Sirius XM: Media's Fear-Mongering Has Gone on Long Enough 225 comments
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The news of the Liberty (LINTA) bridge loan to Sirius XM Radio (SIRI) has now been digested by the market. Not surprisingly, the mainstream media has managed to put a significant negative spin on the event. Already, talk of future bankruptcy has taken center stage and the stock has stalled.
It’s no wonder that SIRI investors are left confused and bewildered. All anyone wants is a straight answer, yet the only clue given to investors has been a SEC filing which left armchair analysts like myself to figure out the meaning behind the deal. That filing did little to put investors at ease. In fact, it has made things worse as it smites current shareholders, and provides fuel for the naysayers to wreak havoc.
By now, everyone is aware that I am always willing to go out on the proverbial limb. I’ll begin with the issue of the media’s attempt at fear-mongering, utilizing the term bankruptcy. They are wrong. Investors in Sirius XM have become much more sophisticated in recent months. One important lesson has been that Sirius XM bonds dictate the price of the common stock. Several months ago, S&P and Moody’s both downgraded Sirius XM due in large part to its 2009 debt obligations, and the stock retreated to record lows.
The recent upgrades by Moody’s and S&P would dictate that bankruptcy at this point is in fact off the table. The media was quick to point out the downgrades, yet these same “news” agencies conveniently overlooked the upgrades. If Liberty’s John Malone was seeking to get in front of other bondholders in the event of a future bankruptcy as some have suggested, the bonds would not have been upgraded.
No one has considered that the company is on the cusp of becoming free cash flow positive in 2009; that lower car sales in many cases benefits Sirius XM, and that the company has significantly reduced operating costs since the merger. If the company can achieve its 2009 goals, this bridge loan will in fact be beneficial to Sirius XM.
There are positives to look for going forward. One is NiceMac’s USirius StarPlayer application for the iPhone, which could be approved in the coming weeks. 2009 should bring with it news that Sirius XM has extended its service to Puerto Rico and worldwide on the Internet. Hopefully, Sirius XM is done with backroom deals and can now focus on growing its subscriber base.
Position: Long Sirius XM
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This article has 225 comments:
Good article. I don't know how to explain the doom and gloom reporting on this stock....but if one pays attention to what is actually going on...things are relatively not as terrible as they seem. This was not a "great" deal, however, in the bigger picture of the financial collapse we have been living through, it was almost a remarkable deal. I take more positive than negative from John Malone's involvement with the company. He has a history of helping companies overcome difficulties, albeit while profiting handsomely from the situation....can't say I would do any less in his position...his number one priority is to generate income.
You must not have read my post under the Merrily Story. Go read deep capture story, and then tell me if the "media" has no choice. Heres some headlines they could have chosen after the deal, but didnt..
"Liberty/Sirius Deal forges Strong Partnership. New Life for Sirius"
"Liberty Invests in Sirius's Future"
Or how about mentioning the same bk disclosure came at the end of the Q3 announcement(verbatem)... Sirius NEVER VERBALLY announced a bk warning, or issued a seperate release stating so.
How about Cramer calling your stock "worthless", hence claiming Sirius's profitablility will NEVER COME TO PASS."
Or how about media wishywasheness in the same article.
One line mentions how terrible their business model is, then praises Malone for investing in a "growth business" With great opportunity. No, this is not the media playing the only angle they have, its the media playing the same angle since the very 1st hour post merger. NEGATIVE. The motley Fool article should be sueable. Mentioning nationalization, and then discrediting the idea because "someone was going to eventually" No, no one was, because its the dumbest angle on Sirius's ive ever heard. Or that Malone simply wants the tax break, which would be illegal. Malone according to the story you wrote Brandon, was so concerned with monopoly issues, he still enforced himself to recently(then) repealed ownership laws. No, he is a hard dealer, and doesnt invest in loser, nor does he lose money. But he is not going to take over one of the most high profile(thanks to the media in fact) companies that just got out of a 15 month battle with the FCC, sink them, and take them to bk, acquire their assets, and take their tax loss. Nice try, especially considering the XM sats are useless to anyone except XM.
Youve admitted that Brandon is right, when you make a comment like, if you dont define yourself, your enemies will define you.
You say "The recent upgrades by Moody’s and S&P would dictate that bankruptcy at this point is in fact off the table."
Is that so?
Let's see what the almighty rating agencies actually say:
>>> Moody's rates SiriXM "Ca". Here is the Moody's definition of "Ca" and the next higher rating, "Caa":
Caa: Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.
Ca: Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.
>>> S&P: CC rating with a positive outlook -- again, here's that rating and the one just above it:
CCC: currently vulnerable and dependent on favorable economic conditions to meet its commitments
CC: highly vulnerable, very speculative bonds
Further, SiriXM bonds are trading between 30-50 cents on the dollar. Mostly by folks doing their own research, not listening to Moody's/S&P.
Those people -- those professional bond investors -- would probably disagree with your assessment on bankruptcy as well.
about as significant as raising your FICO score by 10 points...
you're right...I missed your post. but my point remains the same...everything you said is right...and backed up by facts as usual...in which I know you take pride...but siri has done little to combat the negative spin. to expect the media to go positive is ridiculous...its simply not the way they do business...never have...never will. so don't spend a precious second wishing or expecting othewise. mel has left the media, and more importantly, his shareholders totally in the dark. as many have said he's operating like this company is private already. even Malone for that matter has not commented on the deal..at least as far as I know. until these guys step up and set the record straight...bank on media going negative. only hope is this company puts together some strong quarters, forms some important strategic alliances, develop new lines of revenue...PERFORMS. In that regard, I still believe Mel is on track and actually managing pretty damn well in this environment. but he never tells us so how would we really know....
Oh and good mornin
On Feb 24 09:31 AM jswede wrote:
> correct: Moody and S&P have upgraded to Caa3 and CCC, respectively.
>
>
> about as significant as raising your FICO score by 10 points...
Good points and info. I think though Brandon's point is not so much what the upgrades mean, more about how MSM does not report the upgrade. It may be minimal difference in semantics asyou say but then so was the downgrade..yet MSM is all over the downgrade and nowhere on the upgrade.
I think we can all agree about the negative agenda MSM has had with SIRI, and which will continue with the likes of NAB and others behind the scenes. If Ergen feels spurned by recent developments, then he will join the bandwagon. Actually, if his goal was to buy the Feb bonds on the cheap, which we know he did, he would have had an agenda from the beginning. Wonder what MSM he has in his deep pocket? I would guess he has been behind some of it since whenever he devised his takeover strategy. Most likely since August 1.
You are correct in that management has pushed us under the bus without a word. As Brandon says, still no words, except for what we either read in a MSM article as a quote or on an 8K. Several here have gone back and forth on this a few times since August. At times feeling a more sinister or collusive agenda was in play, and others giving Mel room to do his thing. But in recent developments, again waiting until the 11th hour for another bad deal (waiting to circumvent another shareholder vote and instead just get a special dispensation from NASD), and with zero communication directly to shareholders, it appears that the more sinister scenario is the winner. He has now shown us the ultimate disrespect and so must put all shareholders on guard as to any future company agendas. Yesterday 6 officers disposed of shares..do we get anything as to why? Of course not. Why should we need to know that? Instead we're left to decipher everything for ourselves, which fortunatley we're on top of.
To this point, technically, the only thing Mel has done wrong is not communicate effectively. He has an end game in sight, Id like to judge him on that. I however do feel sorry for people who sold out on the bk scare, and wont get back in now. Thats the people they screwed really, or have greatly diminished their position accordingly.
On Feb 24 10:02 AM Blue23 wrote:
> Reporting AC today.
Pissed of about being long SIRI, If I could line up Mel with Casey Hampton I sure would.
Today it is showing .20 So they raised it when everyone was talking BK and lower it when BK is dispelled. Are they now using dilution or do they just spin a wheel to get a number?
This diminishes the upside to the strategy, absent someone being a day trader and getting in and out several times a day on small moves. I don't know if I would go so far as to say, they're monitoring this site, but what do others think about this? We've been in a pretty tight .12 to .14 range for a while haven't we?
On Feb 24 10:20 AM seri wrote:
> It seems to me the MMs (as people refer to them) recognize that the
> Sirius investors that are left need to play the stock for drops and
> pops and have tightened the range.
>
> This diminishes the upside to the strategy, absent someone being
> a day trader and getting in and out several times a day on small
> moves. I don't know if I would go so far as to say, they're monitoring
> this site, but what do others think about this? We've been in a pretty
> tight .12 to .14 range for a while haven't we?
Buy ratings and sell ratings on GE, MSFT, APPLE, etc.. are irrelevant. These stocks are so EXPOSED, they really arent affected by analyst opinions long term. Throw out GE actually. Some companies business models are transparent, income is consistant, and variables are seen miles away. You can put a million sell ratings on Apple, but if they keep making their quarters, its not goig to affect the stock. However, a sell rating on Sirius might have definate short term consequences, as their business model is seen as "speculative", their debt is constantly a discussion, and Sirius stockholders are not strong hands.
I don't think shorts are in control at present.
On Feb 24 10:33 AM dac dac wrote:
> the shorts control this stock like piranna's it will never change
What do you think of UNG, DBA, and the s & p for a spring run here? Input? I sold my GLD to buy more sirius when it was at 980, dont think I was wrong yet.
Do I have time to look away from my s & p long for 43 minutes to watch 24 on fox.com? Thats what I really want to know!!!!!!!!!!
:)
If I may make a suggestion, IMVHO...
I dont think the rules apply anymore to volitilty. You would just be hindering its slow advance with that tactic, I agree with a bunch of numbers now on this. The new game is how many shares can you NOT sell before it spikes again. Too low volume to play between a penny. Of course trade as you wish of course, but I dont think there is any more concerns over a drop sub .13 anymore, at least not for more than a blip.
