Overstock's CEO Patrick Byrne defends his dumb comments on the company dime


In case you haven't been paying attention, Overstock.com, Inc. (NASDAQ: OSTK) CEO Patrick Byrne said on a television interview that "you might as well burn" kids who don't graduate from high school.

While I thought the reaction to his comments was overblown (A poorly worded but passionate defense of his support of school vouchers), the NAACP called on him to apologize. Of course, Byrne being Byrne, he refused.

The part that offends me is that Byrne put out a press release using the money of Overstock shareholders to defend his stupidity (the release was disseminated on Market Wire):

"Recently, video-taped comments I made in a school voucher debate setting were edited and posted online. Subsequently, some journalists erroneously claimed that I dismissed these statements as having been taken out of context. This assertion is false. In fact, my claim is far stronger: the clip is a lie, because it inverted what I actually said, which is far worse than simply being 'taken out of context'.

Not content to apologize for his comment about burning kids, Byrne is now burning Overstock's money to defend himself. Why is Byrne using shareholders' money to defend comments he made in a personal political crusade that has nothing to do with the company?

The saga continues...

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Last updated: February 13, 2012: 04:47 PM

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