One more reason not to invest in Overstock.com
One thing I've learned in investing is if the CEO of a publicly traded company is more concerned with the "vast conspiracy" of short-sellers, brokerages, and hedge funds than actually running the company, investors should stay the hell away. This same stuff happened with Enron. The CEO fo Overstock is suing Bank of America, Bank of New York, Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, UBS. and apparently others.
First off, the suit has no merit whatsoever. The reason the stock is doing crummy is because the best thing about the company is the fairly attractive woman in their television ads. It's basically like Big Lots online. Might be a good business idea. But apparently management can't execute because they're pissing away money and nowhere close to a profit for some time. Are the investment banks behind this scheme as well?
Second, if I were a shareholder in this God forsaken company (and really, what more do you have to live for? You've went from $77 to about $15.) I would not be pleased with this lawsuit. Because let's say you turn things around and the company gets back on track. Wall Street has sort of a clan or clique mentality. You piss them off as a group they will do everything in their power to destroy you. So they'll probably keep low recommendations on you and perhaps refuse to do business. Because you tried to prove some ridiculous point with a lawsuit. Please for the love of God, if you own stock in Overstock, get out and get out now!
And no Patrick Byrne, I'm not the "unidentified Sith Lord" so please don't sue me.
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