On Feb 24 10:40 AM KiIIerKaul wrote:
> mogami................... good luck on that sell of .145 . I have
> a sell in at .14 , and I don't have much hope of a sell today at
> that price. The channel has tightened up considerably it seems. Also,
> my leading indicator, the Blue Dog is sleeping as we speak. .........................
> can you believe that ??? ......................... He's snoring.
> ..killer.
Need to see if it persists for weeks/months, but it seems like soon after the Liberty deal was done/figured out, the volatility in the SP tightened. Probably related entirely to my lack of patience.
On Feb 24 10:25 AM OldDruid wrote:
> Only if you define a range as 3.2 trading days.
Scratch his belly. See if you can get him to at least kick his hind leg for C*- sakes. I'm with everyone here. This info vacuum is killing me. If there is good news, I don't expect the MSM to jump up and down and to start doing tricks (In fact, I would prefer that they shut the F up all together), but some facts from the horse's mouth sure would be appreciated. Maybe the strategy (if there really is one) is to let this firestorm of negative blah, blah, blah settle down. It's not like they can beat this dog down any more than its current SP. However, they could kill any positive momentum (if in fact the 4 Q is as positive as we are all hoping). Tick...Tock... ! I am happy to see all the mainstays out in full force today. I have been suffering from withdrawls.
Let's say the numbers are solid and the SP spikes to 22-24 cents... would you guys recommend selling at that point? Will it be beat back again by the shorts? I'm prepared to go as long as it takes, but if it's going to drop right after the spike, I'd like to sell and rebuy to improve my position. What do you guys think?
Here's where the communication thing comes in.
1. Mel completes the LBO. Ugly style...
2. He goes on Cramer to, we think, plead to shareholders that everything is going to be alright and that the shorts will pay. Cramer doesn't buy it. (but there, why go on Cramer to communicate with your shareholders? Why not just communicate with shareholders through your own IR?)
3. Mel buys 2M shares of his own common in solidarity (which turns out to totally throw investors on the wrong track regardless of why he actually did it)..
4. Mel hits the media circuit shooting his mouth off like a rookie and even to the extent he has to publically apologize for some things he has said.
5. So far, shareholders get nothing except for the prospecti to sift through a bunch of legalese.. learn about the 2014 hedge ourselves, et al.
6. Mel says in the MSM after Labor Day, everyone will see, through a big announcement, why he did the LBO.
7. Labor Day comes and goes with a whimper. All we get a few weeks later is BOB. Whooopeee!
8. From there we get basically nothing except more rogue Mel comments in MSM until he slips the October Proxy underneath our door, rings the doorbell and runs.
9. 12/18 Meeting comes and goes with news of existing consultants and active talks regarding '09 debt. He indirectly offers all hope and upside. Nowhere is possible BK communicated by Mel. Certainly we are not told that someone is making a play as we speak for our company by buying up Feb debt on the cheap.
10. Shareholders get no news until MSM reports Ergen dealings behind the scenes In early February.
11. Shareholders wait until 11th hour and total collapse of SP to hear in MSM only that Mel has sold 40% of the company on the cheap to obtain a 15% loan. Which shareholders can't vote on because of 11th hour strategy.
12. We are here.
Now. My reason for outlining the above is not to nitpick. It's to really simply say this. Cramer, Mel, bondholders and MSM in the know, all knew this SP was going to tank--at least in this interim. And now we also know that it is not .13 because of added poor market conditions. How do we know that? Because most SP's who were taken out back in October and November, all recovered a decent amount. Not SIRI. In fact this SP went even lower. So this is how we know SP was destined for .10 all along, and all in the know, knew this. Granted by now that most SP's are back out at the shed for anothe beating, so should SIRI, but there was no revovery as others had in January. Why? Cause if the debt and only the debt. So finally my point. If Mel knew this was going to be a dificult time for the SP and eventually get down here at humiliating levels anyway, why not communicate to shareholders this potentiality? Rather than buying 2M shares @ 1.37, why not just write an open letter to shareholders in August to say:
'he has work to do on the debt which is not going to be easy and BK is a possibility if he is unable to get the right kind of deal done.. the credit markets are totally freezing up and that he is not going to focus on the SP at all while he does this work..nor will shareholders be privy to any of what he is doing. And thus in the short-term he cannot guarantee how well the SP will do nor how low it may go. But that in the end, he hopes to emerge with a recovered SP and more viable company.'
Then many of us could have and would have gotten off this pig still well over a buck and at least we would have been able to trade it more than we did on the dips rather than average down. Instead, we got nothing and believed in all the wrong things. As you say, I'm fine with a guy running a public company having an agenda, as a shareholder, I just would appreciate knowing what that is in a littel more important detail. Otherwise too many unsuspecting investors wind doing what you say, jumping off and walking away having lost sizeable sums of money. This is what happened. And Mel could have prevented it with one diligent statement way back in August..then let the chips (and investors) fall where they may. Which is what has happened and was destined to happen anyway.
And you know, that's probably another point as to why MSM hates Mel so much. Look what he did. He used MSM to shoot his mouth off, build the pig up and leave investors holding a .13 bag. Some of which I am sure are relatives and friends of MSM VIP's. So no wonder they also probably have their own personal axe to grind. IMHO.. Mel's lack of communicating the right things to shareholders is a big problem and bone of contention. Nothing provable as criminal according to SEC jurisprudence, but "criminal" because he could have saved a lot of people a lot of losses just by being upfront and clear (beyond legal prospectus supplements) and then letting investors take on their own own risks from there. This is not your normal run-of-the-mill situation and deal so it really begged giving the same beyond normal clarity to consituents (if we're trying to keep things fair). Having said that, I still stand by my credo that the onus of investing of any kind falls on the diligence of the investor. And so must all losses. But righteously and in the name of fair play, this situation could have offered investors more than we received in terms of information with which to make decisions. But more than that, it looks more to me that his plan was recoup losses through us rather than him looking out for us and preventing our losses. He wouldn't be the first CEO to adopt such a plan. This scam is going on in many other companies as well. It's one of the reasons companies go public in the first place.
Those who bash or pump Sirus/Xm in the media have an interest in doing so-----is it about competition and control. Do the main stream media bashers want to control Sirius/XM, the new voice of Americans that embraces free speech.
Well go back to the FCC hearings----we all know the story------and those players haven't disappeared. Due to those delayed hearings after DOJ approved the merger the merger was delayed for virtually no reason.
Now that the merger is over, the debt is being paid the the new company, Sirius/XM is a desirable entity.
In fact the new company is a challenge to mainstream media as it takes the conversation to the skies via Satellites.
This is both the old and the new frontier and those who bash in and out of the media know it.
Sirius/Xm investors via commonshares and bonds know that also----that's why we all invested in this company.
There is another entity that is very aware of the value of the new company---------those who politically wish to control the airwaves. While the Motley Fool guys raised the issue and then negated it, I would caution that is not a issue to be taken lightly.
The time to oppose that issue is now-----if you are concerned about Nationalization of this company or any company then start your phone calls now opposing the Naitonalization of this company and other companies.
Just make sure it is going to make the morning drop.
On Feb 24 11:16 AM Sirius Long Hauler wrote:
> I've pretty much accepted that we won't hear anything about Q4 until
> Monday, March 2nd.
>
> Let's say the numbers are solid and the SP spikes to 22-24 cents...
> would you guys recommend selling at that point? Will it be beat back
> again by the shorts? I'm prepared to go as long as it takes, but
> if it's going to drop right after the spike, I'd like to sell and
> rebuy to improve my position. What do you guys think?
Remember, this SP also has a history of flatlining...for even as many as 17 days before a move down. The Q/K won't be reported until mid March. So news will drive this thing nowhere in the meantime. I have to believe it will see .10/.11 before it sees .16. History has taught us this several times. MM's have more time than most impatient investors.
The cycle was around 2 weeks to go from .10-.11 up to .14.-.15 and then back to .10-.11
On Feb 24 11:32 AM sl62 wrote:
> Guys...
>
> Remember, this SP also has a history of flatlining...for even as
> many as 17 days before a move down. The Q/K won't be reported until
> mid March. So news will drive this thing nowhere in the meantime.
> I have to believe it will see .10/.11 before it sees .16. History
> has taught us this several times. MM's have more time than most impatient
> investors.
With all our help together, we're here until we get our new destination orders. And those won't come until we find Mel...maybe in Saddam's hole!! LOL
cos1000, Did you see that CC DSX had, I am telling you again dont be suprised if they start to pick up ships on the cheap. Look at all the canceled ships. Some of those are ones that were already started. The builders are going to cut the price just to get them off their debt holdings.
You know for sure BK is off the table? What memorandum did I miss? We BELIEVE it's off, but we cannot say for sure cause Mel finalized nothing..and further, all MSM has to do is stir up that pot on the wires and the SP will believe it...so anything is still possible to the downside until 4/15 (or 4/14 at 11PM!) LOL
The bottom on this SP is .03 and we could certainly see it again until Mel and BOD's sign the rest of this or any other new deal...MSM, shorts and traders control this stock. I recommend staying on watch with an 'anything is still possible' mentality. JMHO.
here is the link, but we probably should not be reading it
247wallst.com/2009/02/.../
On Feb 24 11:49 AM sl62 wrote:
> mogami_99...
>
> You know for sure BK is off the table? What memorandum did I miss?
> We BELIEVE it's off, but we cannot say for sure cause Mel finalized
> nothing..and further, all MSM has to do is stir up that pot on the
> wires and the SP will believe it...so anything is still possible
> to the downside until 4/15 (or 4/14 at 11PM!) LOL
>
> The bottom on this SP is .03 and we could certainly see it again
> until Mel and BOD's sign the rest of this or any other new deal...MSM,
> shorts and traders control this stock. I recommend staying on watch
> with an 'anything is still possible' mentality. JMHO.
