Overstock CEO Patrick Byrne confirms the ongoing naked shorting
There is no one just like Patrick Byrne who has been at the forefront of a fight to expose the plight of the US financial market since 2004. He has been fighting the good fight since and instead of playing the game of hedge funds, he fought for his company and shareholders and in a rare interview recently he exposed the ongoing and widespread naked shorting and dilution of companies through IOUs while implicating DTCC and the SEC for allowing this blatant market manipulation to continue. He suggests a solution.
Patrick Byrne considers the settlement gap (infinity loops) as an archaic system that has remained because some benefit greatly from it and he claims that explains the huge resistance from bad actors such as Citadel to move to blockchain technology and Tzero. He fiercely argues that it is primarily because market makers and brokers will lose the advantage of creating billions upon billions of synthetic shares in a T zero system because "the trade is the settlement" and there is no need for a middle man and therefore PFOF as a business model will die away.
He explains why SEC is okay with naked shorting and why companies who try to protect their shareholder and expose naked shorting (e.g. create a digital dividend or security token) the SEC will consider this as market manipulation and goes after them NOT the brokers and marker makers who have diluted those companies. Perhaps one of many reasons Adam Aron, the CEO of AMC, asked proponents of that solution "to stand down" on that push.
Partick also implicates brokers by arguing that no one actually owns any stock and brokers started to take advantage of that by selling way more shares than actually exist because there is no disincentives.
Every second of this video is pure GOLD particularly because the ape community has been exposing this blatant market manipulation for more than a year which has fallen on deaf ears and now apes are finding worldwide support for the original thesis that billions of synthetic AMC and GME shares exist and the game is rigged against the retail investors: https://www.youtube.com/watch?v=0z6GhixKTvM
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This interview also confirms what Charles Gradante, Co-Founder, Hennessee Group LLC, a Hedge Fund manager himself, recently said about the egregious prevalence of "naked short" positions taken by major market makers and that he believes they should result in more severe punishment. Additionally, Charles voiced support for retail investors who forced a short squeeze because the hedge funds went crazy over lax regulations on naked shorting. You can watch the video here: https://logthefloat.com/news-research/the-naked-proof-amc-and-gme-shares-have-been-diluted-by-billions.html