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: The FRAUDfiles BlogNote to executives prone to spin and deflect
By Tracy Coenen
Ethisphere has published its 2008 list of the World’s Most Ethical Companies. One of the guiding principles in putting this list together:
The World?s Most Ethical Companies are the businesses that respond not with a PR campaign, but with real action, such as complete transparency for the public and significant effort given to fixing the core problem.
Do you think Patrick Byrne and his three-ring circus are listening? This is by no means unique to him and Overstock.com (NASDAQ:OSTK). But it sure still applies to them.
Questions about irregularities in the company’s financial statements, disclosures, and earnings calls are never met with straightforward answers. Overstock.com is in no way transparent. Spinning and deflecting are Patrick Byrne’s specialties. Everything has multiple meanings, questions are not answered fully, and criticism is met with lawsuits, threats, and cyberstalking. There is a grand conspiracy against Wacky Patty, and criticism of the company that has never turned a profit is all a part of the Sith Lord’s plan.
No wonder Patrick is consistently in the running for America’s worst CEO, the company never turns a profit, and Overstock.com would never even be considered for inclusion on this list.
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Full post as published by The FRAUDfiles Blog on June 06, 2008 (boomark / email).
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