"I believe they have until the EOM, which is on the weekend, so next business day. Mel said in the Dec CC that we would know all by March 1, which is also on the weekend so my best guess is that we'll hear something next Monday (March 2) and no sooner. He also said that they will be dealing with the debt issues "forthwith" and we didn't hear a word until the day the debt was due 2 months later, so you can assume that we will be the last people to know the Q4 results! "
Even there I don't say when we will hear Q4 results (just my opinion on when we will hear ANYTHING), as I have no idea when that will be.
On Feb 24 09:18 AM 163888 wrote:
> relmor2003 you see what I mean about the foums thats what I get for
> believing in "foolnhismoney" about that end date of having to put
> out the end of quarter results. Thanks cos1000, I guess I should
> have asked for a link before. By the way I am not batting to well
> lately I just learned that I got the XMSR satellites mixed up. I
> thought when XMSR was taking about XM5 they were talking about XM4.
value of the company, means ps will only go up if the equity buyers believe
management and the business model under debt restructuring is competent. If the management and the business model are incompetent,
both in the financials and programing, then SIRIUS will not recover. How
competent are they to set up a business model that will work. So far all
they have done is kick the can down the road. The demise may be all
due to management incompetence. In this econ. enviornment they have
to be spot on. The ps moves are a gunfight at the ok corral. The shorts
shoot and the other players try not to get shot in the timing. If the timing
is off your shot in the play. Those who play in the ok corral may get a
few pops, but the question for equity buyers depends on the competence
of management and the debt restructuring.
Killerkaul, If thats only the amount you were selling at .14 cents, then I dont see the harm actually, You might actually be able to average down. If its less than 25% of your position, its irrelevant. I just didnt want to see you sell a sizeable amount, watch it trickle up and never get a good drop down to buy back. Its its a small amount, its really not that big a deal. Trade away, kimosabe. Then again, you have to think what are you really getting back to be out of any shares right now.
There are better times to be sitting waiting for a retrace, and this may not be one of them. I agree with sl62, this stock has bottomed, the .12 cent buy in from the directors, the volume here, everything points to minimal downside risk(you cant get any more negative from the media..etc..)_
The new retail short on this stock ended a long time ago. They can only close, and never reopen. In fact, I say there was never a large retail short of this stock, as I tried to short it as early as May, and had no luck every having available shares on ETRADE. Investigating, I discovered a few other retail brokers had the same situation(hedgies had them all, and were not allowing them out). Now we know who ETRADE would have been asking for shares from(NITE, ISEG, BOOK, etc.) Sorry, were busy with them was the answer. ETRADE probably had some shares, but quickly ran out on the short interest on the stock in January probably of 08. So its the constant RESHORTING of this stock by BIG MONEY that is the problem. And the problem with that is to be effective doing this they need volume, and price movement. Both which they havent gotten when the news is neutral that time frame, and its traded at .10 to .14 cents. This is the dead zone. Any volume quickly gets it out of this range, but also enables the shorts the volume and price movement they need. If they can contain the news, contain the surges, and dont get consistant good news from the company, its easy to see how they can keep it where they want it. The only question really is who wants it here? why? and for how long?
Its not hopeless however, even for the biggest conspiracy believers, as eventually too many facts, and growth will crush any short. Pay off debt, etc, and they will find easier targets, or the poeple wanting to buy in are done, or for whatever reason they let it go, whether they can control the release or not at this point, i agree with sl62, anyone who wants in at the bottom has had the time and the volume, shares available to do so. Its go time, or its sidelinning indefinately. Major drops should be off the table.
On Feb 24 10:51 AM Blue23 wrote:
> Here is what I am thinking: Volume the last few days tells me that
> the bigs boys are pretty much complete in positioning themselves
> where they want to be. Curiously enough, they finish positioning
> themselves right before the 4th Q numbers are released this evening
> post close. I really do believe we will see a solid move up and limited
> downside once the move is made. It can get pushed a little...but
> there will be more pushing back at this point than at any time in
> recent memory. This is merely my $0.02.
Carry on.
Carry on.
www.ritholtz.com/blog/.../
koop
Lets have a contest to see who comes up with the best Sirius logo.
My money is on Killer and the dog.
blog.ockhamresearch.co.../
koop
Carry on.
On Feb 24 02:08 PM koop127981 wrote:
> Sorry guys but I promise only this one more.
> Lets have a contest to see who comes up with the best Sirius logo.
>
> My money is on Killer and the dog.
>
> blog.ockhamresearch.co.../
>
>
> koop
Carry on.
Be careful who you believe these days.
koop
koop
On Feb 24 02:24 PM mogami_99 wrote:
> Hi, How about Crammers head as a fire hydrant with the dog doing
> what dogs do to fire hydrants?
All due respect. Broker pages, portals, and Whisper have little choice but to advance their earnings listing since the ones they had are now gone. SIRI always puts out its own release as to when it will be. Remember by SEC rule, since they're filing a Q/K, they have 75 days from EOY. They should use all that in this case...
we were literally writing at the same time LOL...
www.sec.gov/rules/fina... (creating of the Large Accelerated Filer)
Create a new category of accelerated filer, the “large accelerated filer,” that encompasses an issuer after it first has an aggregate worldwide market value26 of voting and non-voting common equity held by non-affiliates of the issuer of $700 million or more, as of the last business day of the issuer’s most recently completed second fiscal quarter;
also,
www.sec.gov/rules/fina...
As proposed, once a company becomes an accelerated filer, it remains an accelerated filer subject to shortened deadlines unless and until it subsequently becomes eligible to use Forms 10-KSB and 10-QSB for its annual and quarterly reports.
On Feb 24 08:55 AM cos1000 wrote:
> With the 4Q incorporated in a 10K filing, and given the value of
> their Public Float, they have 75 days from EOY to file their report
> The company still hasn’t press released a date yet. Here’s a link
> of their SEC requirement… I am also looking for some type of Debt
> Restructuring on March 1st, but am not looking for 10K to be synchronized
> with this, especially with KPMG being the auditor this year... and
> important "going concern" contingencies on their recent Malone Deal...
>
> www.sec.gov/answers/fo...
On Feb 24 02:37 PM cos1000 wrote:
> Sorry Koop.... .missed you post......
Regardless of what SEC rule is in effect, SIRI will only report after they themselves announce when it will be. So all conjecture aside, they and only they will tell us when ahead of time...
And considering yesterdays disposal filings, I can't believe they're allowed to do so less than a week before they would file an earnings report. JMO
It's all good. Appreciate your input...
Yes actually...it was mentioned by someone earlier. I think everyone is pretty much sitting waiting for the news that will drive the price to wherever its going to go. Its obvoius the MMs are satisfied with where they are at..or we would have seen more volume in these short tight price movements we saw today. It looks pretty much like the scared money is gone.
Sorry Guys, better get out while you can.
If you are going to post something here...positive or negative, at least be intelligent about it. Quoting CNN is not a good way to do it! I hope you do realize if he BKs the company...he also loses 20 million or so folks whom he might be able to get to subscribe to DTV by doing the right thing. It would be awfully out of character and shortsighted of him to do that. I suggest you look up the man's history of helping financially troubled companies!
Anyway, my issue was not with either of you Cos100 or Sl162. It was Bunch of Numbers that brought me up . . . actually, I don't even have an issue with him. As I said, I just wanted to make it clear what I based my information on. Don't you wish the MSM would do the same?! It's all good.
On Feb 24 05:30 PM asm61064 wrote:
> siriusmattnmn,
> If you are going to post something here...positive or negative, at
> least be intelligent about it. Quoting CNN is not a good way to do
> it! I hope you do realize if he BKs the company...he also loses 20
> million or so folks whom he might be able to get to subscribe to
> DTV by doing the right thing. It would be awfully out of character
> and shortsighted of him to do that. I suggest you look up the man's
> history of helping financially troubled companies!
On Feb 24 06:14 PM FoolNHisMoney wrote:
> OK, this is the last time I bring it up (and I really mean it this
> time!) . There is a distinction even among Large Accelerated Filers
> whether their fiscal year ends before or after Dec 15: 75 days before
> and 60 days after. Sirius fiscal year ends after.
The first link I put above WAS from Revision 33-8644 (the latest TMK). It clearly states the last day of Q2 and does not qualify it as being for a transition period. There were specific roll-in phases to handle the transition so there is not need for a one-time “last day of Q2 rule.” The EOY statement is confusing because it leads you to believe that it means meeting market cap as of EOY. That is NOT what it means – what it means is that the DETERMINATION of Accelerated Filer status need only be made at EOY (not whether or not you are an Accelerated Filer). The determination for Accelerated Filer status is in Section III of 33-8644 (the first bulleted point in the paragraph) – I’ll paste it here again:
www.sec.gov/rules/fina...
“Create a new category of accelerated filer, the “large accelerated filer,” that encompasses an issuer after it first has an aggregate worldwide market value of voting and non-voting common equity held by non-affiliates of the issuer of $700 million or more, as of the last business day of the issuer’s most recently completed second fiscal quarter”
Let me see if I can make it clearer with this example. It is for Accelerated Filer, but Large Accelerated filer should be the same. It is from Question 130.04 in an SEC quidance document intended to help interpret the Exchange Act rules.
sec.gov/divisions/corp...
