Posts Tagged ‘Steve Jobs’

iPhonAsia comment: The Food for Thought article below is a Jan 15, ’09 post from an AAPL stock message board. Reposted here with permission from the author – Gr8Desertwind.

For a superb summation of the current media fixation on Steve Jobs’ health status, please read Cliff Mason’s post > Our Obsession Over Steve Jobs – Enough Is Enough

Food for thought

by  Gr8Desertwind January 15, 2009
I have been reading and following the news since Apple was halted today (1/15/09). I must say that I had a great deal of concern about how this news would affect the market considering todays retail sales numbers and all of the other negative news that was driving the market down. 

steve-jobs-300x300First let me say that I am very sorry to hear that Mr. Jobs illness is more complicated than originally anticipated. It is never easy on anyone involved in a protracted illness regardless of outcome. May he be in everyone’s prayers this evening for a speedy recovery. 

Now, for the point I would like to make. We have been experiencing downward pressure on AAPL the stock for a considerable period of time despite record earnings and continued growth of the company. I, for one, think that most of this news is already baked into the current share price. Just remember how many days we have taken hits when rampant speculation about Steve’s health hit the media. And in fact, we often say buy on rumor and sell on news. But in this case, it has been sell on rumor and short on rumor so we may see some buying on news. It is very clear that in the short run, Tim Cook will be running Apple. 

However, Apple these days is more than the people who keep the cogs in this machine oiled. Steve’s vision for Apple has been in place for awhile. And each and every product that comes out of Apple serves this vision. It is a vision that Steve had before he was ousted from Apple the first time. It was the vision that led him to found Next. It was the same vision that brought Apple back to him and inspired his return to Apple. And it is the vision that has returned Apple to a position of prominence in the world technology. It may even have been the original vision inspired by what he saw at xerox research center so many years ago. If I were to describe this vision in a sentence it would go like this: Steve developed technology that was to serve the user instead of requiring users to serve technology. 

I think this is why Steve has kept Apple as a vertically integrated company. It is often said that Apple’s biggest advantage is that they control the whole widget. And in controlling the whole widget, they can truly be an industrial design driven company. In fact, if you have some design training, you would realize that many of the products that have rolled off Apple’s production line often seem like logical extensions of previous products. And many of the most brilliant moves made by Apple over the last ten years have simply been strategic moves to keep other players from marginalizing Apple by controlling digital formats. 

If you remember back when, WMV looked like they would shut Apple out of the music business. Windows looked like they would be the only game in town. Office was becoming the only way to communicated in the work place. Exchange owned the enterprise for calendar, contact and email. Autodesk’s autocad drawing formats worked only on Windows. And so on and so on and so on. 

Today, iTunes is the dominant digital media distribution source over the web. Apple can’t be marginalized in the music business by formats. They can’t be marginalize by WMV or any other priority format. They have won the format wars by forcing the discussion about open formats. They partnered with the open source community and have made MP3, ACC, MP4 and dozens of other formats either open or transparent so that anyone can produce competing software. All of this puts technology in the service of the user. 

Everyone’s questions whether Apple’s innovation will continue without Mr. Jobs to drive this vision. And I would say that it took more than Steve alone to produce the success Apple has had over the last 10 years. It took an open source community that put out some really good products and standards that allowed Apple to create things like Safari. It took an open source community fighting to open up standard office document formats to allow Apple a chance at creating software like iWorks. But most of all, it took an army of unix programmers 50 years to create the underpinnings of OSX. And in some respects, Apple has forgone obvious revenue streams in order to provide the best user experience available. 

This is Steve Jobs legacy should he be unable to return to Apple. But there are a number of talented people who worked closely with Jobs for a long period of time. And these people would have to know and embrace Steve’s philosophy or they would have never been able to survive the demands place on them daily. I once said that the products Apple has been bring out in the last 2 years have their origins in ideas expressed 10 years ago. Apple probably has a ten year road map that has carefully been reviewed by Mr. Jobs. If Apple should lose Steve, it would be years before we would see the loss of his vision.


Apple's Executive Management Team

Apple's Executive Management Team


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“Somebody ought to call Steve Jobs, who doesn’t need to be bribed to do innovation, and ask him if he’d like to do national service and run a car company for a year. I’d bet it wouldn’t take him much longer than that to come up with the GM iCar.”

~ Thomas L. Friedman, syndicated columnist for The New York Times

Meanwhile, US Automakers turn their gaze to the far east > China

(Thanks KY)

“Overhead” on the Street in the WSJ:

Circulating in Asia, a view of how the Chinese stimulus package fits in history:

1949 (Chinese revolution): Only socialism can save China.

