Patrick Byrne, Facing Dilemma, Lashes Out at Penson Financial
Gary Weiss
gary-weiss.com, 9 October 2009
Sam Antar today describes the serious dilemma facing Patrick Byrne, the wacky CEO of Overstock.com. Thanks to an SEC investigation instigated by Sam, who has posted frequently about how Overstock has systematically inflated its financial statements, Byrne is caught between the proverbial rock and a hard place.
He has to either restate Overstock’s recent earnings–including a much-ballyhooed “profit” in the fourth quarter that was actually a loss–or wait until the SEC forces him to do so.