Question 130.04: A longtime Exchange Act reporting company with a fiscal year ending December 31, 2008 is not an accelerated filer for filings due in fiscal year 2008 and is also eligible to use the requirements for smaller reporting companies for its annual and quarterly reports for fiscal year 2008. As of the last business day of its second fiscal quarter ended June 30, 2008, the company determined that its public float exceeded $75 million, which means that it must start using the larger reporting company requirements in fiscal year 2009, starting with its first quarter Form 10-Q. As permitted by Item 10(f)(2)(i) of Regulation S-K, the company’s last periodic report using the smaller reporting company requirements will be its Form 10-K for fiscal year 2008. Does this mean that the smaller reporting company remains a non-accelerated filer as of the end of the fiscal year with respect to that Form 10-K and future reports because one condition to meet in order to be an accelerated filer or a large accelerated filer is that the issuer “is not eligible to use the requirements for smaller reporting companies in Part 229 of this chapter for its annual and quarterly reports”? See Exchange Act Rules 12b-2(1)(iv) and 12b-2(2)(iv).
Answer: No. When the Commission adopted the smaller reporting company requirements in 2007, it did not also change the manner in which a company transitions to accelerated filer status. A company’s accelerated filer status is determined as of the end of its fiscal year. As of that date, the company will meet the condition in the “accelerated filer” definition that its public float on the last business day of its second fiscal quarter exceed $75 million. In contrast, the determination date for smaller reporting company status is the last business day of the second fiscal quarter. On that date, a larger reporting company that determines it is a smaller reporting company is permitted to transition to the smaller reporting requirements for that quarter's Form 10-Q. “A smaller reporting company required to transition to the larger reporting system after its determination date calculation will not be required to satisfy the larger reporting company disclosure requirements until the first quarter after the determination date fiscal year.” Release No. 33-8876. The fact that the transition period for a company moving to the larger reporting system includes the end of the fiscal year does not mean that the company, as of the end of the fiscal year, is “eligible to use the requirements for smaller reporting companies” for purposes of Exchange Act Rules 12b-2(1)(iv) and 12b-2(2)(iv). [September 30, 2008]
just kidding, really I apologize
Don't worry about the Auto industry...
In a business situation, when siri continues to lose money every qtr. Then look for the big strike. P.S. you will not know until its too late.
I'm done here.
And I mean this sincerely.. there are only two possibilities for your post. 1. You don't know the history on the stock enough to be commenting on it or 2. You're just a lucky SOB who knows little about the market.. which would you say it is?
On Feb 25 08:50 AM sl62 wrote:
> top trader...
>
> And I mean this sincerely.. there are only two possibilities for
> your post. 1. You don't know the history on the stock enough to be
> commenting on it or 2. You're just a lucky SOB who knows little about
> the market.. which would you say it is?
Shrinking volume? Do you know what it means to hit a low on shrinking volume? Hey cos1000, why dont you tell him. Its a typical sign a STOCK HAS BOTTOMED. Kind of like when new highs in a stock are hit on low volume...
Why do i bother......
Any newbies on this board want to bash this stock, please do better than that.
Its embarrassing for yourself.
And that other homo with the vader comment...
AHHHH. there satellites are worth that pretty much to SIRIUSXM only....
So you know not of what you speak. Last time I checked everyone company Malone has been involved with is still churning along....
He is an opportunity investor, and SIrius represents and opportunity. And Malone is still not the majority debt holder, there is more debt outstanding than we can account for Ergen or Malone owning. Pure speculation.
Shrinking volume? Do you know what it means to hit a low on shrinking volume? Hey cos1000, why dont you tell him. Its a typical sign a STOCK HAS BOTTOMED. Kind of like when new highs in a stock are hit on low volume...
Why do i bother......
Any newbies on this board want to bash this stock, please do better than that.
Its embarrassing for yourself.
And that other homo with the vader comment...
AHHHH. there satellites are worth that pretty much to SIRIUSXM only....
So you know not of what you speak. Last time I checked everyone company Malone has been involved with is still churning along....
He is an opportunity investor, and SIrius represents and opportunity. And Malone is still not the majority debt holder, there is more debt outstanding than we can account for Ergen or Malone owning. Pure speculation.
I think you might win the prize. Though I checked a 1 yr chart and see they are pretty spikey. And most pumpers aren't doing so on a $175/sh price. Maybe he'll show back up and answer how he knows so much about SIRI..which by his comments he clearly does not.
didn't see you there..what's up man...
Shes crying..
Im thinking, ok, but if I miss some news on Sirius or the s & p tanks, Ill be crying...LOL
I dont use stops, because the market is too jerky here...
I dont trust them right now., and Ive got thick blood since sirius tanked...
LOL
who has the doughnuts?
On Feb 25 09:43 AM Blue23 wrote:
> And what kind of tool goes by "toptrader?"
Gotta head out today myself. Mel better not announce anything tricky today...
How bout that Ob speech last night huh? This guy is like a needle stuck in the same groove. Instead he's too busy playing tough guy Mr. Hyde..or Abraham Linclon. They really had a chance to make a difference out of the gate and have blown it. That scared little kitten Geitner's speech a few weeks ago was the worst I've ever seen..and about nothing. Looking at him last night, he's actually a downright scary looking dude! Multiple cabinet picks in tax trouble, et al. What a mess of an admin.. If this is what we can expect for 4 more years, good luck to us all...
mogami_99, I do remember a analyst saying that they might push that launch back to 2010. That was some time ago but maybe he got it right.
Exactly sl62, those sats are "valued" according to their model.
I thank Homer for drilling this point home to everyone, but Im sure others out there realized this a long time ago as well.
It really takes a lot of the bite out of this cheap assets bs...
Sirius doesnt have enough assets to make Malone want to dismantle this company. That rumor is offically squashed. As is the bk by Sirius...
Squashed. What else do they got? Lets hear it..
Bring it on.
Analogy media is trying to sell.
A man buys a BMW. A man says wow, your a smart investor, buying a car like that on the cheap. But man are BMW's terrible cars. Always breakign down, no one wants them..But you made a great investment. Maybe one day you can get some of your money back when you sell it.
How dumb does the media think we are?
Looks like another run down to test the new lows.....I hate these things, as it gives me the heebiejeebies........A...
Hope .13 holds up.......looks like it.
Still have not got my level II privleges back, Doesn't matter, but i can't read the trades well without it. I have all the stock I intend to own anyway. That's what I get for making a booboo.
"How dumb does the media think we are?"
WOW I am afraid to answer that. The media thinks we are brainless thats what drives Madison Ave advertising. Thats why we have "news" channels with political agendas. Thats why people like Barney Frank and Nancy Pelosi keep getting elected. I'd say politicans and media and male enhancement promotors all think we are pretty dumb and as a people we do very little to dispel their perceptions.
Pelosi/Reed are in charge, and this has happened before with a knock kneed president. His name was Carter.
If the annointed one does not grow a set and take on his own party as opposed to attacking Bush, repubs, and wallstreet, they will bury him.
Carter failed in this regard, as he will, and the results are very bad. Very bad indeed.
Look, you guys screwed up. I was actually checking charts earlier and I couldn't concentrate because I was thinking...man, I hope nobody brings up that mindnumbing drivel from last night, I will go nuts. Now you go and bring it up. This guy is brutal. I mean, seriously, let's make a "community organizer" the friggin' leader of the free world. Yeah, brilliant. I would love to blame the voters - and they deserve a ton of blame - but this year their idiot was better with a teleprompter than my idiot so he won. I am scared for America and, therefore, the free world and, therefore, human civilization. If you can't pass a basic test of competence...I am talking setting the bar realllllly low...you shouldn't be able to vote. OK, go nuts on me.
The sheeple can olny learn from mistakes as they ignore history as a guide. I's a neverending story of repetition. They will learn again.....rinse and repeat.
Looks like an itchy case of monopolistenvy here.
Sirrus should look again at its hardware based product and integrate its services with the vast amount of product on the internet it could syndicate while it still has a head start.
Alternatively, it should be a benevolent monarch and interview its subjects. Enough of the old adage "Let them eat cake!"
163888, nah don’t worry, like I said, I wasn’t upset about it – start getting upset by things you read on the interweb is a sure way to drive yourself nuts! Just wanted to clear the air. And your point about the timing of an announcement for debt restructuring and the CC is valid, but nothing about this stock makes sense so who knows what will happen. It wouldn’t surprise me to see them file for an extension on the 10K to kick that can further down the road as well and we hear nothing!
I like cake
In for Nixon/Ford 73-77
Out for Carter
in for Reagan/Bush I 81-92
Out for Clinton
In for Bush II and now BO 2006-present.
On Feb 25 10:31 AM asm61064 wrote:
> He's already at Carter level...he's got nowhere to go but up. <br/>
>
>
> Kinda like my portfolio!
how come I don't seem my order? I'm trying to buy 18k @.115 (not that I'll get it), but I don't see my order. Yet I see 100 share orders. Are people really bidding on 100 shares? Does 100 shares really mean 100K?
I'm waiting for that takedown Sl62....am I near a good price?
Thanks
On Feb 25 10:44 AM where2whatnow wrote:
> Anyone with level II skills....
>
> how come I don't seem my order? I'm trying to buy 18k @.115 (not
> that I'll get it), but I don't see my order. Yet I see 100 share
> orders. Are people really bidding on 100 shares? Does 100 shares
> really mean 100K?
>
> I'm waiting for that takedown Sl62....am I near a good price?
>
> Thanks
>
>
We have a hard time maintaining the manpower required. It takes a few years to train a new person to where they are of any use in combat or support. (support troops need quite a long period of training to become skilled enough to function)
We talk like 130,000 troops is a large number but in reality we deployed 548,000 troops to invade Okinawa in WWII (Island 12 miles wide at widest point and 60 miles long)
The USA could not fight WWII today. We do not have the industrial base required. Our citizens are not qualified for military service in numbers required. And this is dispite the higher current population. (Not to mention how squeamish the congress and senate and population in general are at present.)
Currently we are fighting a detirmined, flexable and innovative enemy and in general we do not seem commited to the fight. We pretend they will go away if we just ignore them long enough.