1979 (Deng Xiaoping reforms): Only capitalism can save China.

1989 (fall of Berlin wall): Only China can save socialism.

2008 (global crisis): Only China can save capitalism.


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Excerpts from Apple’s Q4 earnings call on Oct. 21, 2008 – Steve Jobs: .“iPhone business has grown to about $4.6 billion, or 39% of Apple’s total business, clearly too big for Apple management or investors to ignore. 

 adjusted sales for the quarter were $11.68 billion, 48% higher than the reported revenue of $7.9 billion, while adjusted income was $2.44 billion — if this isn’t stunning, I don’t know what is, all due to the incredible success of the iPhone 3G.

I would like to now highlight two remarkable milestones resulting from iPhone’s outstanding performance last quarter. The first is that Apple beat RIM. In their most recent quarter, Research in Motion, or RIM, reported selling 6.1 million BlackBerry devices. Compared to our most recent quarter sales of 6.9 million iPhones, Apple outsold RIM last quarter and this is a milestone for us. RIM is a good company that makes good products and so it is surprising that after only 15 months in the market, we could outsell them in any quarter.

But even more remarkable is this — measured by revenues, Apple has become the world’s third-largest mobile phone supplier. I know this sounds crazy, but it’s true — as measured in revenues, not units, Apple has become the third largest mobile phone supplier. Let’s look at the ranking — Nokia is clearly number one at 12.7 billion; Samsung number two at 5.9 billion; Apple is number three at 4.6 billion; Sony Ericsson, number four at 4.2; LG, number five at 3.4 billion; Motorola, number six at 3.2; and RIM number seven at 2.1. Pretty amazing.”

iPhone Death Watch


“There’s no chance that the iPhone is going to get any significant market share. No chance. It’s a $500 subsidized item. They may make a lot of money. But if you actually take a look at the 1.3 billion phones that get sold, I’d prefer to have our software in 60% or 70% or 80% of them, than I would to have 2% or 3%, which is what Apple might get.”
Steve Ballmer, Microsoft CEO, 30 April 2007 




“We’ve learned and struggled for a few years here figuring out how to make a decent phone. PC guys are not going to just figure this out. They’re not going to just walk in.”
Palm CEO Ed Colligan, commenting on then-rumored Apple iPhone, Nov. 16, 2006

“You could look at Apple and the iPhone as something that’s come out of nowhere, essentially, and changed the dynamics of the smartphone space–there’s every opportunity to do that in our case as well,”
Palm CEO Ed Colligan, May 28, 2008

“[iPhone] just doesn’t matter anymore. There are now alternatives to the iPhone, which has been introduced everywhere else in the world. It’s no longer a novelty.”
Eamon Hoey, Hoey and Associates, April 30, 2008 




“We are not at all worried. We think we’ve got the one mobile platform you’ll use for the rest of your life. [Apple] are not going to catch up.”
Scott Rockfeld, Microsoft Mobile Communications Group Product Manager, April 01, 2008

“Microsoft, with Windows Mobile/ActiveSync, Nokia with Intellisync, and Motorola with Good Technology have all fared poorly in the enterprise. We have no reason to expect otherwise from Apple.”
Peter Misek, Canaccord Adams, March 07, 2008

“[Apple should sell 7.9 million iPhones in 2008]… Apple’s goal of selling 10 million iPhones this year is optimistic.”
Toni Sacconaghi, Bernstein Research, February 22, 2008

eb_xpromo_stone_120x1201“What does the iPhone offer that other cell phones do not already offer, or will offer soon? The answer is not very much… Apple’s stated goal of selling 10 million iPhones by the end of 2008 seems ambitious.”
Laura Goldman, LSG Capital, May 21, 2007

“How do you deal with that? How do they deal with us?”
Ed Zander, Motorola CEO/Chairman May 10, 2007

“The iPhone is going to be nothing more than a temporary novelty that will eventually wear off.”
Gundeep Hora, CoolTechZone Editor-in-Chief, April 02, 2007

“Apple should pull the plug on the iPhone… What Apple risks here is its reputation as a hot company that can do no wrong. If it’s smart it will call the iPhone a ‘reference design’ and pass it to some suckers to build with someone else’s marketing budget. Then it can wash its hands of any marketplace failures… Otherwise I’d advise people to cover their eyes. You are not going to like what you’ll see.”
John C. Dvorak, Bloated Gas Bag, March 28, 2007

“Even if [the iPhone] is opened up to third parties, it is difficult to see how the installed base of iPhones can reach the level where it becomes a truly attractive service platform for operator and developer investment.”
Tony Cripps, Ovum Service Manager for Mobile User Experience, March 14, 2007

