More Troubling Questions For Overstock.com

White collar crime expert Sam Antar has a sizzling post today, based on a close reading of Overstock.com's Form 10-Q.

Two words: Read it!

Four more words: Where is the SEC?

Byrne is well advised to stick to his knitting -- not running his company -- as his nascent career as a political thinking is not doing all so well. He continues to spread sweetness and light in Utah, where his ancestral wealth failed to persuade voters to adopt a program of school vouchers.

Having previously made racist remarks concerning the expendable character of non-graduating high school students, Byrne has now made some pretty nasty comments concerning Utah voters -- saying they just weren't smart enough to realize the wisdom of school vouchers. That drew this justifably angry response in the Salt Lake Tribune from a Utah academician:

I am sure the vast majority of Utah voters are as deeply offended by the
arrogant comments of Overstock.com CEO Patrick Byrne as I am.

Byrne accused Utah voters of failing a statewide IQ test because they voted down Referendum 1. I believe just the opposite occurred in the election. Voters examined the issue thoughtfully and simply said no.

Over the past few months I have been very impressed with the high level of interest and the even higher level of discussion over this referendum by the people of my own community, the Uintah Basin.

Questions were asked by concerned citizens on each side of the issue, and I heard many insightful answers. Even though I am a member of the education community I approached this issue with an open mind, as did most people I encountered. We all want the system of public education to work better.

Utah voters were not "brainwashed" by any teachers' union. We made an informed decision. Obviously, it was not the one Mr. Byrne wanted us to make, but that is no excuse to insult the intelligence of Utahns. My experience was that Utahns cared deeply about this issue and studied it intensely, and that is why Referendum 1 was defeated.

I assume that at least some of those "stupid" Utah voters are -- that is to say, were -- Overstock.com customers.

UPDATE: Sam Antar delves into the devastating accusations of the Gradient Analytics-Copper River countersuit.

© 2007 Gary Weiss. All rights reserved.



-----------

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, gary-weiss.com.