Sirius, GM, AIG: Where Is the Leadership in American Boardrooms? 49 comments
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Finding out that XM Sirius (SIRI) lost nearly $5B in the third quarter (not spent, or in the year, we’re talking losses in three months) is akin to finding out that the pizza parlor next to our office spent $13M in green peppers. It’s shocking, criminal, numbing.
Is this what the US “leaders of industry” have come to? Mel Karmazin, a media guru, orchestrates this joke of a merger and proceeds to lose $4.88B in three months? Sure, satellite radio is reliant on the car industry, but don’t even get me started on those guys. Where does it say in the Bible that “thou shall be Three Big Carmakers, and the US taxpayer shall compensate for their mismanagement…”
And if that’s not enough, we find out that AIG needs a bailout… from its bailout.
A joke, this is what the US economy is right now. My favorite part about this crime is the fact that the Republicans were calling Barack Obama a socialist and we’re now seeing socialism across the board, from Manhattan, down to Washington DC, via Detroit and on to SF.
What on earth is happening in board rooms?
Where is the leadership?
We need Jack Welch, Warren Buffett et al to barge into some of these board rooms with a few baseball bats and toss these criminals out of these companies and onto their arses. Why on earth should your average, hard-working American pay taxes these days? Tell me, why?
All right, I feel better… let me go read about the next round of layoffs.
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This article has 49 comments:
biz.yahoo.com/ap/08111...
Sorry but your article is a joke!! How about you get a clue?
1. What you call a "joke" of an economy still supports your lifestyle A-hole. How would you like to be in a soup line, Dufus? If you don't like this country, why don't you do us all a favor and hit the road!! Go overseas and hang out there and write your articles (that's if they let you!)
2. The AIG "bailout" not only keeps you in your worthless lifrstyle, but it's aka A LOAN! With interest Duf (short for Dufus). Do you know what that means? That's right Duf, on your behalf, your joke government will be making money on interest. Billions Duf! Hey Duf, do you know that one of the functions of YOUR government is as the lender of last resort, Duf? To keep your sorry arse out of a soup line A-hole? Buy a clue for 500 man.
3. GM...see #2 Duf!!
4. SIRI...Why are you a headline grabber? Did you even look at the metrics? Subs? Churn? Do you understand that 3 months does not this new combined company make, Duf? Do you even have a clue what that 4B number represents and why? Clearly not. You're a headline maven. You see a headline and you freak without understanding it. Aka, your a Dufus! Would it kill you to report the real story that SIRI revs are actually up 16% while ALL their competition reported negative revenues? But why report that? You duf...
OK. Let's review.
1. You're a huge Dufus.
2. Where do they grow people like you?
3. You're not a fan of America so you hopefully right now are packing your suitcase.
4. While you're reading about the next round of layoffs, hopefully your name will be on that list!
5. You're irresponsible.
6. Hopefully this is your last joke article ever (of you even want to call it an article).
There. You had your rant and I had mine. Duf.
We must have happened on this at the same time... I like your take better.. I was just totally taken aback by the arss and his self righteous attitude...
Get a clue before you embarrASS yourself and your family any further!
Did Seeking Alpha actually publish this garbage?
The Boards and mgmt of US corporations have become a farce.
The truth hurts?
On Nov 11 06:26 PM ashkan karbasfrooshan wrote:
> Folks, relax, I know it's an impairment charge... but the fact remains:
>
>
> The Boards and mgmt of US corporations have become a farce.
>
> The truth hurts?
No..I beg to differ. It's your joke article that hurts. Why are you such a cry baby? Where have you been? You must like soup? If nothing you're self righteous to the max...
You say:
>>The Boards and mgmt of US corporations have become a farce.<<
What? You are just now understanding the ways and means of big business? How about politics? I'd love to hear your take on that...(lol)
But seriously. Since you think this economy is such a joke, you should pack up now and move. Don't you think?
Totally agree with you...
Yesterday, less than 15% of Americans said the country was going in the right directions.
Consumers are spending less...
Companies are less confident, and as such are laying people off right and left.