On Feb 25 10:47 AM 163888 wrote:
> I blame dumb arse people that listen to the MSM like mindless sheep,
> who need people to tell them what to think. There was a clear choice
> a man that says, No the right thing to do is I wait my turn in line
> to be sent home, yes I know that means I will be tortured even longer
> but the right thing to do is the right thing to do, or a man that
> would through his grandmother under a bus to get ahead. Well that
> is why I am afraid for this country. By the way relmar you want to
> know why we need such a big army, just watch a few shows of Judge
> Judy. Those are the kinds of people (the ones that dont see why they
> lost in most cases) that are running other countires and those same
> counties are filled with that type of person otherwise that type
> of person would have not gotten to power in the first place.
Hes going to put it on the books. Geez the market is dumb. Based on that, it should have alreayd been at 2000 DOW. If shouldnt come to anyone as a surprise we cant just pretend all that spending "didnt happen".
Gold should be through the roof today after that. And his comment about healthcare, etc...
Carry on.
LOL
A bunch of numbers, it looks like you were right about China. But im not surprised. This WILL be the last time though, as they spend more and more money internally. They agreed to buy 2 trillion dollars worth of treasuries. Apparently our gluttonous consumers are still extremely vital for Chinas transition strategy at the moment. Chump change to them anyway, they still have that nasty currency surplus they hate so much, that threatens to appreaciate the Juan.
The lower the market goes, the more the media drives that fear. Dont buy here, well tell you when to buy. When DOW hits back over 10000, the market will be wonderful again, only to watch it fall even lower next leg down...
ALthough now im beginning to wonder... Cycluar high in march might now be cyclicular low...Polarity reversals are a bitch if you dont catch them in time, well see..
The President of Iran communicates with the hidden Iman by dropping notes down the well he is supposed to be hiding in. How is Hillery going to talk to this man? First he thinks she sould be at home wearing a burka and keeping quiet.
Second they do not believe in treaties or negotiating with non believers. They are not even required to tell the truth will dealing with us.
Mexico was off the charts 6000 drug related murders last year.
On Feb 25 11:14 AM Blue23 wrote:
> Relmor - I agree completely. The media talks up Terry Schiavo or
> Elian Gonzalez or what hollywood celeb is in rehab this week. And
> we eat it up. And our pathetic politicians in Washington care about
> being seen and heard, not being statesmen, so they play to stupid
> issues that are really meaningless. Meanwhile, Mexico (that place
> just south of us) is on the verge of revolution/anarchy, we've turned
> the tide in Iraq, our entitlements are at, what $60,000,000,000,000......
> growing? And we could care less. Not only that, we're going to ship
> our alcohol soaked MTV college kids in the middle of the anarchy
> next month! We're pathetic. We deserve what we get. The sad part
> is a lot of decent, hard-working, good Americans are going to go
> down with the ship if we don't patch the holes really fast. And when
> that happens - there is not country left to stand the ground for
> democracy, free markets, Christianity...you know, the basics of all
> that is good in human civilization.
Blue23, yea but the problem it the District of Colubia is nowhere near the size of North Korea. The reason they have concentration camps is because dumbarses that report the others, outnumber the others by far otherwise there would not be concetration camps. Ergo the comment I made before about dumbarses that believe the crap said by their leader. Now do you understand the commonsense behind it.
Post 1:
RALLY!!!!!!!!!!!!!!!!!...
Apple to buy Sirius...
I know people....
Trust me....
Going to be $2 tomorrow...
and I agree , but unless those things are combined with , morals , honesty , and integrity .... they can be just as evil as anything else .....ie - Bernie Madoff is a capitalist , and the Spanish Inquisition was " Christian "
I like the new RELMOR!
MSFT not to be outdone - have a new system to integrate SIRI with the Zune and take the market back from the Ipod. Bidding War!
I'm out - I have to go protect freedom and democracy now.
Carry on.
I'm out - I have to go protect freedom and democracy now.
Carry on.
When I enlisted in USMC it had 180,000 (1973) In 2008 the authorized strength was increased to 189,000
On Feb 25 11:25 AM 163888 wrote:
> mogami_99, Well first of all when I was in the USMC, it was just
> over 200,000 and was bigger then all of Englands armed forces combined
> (the Army was almost a million and the Navy was just under half a
> million the AirForce had I think 300,000). Now I know that number
> is alot less but still please. Take it from a person who was a S-2.
>
Then I see on the sell side, a run up to .137. along the way the share amounts vary from 90k to 150k abouts. At .137 I see 270k shares lined up. Then at .14, I see 2.5m shares lined up.
I'm using Power Etrade Pro with the market depth upgrade. Am I reading this right?
Long and short SIRI :)
Totally got the joke. Just also funny that you came up with Microsoft Zune. I am not so assinine as to think that the Zune idea was (mine! All Mine!) {posted with permission from the Tazmanian Devil}...just happens to be an avenue I think would help SIRI move away from the current subscription model of CARS, CARS, CARS! Don't know why their marketing team can't pursue that or make any headway. I believe MSFT was working on something along those lines.
Looks like .13 is the floor until something very news worthy is announced.
But what good is a .13 floor with a .14 ceiling?
This is good and bad. We tread till Siri has news or the financials die down.
Now you are wrong England has 195,000 active troops and 191,000 reserve troops. If you need conformation then here it is:
en.wikipedia.org/wiki/...
UK reserves also deploy
"The United States Marine Corps, with around 198,000 active duty marines as of December 31, 2008 and 40,000 reserve Marines,[10] is the smallest of the United States' armed forces in the Department of Defense (the United States Coast Guard is smaller, about one fifth the size of the Marine Corps, but serves under Homeland Security). The Corps is nonetheless larger than the entire armed forces of many significant military powers; for example, it is larger than the active duty Israel Defense Forces or the whole of the British Army."
Here is the link: en.wikipedia.org/wiki/...
Because USA carries bulk of burden of defense for NATO many countries do not maintain Armed Forces at levels they would require if they had no alliance.
UK is quite capable of fielding more then that 386,000 if they absolutly had to. (just as USA could approach 3 million if we had to) During WWII I think we had more then 5 million under arms. We just have to lower some of the standards for entry (and then train them up to standard but that could take 2 years)
On Feb 25 02:28 PM 163888 wrote:
> mogami_99,
>
> "The United States Marine Corps, with around 198,000 active duty
> marines as of December 31, 2008 and 40,000 reserve Marines,[10] is
> the smallest of the United States' armed forces in the Department
> of Defense (the United States Coast Guard is smaller, about one fifth
> the size of the Marine Corps, but serves under Homeland Security).
> The Corps is nonetheless larger than the entire armed forces of many
> significant military powers; for example, it is larger than the active
> duty Israel Defense Forces or the whole of the British Army." <br/>
>
> Here is the link: en.wikipedia.org/wiki/...
Also who are you fooling you had to know I was talking about active duty when I said the Marine Corp had just over 200,000 marines, other wise I would have said just over 250,000. 40,000 is not just over. Next what are you going to include the inactive reserve to (for many that dont know you dont just sign up for your normal tour commitment (3, 4, or 6 years), you are really signing up for a 20 year commitment. They have the right to call you back if they feel they need to.)
India actually fielded the largest all volunteer army of WWII. From 39-42 Allies were pushed around because they were not ready.
Once they got their act together they did rather well. It took the Allies in Europe less time and fewer men to reclaim lost ground and occupy enemy then it took for enemy to expand in early war. (Allies landed in June 44 war ended in May 45)
In Pacific Japan set record for occupying the most area of earths surface in shortest time and then followed it by setting record for losing most surface in shortest time.
Most UK defeats resulted from political causes rather then military. (Defending Singapore, moving troops from N Africa to Greece etc)
With western media everything is terrible right up to moment you win.
On Feb 25 02:43 PM 163888 wrote:
> That war took everything England could muster in a short time, and
> they still almost had their arse kicked.
On Feb 25 03:00 PM 163888 wrote:
> mogami_99, If you dont think England didnt wish they had a bigger
> standing military force at the time of the Falklands War . Then you
> should go into how things changed for Englands military after that
> conflict.
>
> Also who are you fooling you had to know I was talking about active
> duty when I said the Marine Corp had just over 200,000 marines, other
> wise I would have said just over 250,000. 40,000 is not just over.
> Next what are you going to include the inactive reserve to (for many
> that dont know you dont just sign up for your normal tour commitment
> (3, 4, or 6 years), you are really signing up for a 20 year commitment.
> They have the right to call you back if they feel they need to.)
So, what do you make of the few large selling blocks we seem to have had today? Are MM's saving them up or do you think it is a larger institutional type investor giving up?
As Archbishop Timothy Dolan was addressing the press, he said and I paraphrase:
Cardinal Egan has asked me to PLUG Sirius Radio --Cardinal Egan then walked up to the podium and and corrected Dolan by sating It's Sirius XM Radio and then proceeded to mention the Catholic Channel and his weekly show on Sirius 159 Thursdays at 1pm. Timothy Dolan joked that he'd be in big trouble if he didn't mention Sirius XM Radio.
Every so often, if you watch the TODAY show, you will see people holding up "SIRIUS XM" banners in the plaza outside of thee Today Show studio.
This is a great start, but it is not enough.
I think Howard should go on a publicity tour doing live shows in each of the markets where he used to be number one on FM.
He could go to universities, he could do live shows, he could have George Takei and Gilbert Gottfried as anchors.
What gives? Has Mel just given up? It seems like Howard gave up a long time ago.
I just word. Great news.
Sirius XM to offer Sirius China....
Already signed Jackie Chan and Yao Ming to do weekly shows.
How many people live in China?
BUMP!!!!!!!!!!!!!
My wall street contact just called me.
Can you say ,
SiriusVatican?
Pope has own show, 2 hours a day.
Tagline....
