Out of the box: Year after financial meltdown a Utah original shoots from the hip

As executive offices go, Patrick Byrne's is understated.

If it were a dress, it would be basic black.

Practical. Hardly at all celebratory. No wall dedicated to the famous he's rubbed shoulders with. No shrine of walnut plaques and oaken frames hanging in acknowledgment of the accomplishments and benevolence of Overstock.com's CEO.

One wall is dominated by a large, framed publicity poster for the movie "Unforgiven." It's a Byrne favorite for its ambiguous treatment of morality — leaving its characters and the audience "unsure who the good guys and bad guys really are."

If you start hearing an echo, it's because over the past four years that's been a recurring theme in Byrne's corporate life. During various stages leading the company he's worn the white hat. The black hat. He's even been the Mad Hatter.

And he's currently being fitted for the white one again, getting props for being among the few to sound the alarm about questionable and risky practices by Wall Street and its ilk leading up to last year's financial meltdown.

Although a switch back to black could be pending, after the Securities and Exchange Commission relaunched an investigation into Byrne's company, asking to take another look at the online discounter's 2006 and 2008 financials, which Byrne has acknowledged contained accounting errors. Byrne's critics say the investigation could prove that Overstock has shown a consistent pattern of fudging its financial performance, year in and year out.

Byrne says the SEC's latest move underscores everything he's been harping on during the last four year.

"We have had two restatements in three years and can't cry about getting an extra dose of scrutiny from Federales," Byrne answers philosophically. "On the other hand, we know that there are a bunch of powerful folks on Wall Street who have continuously tried to get the feds to come after us.

"The last year has shown that guys like Bernie Madoff could pick up the phone and get investigations stopped. What people have to understand is that there are other people on Wall Street who can pick up the phone and get investigations started."

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