I got out of the stock market after seeing YHOO mismanage the MSFT offer. As a shareholder, I lost confidence.
Personally, I am surprised any investors have any confidence in any companies right now.
If you own shares in satellite radio, automakers, financials etc., do you have confidence in their Boards or mgmt?
I would not.
Whenever someone even raises an objection or criticizes a company or executive... you see shareholders in that company cry foul. Occasionally, management comes out, as well, and attacks the critic. The point is, usually the person doing the criticism has nothing to gain or lose, but those defending the company have a lot to gain if the stock goes up. With their positions entrenched, they are too emotional and attached to think objectively. Sometimes I wish I would have sold a stock sooner myself instead of holding on, blindly trusting management.
Anyway, you saw that when an analyst raised red flags on Citigroup, or previously, Overstock. Both turned out to be right.
My point here, basically, was that these are all poor sectors to begin with, and you have elaborate corporate development deals or requests for government interventions that simply are not necessary or unfair to the average American citizen.
- Sirius/XM was tying two rocks and hoping it would float.
- The Big Three have had problems that have nothing to do with this economic downturn, etc.
Why not defend the industries, companies, and executives? No... too hard. Much easier to attack the critic.
No wonder then that most American investors have lost massive amounts of wealth while the perpetrators of these actions are retiring with millions.
It's a shame. Instead of attacking the critics, why not focus on those who are wasting shareholder money and destroying jobs?
OK. Listen. I'm happy to respond to you but it doesn't account for your poorly positioned article--sorry to say.
I think the crux of your issue is as you say, you are a disgruntled former shareholder, who lost faith in the company management. I agree with you that it was stupid for Yahoo to play hardball with Msft and then lose the deal. But that's how it is. That's business. And you became disgruntled there and redirected your acrimony elsewhere without facts in hand.
You're like many who are lynch mob members. You've been incited and everything looks the same to you now. If it quacks, it's a duck. The truth is none of these situations you mention are exactly the same--yet you make them the same. Not once do you mention CDS's which underly this ENTIRE mess. CDS's represent greed my friend, and that greed is the same greed that you exhbit at times, as your neighbor does, as everyone does. It just so happens, that the greed in CDS's (and RMBS's/sub-prime greed) has nearly ruined everything for our society. The whole thing nearly blew up man. You may still not realize the thin line. But fortuntately our gov is acting. Will it be perfect? No way, but good for you and me there at least is still a field on which to play...and lights.
And as far as investing goes. Hell no. I refuse to be like those who just want to take their ball and go home now. If everyone did that, there would be no game man. But yet you are seeing the ramifications of when quite a few people DO take their ball and leave crying like a baby. I'm sick and tired of hearing people like you and Jeff Macke whine like a baby. Why are we now in this new trading range? Simple. Because of cry babies. Of course now everyone is watching the same market metrics. The minute we hit the mark, it's auto sell programs--no questions asked. I just documented this today on another article:
>>Trend Update
Dow/S&P Trend since October bottom..
10/16/08 intraday low 8,197.67 S&P 865.83
10/21/08 intraday high 9,284.55 S&P 985.44 - 4 trading day span
**4 trading days trend down
10/27/08 intraday low 8,143.59 S&P 846.75
11/04/08 intraday high 9,653.95 S&P 1,007.51 - 7 trading day span
**5 trading days trend down
11/11/08 intraday low 8,560.71 S&P 884.90 (today)
? <<
I mean c'mon. If we're going to be that predictable with so many people also sitting on the sidelines watching, this is what you will will have--and further, I will play accordingly. But this is all contrived and made by cry babies..Did you ever stop to think that if less people were so fickle, drastic and didn't rip their money out at a moments panic that EVERYBODY's portfolios would still be a lot richer? It's also because there is blood in the streets and fear of the boogie man (who doesn't exist). And bigger institutional bear players are continuing to short the crap out of everybody as soon as the high end of the S&P is hit. Doesn't matter... $5 stocks, .50 stocks, .25 stock, $300 stocks. All fair game. I'm in a stock that's down to .60 and today lost .05 on no news (shorted for profit). and I won't even talk about the SIRI deal that you probably know nothing of...behind the scenes. I'm pissed to ever lose, but do you hear me crying and writing articles about it? Or ranting about the poor company management? I did do that briefly until I woke up and did the proper research--as I suggest you do. This is Wall Street man. It's the sharpest teeth in the neighborhood. It's not kiddie games. But if you're here. Be here. Don't cry when things get a little rough. If not, leave the market. But DON'T just still be here and sit on the sidelines and watch everyone else until you think it's SAFE for you to come back. That's a punks way to go...and bs. The obvious is rarely what it seems.