"It would be a SIN to miss this show"
On Feb 25 04:30 PM relmar2003 wrote:
> R*E*L*M*A*R
>
> My wall street contact just called me.
> Can you say ,
> SiriusVatican?
> Pope has own show, 2 hours a day.
> Tagline....
> "It would be a SIN to miss this show"
www.multichannel.com/a......
On Feb 25 05:08 PM relmar2003 wrote:
> Ok, real good news. Not kidding this time. Details about Sirius angle
> with DirectTV came out today. Very good news.
> www.multichannel.com/a......
Maffei: Sirius/DirecTV Bundles Could Come
But Mobile TV Farther Off In Future
Mike Farrell -- Multichannel News, 2/25/2009 12:19:58 PM MT
Liberty Media's bailout of Sirius XM Radio could lead to at least some bundled offerings with the media giant's DirecTV satellite TV service, Liberty CEO Gregg Maffei told analysts Wednesday.
Liberty agreed earlier this month to bail out Sirius, which was fending off bankruptcy and a buy-out offer from DirecTV rival Dish Network. As part of the deal, Liberty would invest $530 million in the satellite radio giant in return for a 40% interest in the company.
The deal was largely seen as a financial play for Liberty, rather than a strategic move. On a conference call with analysts Wednesday to discuss Liberty's fourth-quarter results, Maffei offered some more clarity on the possible synergies with Sirius.
Maffei told analysts that he saw opportunities for bundling Sirius service with DirecTV in the future, but declined to be specific.
"One could talk about or imagine bundles, probably the $80 [per month] DirecTV product offering free trials of the $11 [monthly] Sirius XM product more likely than the other way around,' Maffei said. "I certainly think those are things we have talked about and we didn't put a lot in our valuation for that. But it is something [Sirius CEO] Mel [Karmazin] is enthused about and something I believe [DirecTV CEO] Chase [Carey] is enthused about. I hope we will be able to proceed on some of those in ways that are obviously beneficial for both parties."
Maffei also addressed speculation that some of Sirius' satellite spectrum could be used for DirecTV video. While he said it is possible -- by consolidating the Sirius and XM Radio platforms, freeing up half of the 25 Megahertz of spectrum allotted to it -- he said that is "a long way down the road."
"There is no plan currently to merge the two platforms," Maffei said adding that Sirius already offers a limited amount of mobile video, mostly kids programming.
"To really expand that in the mobile video space; we'll see," Maffei said.
The fourth quarter was a mixed one for Liberty, with continued declines at its QVC shopping channel, offset, in part, by strong results at Starz Entertainment.
Home-shopping network giant QVC continued to struggle -- overall revenue dipped 8% to $2.14 billion and domestic revenue fell 12% in the period. Cash flow at the unit fell dramatically, 22% in the period, as sales of higher margin products like jewelry declined sharply. The company has said that it s aggressively trying to reduce inventories and lower bad-debt costs by tightening up its credit policies.
On the conference call with analysts, QVC CEO Michael George said that the home-shopping giant was plagued by the same economic issues that other large retailers have faced.
"It was a tough quarter," George said, adding that declines in the jewelry and apparel segments drove most of the weakness. But George added the fall-off was more due to core customers buying at a slightly lower frequency rather than a slowdown in new customers or customers defecting from the channel altogether.
Maffei also addressed the speculation that QVC would eventually buy No. 2 shopping channel HSN. Maffei said that QVC is prohibited from making a bid on HSN -- it already owns about 30% of the network -- until May 2010.
"I'm not saying that we will," Maffei said of making a play for all of HSN. "But we do believe we are the natural owner at some point of that company. We're the one with the most synergies."
Maffei added that in the meantime, QVC has the right to increase its stake in HSN from 30% to 35%.
"We'll monitor the time and place to do that," Maffei said.
At premium cable network Starz Entertainment, the performance was markedly better. Cash flow at the movie channel surged 69% in the quarter to $81 million, on a revenue increase of 8% to $285 million. That growth was fueled by the inclusion of Liberty Sports Group, which houses the Atlanta Braves and three regional sports networks, and increases in subscribers and monthly rates. Starz added about 300,000 new subscribers in the quarter, upping its total base to 17.7 million customers.
On the conference call, Starz chairman and CEO Robert Clasen said that the results reflect that in a down economy "at least so far, subscription TV has held up reasonably well."
Long Sirius XM
try this...
www.multichannel.com/a...
Basically in today's Liberty CC, Maffei made some comments about possible cross-company synergies w/SIRI. Funny.. WSJ, quoted him last week saying there would be none...oh thoe DB's at WSJ...SIRI haters...
Now see, if Mel would have just done the deal instead of going into his "thinking about it" routine, we might have popped today on news like this. Plus there was the SIRI Canada deal w/Live Nation. As long as Melly keeps wearing his debt anchor chain around his neck (think fitty cent style), we're going nowhere...
Keep thinking Mel!! Think harder my friend LOL.
"“Our plan is to merge [Sirius and XM] platforms... but to expand that into the mobile video space -- we'll see. That's the grand and glorious future we can only hope comes to pass, but we didn't put a lot of stock in that when we did our evaluation," Maffei said."
doesn't seem to jive with all the gloom and doom or selective quoting that has been reported by everyone else
On another note, nice drop in short interest:
FIVE BIGGEST DECREASES:
Sirius XM Radio Inc (SIRI.O: Quote, Profile, Research) 158,732,676 271,931,355 -113,198,679 -41.63
On Feb 25 05:43 PM relmar2003 wrote:
> Sorry, it says basically packaging sirius with directv in the future,
> some sirius sats are compatible, longer term future possible synergies.
> Excited, both CEO's are EGAR to work an a packaging deal of some
> sort.
I was out most of today. I saw your post. Volitility has tightened up obviously so no real moves to be had last few days intraday. I see there was a brief takedown today about 10:30 on about 14M shares sell but less than a penny. Precipitous drop was good, just not low enough. Positive sentiment seems to be holding up. All we can do is wait until a fish shows up, then snag it...
I have a question for all you great minds out there...
What do you think the impact would be on SIRI if the Uptick rule were reinstated?
Thx in advance for your input.
Shotsii
Richard Gere maybe?? LMAO...
He said something about historical information indicating it wasn't needed but that in the last 6 months, he could not say that it did not have an affect on what happened to the banks.
Would like to think Sirius SP could move more freely if uptick rule re-installed. At the very least, we could eliminate the absence of the uptick rule beng a source for the SP.
>
> On another note, nice drop in short interest:
>
> FIVE BIGGEST DECREASES:
> Sirius XM Radio Inc (SIRI.O: Quote, Profile, Research) 158,732,676
> 271,931,355 -113,198,679 -41.63
>
>
Any thoughts on how to proceed?
Long Sirius XM
My take on the effect on uptick reinstatement would be minimal (esp. on SIRI). Reinstating it in general would do little for overall effects on shorting (or desire). Though precipitous drops might be mitigated somewhat, overall short sentiment would not be affected. Take the banks, which are heavily shorted due to blood being in the water and total lack of buyers...uptick wouldn't change the overall concept that larger players will continue to short them, it would only slow down a little the price drops. But blood is blood and causes a frenzy for the sharks who want their piece of meat. Right now the market faces a buyer's strike, which lets shorts party while the house owners have left or locked themselves in their closets. Plus having uptick in, it reduces trading overall and the reason it was lifted was to allow more liquidity in the martket. IMHO, naked short selling is the bigger problem. But that will never be addressed since the people that do it are the biggest players in the market.
Media is helping drive the price down , and adds volitility to get the shorts out. There all out, the next report will show it even lower. This puppies going to go. Probably just waiting for the q report to justify the jump now. Media hounds are backing off. Lets see how the media plays the cc next week(or whenever). Should be interesting. Todays comments didnt surface till late, same with short interest. Should provide lift for tomorrows up day in the market. Might start to see some gains held now. Im very optomistic. I dont think Mel will tank anymore Q reports. Its full court press now. Mel will dazzle, numbers will be good, there will be a plan for future revenues, apple app coming out, Mel will renegotiate some contracts. This is looking better by the day now. Dont even worry about the stock price. Those things work themselves out over time, no we are not doomed to these levels forever. GS bonds gone, shorts are leaving, Malone has interest in stock going up now, as does the board. They will be full on now. Enough time has passed from bk scare to begin ascent. All players are bought in, very few retail shareholders now. Lets get thing started. Killer, Release your dog. Forget the cat, we have bigger fish to fry!!
reuters.com/article/ma... randChannel=0[/url]
On Feb 25 07:12 PM relmar2003 wrote:
> Short interest falling is huge. Supports what we have been saying
> all along.
> Media is helping drive the price down , and adds volitility to get
> the shorts out. There all out, the next report will show it even
> lower. This puppies going to go. Probably just waiting for the q
> report to justify the jump now. Media hounds are backing off. Lets
> see how the media plays the cc next week(or whenever). Should be
> interesting. Todays comments didnt surface till late, same with short
> interest. Should provide lift for tomorrows up day in the market.
> Might start to see some gains held now. Im very optomistic. I dont
> think Mel will tank anymore Q reports. Its full court press now.
> Mel will dazzle, numbers will be good, there will be a plan for future
> revenues, apple app coming out, Mel will renegotiate some contracts.
> This is looking better by the day now. Dont even worry about the
> stock price. Those things work themselves out over time, no we are
> not doomed to these levels forever. GS bonds gone, shorts are leaving,
> Malone has interest in stock going up now, as does the board. They
> will be full on now. Enough time has passed from bk scare to begin
> ascent. All players are bought in, very few retail shareholders now.
