Who’s next? Could it be CEO of AT&T Michael Armstrong or the CEO of Qwest Joseph Nacchio? The first domino to fall was Bernard Ebbers. The “icon” of the telecommunications industry. The swashbuckling CEO who presided over 60 acquisitions in 15 years for the now infamous WorldCom. This same guy also talked his board of […]
Imagine what would happen if the punishment for robbing a bank was modeled after what Eliot Spitzer is now expecting out of the major brokerage firms like Merrill Lynch. In the future all get-a-way vehicles must be at least 100 yards away from all banks. This is in order to give the overweight security guards […]
David Chacon is a broker who finally had enough. This highly successful broker at Salmon Smith Barney filed a lawsuit for himself and on behalf of the investing public. The goal of the suit is to expose what he dubbed is, “The Telecom Mafia.” “The Telecom Mafia” is a group of people who were personally […]
We are in a difficult situation. For lack of a superior term let’s call it a crisis of confidence. Everyone should remember the story of the little boy who cried wolf; well, let’s just state that our markets have gone the way of a childhood fable. These past few weeks more companies have added insult […]
I have seen many strange things happen on Wall Street and this past month was no exception. Analysts never cease to amaze me with their ability to confuse the general public. We are always going after analysts for failing to issue sell recommendations on stocks. This month one Merrill Lynch analyst decided to do something […]
Extra!! Extra!! Elian Gonzalez is the new CEO of Enron!!! Shark attacks in the Enron company pool!! Tonya Harding is now in charge of Enron security!! All of these things are obviously ridiculous. The fact of the matter is that almost everything surrounding Enron that has been reported to the public has been ridiculous. Here […]
We have received a plethora of questions trying to put into words exactly how some of these large corporate scandals occurred. I have been trying very hard to articulate the actions of the many corporate hucksters I have reported on during my radio show. Unfortunately, many of the financial structures are quite complicated and I […]
“It’s déjà vu all over again.” Yogi said it, and he couldn’t be more right! Last month we saw the stock market take off like a rocket after Cisco systems announced earnings. Wall Street and many investors perceived these numbers to be outstanding. Analysts across the land were crying out “Hear Ye, Hear Ye, The […]
THE CLASSIC VERSION The ant works hard in the withering heat all summer long, building his house and laying up supplies for the winter. The grasshopper thinks he’s a fool and laughs and dances and plays the summer away. Come winter, the ant is warm and well fed. The grasshopper has no food or shelter […]
Question… What do the recent one-day run ups in stock market… Dexy’s Midnight Runner’s “Come on Ilene”… and the Baha Men’s “Who Let the Dog’s out” have in common? Answer… They are all one hit wonders! These are the facts! On Wednesday, May 8th, the Dow industrials jumped more than 300 points, prodded by better-than-expected […]