“I’m more convinced than ever that, after an initial frenzy of publicity and sales to early adopters, iPhone sales will be unspectacular… iPhone may well become Apple’s next Newton.”
David Haskin, Computerworld, February 26, 2007

“Consumers are not used to paying another couple hundred bucks more just because Apple makes a cool product. Some fans will buy [iPhone], but for the rest of us it’s a hard pill to swallow just to have the coolest thing.”
Neil Strother, NPD Group, January 22, 2007

“The iPhone’s willful disregard of the global handset market will come back to haunt Apple.”
Tero Kuittinen, RealMoney.com, January 18, 2007

“[Apple’s iPhone] is the most expensive phone in the world and it doesn’t appeal to business customers because it doesn’t have a keyboard which makes it not a very good email machine… So, I, I kinda look at that and I say, well, I like our strategy. I like it a lot.”
Steve Ballmer, Microsoft CEO, January 17, 2007

“The iPhone is nothing more than a luxury bauble that will appeal to a few gadget freaks. In terms of its impact on the industry, the iPhone is less relevant… Apple is unlikely to make much of an impact on this market… Apple will sell a few to its fans, but the iPhone won’t make a long-term mark on the industry.”
Matthew Lynn, Bloomberg, January 15, 2007

“iPhone which doesn’t look, I mean to me, I’m looking at this thing and I think it’s kind of trending against, you know, what’s really going, what people are really liking on, in these phones nowadays, which are those little keypads. I mean, the Blackjack from Samsung, the Blackberry, obviously, you know kind of pushes this thing, the Palm, all these… And I guess some of these stocks went down on the Apple announcement, thinking that Apple could do no wrong, but I think Apple can do wrong and I think this is it.”
John C. Dvorak, Bloated Gas Bag, January 13, 2007

“I am pretty skeptical. I don’t think [iPhone] will meet the fantastic predictions I have been reading. For starters, while Apple basically established the market for portable music players, the phone market is already established, with a number of major brands. Can Apple remake the phone market in its image? Success is far from guaranteed.”
Jack Gold, J. Gold Associates, January 11, 2007

“Apple will launch a mobile phone in January, and it will become available during 2007. It will be a lovely bit of kit, a pleasure to behold, and its limited functionality will be easy to access and use. The Apple phone will be exclusive to one of the major networks in each territory and some customers will switch networks just to get it, but not as many as had been hoped. As customers start to realise that the competition offers better functionality at a lower price, by negotiating a better subsidy, sales will stagnate. After a year a new version will be launched, but it will lack the innovation of the first and quickly vanish. The only question remaining is if, when the iPod phone fails, it will take the iPod with it.”
Bill Ray, The Register, December 26, 2006

“The economics of something like [an Apple iPhone] aren’t that compelling.”
Rod Bare, Morningstar, December 08, 2006

“Apple is slated to come out with a new phone… And it will largely fail…. Sales for the phone will skyrocket initially. However, things will calm down, and the Apple phone will take its place on the shelves with the random video cameras, cell phones, wireless routers and other would-be hits… When the iPod emerged in late 2001, it solved some major problems with MP3 players. Unfortunately for Apple, problems like that don’t exist in the handset business. Cell phones aren’t clunky, inadequate devices. Instead, they are pretty good. Really good.”
Michael Kanellos, CNET, December 07, 2006


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Click to listen to full quarterly earnings call > HERE

Steve Jobs was a surprise participant on today’s Apple (AAPL) earnings conferece call. Partial transcript below…

Steve Jobs: Hi, everyone. Some remarkable things are happening at Apple but everything is now set against the backdrop of this global economic slowdown, so it seemed like a good time for me to make a few remarks and help answer some of your questions.

I would like to go back and talk about the non-GAAP financial results because I think this is a pretty big deal. In addition to reporting an outstanding quarter, today we are also introducing non-GAAP financial results which eliminate the impact of subscription accounting. As you know, subscription accounting is the solution we adopted to let us provide free software updates to iPhone users under GAAP accounting rules. In accordance with the subscription accounting treatment required by GAAP, Apple recognizes the revenue and the cost of goods sold for the iPhone over its economic life of two years rather than upon sale as we do for Macs and iPods.

Because by its nature subscription accounting spreads the impact of iPhone’s contribution to Apple’s overall sales, gross margin, and net income over two years, it can make it more difficult for the average Apple manager or the average investor to evaluate the company’s overall performance. As long as our iPhone business was small relative to our Mac and music businesses, this didn’t really matter much. But this past quarter, as you heard, our iPhone business has grown to about $4.6 billion, or 39% of Apple’s total business, clearly too big for Apple management or investors to ignore. Hence our introduction today of non-GAAP financial results alongside our reported GAAP results.