Listen. You know the Market is a big game right? Valuations. Analyst recommendations. Market cap. etc... Always was, always has been, always will be. The Street has never been an accurate nor fair place. But some of us want to be in the game without being cry babies. All people are doing right now as we speak is exacerbating a big problem, thereby making it even bigger. Man, I could keep writing about this but I gotta go. But before you call out CEO's, bailouts and such, just look at the facts. Look at the game. Look at the greed. Certainly look at the numbers. Look at the players. But look at the bottom line--the structure itself.
In letting Lehman fail (who was the largest broker of CDS's), we wound up here...practically hanging on a precipice and unwinding. Are you one of those people who just want to let major institutions fail and then just wait and see what happens? I wish I could just let you to yourself to have your way. I wish there could be two versions of life with no reversals. Anyone who wants to let all these institutions fail in one world and let it all fail...hey there's a great idea, let's get a boatload of companies all in BK court all at once!!! I love you guys!!! Well, and then the rest of us who are for stabilizing known quantities, preserving structure and then fixing problems and issues in time. But when your world would turn into a total chaos, you would be stuck there for the rest of your life. No quarter. No reverses. That's what I wish. Then all of you would get exactly what you are wishing for by your sorry selves....IMHO
Your comment is very fair. Frankly, my post was first posted on my own blog, HipMojo.com (for His Investment Portfolio-Mojo or His Intellectual Property-Mojo) where I mainly cover the Web, online advertising, M&A, stocks, etc. as both an investor and an entrepreneur, fully disclosing my positions.
Sirius - not any bank or other company - was in the news today, as such, I commented on it.
For what it's worth, this post had more to do with management, candor, doing the right thing etc., and not investing. Trust me, when it's about investing, it's very different... but that's not anyone's problem but my own.
Either way, sometimes my posts are 1,000 words, sometimes they're 100 words. Definitely I could have added a few paragraphs to get into the fact that it was an impairment charge, but I did link to two stories that explain that, no?
For what it's worth, my regular readers would have figured that I was trying to make a point and using the loss in a figurative manner; the SA readers naturally took it in the literal manner.
Seeking Alpha is free and allowed to pick and choose what they want off my blog. As a publisher, they generally pick up what:
a) covers publicly traded stocks and
b) what will get the faithful SA readers irritated.
This post fell under both a) and b) clearly ;)
I really have nothing against Sirius. Mel K. is someone I look up to as a media entrepreneur / executive... but I have always been cynical about satellite radio... especially with their reliance on the car companies, which in today's climate exposes Sirius' exposure even more so.
But, I would love to be proven wrong on why Sirius, or for that matter, GM or AIG, are great stocks to invest in. I've been sitting on the sideline with cash to invest... I am all ears ladies and gentlemen. Seriously.
I heard yesterday one analyst calling GM to go to $0. Is that not sensationalist? Of course it is...
But I am anything but disgruntled: I sold YHOO at $29 - It's at $12 now!
The truth I sold in May, went away... and invested in my media company WatchMojo.com.
Let's face it: the stock market is casino for those that don't really like casino. Financial statements, GAAP, SEC etc., are all things to make us feel like it's not... but who are we kidding.
Since I sold my shares, the market's tanked, I am waiting to get back in... but don't see an end in sight with regards to bad news... it would also be nice to see some candor from management - another thing I highlighted - something that Warren Buffett always looks for, by the way.
