from SF Gate:
Overstock.com CEO Patrick Byrne colorfully explained in his own words why he took out a full page ad in the Wall Street Journal mocking SAC Capital’s Steve Cohen Saturday.
“Cohen’s life work is being destroyed,” he wrote in a note to Business Insider, “I feel good. Shooting SAC Capital dead and throwing all of its employees into the streets is simply civilization scraping some dog— off its shoe. I felt it was time I spent $100k on a derisive ad in order to say that.”
A Federal Grand Jury indicted SAC Capital on charges of insider trading this week after years of investigation.
Meanwhile, since 2005 Byrne has been saying that powerful market actors have been working to destroy his company. In 2010 he identified them as Michael Milken and SAC’s Steven Cohen.
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