Tuesday, September 22, 2009
What happened to the AIG outrage?
Remember just over three weeks ago when Charlie Gasparino was warning us about AIG when it was 47?
And all of the street was downgrading it?
Where are they today, now that AIG is at 52 after hitting 54?
AIG wasn't supposed to bounce back this fast! They spent all their firepower knocking the stock down; while the vocal critics broke ranks and covered their shorts.
So where is the warning today? Why doesn't Wall Street come out and tell us to stay away?
But who is left to downgrade it?
Barron's warned us it was heading down to it's book of $21, Wells Fargo downgraded it, Credit Suisse downgraded it and slapped a $15 target on it, and Sanford Bernstein, not to be outdone screamed a sell on this number and slapped a $10 target on it.
You had the usual pundits on CNBC saying the equity was worthless, and the same ranting from a whole host of other brokerage firms.
Janet Tavakoli of Structed Finance came out with a piece that "proved" their wasn't any value to the equity holder.
You had the entire story here, before it happened, and they pulled it off.
So where are they now?
Did the story change?
Or did they do their job? They panicked the sheep, they got the stock to come in, and the hedge fund boys that were feeding them the stories, used the opportunity to cover their underwater shorts.
And that's just how the street works.
The stories are used to manipulate stock prices for their benefit.
Because Wall Street only wants to play when they see all the cards!
And the touts, are just Wall Street's props!
Posted by Palmoni at 9:59 AM