All right, I have a soccer match to head off to... go easy on the lynching while I am away.
Your above post makes a lot of sense and you sound very intelligent...
Your article groups a speculative groth company like SIRI with the likes of GM and AIG.......
I agree, where is the leadership of GM and AIG (let's not forget that 1/2 of GM's problem is that they're held hostage by the BS unions.....and while where at it, let's not also forget that the savior OBAMA wants to make union voting a public ballot instead of confidential,,,that's a death sentence to American business if higher taxes do not kill them first.). GM and AIG are staple American companies that were once successful and now run into the ground.
SIRI has been not only a start up company but a start up INDUSTRY.
There's plenty of room for SIRI to be critisized, but not under your heading.
AND, there's a lot of reason to talk about American board rooms running this country into the ground,,,SIRI is hardly at the top of the list..
Not to mention, that by emphasizing that SIRI lost almost $5 bil in the 3rd quarter the way you did PROVES one of two things,,,,,,,,,,
1) You know nothing about either the charge or the position of SIRI...
or
2) You're very well aware of SIRI's position and you're looking for a headline to bash SIRI.....which makes you a liar..................
I just read your otherpost. And I agree with relmor. Had you posted this POV as your article, you were valid. The joke article you wrote was full of uneducated potshots and you were called out for it.
What I said to you initially still stands regarding corporate structure, management, etc... It's been going on a lot longer than most of us writing here and will continue to go on as such. There have been on-going efforts to better adjudicate the system. Problem is every major system has corruption, loop-holes, expediency, etc.. built into it. That goes for gov, public and private sector finance, etc. But when things go wrong, you have to do the best you can to fix them to make them better...and in the way that keeps the most sanity and order within society. Without that, you've got chaos and anarchy. In which of those would you prefer to exist? There is plenty of time to root out wrong-doers who put us in such jeapordy on this, and many of us still expect that to happen down the line. Right now is just not that time.
Please don't take your life as you know it now for granted. I never lived through the depression (which because of non-gov action became the GREAT DEPRESSION), and neither did you. But don't be like others who are on their punk-ass high horse who take for granted what they have today. And what you have access to. It could really all be taken away just like that. I'm not a doomsdayer, but it is true that our society (as a whole) is not too big to fail. Making the wrong moves at critical stages like this will show that to you forthwith. Like I said, I wish you people could actually experience that while the rest of us perservere the other way. It's funny most people I hear talking about let this one fail, let that one fail, are all wearing 2K suits and dresses. Or their morons. Hmmmm...
You're right that SIRI is really not anything like AIG or GM with regards to its history and future: 100% right there.
But... here is the thing I don't get: yes, terrestrial radio SUCKS (when I was younger - I'm only 30 now - I used to host a bunch of radio shows) but it's free... Free is very hard to beat and satellite radio has always seemed like a puffed up industry to me, sort of like financial services and carmakers these days.
This last connection between the three is why I juxtaposed the three:
- carmakers "needing" a bailout, even though consumers don't "want" US cars.
- financial companies "needing" a bailout, even though they take the money and spend it on parties, getaways (which looks worst that it might actually be) and bonuses (which is criminal).
- satellite radio: let's merge two companies that cannot survive independently, but we expect to thrive once combined...
***Problem being: you need carmakers to grow your business... and carmakers in turn need financials to offer cheap credit...***
See the madness in this stock's story?
So yes, I am guilty of that: if I was not spending 99% of my time building a media startup myself... sure, I should take more time to outline these connections.
Guilty as charged ;)
But go back to this
***Problem being: you need carmakers to grow your business... and carmakers in turn need financials to offer cheap credit...***
And tell me I am crazy or wrong.
I am all ears.
"But don't be like others who are on their punk-ass high horse who take for granted what they have today. "
That is not the objective.
All to say... I promise to consider than any post might at any time pop up on SA... so I need to cover my bases, granted.
