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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV