I wrote most of that from memory so I went back to look at the text from a speech that the CEO of overstock gave. It is a very long speech and if I just give the link it will take forever to find the part I am talking about so I have copied it and am pasting it below...

Quote:

---

Street from me when I was 13 and used to drive me to school, and we were friends. And I took, like, 4, 5 bad reports about me, but when the reports came out, when I started Overstock, out of respect for this old man, I invited him on the board. When people started slagging him is when I got in that fight with Rocker, and then that all turned into this big thing. The point of all this, for you who are trying to understand the value of our company today, is in the process of all those fights, we got a piece of paper, we learned something. I'm going to show you a piece of paper that cost you, the shareholders, $20 million to see. That's how much it cost for us to get this piece of paper. This comes, sometimes it's slow, I'm told. Okay. I can legally show this. This came out of that lawsuit. This is from Goldman Sachs. How much of Goldman Sachs prime brokerage actually comes from this thing called securities lending? The answer turns out to be 75% of American prime brokerage revenue. I thought it was 5% or 10%, but it turns out it's 75%, which is why when I started getting in a fight with David Rocker about this thing called naked short selling, the whole world fell on me, it's because it turns out I was talking about 75% of the revenue of Goldman Sachs; so this is why it's so profitable. Let me point out, this is the revenue, not the profits. Because the profits of the securities lending desk are relatively, I mean, the expenses are relatively tiny. So, I suspect it may be 100% of the profits of Goldman Sachs. This is what's going on

---

http://investors.overstock.com/mobile.view?c=...aWQ9NTc%3D