Monday, July 31, 2006

Patrick Byrne: Inept CEO.... or Patriot?

Overstock.com's dipsy-doodle CEO Patrick Byrne posted a message today on an Internet stock board to dispel a foul impression some people may have about this much-misunderstood man.

Sure he runs a company that is awash in red ink. Sure he raises the spectre of a nonexistent naked shorting "conspiracy" every chance he gets. Some dastardly individuals say that Patrick Bryne simply isn't a very good CEO. Well, you'll be delighted to know that they are wrong.

Byrne set the record staight today. He does it all for America. The man is a patriot! Said Byrne:

"One of the most fustrating things about this has been the way that the bad boys' compliant journalists continually try to spin this as something I am doing because of OSTK. In fact, as I have emphasized from the beginning, this is an issue for America."

So take that, you compliant journalists of the bad boys, you miscreants and nimrods and curs! (Byrne has an "obscure insult dictionary" on his desk near the 'puter.) Appearances to the contrary notwithstanding-- such an entire section of the Overstock website devoted to the "CEO's Crusade," and his raising the issue at every conference call -- his obsession with short-selling is not intended to divert attention from Overstock's red ink. It's just another way for a patriotic guy to serve his country in its hour of need.

Oh, and in case you were wondering why Byrne is posting messages on an Internet stock board (seven over the past nine days --here's a list) and not spending every waking hour sweating over his money-losing company-- again you just miss the point. You must be a miscreant or a nimrod. Why focus on your company when you can bloviate on a message board.... er... strike that.... fight for America!

© 2006 Gary Weiss. All rights reserved.

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Wall Street Versus America was published by Penguin USA on April 6.
Click here for its Amazon.com listing and here for more information on the book, from my web site.

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