Comments on: GAAP being replaced by BOSS

By: Tracy Coenen

Tracy Coenen — Mon, 28 Apr 2008 16:37:33 +0000

Sanjeev – This may come as a shock to you, but I am not seeking your approval of my blogging activities. I am not inclined to answer a question which has been answered over and over on this blog.

By: Sanjeev Parsad

Sanjeev Parsad — Mon, 28 Apr 2008 16:00:24 +0000

C’mon Tracey, stand behind your analysis. Answer the question without any of the charade:

Do you believe that Overstock.com, including Patrick Byrne, Jonathan Johnson, David Chidester and the rest of the executive board are manipulating Overstock.com’s financial statements? Yes or no!

You’re a forensic accountant. This is a very easy answer. If you want your analysis and blog to have some legitmacy, you have to stand behind your analysis and commentary.

You know what they say, “Those that stand for nothing, fall for everything!” Stand up and provide a strong answer…yes or no! Is Overstock.com manipulating their financial statements?

By: Tracy Coenen

Tracy Coenen — Mon, 28 Apr 2008 15:55:20 +0000

Simple answer: The quote speaks for itself. Now please add something useful to this conversation or quit posting.

By: Sanjeev Parsad

Sanjeev Parsad — Mon, 28 Apr 2008 15:51:54 +0000

No, no Tracey. It’s a simple enough question.

Are you saying that Overstock.com, including Patrick Byrne, Jonathan Johnson, David Chidester, and the rest of the executive board, are manipulating Overstock.com’s financial statements?

Simple question…yes or no! What is your answer?

By: Tracy Coenen

Tracy Coenen — Mon, 28 Apr 2008 15:48:02 +0000

The quote speaks for itself.

By: Sanjeev Parsad

Sanjeev Parsad — Mon, 28 Apr 2008 15:44:10 +0000

In the above blog, I quote:

“If everything is on the up-and-up, I don’t understand why Overstock.com doesn’t just report the numbers. Offer up the information in the interest of transparency. Quit doing things that make it look like you’re trying to manipulate the financial statements again and again.”

Tracey, are you saying that Overstock.com, including Patrick Byrne, Jonathan Johnson, David Chidester, and the rest of the executive board, are manipulating the financial statements?

That’s what I see from the quote. Please confirm if this is what you are doing.

By: Tracy Coenen

Tracy Coenen — Mon, 28 Apr 2008 15:37:57 +0000

Easy? You think this is easy… dealing with someone who hasn’t even read what I’ve written and is arguing with me over a statement I didn’t make?

If “that” is the “charge” and related disclosure you’ve referred to a few times now… I never said that the charge or the disclosure were inappropriate or deceitful.

There are other things management has done at Overstock which I believe are deliberate attempts to mislead and defraud investors. For those, see the rest of this blog. Just type “overstock” into the search box and start reading.

By: Sanjeev Parsad

Sanjeev Parsad — Mon, 28 Apr 2008 15:29:24 +0000

No, no Tracey! You’re not going to get away that easily? What deception are you suggesting that would make that material? Did you or did you not in your blog, suggest to readers that Overstock is involved in a deliberate and malicious undertaking to deceive investors? Within the context of that accusation, are you saying that Patrick Byrne and his executive board are in collusion to defraud investors?

By: Tracy Coenen

Tracy Coenen — Mon, 28 Apr 2008 15:27:31 +0000

And even though you’re arguing about something I’ve never said, here is the part of the bulletin that applies to management’s deception:

A registrant and its auditor should evaluate misstatements in light of quantitative and qualitative factors and “consider whether, in relation to individual line item amounts, subtotals, or totals in the financial statements, they materially misstate the financial statements taken as a whole.

QUALITATIVE factors (the quality of the data and disclosures) must be taken into consideration. Deception by management definitely is a part of the quality of the numbers.

By: Tracy Coenen

Tracy Coenen — Mon, 28 Apr 2008 15:22:29 +0000

Sanjeev – Who are you arguing with? I’ve never made any claims about a charge that was taken by Overstock, or about any disclosures made in regard to that charge. If you want to discuss any further issues, I suggest you read what I’ve written here first. That way, you can argue with me about something I’ve actually said.