See... I'm more Obama than Bush ;) - but on a separate but related note, folks, stop bashing Obama and give him a chance... In one night, America got back it mojo... that in of itself will help the US get back on track... why? Because it's all about confidence. Maybe you will like this, maybe you won't:
The Week We All Became Americans, Again
watchmojo.com/web/blog.../
However, they have nothing to do with the subject and headline that you attacked SIRI on.......
I have PLENTY to bitch about SIRI........
But you,,,,completely misrepresented the Q3 number......
YOUR QUOTE...
""XM Sirius (SIRI) lost nearly $5B in the third quarter (not spent, or in the year, we’re talking losses in three months) is akin to finding out that the pizza parlor next to our office spent $13M in green peppers""
If your looking to grow YOUR business by reporting to the public,,,,you better explain things correctly and not embelish known details into overblown headlines for attention.....
In your response to me you explained your skepticism you have always had with SIRI.............
Wrong thing to do brother,,,,you just showed your hand................
You've never liked SATRAD so you pumped a headline against it.........
What I meant by bias was actually something more important: whether I owned shares or was short.
Also, I think I can be bullish on something as a consumer but negative as an investor, no? In this case, I like SATRAD as a consumer but yes, so far, I am bearish as an investor. I don't think that is a crime or all that crazy. I am all for open source tech as an entrepreneur who uses it, but as an investor/entrepreneur who would back such a thing, not sure...
On Nov 11 07:13 PM ashkan karbasfrooshan wrote:
I don't know anymore then you do!
You aren't part of that bullshit lawsuit are you?
> There's another dynamic, as well.
>
> Whenever someone even raises an objection or criticizes a company
> or executive... you see shareholders in that company cry foul. Occasionally,
> management comes out, as well, and attacks the critic. The point
> is, usually the person doing the criticism has nothing to gain or
> lose, but those defending the company have a lot to gain if the stock
> goes up. With their positions entrenched, they are too emotional
> and attached to think objectively. Sometimes I wish I would have
> sold a stock sooner myself instead of holding on, blindly trusting
> management.
>
> Anyway, you saw that when an analyst raised red flags on Citigroup,
> or previously, Overstock. Both turned out to be right.
>
> My point here, basically, was that these are all poor sectors to
> begin with, and you have elaborate corporate development deals or
> requests for government interventions that simply are not necessary
> or unfair to the average American citizen.
>
> - Sirius/XM was tying two rocks and hoping it would float.
> - The Big Three have had problems that have nothing to do with this
> economic downturn, etc.
>
> Why not defend the industries, companies, and executives? No... too
> hard. Much easier to attack the critic.
>
> No wonder then that most American investors have lost massive amounts
> of wealth while the perpetrators of these actions are retiring with
> millions.
>
> It's a shame. Instead of attacking the critics, why not focus on
> those who are wasting shareholder money and destroying jobs?
We're getting great advice about America from a canadian............
Let me tell ya,,,as you told sl62......."" As you know, Americans and Canadians have a funny way of making fun of one another but respecting one another, too... ""
Here's how that works,,,YOU make fun of US then have a way of respecting US,,,,,,only because you know that you're safe because you're standing next to the toughest kid in the play ground.............
We're a post behind and I do have to go also.
Your subsequent posts belie the random contents of your original article. Who was the guy who wrote that? You sound like a decent guy....
All I ask in the future is that you be more careful with your opinions--esp when you are reckless about SIRI. There were plenty of other good things about the Q you could have said. Instead you joined the many dopes who can't stop SIRI bashing and grabbing any handy negative headline.
I will tell you this. SATRAD is viable. Nearly 19M subs demand you agree. That's nearly as many as Comcast has and that just can't be overlooked. There are many aspects about how the two players came to be one that are not desireable and have short shrifted shareholders. Our society's entire financial core is currently weakend, not because SIRIXM is a bad company, but because of underlying greed. I would suggest you give the new company a chance to prove their claims. If you don't, it would be like someone in your life telling you in your freshman year of college, that there is no way you have what it takes to graduate..and then kept telling you that year after year after year. Or in a more specific scenario, let's say you came from a very modest incomed family but always had a dream to graduate from Harvard. And to do it, your only way was to borrow the full 125K to get it done. And just because of this, onlookers of your life told you you were nothing but a mistake and non-viable as a person or life model. Think about it...
