Overstock: No Jihad For Jack
A few months ago, as Overstock's IT systems (and business) imploded, CEO Patrick Byrne asked his father, Jack Byrne, to take over as sole Chairman. According to the WSJ, Jack Byrne, a respected insurance mogul, has now gotten so frustrated with his son's other full-time job--Chief Short Excoriator--that he is about to resign in disgust.
"I can't tell whether this 'jihad' [against shortsellers] adds to the value of the stock or subtracts from it," the WSJ quotes the elder Byrne as saying, "but what it does is takes from Patrick's time." [Byrne] says he has voiced his concern to his son "endlessly," but so far hasn't been heeded.
As noted, we're with Dad on this one.
Patrick responds: http://www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/131/Default.aspx
Posted by: mfairview | March 05, 2006 at 04:00 AM
If the SEC were not so overworked and understaffed, Patrick's jihad would not be necessary. http://www.sec.gov/news/speech/spch030306psa.htm
Turnover at the SEC.. 350 people leave and 230 new faces. This is a huge loss of expertise. But there are bright spots in the cooperation between DOJ and SEC according to Commission Atkins.
Also, Commission Atkins recognizes both the pump and dump and the short and distort frauds that plague the market.
It is the responsibility of citizens to stand up to wrongs when they see them. I love America. There is enough freedom for bad guys to try anything, and enough of the rest of us to put them in their places. We get exactly what we deserve in government. Bless the honest media who ferret out the bad guys. And bless the citizens who ferret out the bad media.
Posted by: mhelburn | March 05, 2006 at 01:12 PM
I didn't follow the whole Overstock drama and I know even less about Jack. But it seems that the whole world thinks he has gone crazy. Maybe he is just trying his utmost best to save his company. Maybe he is totally fed up with the media being a whining and cheating b*tch?
Henry, you know how it is to be totally screwed by the media. Heck, even I have crossed the killers from the Dutch media. I have been character-killed in radio, TV, and in magazines too! Because I was doing something high-flying some jealous SOBs from the media came to take me down. If they chracter-killed me, I wonder whether the media has a certain hidden agenda (Genocide, aiming on businessman they dislike, the story of which they believe can fill another minute airtime or few lines).
Henry, can you say something about the reality of overstock vs the madness around Jack? Is he crazy (a madman) or is he -simply- trying his very best? Is he paranoid or is he a conspiracy believer?
I can imagine what I'd do if the media would try to shoot my business down and in the process try to shoot me too. I'd sue them, even if it would cost me my reputation and lots of time and money. Nobody should be allowed to screw me. I think Jack and some of us (I am almost sure including me) have more in common with eachother than with the ink-licking media freaks.
Posted by: Neal Lachman | March 07, 2006 at 08:37 AM
I guess the person I meant to refer to all the time is Patrick, the CEO, and not Jack, the father.
;-)
Posted by: Neal Lachman | March 07, 2006 at 08:42 AM
Enough about you Neal, let's hear more about....you.
Posted by: SJGMoney | March 07, 2006 at 11:17 AM
PREDICTION: A VIEW OF NEW YORK AT 11th SEPTEMBER 2015 http://www.alah.hu/
Posted by: Bíró Zoltán | May 14, 2006 at 04:59 AM