> Lets get thing started. Killer, Release your dog. Forget the cat,
> we have bigger fish to fry!!
www.reuters.com/articl...[/url]
Remember..the debt deal is nowhere near final yet. That's why the SP remains exactly where it was before the Ergen news in early Feb. Then shorts covered during first event. Then BK rumors took over so SP dove right to BK price (.03 in after hours) settling around .06. Then Liberty hot the wires so more shorts covered, SP back up to .11. Then the roller coaster of good news/incomplete deal news. So back here. When Mel finally solidifies the deal (on or before 4/14) or some other deal, the SP will pop again, not until. Now we've had two false news events. Not false in their content, but false in that they did not difinitively address SIRI's '09 debt problem. Part is done, but not enough for SP to be let out of the doghouse. My take at this point is they are trying to shake out as many freeloading longs through this next time period. Mel may be in on it. Remember, the less shareholders who might reap profits on the way back up (regardless of how high), the more money for Mel and Co. They'd rather keep all that cash that was pried out of cold dead hands on the way down. So the tactic is to wait and get more people to give up. You have been reading about some here who recently posted and said they sold, couldn't take it anymore and are gone for good. Music to Mels ears..
I think your strategy is fine. You just have to have a timeframe that goes out at least until 4/14. We don't know, but chances are good 11th hour Mel will be at it again, waiting until the last minute. And again, in the meantime, he gets more shareholders to capitulate. Anyone who's been here a while, owes it to themselves to see this through at least into the spring. My take is they will not be sorry. I would be careful from here though and sell into any significant pop strength just in case the 2014 short will indeed be keeping this SP below .20 for some time to come. From here, I would rather dump it all in premarket @ .23/.25 and then watch it go up to .35 without me, than going through the last two events one more time (pop and drop). Then at least I will see that the SP has some breakout power and then I can buy back in and trade on the dips. Best to take a sure double than go for the inside the park HR and get called out. The latter is what happened last two times.This SP is dangerous and no one really knows what SP fate it will experience in the next 6 months before rev split will be required. Loading up a little heavier here and a little lower, only increases the gains on that same pop up to .25 and puts less pressure on needing the SP to hit like .40 on the lower load. As we get closer to 4/15, I am going to do exactly that. I will wait though until maybe MSM tries to incite another riot that might freak the SP lower. If debt is not resolved before Q/K, I see the SP going nowhere cause no one will care.. Some might be expecting final debt deal details when the company reports. If Mel says again at that time, "we're still working on it" what do you think traders will do to the stock? JMHO...
I'm less optimistic. Don't forget, the 2014 hedge still has an interest in keeping the SP down (and can at will. those shares are theirs until 2014). As long as it's all the way down, why not fight to keep it here? Also SI probably closed on the 13th. Which included short covers of Feb 4-5 and BK cover off of .05 Feb 11-13. The re-short back down here is not in this number so we'll have to see what the Feb B says in mid-march. If that is down yet again I will be more optimistic that a positive change could be happening, not until. Also IMHO, a lowered SI also could mean the SP is losing fans, which is not good. I'd rather have a higher SI..means people are still interested. The lower SI could just mean that new shorts see no more downside (which I pretty much agree with at this point, but it also doesn't mean there are real buyers to make it run..that I do not believe at this stage). I was guilty of too much optimism last two pops. Granted, the 3rd one could be the charm but I won't be taking any chances considering how all SIRI pop news is spun negative. I still see this stock with the same zombie eyes as before..under the control of the controllers. I will still be loading up on more shares next 4 weeks as SP drops again. I just don't think it's time yet. I just posted..what do you think will happen in CC when Mel says to the world, "we're still working on the debt issues and hope to have that wrapped up by 4/15." SP will be taken out back for one more arse-kicking before final news hits the wires..
And like you say, it could be a critical mass point for the SP also..but it will be a while before long sentiment may come back to this SP..esp if rev split is announced as I expect it to be done Oct or Nov. I'm not giving Mel any credit just yet..JMHO..
Thanks for the well thought out response. It is difficult to make a decision on how to proceed. I think the SP can get back to .21 before 4/14 but nothing is for sure. I am feeling like so many that have given up on this despite the optimism that I have espoused in the past; ie it is troublesome to not know what is going on. I will have to make the decision within a few weeks as the clock is ticking rather quickly right now for the longs. Either risk getting the price down to .2 or just let it go. I look at it this way. If you don't know....then who does? Your comments are always very lucid and clear, but they are also speculative in nature. There are no sure things in the stock market, but one would think it could get back to .2 from here. The problem is the way this has played out so far, it may be better to average down and then get out when and/or if it goes to .2 Nevertheless, time is becoming short for such a move.
Thanks again for your response. I get the feeling you see it going above .2 before 4/14
Long SiriusXM
Great post/article. Exactly why this SP is going nowhere anytime soon.
>>GOOD ASSET
The deal's structure leaves the door ajar for EchoStar's Ergen, a longtime rival to both Karmazin and Malone. While it is possible that he could return with a "superior proposal," Maffei considers any third party involvement unlikely.
"It would be fairly expensive for someone to go over the top because there's a bunch of penalties and they'd have to pay off our debt," Maffei said, adding he was confident Liberty would complete the second stage of the deal with Sirius.
If Sirius were to accept another deal, the stock issuance and the second-phase loan would not occur. Liberty is also entitled to a $7 million termination fee and can demand that the first loan be repaid with a $14 million premium.<<
What we all know...
>>"I'm surprised they did it," Mitchell said, referring to Liberty investing in Sirius.
"I think they took a defensive look because of Ergen's involvement and then maybe the numbers worked for them. If he hadn't served as catalyst, I'm not sure I would ever thought Sirius would end up with Liberty." <<
Thank you for your response. I really like how the knowledgable posters on this site are willing to explain things to the newer and less experienced investors such as myself.
I do have one small issue tho. With all of the analogies and metaphors you used I was able to get the gist of things, but unable to assertain the details of the situation.
I hate to ask this of you because you've already been kind to respond, but is it possible to reply with the technical details? I think its the only way I'll learn to think for myself in this crazy world of investing.
If not, I understand and thank you anyway.
Shots
I think there are reasons why SI is falling. I own another disressed stock that is acting the same way. I think there are two reasons.
The hedge funds are redeeming a bit. They may be repositioning/realloca... or.....it could be another round of redemptions.
I think the former and less the latter. They see tis activity in finacials and they can both short and long them for a lot more then tey will ever get from siri or any other penny stock that has formed a bottom at these lows.
Just better hunting elswhere!
As for siri, we will just have to wait some more.We can't get it to range trade soooooooooooooo..........
I plan to sit on it.
You never can tell when or if a good M/A deal may come. Like i said in a earlier post, I think this deal was all about buying some time. It's a big gamble. If it works out, they will have funding and we will be flush. If it does not, they will lose the company and we will lose.
I don't think he had any other choice.
Does that gerbil have a puzzle piece attached on the Left side of his coat!!!!!!!!!!!!! If he does, that is not a gerbil, that is Mel....and would you please return him to the HQ of SiriusXM.....He's been missing for quite awhile now!!!!
Relmor
For your sake, I sure hope that it wasn't you who left the door open for the cat to escape!
I don't see SP hitting .20 until debt deal is a done deal. Tonights Reuters article is a reminder where we stand. As of now if SIRI backs out of the Liberty deal, it will cost them up to 21M for nothing. That's a pretty hefty incentive to close this. And which bodes well for us. Mel will just have to look forward to the future to see if things allow him to restructure this deal. Giving away 40%of the company sucks (to use his word) for anyone.
But I was thinking a little more. The next time this SP moves significantly, it will be because of two reasons: 1. lower, Mel decided to BK afterall, which would shock everyone given how that would impact the Co negatively. It would allow Mel to F Malone though, and he would be able to restucture the first tranche he was just granted lower. My most UNLIKELY scenario of course. Or 2. The remainder of the deal is consummated with Malone, hence the banks will also have to be locked up cause that is a requirement of Malone's offer. And in that scenario, the stock will most certainly jack once again premarket. Now. Unlike last two times, where something was not right, the stock was sold right back into heavily and SP killed. This next time will most certainly be different news cause it will signify a real reslolution. So the stock could very well run higher in this case. I was thinking about last two runs. Each did the exact same thing. .25 in premarket, and a close about .16. Then the next morning each time they opened about .20, hit about .22 early then died the rest of the day. So my point is, it may just pay this next time to maybe sell a little first day in pre, but leave the rest to see the next card that day. The theory being that at very least we would have the night to decipher details and that next morning to still get out at .20 or a little higher if the first day the SP repeated last two events. I will still be loading up on more shares at some point over the next 30 days as well as looking to swing trade when takedowns are given. What we have to do now, with only a little time left before company decisions become final, is not give up and see this through until the end. IMHO
It is when a stock drops from a high point and loses 50% in three minutes that the old uptick rule kept shorties from piling in and feasting on the carcass.
SIri has fallen well beyond any help from the uptick rule. It really was a long time ago that it had an legs as a equity. It has been a speculative stock for about three years in my opinion and uptick rules protect the big boys.
On Feb 25 08:10 PM shotsii wrote:
> sl62...
> Thank you for your response. I really like how the knowledgable posters
> on this site are willing to explain things to the newer and less
> experienced investors such as myself.
>
> I do have one small issue tho. With all of the analogies and metaphors
> you used I was able to get the gist of things, but unable to assertain
> the details of the situation.
> I hate to ask this of you because you've already been kind to respond,
> but is it possible to reply with the technical details? I think its
> the only way I'll learn to think for myself in this crazy world of
> investing.
> If not, I understand and thank you anyway.
>
> Shots
Did anyone read that article about MSFT/SIRI on Motley Fool?.....LOL Almost as good as Relmor's yahoo retort today.
No problem..definition of uptick from IP:
>>What Does Uptick Rule Mean?
