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May 9, 2003

Deceived

Remember when you first realized that Santa wasn't real (or maybe you still believe)?

http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/

A very sad show. This affected directly or indirectly almost everyone in the US, and many more around the world. You still got presents even after you found reality. A few people got presents in this story, courtesy millions of unwitting and unaware investors.

Not much sympathy for telecommunications companies anymore. Nobody paying attention to analysts now. Not many IPO's. Maybe they will get their just reward (except poor Jack Grubman who had to retire with a mere $30M severance).

The up-side is that lots of people have capital gains tax write-offs for the rest of their lives.

Posted by pete at May 9, 2003 6:01 PM

Comments

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Posted by: Donald L. Vasicek at November 11, 2003 10:40 AM