According to a transcript of an interview that Overstock.com (NASDAQ:OSTK) CEO Patrick Byrne did with CNBC in 2004, he is a crook. Here’s the relevant portion:
Interview: Patrick Byrne, chairman and CEO of Overstock.com, discusses the company’s revenues and earnings
23 April 2004
CNBC: Kudlow & Cramer
Mr. BYRNE: Well, first of all, I’m all about gap [sic]. I have been so critical of the companies that do–I don’t believe in one-time charges; I don’t believe in EBITDA. If somebody talks EBITDA, put your hand on your wallet; they’re a crook.
Well, Patrick has been doing an awful lot of talking about EBITDA. And not only is he talking about it, he’s presenting blatantly false and overstated numbers when talking about it.
I agree with Patrick: He is a crook.