Comments on: More financial statement fraud at Overstock.com http://www.sequenceinc.com/fraudfiles/2009/05/05/more-financial-statement-fraud-at-overstockcom/ Sat, 20 Mar 2010 22:05:23 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Conservatism is no excuse for false financial statements, Overstock.com | Sequence Inc. Fraud Files Blog http://www.sequenceinc.com/fraudfiles/2009/05/05/more-financial-statement-fraud-at-overstockcom/comment-page-1/#comment-184522 Conservatism is no excuse for false financial statements, Overstock.com | Sequence Inc. Fraud Files Blog Tue, 27 Oct 2009 16:02:24 +0000 http://www.sequence-inc.com/fraudfiles/?p=3879#comment-184522 [...] that’s exactly what Overstock.com has been doing. I detail how they’ve been doing that in this post. And here is Sam Antar’s detailed explanation of this cookie jar accounting done by [...] [...] that’s exactly what Overstock.com has been doing. I detail how they’ve been doing that in this post. And here is Sam Antar’s detailed explanation of this cookie jar accounting done by [...]

]]> By: Sam E. Antar (former Crazy Eddie CFO and a convicted felon) http://www.sequenceinc.com/fraudfiles/2009/05/05/more-financial-statement-fraud-at-overstockcom/comment-page-1/#comment-182859 Sam E. Antar (former Crazy Eddie CFO and a convicted felon) Thu, 07 May 2009 21:53:14 +0000 http://www.sequence-inc.com/fraudfiles/?p=3879#comment-182859 Jugg: I will restate my numbers (due to an accounting error): Steve Chesnut is 50% full of crap and 50% brown nosing Patrick Byrne. Sam Jugg:

I will restate my numbers (due to an accounting error):

Steve Chesnut is 50% full of crap and 50% brown nosing Patrick Byrne.

Sam

]]> By: john lichtenstein http://www.sequenceinc.com/fraudfiles/2009/05/05/more-financial-statement-fraud-at-overstockcom/comment-page-1/#comment-182845 john lichtenstein Thu, 07 May 2009 14:37:57 +0000 http://www.sequence-inc.com/fraudfiles/?p=3879#comment-182845 That message board post by PMB is just so bad. He thinks they should book revenue for services already rendered as the payments come in? I love the way he throws up questions at the end in parentheses where he comes close to describing the correct procedure. """ For example: when one discovers that one underpaid some suppliers $1 million and overpaid others $1 million. For those whom one underpaid, one immediately recognizes a $1 million liability, and cleans it up by paying. For those one overpaid, one does not immediately book an asset of a $1 million receivable: instead, one books that as the monies flow in. Simple conservatism demands this (If we went to book the asset the moment we found it, how much should we book? The whole $1 million? An estimate of the portion of it we think we'll be able to collect?) The result is asymmetric treatment. """ That message board post by PMB is just so bad. He thinks they should book revenue for services already rendered as the payments come in? I love the way he throws up questions at the end in parentheses where he comes close to describing the correct procedure.
“”"
For example: when one discovers that one underpaid some suppliers $1 million and overpaid others $1 million. For those whom one underpaid, one immediately recognizes a $1 million liability, and cleans it up by paying. For those one overpaid, one does not immediately book an asset of a $1 million receivable: instead, one books that as the monies flow in. Simple conservatism demands this (If we went to book the asset the moment we found it, how much should we book? The whole $1 million? An estimate of the portion of it we think we’ll be able to collect?) The result is asymmetric treatment.
“”"

]]> By: Jugg Badley http://www.sequenceinc.com/fraudfiles/2009/05/05/more-financial-statement-fraud-at-overstockcom/comment-page-1/#comment-182839 Jugg Badley Thu, 07 May 2009 12:02:38 +0000 http://www.sequence-inc.com/fraudfiles/?p=3879#comment-182839 And 50% full of crap, Sam. Is there anyone working with Wacky Paddy who is his own man? Sure seems not! And 50% full of crap, Sam. Is there anyone working with Wacky Paddy who is his own man? Sure seems not!

]]> By: Sam E. Antar (former Crazy Eddie CFO and a convicted felon) http://www.sequenceinc.com/fraudfiles/2009/05/05/more-financial-statement-fraud-at-overstockcom/comment-page-1/#comment-182825 Sam E. Antar (former Crazy Eddie CFO and a convicted felon) Wed, 06 May 2009 04:47:12 +0000 http://www.sequence-inc.com/fraudfiles/?p=3879#comment-182825 Quote: Steve Chesnut said that the underbilling and overbilling had been found “as part of good corporate diligence and governance.” Steve Chesnut is 50% hyping Overstock.com and 50% brown nosing Patrick Byrne. Quote: Steve Chesnut said that the underbilling and overbilling had been found “as part of good corporate diligence and governance.”

Steve Chesnut is 50% hyping Overstock.com and 50% brown nosing Patrick Byrne.

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