My personal opinion on his obsession? It appears to me that Overstock CEO Patrick Byrne has used the naked shorting issue over the years as a distraction, a cover to take the focus off of problems at his company. Add some intimidation of journalists and sleazy behavior and you have the strategy one might expect from a mediocre CEO of a 3rd rate online retailer. The facts are that Overstock has a history of losing money ( Joe Nocera called it an "unprofitable retail liquidation Web site"), and more recently of having reporting/accounting problems. Apparently, it's long been their M.O.
Oh, and as a side note: I have no position in OSTK, long or short.
Here is a rhetorical judgment question: Why would anyone, especially the CEO of an online retailer, do anything to piss off the online world -- just around the holidays? How dumb is THAT?
I am totally out of patience with this bully, with Overstock.com, and the trolls at DeepCapture.com. Here is what I propose to do:
- Request the FBI investigate and prosecute the identity theft, online cyber-stalking, and fraud of Judd Bagley of Overstock.com.
- Request the SEC investigate Patrick Byrne, Judd Bagley, and Overstock.com for their part in this scam. If they find it to be a fraudulent scheme, then they should prosecute.
- Call for a boycott of Overstock.com.