A former rule established by the SEC that requires that every short sale transaction be entered at a price that is higher than the price of the previous trade. This rule was introduced in the Securities Exchange Act of 1934 as Rule 10a-1. The uptick rule prevents short sellers from adding to the downward momentum when the price of an asset is already experiencing sharp declines. The SEC eliminated the rule on July 6, 2007.<<
So as you can see, the rule seeks to prevent "piling on" so to speak. But piling on is a short-term concept. Longer-term, if a hedgie or whomever has a strategy for taking an SP down, with the uptick rule in place, they would just do it over a longer period of time. You would see a little less daily declines but the end result over time would wind up the same as without uptick IMO. Remember, our economy is what's in bad shape and going to get worse over time because our money is not tethered to anything but a floating ship in space basically. From here on in, it's whatever it is according to all forces at play (debt, inflation, deflation, etc...). And the Market attempts to proxy all those forces. The uptick rule is not going to save anyone if our economy is not readjusted properly. Over time the Market is like water. It has no choice but to find it's natural level. The uptick rule is a short-term mechanism that does nothing for the overall health of our economy of the stock market. Hope that helps.
To have it work, they would have to call a tick equal to .125. Enforcement would be impossible !
Even with a limit order.
Good info. That's what I'm thinking too. When this deal (or any deal) is done thereby creating an actual unquestioned resolution to '09 debt, it should allow the SP to run. We just don't know how much since the 2014 hedge will still have something to say. What we don't know is do they get out of the way and wait a bit before shorting into the gains. Given the last two pops, there seemed both times to be the same pattern of the second day final take down. I think it would pay this time around to wait and see what day one brings since with more finality in the news, it could pop a lit more this time and do what we thought last two times. Settle back in the .20's after a nicer pop higher..and maybe leave the .13's behind for good. Having now two runs exactly the same, both winding up back in the craper, and knowing about the deal hedge, keeps things on edge for sure.. For that we can all thank our Man Mel!! But we can also thank him and BOD's for not allowing this SP right now to be .03 in the Pinks!
I believe the usage of the old school fractions( minimum1/8) would eliminate the preditorial actions of those who make money tanking stock.
On Feb 25 08:59 PM cos1000 wrote:
> My only thought on the up tick rule is that, Politicians like to
> talk about it because it sounds good, but when decimalization took
> over in trading, it lost most of it's effectiveness. Now it is but
> a diversion that Politicians and those who want to confuse the public
> used to distract attention from more relevant issues.
>
> When stocks traded in 1/8, 1/4, 1/2's it was more effective at requiring
> an "Up Tick" (positive), before the Short Order could be placed.
> As has been said by others above the higher the share price in an
> equity and the more significant it's moves, the more effective an
> "Up Tick" requirement will be. It's easy to say that it would help
> to slow down the feeding frenzy, but if their is a real reason for
> the equity's SP to go down, it will eventually. A stock that trades
> under a buck, in 10 thousandths of a cent, will not be helped by
> an "Up Tick". Shorting of these stocks is not really possible by
> the average retail investor. MM's will do what they want to manipulate
> price and skirt around any such rule IMHO. As s162 said, Naked Shorting
> is more the issue, but even that, at these prices for SIRI, is less
> of an issue. Just some thoughts to add to the conversation.
I'm not puking up any more stocks. I have loss carryforwards going out as far as I care to think about. Lousy 3K per year.
Standing pat!
Waiting for daylight and some green on my screen.
The biggest f-up for We the Peons in the market. That unless you file for day trader status and are then able to use mark-to-mark, we can only write down 3K a year. Since the goal of any investor or trader regardless of frequency, is not to lose money wtf good does it do not to allow anyone who's lost money investing to do a full write-down. OR. I'll compromise. How about 10K a year. I mean smoke 'em if you got 'em..If you don't then nothing to worry about, you pay taxes on your freakin winnings. Still don't get that one. So we not only have the least advantage in the market, least amount of privilages, most beat-downs, we get a measly 3K per year write down. No sense.
Killer...
Here's to the dawg. Just like every dawg, he'll have his day. I think he might have gotten a little sick from eating all those pictures of Ergen and Mel...doggie antacids maybe???
Just curious..what brings you here? Are you a shareholder?
The Dem's laughed and voted it down on a voice vote. The ammendment never saw the light of day.
A second attempt made the floor but was voted down on a party line vote.
The congresscritter liberals detest anyone who trades stocks. They are the rich! (so they say) and don't need no writedowns........
On Feb 25 09:46 PM sl62 wrote:
> wirestripper...
>
> The biggest f-up for We the Peons in the market. That unless you
> file for day trader status and are then able to use mark-to-mark,
> we can only write down 3K a year. Since the goal of any investor
> or trader regardless of frequency, is not to lose money wtf good
> does it do not to allow anyone who's lost money investing to do a
> full write-down. OR. I'll compromise. How about 10K a year. I mean
> smoke 'em if you got 'em..If you don't then nothing to worry about,
> you pay taxes on your freakin winnings. Still don't get that one.
> So we not only have the least advantage in the market, least amount
> of privilages, most beat-downs, we get a measly 3K per year write
> down. No sense.
Think you should pursue this story! It is worthwhile, interesting, full of characters, and hopefully will have a good ending. Best of luck to you!
wirestripper,
I don't know how those idiots were elected if they think all investors are rich. I'm far from it....not complaining...I have a good job and am lucky enough to still have it. But it is my pursuit of a better life that has me investing and looking for a better financial future just as many here. One thing that I learned luckily.......those who have money...put it to work making more! I'd much rather earn a few percent in the market...with ther possibility of more.....than keep all my cash earning peanuts in a money market account. Anyway.....those making the rules and shooting down any sensible laws are better off than the average American...and are hypocrits(sp) if nothing else!
I agree that it is not goin to necessarily be a quick jump up, Im saying the door is open now, opportunities exist for reversing the downtrend. A close over .16 cents two days in a row would sure help.
I make it my business to study politicians. I unfortunately know them all too well and they are indeed hypocrisy squared.
While they were attacking AIG and Citi for spending money on events and expensive conventions they were at a posh resort on retreat with wads of taxpayer money!
Charlie Rangel attacked Wallstreet for making investments in triple AAA securities while he cheated on his taxes. The current crop of leadership in the house were there when the House bank that they ran was shut down because of fraudulent loans to members. Subsequently they gained political control of fannie May and freddie mac, forcing them to change the way homes were financed and loans were risk rated. They (pelosi, Barney Boy, and others) created the mess we are now in today.
Their meddling with the mortgage giants caused a secondary market to be created called generally, warehouse lenders.It was these lenders who did the no document mortgages and low doc mortgages which were packaged together with better ones to be sold to wallstreet who by this time had discovered that all the standards had been relaxed, the ratings agencies were not at all worried and they would be throwing money out the window if they did not participate.
It was these warehouse lenders mrtgages that began to default in large numbers that drug the entire market with them.
These same polticians are now in charge of the repairs to the mortgage market and they still refuse to allow lenders to turn down the very people who are currently defaulting. They threaten them because they now have tarp money and they publicly flog them for not making enough loans.
Since there is no Wallstreet to buy this crap on the secondary market anymore, and the ones left refuse to, the politicians have turned their guns on wallstreet for not buying the crap that broke them.
it's all pretty funny.
It makes Hypocrits look like saints.
The thing is, they have always been this way and they keep getting re-elected. Now they are all in leadership positions and this dirty dozen or so are running this country. They even run Obama. He has not yet taken them on, and likely won't, until it's too late. He will just vote present as is his practice and that is why they backed him from day one.
Yes, to answer the thought that just crossed your mind.....We are in deep trouble. Not for what is now, but for what is sure to come.
That is why I stay with spec stocks. The S&P's are never going to have more than a occassional day or two day rally. Anyone with half a brain will sell into them. Dow 4000 is coming. Perhaps this year or next.
Sirius does'nt care! It will trade and it will go up.
I make it my business to study politicians. I unfortunately know them all too well and they are indeed hypocrisy squared.
While they were attacking AIG and Citi for spending money on events and expensive conventions they were at a posh resort on retreat with wads of taxpayer money!
Charlie Rangel attacked Wallstreet for making investments in triple AAA securities while he cheated on his taxes. The current crop of leadership in the house were there when the House bank that they ran was shut down because of fraudulent loans to members. Subsequently they gained political control of fannie May and freddie mac, forcing them to change the way homes were financed and loans were risk rated. They (pelosi, Barney Boy, and others) created the mess we are now in today.
Their meddling with the mortgage giants caused a secondary market to be created called generally, warehouse lenders.It was these lenders who did the no document mortgages and low doc mortgages which were packaged together with better ones to be sold to wallstreet who by this time had discovered that all the standards had been relaxed, the ratings agencies were not at all worried and they would be throwing money out the window if they did not participate.
It was these warehouse lenders mrtgages that began to default in large numbers that drug the entire market with them.
These same polticians are now in charge of the repairs to the mortgage market and they still refuse to allow lenders to turn down the very people who are currently defaulting. They threaten them because they now have tarp money and they publicly flog them for not making enough loans.
Since there is no Wallstreet to buy this crap on the secondary market anymore, and the ones left refuse to, the politicians have turned their guns on wallstreet for not buying the crap that broke them.
it's all pretty funny.
It makes Hypocrits look like saints.
The thing is, they have always been this way and they keep getting re-elected. Now they are all in leadership positions and this dirty dozen or so are running this country. They even run Obama. He has not yet taken them on, and likely won't, until it's too late. He will just vote present as is his practice and that is why they backed him from day one.
Yes, to answer the thought that just crossed your mind.....We are in deep trouble. Not for what is now, but for what is sure to come.
That is why I stay with spec stocks. The S&P's are never going to have more than a occassional day or two day rally. Anyone with half a brain will sell into them. Dow 4000 is coming. Perhaps this year or next.
Sirius does'nt care! It will trade and it will go up.