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When Dogs and Cats Dance Together, and The Sky Rains Fire...

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 3/24/2006 12:00 AM

Just a short one here - a new article came out, indicating that Byrne may not be seeing Yetis or aliens coming out of his car trunk, after all.

This is noteworthy because it is run in TheStreet.com - which was very anti-Byrne until the subpoenas showed up.

Here's the article. Arne contacted me to indicate that I am not correct in my cynical skepticism over TheStreet.com's motives in running the piece, and I will take him at his word, thus I have removed the verbiage alluding to their desire to CYA. He says that they had no idea what the content would be, and I believe him, having been given no reason not to.

Then again, I also believe in the Easter Bunny...

Or you do, if you are reading this...
Copyright ©2006 Bob O'Brien
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Comments (22)
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By robelita on 3/23/2006 1:01 PM
Seems like appeasement is the order of the day. Satisfy PB and perhaps the Bunny and his website will simply go away.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By n-tres-ted on 3/23/2006 1:02 PM
The article appears to me to be the equivalent of shorts going long on the same stock (except in an illegal context). The columnist appears to do a straight, honest job of analysis (on first reading). So why was it such a mystery incapable of understanding until now? But the point is that this particular player appears to have thrown in the towel on OSTK. JMO
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By dave on 3/23/2006 1:02 PM
http://find.thestreet.com/cgi-bin/texis/cramertake?tkr=OSTK&site=tsc

Also, read about OSTK and his subpoena.

http://www.thestreet.com/_tscct/comment/investing/10270797.html
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By harryofanguslane on 3/23/2006 1:03 PM
Well, when the Street Dot Scum publishes a piece saying how great NFI is and our stock returns to fair value, I'll be pleased to ask the judge to deduct a year from Lickspittle's Hard Time.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By rtway1 on 3/23/2006 2:39 PM
Call me a cynic,but I,ll make it short. I don,t trust Jim Cramer as far as I can throw this computer, and he is the grand pupah of this scam paper. If it has Cramers fingerprints on it, I don,t trust it.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By browntrout on 3/23/2006 2:43 PM
Bobo- Your link goes to the first article published on the 20th. Here is today's follow-up article. http://www.thestreet.com/_yahoo/markets/activetraderupdate/10275405.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By datguy on 3/23/2006 3:30 PM
I enjoy how TSCUM moves the Overstock articles from subscription only to "free for everyone" in a matter of hours "as a bonus". I'm assuming they don't do that with all their paid articles. Is there really something more to this than CYA or am I giving them too much credit???
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By tellitlikeIseeit on 3/23/2006 3:54 PM
Arne Alsin is a well respected fund manager. His history would indicate his intentions in the article are honest. The fact that he is coming out and calling Greenberg ignorant and out of bounds for comparing him to Dunlop, Skilling, etc. would argue that this does not have Cramers fingure prints on it. What was said in the article seems to be very sound unbiased research. The fact it was printed by TSCM does seem like they are trying to suddently be "fair and unbiased" in thier reporting on the heals of the subpoena. Great article in my opinion.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By bobo on 3/23/2006 5:38 PM
tellit:

I agree that Arne seems to be one of the good guys here. The fact that Thestreet is publishing it is what tickles my fancy.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By mfairview on 3/23/2006 5:57 PM
Anyone know when the last time TSCM had a positive article on OSTK? The timing is curious, respected author or not.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By Wonder Boy on 3/23/2006 6:04 PM
The number of people dissatisfied with the monitoring of the markets is growing. The 'trust' in the markets is diminishing---rapidly---according to the latest polls.

It is a lack of focused responsibility----everyone can point a finger at someone else and say 'it isn't MY problem'!

The PROBLEM lies with the SEC and Congress. The 'manifestation' lies with everyone else! My biggest problem is with the SROs---a self regulating organization is an un-regulated organization! Other than our Government, who in the hell would put the fox in charge of guarding the hen house? Correct me if I am wrong, but weren't the Savings and Loans 'unregulated'? Didn't Congress just vote down an 'independent ethics committe' and say they could 'monitor themselves'?

I like to think that I am an 'honest' and 'moral' person, but I have never been presented with the opportunity to be a 'major crook'---yeah, I padded an expense accout or two! Still, when you are living above your means, that extra few thousand a month at the bottom of the ladder really helps and you do not want to see it go away! Hard to get these folks to 'squeal'! Gets even more difficult the further up the ladder you go. Guess where the 'top of the ladder' really is and look at the ones so desparately wishing to be re-elected.

My representative is pretty decent and the house has done/produced some good bills (IMO), however, I have written my Congesspeople one of those '*&#^@ you, nasty letter to follow' missives. I guess the secret service will be here soon, but, in the meantime, get your certificates and keep hammering away at the system!
60 MINUTES !!!!!!!!!1 By powdakegger on 3/23/2006 6:12 PM
http://www.cbsnews.com/stories/1998/07/08/60minutes/main13502.shtml


I guess this is SAC and BVF, if not more....I guess that Byrne and Weiss were also interviewed.

only problem is herb's employer is the same as 60 minutes's....
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By bbhindyou on 3/24/2006 5:23 AM
I find it interesting that my broker at merril lynch told me they order certs and have actual paper certs for every accounts stocks.Dont they trust electronic 'markers'?I recieved this information when I asked why they were so fast to deliver my cmkx certs when other brokerages took months.I have heard some cant get their certs on this stock at all.I have also heard some have had this stock removed from their accounts and were told it was because it was deemed worthless.Nice to know they are helping us SO much keeping our accounts clean and neat and all
!
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By dave on 3/24/2006 7:03 AM
Schwab's certificate is made out to Cede & Co. which is a nominee of the DTC. They have a claim on a number of those shares in the DTC records. Their claim may or many not match the number of shares their customers have.

