo on 3/14/2006 9:21 PM
Harry: Wrong. Wrong wrong wrong. If Goldman has millions of securities entitlements they issued, and only a third have been delivered, they should, per the UCC, either break the trade and refund the commissions, or buy-in the fails.

But it is worse than that. The NSCC is the contra-party on all in-system trades. So if there are millions of shares that haven't been delivered, it is the NSCC that failed to deliver them to Goldman.

Or, alternatively, Goldman has desked many or all of those, take the investor's money, and never bought shares to deliver to the DTC.

Any or all are possible. All violate Section 9 and the UCC section 8 - there HAS to be a one for one ratio of securities entitlements to shares at the DTC, or shares are being counterfeited - what else can you cann freely trading entitlements millions of shares larger than any number of legitimate shares?

Guess what? If everyone requested their paper shares tomorrow, there wouldn't be enough shares to even begin to deliver. What do you call that then? What do those who will never get a real share but paid their money get called?

Think it can't happen? Why not?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By robelita on 3/14/2006 9:26 PM
Bobo,

I think someone's messing/hacking? with this site. Posts are disappearing.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By embraceyourinnerhillbilly on 3/14/2006 10:37 AM
A new Olympic sport for the Desk-Jockey-Hedge-Fund-Set.
The Angry Ashtray Fling.
They could use the figure skating judges, points to be awrded based on Style, Rage (subset of style points, the sputtering rage filled stream of conciousness rant leading up to the Flinging of the ashtray), and
Accuracy.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Dennisdriver on 3/14/2006 10:41 AM
Dude, that is SO fucking funny. Really. I blew coffe through my nose all over a set of blueprints. Thanks a lot.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By n-tres-ted on 3/14/2006 11:11 AM
If this keeps up, Leno and Letterman are out o' business. The night-time set will be waiting up for the next post on thesanitycheck.com.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By dave on 3/14/2006 11:19 AM
For those that missed the allusion:

http://www.jabberwocky.com/carroll/walrus.html

And if you think that is nonsense, I find it ridiculously nonsensical that when I buy a share, the DTCC doesn't think that it is important that they deliver it to me.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Laughing hard on 3/14/2006 11:22 AM
Very funny and so on the mad money. Enjoyed your post as usual.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Granny on 3/14/2006 11:43 AM
Lose the pussy stuff. We womens can throw a mean ashtray.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By bobo on 3/14/2006 11:50 AM
Pussy as in kitty cat. Get your mind out of the gutter. Please. We are trying to set a higher moral tone around here....as the cartoons should convey...
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Sheila on 3/14/2006 11:54 AM
Black cloud of seething rage. Classic.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By InTheKnow on 3/14/2006 12:03 PM
I don't smoke... any suggestions?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Granny on 3/14/2006 12:03 PM
The original ashtray thrower was a woman. Where do you think the word fling comes from?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Granny on 3/14/2006 12:14 PM
Think fast. Grab the nearest object you can live without. Try not to aim for the head.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By bobo on 3/14/2006 12:17 PM
SEC Executive Director Announces Retirement: Another one bites the dust...

http://www.sec.gov/news/press/2006-37.htm
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By mhelburn on 3/14/2006 12:33 PM
The ashtray thing could be dangerous in a rubber room. Sort of like a boomerang. Naked shorting is kinda like boomerang. They go out at one price and come back with 3x the force.

Duck.. hit the floor..hide in the closet.. get under the desk..get on the train.. hit the road. Oh, oh.. Too Late! The Force be with you.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Granny on 3/14/2006 1:06 PM
If it's not your house always choose glass.
People who live in glass houses should not throw stones.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Bonnie Jean on 3/14/2006 1:06 PM
Way funny!

SEC Director retiring? Wish I could afford to "retire" at the ripe old age of 58!
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By rtway1 on 3/14/2006 2:01 PM
I can say with total honesty that this way better than the Sunday Tribune comic section.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By ummmm on 3/14/2006 2:20 PM
Well, the JP Morgan presentation was stunning. Byrne literally named names of the brokers who were net naked OSTK shares. Amazing.

