Jul

1

the metsA recent headline shouts about a car company that pays 2.3 billion extra in cash to an entity's health plan. They prepaid much and could have used cash. This story reminds me of one of the centimillionaires that passed through these gates, who bought a chain of what I considered woeful stores, but actually were not that woeful. Anyway, after he went public and made his first centi, he desperately wanted to get out of the stock. So whenever he could he would sell. But the problem was the analysts always said "why are you selling if you're so bullish?". He was very astute. So he always said, "the last thing I want to do is sell, but you guys are always saying how important it is for me to get some wide diffusion of ownership out there to gain liquidity. So I sacrifice myself and let a little go even against my wishes and immediate profit". (I liked the touch of the "you guys". Here a car company is prepaying an extra 2 to the entity that brought them to the knees as well as beggaring the city and all others that they are big in such as "why oh why did you leave Ohio". But to gild the lily for the analysts they don't use stock. But they use cash. And pay up and extra.

Along the same lines, it is loathsome to see a certain bank that sponsors a baseball team around here that has received about 10 times its market value in benefits and increases in wealth from the central authorities marketing themselves in such a hubristic and resilient form. They should keep a lower profile and be ever so much more humble, and do so much more to repay the common man who saved them from the belly.


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