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DryShips (DRYS) makes Ponzi-schemer Bernie Madoff look like a novice. Over the years, CEO George Economou has destroyed of billions of dollars in shareholder value, while enriching himself, all with complete and open disclosure. In fact, while the company's 20-F claims that DryShips is "a diversified owner of ocean going cargo vessels," we maintain that the company is the in the business of selling shares. (37-1)