OLD Media Moves

Why is Overstock.com CEO a commentator on SEC?

October 22, 2009

William K. Wolfrum wants to know why the Fox Business Network had Overstock.com CEO Patrick Byrne on one of its shows earlier this week to comment about the Galleon insider trading investigation by the SEC when his company is being investigated by the SEC as well.

Wolfrum writes, “Byrne was his typical, charming self. He invented a story about an anonymous ‘friend’s’ dealings with the SEC. He managed to mention Overstock.com’s official media arm ‘DeepCapture.’ He again claimed SEC officials are, or were, on the take.

“What Byrne — and the Fox Business anchors — didn’t mention in this probing interview about the SEC? That Byrne’s company, Overstock.com, has been subpoena’d by the SEC and is being investigated on Overstock’s previously-announced restatements of its financial statements in 2006 and 2008 and other matters. It is the second time in three years Byrne and Overstock have been investigated by the SEC.

“But that was apparently not worth mentioning during a discussion with Byrne about the SEC.

“In the end, you may disagree with the Obama Administration’s war against Fox News. But when FBN can’t bring themselves to mention a massive conflict-of-interest from one of their guests — who happens to be a long-time Republican – there’s really no need to treat FBN like a real business network.”

Read more here.

Subscribe to TBN

Receive updates about new stories in the industry daily or weekly.

Subscribe to TBN

Receive updates about new stories in the industry.