Filed under: Scandals

Ok, so Overstock.com, Inc. (NASDAQ: OSTK) can’t seem to make any money, and even it’s once torrid sales growth has gone negative.

But that didn’t stop the company from spending $120,000 lobbying the federal government in the first half of 2007, presumably on behalf of CEO Patrick Byrne’s anti-naked short selling jihad. In the past, Byrne has referred to his high profile, highly-delusional campaign against the “scandal” as his “mitzvah”.

But now I have to ask:

Mr. Byrne: Since when is paying Washington lobbyists $120,000 of your shareholders’ money considered a mitzvah?

If I were a shareholder, I’d be wondering why my money was being used for Patrick Byrne’s mitzvah instead of for my practical purposes such as, say, creating a profitable business.

For my coverage of the Overstock freak show, check out Gary Weiss and Sam Antar’s blogs

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This entry was posted on Tuesday, September 18th, 2007 at 2:15 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.