I'm not sure why this couldn't be turned over to the Utah law enforcement for prosecution for fraud. Line up Citigroup, Goldman, etc. and frog march the execs into the state pen.
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By InTheKnow on 3/14/2006 2:29 PM
None of those people who were served with subpoenas could hold a candle to Dr. Patrick Bryne.

Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Harry on 3/14/2006 3:05 PM
This is interesting. This would prove no naked shorting at all. This is what happened in GENI. Short interest was distorted because of smae shares being lent out at different brokerage houses.In GENI brokerage houses lent shares over and over again using a loop poll . Byrne should sue every brokerage house on Wallstreet. On the other hand if what he posted was true he has slandered the funds that shorted honestly.
.

"The assertion that the same shares are lent over and over again with each
new recipient acquiring ownership of the same shares is either an
intentional misrepresentation of the SEC-approved system, or a
profoundly ignorant characterization of this component of the process of
clearing and settling transactions. " http://www.shareholder.com/overstock/downloads/JPMorgan_3-14-06.pdf
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By nabrum on 3/14/2006 3:10 PM
"Well, the JP Morgan presentation was stunning. Byrne literally named names of the brokers who were net naked OSTK shares. Amazing. "

And the BD's are?
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By n-tres-ted on 3/14/2006 3:12 PM
Posted on the Yahoo OSTK board:

FTDs from PDF slide presented at JPM conf by PB

1,696,513 - Goldman Sachs
942,890 - Citi Group
811,987 - Citi Securities
619,098 - Morgan Stanley
429,909 - Barclay Capital
417,205 - NFS LLC
309,700 - Lazard Capital
276,832 - Charles Schwab
270,304 - Merrill Lynch
221,297 - UBS Securities
159,100 - Daiwa
159,100 - Daiwa
157,787 - Bear Sterns
155,787 - Natl. Inv.
131,925 - Ameritrade
103,547 - E*Trade
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By Fidelity/Ameritrade customer on 3/14/2006 3:15 PM
Damn! Both of my brokers are f**king me over!
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By J on 3/14/2006 3:29 PM
"f#cking f%ckwad"!

What? bobo said said it first!
Re: Of Hissy-fits, Ashtrays, and The Importance of Self-Expression By dave on 3/14/2006 3:51 PM
1. I wonder how Patrick figured out the supposed beneficial ownership. Most data underestimates actual beneficial ownership, so the actual fails are probably much larger than he believes.

2. I think I understand how the DTCC lies on slide 21, while technically telling the truth. They mix and match the roles of the DTC and NSCC as they use colloquial language to make implications.

A) They only lend shares that are on account, but if B borrows them off of A and sells them to C, the shares will be in C's DTC account. C will be able to lend them even though A already has a claim on them.

It is true that after A lends them once, A can't lend them again. What they fail to mention is that C can lend them.

B) The shares are indeed deducted from A's account at the DTCC and A can't lend them again. Nothing stops C from lending them.

C) Each new recipient doesn't gain ownership of the shares. Only C has ownership of the shares. A has an IOU on someone's shares, but not necessarily those ones. B doesn't have to return the shares that C now owns. They can give A anyone's shares.

This IOU owing to A is what we refer to as a counterfeit share.

***

Imagine:

A lends to B who sells to C
C lends to D who sells to E
E lends to F who sells to G
G lends to H who sells to I

A, C, E and G are owed shares from their loans.
B, D, F, H are all short and each owe shares
Only I owns an ACTUAL share.

It is factual that only I is in a position to lend the share. A,C, E and G could only lend that share once. That's how the DTC is covering their ass as they choose words carefully. In my mind, lying by ommission is still lying.

It's like the kid who truthfully says, "Mom, I didn't steal a cookie", because he didn't steal one cookie; he stole two. Technically he's telling the truth, but s/he's still lying in my book.

A, C, E, G effectively have counterfeit shares and I has a real share. The same real share has five people that think they own it.

Effectively, each of these people has 1/5 of a voting right. If they were to pull their certs., they would have a full voting right.

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