Monday, January 04, 2010

Business as Usual at Overstock.com: Lying About Their Auditors

My two favorite Overstock-watchers, Sam Antar and Tracy Coenen, have blog items out over the weekend describing how it's business as usual at my favorite corporate crime petri dish, Overstock.com. Their blogs describe lies, opinion shopping--in other words, business as usual.

Sam's latest post describes how conflicting disclosures by Overstock reveal improper opinion shopping by the company, a theme I explored in a recent post.

Tracy Coenen delves into the significance of this revelation: "It’s clear that [Overstock.com CEO] Patrick Byrne and Overstock have been lying, based on the company’s own statements."

Since this is evident from the company's own financial statements, a question again arises: why hasn't the SEC taken action?

Later in the day,the company announced it "has removed from its site all apparel and accessory products which feature exotic animal skins, including snake, alligator, crocodile, lizard, ostrich, stingray, eel, shark or kangaroo" from its website.

Too bad there is no prohibition against reptilian management behavior.

© 2010 Gary Weiss. All rights reserved.

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