Happy St. Patrick's Day to Everyone Except Patrick (Byrne, That Is)
Overstock should really try it some time...
Be safe out there, you drunken little freaks.
Meanwhile, today was most certainly not a happy St Patrick's for Overstock.com's Patrick Byrne, who had to deal with the full force of the financial blogosphere in the wake of Overstock's most recent SEC filing. What's up this time? Oh nothing, Overstock is still working on restating 2008's financials and trying to figure out how to create just ONE GAAP-compliant quarter. One need not be a CPA to see how ugly these guys' accounting is.
The problem? Overstock's most recent SEC filing isn't merely bad, it's filled with blatant lies, creative accounting, and the sort of GAAP violations that would make even Arthur Andersen blush.
Where is the SEC? Um, you know, sitting around waiting to see Overstock's corrected 2008 statements, I guess and anxious to see this 2009 10-K that may never arrive (OSTK waited until 37 minutes before it was due to file its extension - classy bastards). I have it on good authority that Patrick Byrne, meanwhile, is hanging in the Brazilian sun getting a tan on this fine St Patrick's. More power to him, he's going to be glad he took a little trip when the SEC finally grows a pair and indicts his ass for fraud.