Patrick Byrne, CEO of Overstock.com is a crook, according to himself

Posted by Tracy Coenen on May 30, 2008 · 1 Comment 

According to a transcript of an interview that Overstock.com (NASDAQ:OSTK) CEO Patrick Byrne did with CNBC in 2004, he is a crook. Here’s the relevant portion:

Interview: Patrick Byrne, chairman and CEO of Overstock.com, discusses the company’s revenues and earnings

23 April 2004
CNBC: Kudlow & Cramer

Mr. BYRNE: Well, first of all, I’m all about gap [sic]. I have been so critical of the companies that do–I don’t believe in one-time charges; I don’t believe in EBITDA. If somebody talks EBITDA, put your hand on your wallet; they’re a crook.

Well, Patrick has been doing an awful lot of talking about EBITDA. And not only is he talking about it, he’s presenting blatantly false and overstated numbers when talking about it.

I agree with Patrick: He is a crook.


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One Response to “Patrick Byrne, CEO of Overstock.com is a crook, according to himself”

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  1. Section Fourteen: Context is Nothing « Heart of Deepness says:
    6 October 2008 at 8:22 am

    [...] “I’m all about the GAAP remark” statement of Byrne’s that Mitchell quotes, into context in an entry a few months back, and noted what Mitchell carefully removed, remarks to the effect [...]



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