Your broker probably has no idea how the back office works and is telling you what you want to hear.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By pinkice on 3/24/2006 7:27 AM
Arne Alsin comes across as a deep value player. His stand does not surprise me that he would take the opposite side of the negativity - when blood on the streets - buy. Arne ususally does his homework and does it well. However, the fact that he is doing a series on OSTK and that it moved so quickly from the Realmoney paid site to TheStreet' free site is just too coincidental.

Unfortuately IMHO, the fact that Alsin is backing OSTK now, does not in anyway negate the negatives spewed by Cramer and Greenberg over the past year which helped push the stock down. Those two went past overboard, ignoring OSTK fundementals and attacking PB on the air whether PB was on the air or not, witness the OSTK chairthrowing that I believe was in the same episode as the red BULL written on the subpeona. If it was not the same episode, it was close. Two rights by TSCM does not do justice for all the wrongs by Cramer and Greenberg IMHO.

Main Street America wants Wall Street brought to justice. SEC - do your job! Regulate! Force the DTCC to be accountable for actual shares outstanding regarding the FTDs vs. NSS vs. legal shorts. If there is no problem, the DTCC would welcome an audit of this issue specifically to clear up any "misconceptions".
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By atteboy on 3/24/2006 7:27 AM
This paragraph was the most astonishing to see in TSC article. Arne is not sugarcoating anything, methinks.

"Overstock CEO Patrick Byrne is a prime target for critics. Byrne's use of elaborate imagery (e.g., "Sith Lord") and talk of conspiracy have made it easy for critics to lampoon him. While all the criticism generates entertainment for the media, it obscures some serious charges levied against certain hedge funds, such as manipulation of so-called independent research and front-running. (TheStreet.com and James Cramer were issued subpoenas last month by the Securities and Exchange Commission in connection with an agency investigation into such manipulation.) "

Wow
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By CMKX/OSTKComments on 3/24/2006 10:19 AM
CMKX AND OSTK

The same cause and CMKX leading the way. Read Mark Faulks blog today on CMKX.

http://www.thesanitycheck.com/Blogs/MarkFaulksBlog/tabid/86/EntryID/176/Default.aspx

I hope Bob writes about CMKX since he seems to have distanced himslf from the CMKX crudade.

Why is that Bob? Why are you dodging CMKX?
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By dave on 3/24/2006 11:10 AM
I think the obvious answer is that the CMKX fundamentals were questionable, but that should be irrelevant.

All that should matter is that investors put out real money and didn't get anything in return. If we keep focussed on that message, then I think CMKX is a good example of how screwed up the system is.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By dave on 3/24/2006 11:17 AM
I think the obvious answer is that the CMKX fundamentals were questionable, but that should be irrelevant.

All that should matter is that investors put out real money and didn't get anything in return. If we keep focussed on that message, then I think CMKX is a good example of how screwed up the system is.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By bobo on 3/24/2006 1:52 PM
CMKX: Is this blog about CMKX? Did I mention it anywhere? Is there something about CMKX that makes it somehow special and different than the other thousand companies that have been damaged by naked short selling? The only reason that OSTK is mentioned is because Byrne has been the public face of the battle, and has a landmark suit against some of the alleged manipulators. I'm not disrespecting CMKX, but I don't do company specific coverage - never have. I don't know anything about CMKX. Mark does, and I guess Bud does, thus they are the appropriate parties to discuss the topic knowledgeably. But my blogs are not going to be hijacked and used as a platform to tout any company's agenda - that defeats the purpose. I created a CMKX forum for discussion of that topic. If you can't live with that as your venue, and continue to try to make every so many posts a CMKX post, you invote having the topic automatically deleted as clogging. Do you want that? Does that serve a constructive purpose? Think long and hard about that.

Again, I am not anti-CMKX, nor am I anti-any company affected. But I also won't have my blog hijacked and clogged by those who have decided that they know better what it should and should not discuss.

Am I clear?
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By KureyonChinChan on 3/25/2006 7:53 AM
The Street.Com suddenly changing course could be the based on the decision of the CEO. Remember that TSC is not Jim Cramer. He's a cofound and what 10% shareholder but I'm sure the top management also owns shares and need to save what they can.
Re: When Dogs and Cats Dance Together, and The Sky Rains Fire... By Lee Ving on 3/27/2006 8:03 AM
I don't think many of you have any idea of hoew thestreet.com works and how un-connected all the columnists are. You've got a very loose operation that bascially pays for "freelance" articles from different money mangers, technical analysts, commodities experts etc. Other than Cramer, DePorre, formerly Greenberg and a few other regulars, the rest are hired guns that submit irregularly.

As previously posted Arne Alsin is a deep value manager with long term horizon. Others on there are momentum players who's idea of long term is 4 hours. They could have completely opposite opinions and of course they could both be right.

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