Nice to see 8 years of foolish and arrogant foreign policy hasn't softened the ethnocentrism of some of the US readers on this page ;)
Good thing I read your comments at the bottom, because you saved yourself in that section, from a pretty mediocre blog.
Mel just got in over his head and didn't have Sumner Redstone's wallet backing him up this time.
XM SIRIUS should be a very profitable company. But, it's not even close and I'm not sure it ever will be unless they can redo their contracts with the talent they acuquired. XM Sirius gave outrageous contracts to obtain the entertainment, and not just the egregious $500M to Howard Stern, but millions on top of that to Martha, Oprah, Chris Russo, the major sporting leagues, etc. Many compare SATRAD to HBO, where you pay to subscribe, well HBO didn't give Tony Soprano a 9 figure contract.
Yes, we do need real leadership in our boardrooms. There is just one problem, no CEO is truly accountable. It seems no matter how badly they lead their company they can just float away on a golden parachute and live quite comfortably for the next 30 lifetimes; meanwhile the employees and shareholders foot the bill and end up wishing they had a bag of beans instead of the nearly worthless stock they still own. At least the beans may grown into something someday. The beans may grow into a beanstalk where they climb it and see their former CEO that cost the company billions, his 5,000 square foot mansion below. Executive compensation should be based on performance, instead its legalized larceny.
I am among the many folks on this blog who are disturbed by your blog. There is no justification, by any means, to add Sirius into any discussion with AIG or GM.
AIG is detestable, along with many other investment firms and have been a main catalyst for the downturn in our economy. Their shady deals and even shadier leaders, have cost our country billions (along with Lehman and the likes). AIG's board exec's should have all of their assets and bonuses frozen and given back to the good folks whom they have robbed.
Admiitadly, GM has been severely mis-managed, but their industry is suffering the worst from the current economic environment and instability in the oil industry, which is out of their control. GM and other car manufacturers NEED financial assistance due to diabolical investment firms like AIG and their borderline criminal behavior.
As for Sirius....give me a break!!! What have they done wrong or done to contibute to our recession???? NOTHING. It is just a merger between two organizations who had the common sense to join hands, rather than fight each other (which is the main reason that neither made any money). Once the hard road of the merger is over, this new media giant will have cost synergies and combined content that will do nothing but make the consumer delighted and the organization financially viable. Besides, Sirius isn't looking for BILLIONS from the government, they are only looking for a relatively small loan (versus AIG and GM) to get them through the merger.
I just don't see how you can associate these three TOTALLY unique businesses and their different needs in the same headlines???
I just don't see the connection sir.
> jack
***Problem being: you need carmakers to grow your business... and carmakers in turn need financials to offer cheap credit...***
Which I think makes it hard for SATRAD to take off... especially now.
GM and other auto-makers have been unable to compete for years. No one would support their mis-management unless that person is making money from it and want more from bailouts.
Telling concerned persons who suggest improvements to pack their suitcase will only end up making this country weaker and leave room for persons such as yourself to profiteer from misery without the benefit of alternate opinions.
Get a clown suit, you're not part of any solution.
On Nov 11 06:08 PM sl62 wrote:
> Ashkan Karbasfrooshan...
>
> Sorry but your article is a joke!! How about you get a clue?
>
> 1. What you call a "joke" of an economy still supports your lifestyle
> A-hole. How would you like to be in a soup line, Dufus? If you don't
> like this country, why don't you do us all a favor and hit the road!!
> Go overseas and hang out there and write your articles (that's if
> they let you!)
>
> 2. The AIG "bailout" not only keeps you in your worthless lifrstyle,
> but it's aka A LOAN! With interest Duf (short for Dufus). Do you
> know what that means? That's right Duf, on your behalf, your joke
> government will be making money on interest. Billions Duf! Hey Duf,
> do you know that one of the functions of YOUR government is as the
> lender of last resort, Duf? To keep your sorry arse out of a soup
> line A-hole? Buy a clue for 500 man.
