Goldman Sachs Engaged In Interstate Racketeering, Says Overstock's Patrick Byrne

According to a report by
Salt TV
, Overstock.com
OSTK
is in the spotlight again – this time for amending a lawsuit against Goldman Sachs
GS
alleging that the firm undervalued the company's stock in an unscrupulous process known as short selling. Overstock.com says that new information recently gathered by its attorneys show that Goldman Sachs “routinely engaged in interstate racketeering to pad its bottom line.” Patrick Byrne, the CEO of Overstock, told Salt TV that Goldman Sachs' behavior is nothing short of criminal. “It's very clear from the records, according to our lawyers, that this was patently criminal and highly organized activity,” Byrne said. “Well, organized crime… This isn't one of those RICO suits where we're just trying to get attention, or when we file it, then we go on a fishing trip hoping to find someone to back it up. We have four years of searching and getting the data, and once we had enough of the data, we said, ‘Oh, this is a RICO action.'” Salt TV reports that Goldman Sachs is rebuking Overstock's claim, saying that the company is simply trying to shift the blame for its falling share price. Last fall, Benzinga
spoke to Patrick Byrne
about his company, his distaste for Wall Street, and his opinion of Jim Cramer.

Posted In: Consumer DiscretionaryFinancialsGoldman SachsInternet RetailInvestment Banking & BrokerageOverstockpatrick byrneSalt TVLong IdeasNewsShort IdeasMovers & ShakersMediaTrading IdeasGeneral