the termites never sleep
There was something curious about the securities fraud case against Terayon Communications Co.[link|http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/11/09/MNGO92TRV71.DTL|http://www.sfgate.co...9/MNGO92TRV71.DTL]
Shareholders sued the Santa Clara firm on April 13, 2000, one day after Terayon stock plummeted more than 25 percent. But the 58-page complaint was much too detailed for a last-minute lawsuit. It was certified for filing a full day before the stock's precipitous fall.
And the shareholders leading the San Francisco class-action included a fund run by Dallas investor Edward "Rusty" Rose III.
The political world knows Rose as George Bush's pal: A guest at Camp David, a prolific campaign-fund raiser and, with the president, a former managing partner of the Texas Rangers baseball team.
But in corporate boardrooms, he was "the Mortician," a tight-lipped, whip- smart financier who earned millions finding over-hyped companies, betting their stock would fall and then driving share prices down.
With Terayon, he was playing both sides of the fence.
As the company recently discovered, Rose and his associates sought profit by bad-mouthing Terayon until its stock dropped. They then sought damages through a shareholder class-action filed because, in essence, the stock had dropped.
And fascinating indeed is the entire account, of a piece with the oligarchy's economic policies generally, which Nobel laureate George Akerlof recently described as "a form of looting." Oh, my droogies, even if this gang suffers itself to be ejected next year--and I'm betting that if they deem electronic ballot fraud necessary and feasible to keep them in place they won't hesitate for a heartbeat--the cupboard will be bare, barer, barest.
cordially,