>
> 3. GM...see #2 Duf!!
>
> 4. SIRI...Why are you a headline grabber? Did you even look at the
> metrics? Subs? Churn? Do you understand that 3 months does not this
> new combined company make, Duf? Do you even have a clue what that
> 4B number represents and why? Clearly not. You're a headline maven.
> You see a headline and you freak without understanding it. Aka, your
> a Dufus! Would it kill you to report the real story that SIRI revs
> are actually up 16% while ALL their competition reported negative
> revenues? But why report that? You duf...
>
> OK. Let's review.
>
> 1. You're a huge Dufus.
> 2. Where do they grow people like you?
> 3. You're not a fan of America so you hopefully right now are packing
> your suitcase.
> 4. While you're reading about the next round of layoffs, hopefully
> your name will be on that list!
> 5. You're irresponsible.
> 6. Hopefully this is your last joke article ever (of you even want
> to call it an article).
>
> There. You had your rant and I had mine. Duf.
SIRIUS/XM HAVE EVERY SINGLE CARMAKER IN THE UNIVERSE SIGNED WITH THEM!!!!!!
Just because GM, Ford and Chrysler are having big troubles doesn't mean that Sirius has no other car manufacturers to turn to. They dont need AIG for financing either.....lots of others out there willing to assist.
Sorry....not buying what you're selling
- When AOL/TWX merged and then wrote off $40B or so due to loss of shareholder value, was that paper loss also irrelevant? If mgmt orchestrates a merger and one short year later has to acknowledge that $5B in value evaporated, I don't care if it's an accounting loss or a real loss, it's a bad reflection on management.
- Which takes me once again to the crux of this post: management and candor. But yes, once the subject moved from management to investing, then I brought up the connection between the three industries because they are very much related... so if finance is non-existent and new car sales not happening, then why do we expect Sirius to do well.
- Wild guess here: Many of you are obviously long this stock, you defend them as if they've helped you buy a few homes and pay for your children's education. Last I checked, this stock is trading at $0.25. Have you lost all common sense in defending them? Why don't you attack them (the strategy, the execution, the executives who cash in massive pay while returning little to stockholders) instead of me for calling a spade a spade.
However, considering their entrenched position with carmakers, and at such levels, I admit that it's worth looking at the stock from a micro/unique perspective... but from a macro/systematic perspective, come on, stocks will continue to head down...
If everything goes according to plan, I can see why at these levels, there's enough of a safety of margin to dive in. But right now, I don't see much support in equity prices... More bad news to come...
I don't know why everyone is jumping on this Ashkan guy ......We aught to be jumping on CEO's that get massive golden parachutes , when they bail out of a failed company ..............hell , no one's going to pay ME to ruin my business !!!!!!!!! ...........Capitalism does NOT reward failure ..............so for all you blue blooded American capitalists out there - Ashkan is right ............we do crap ass backwards in this country ................and NO , I am not leaving .......and I'll damn sure give my opinion about MY COUNTRY ..................If we continue to PRINT money as a source of income ...WE ARE DOOMED ....you can take that to the bank ..................and the same goes for SIRI .....I don't care if you have a billion subs , if the frickin' income is negative , and you make money by PRINTING OR BORROWING ........well , eventually you have to pay the piper with earnings ...........that is just a fact of life
"I don't need 4,000 dollars worth of wall to wall airbags , my seatbelt is fine with me "
"hell , no one's going to pay ME to ruin my business !!!!!!!!!"
that's pretty funny...
Anyway, I'll add one serious thing re: SIRI. The company's billion dollar debt comes up next year, in 2009. How likely is it for shareholders to be wiped out?
Just saying.
but it wouldn't bother me a bit to close this mess with a 20k loss ......I've already made that back elsewhere
howard stern just applied to become a bank and he will lead sirius out of this mess in a brand new cadillac (hummer?) driven by the kamikaze pilot mel karmizan.