The more they hyped, the lounder they whinge
Terriific “NYT” piece exposing the whingeing hypocrisy of a departing telecoms analyst.
“JACK B. GRUBMAN, the former star telecommunications analyst who resigned on Thursday from Salomon Smith Barney, wants your sympathy.
Sure, he made $20 million a year urging investors to buy untested telecom stocks even as they nose-dived. And yes, he is walking away with almost $32 million in cash and stock even after most of the companies he followed are in tatters. Still, Mr. Grubman wants you to know that he, too, is a victim.”
Grubman, for example, advised investors to buy or hold WorldCom stock in the fall of 2000 when shares stood at $25, predicting that the price would hit $87. WorldCom shares closed on Friday at 12 cents. I’m always astonished that people take these analysts seriously.