As you can see, the non-GAAP financial results are truly stunning. By eliminating subscription accounting, adjusted sales for the quarter were $11.68 billion, 48% higher than the reported revenue of $7.9 billion, while adjusted income was $2.44 billion, 115% higher than the reported net income of $1.14 billion. Adjusted net income that is more than double our reported income — if this isn’t stunning, I don’t know what is, all due to the incredible success of the iPhone 3G.

I would like to now highlight two remarkable milestones resulting from iPhone’s outstanding performance last quarter. The first is that Apple beat RIM. In their most recent quarter, Research in Motion, or RIM, reported selling 6.1 million BlackBerry devices. Compared to our most recent quarter sales of 6.9 million iPhones, Apple outsold RIM last quarter and this is a milestone for us. RIM is a good company that makes good products and so it is surprising that after only 15 months in the market, we could outsell them in any quarter.

But even more remarkable is this — measured by revenues, Apple has become the world’s third-largest mobile phone supplier. I know this sounds crazy, but it’s true — as measured in revenues, not units, Apple has become the third largest mobile phone supplier. Let’s look at the ranking — Nokia is clearly number one at 12.7 billion; Samsung number two at 5.9 billion; Apple is number three at 4.6 billion; Sony Ericsson, number four at 4.2; LG, number five at 3.4 billion; Motorola, number six at 3.2; and RIM number seven at 2.1. Pretty amazing.

Now, both of these things, beating RIM in units and becoming the third largest mobile supplier in revenues are amazing feats but part of this was the result of expanding into over 50 countries and there’s no guarantee that sustained sales will equal initial sales. And who knows what the future results will be, given the worldwide economic slowdown but we actually outsold RIM last quarter and ranked as the third largest mobile phone supplier in revenues. Not bad for being in the market for only 15 months.

I would now like to talk about the App Store for a few minutes. One area that where we have completely changed the value proposition for mobile devices is the App Store. Customers will download the 200 millionth application from the App Store tomorrow, only 102 days since its launch on July 11th — the 200 millionth app. We’ve never seen anything like this in our careers. There are now over 5,500 applications offered on the App Store in 62 countries around the world and the rate of new applications being submitted is increasing every week. Competitors are scrambling to copy our App Store but it’s not as easy as it looks and we are far along in creating the virtuous cycle of cool applications begetting more iPhone sales, thereby creating an even larger market which will attract even more iPhone software development. It is clear that customers are now attracted to iPhone not only for its amazing functionality and revolutionary multi-touch user interface but also for its unique ability to let users easily purchase, download, and use thousands of different applications, ranging from free games to financial planning and health management — all of this in only 102 days.

And now I’d like to touch on the notebooks that we just introduced. Last week we introduced our new MacBook and MacBook Pro line. These products are very important since notebooks comprise two-thirds or more of the Macs we sell. These new MacBooks are some of the best products we’ve ever created and it’s already clear that our customers love them. We’ve had a very, very strong launch and we are anxiously awaiting to see the demand trajectory that will unfold during the quarter. The level of quality these products deliver to customers is mind-blowing for their price points. The unibody precision aluminum enclosures would normally cost hundreds of dollars by themselves. The electronics, especially the graphics, are state-of-the-art in mobile computing and features like the glass track pad are unique in the industry. With the introduction of LED backlit displays on these mainstream notebooks, over 90% of the notebooks Apple sells now use LED backlit displays.

Another thing worth noting is that these new notebooks are the greenest products Apple has ever offered. You will hear more and more about that from us in the future.

So now let’s turn to the economy, to the broader market conditions resulting from the global economic slowdown and credit crisis. First, let me say that we are not economists. Your next-door neighbor can likely predict what is going to happen as accurately as we can, but we do know a few things.

First, we have the best customers in the world. I wouldn’t trade our customers for any other company’s customers in the entire world. They are some of the smartest, most product aware customers in the market and they have chosen Apple’s quality, hardware and software products. While they may postpone purchases in tough times, they are unlikely to abandon the quality and seamless integration which they have personally experienced and become accustomed to with Apple’s products. So if the economic downturn does affect them, they are more likely to delay than switch.

Two, we still have a minority market share of the PC market and a miniscule market share of the mobile phone market. While we may not appeal to every prospective customer, the percentage of prospective customers we need to attract in order to significantly increase our market share isn’t that many and we have 250 Apple retail stores that already sell half their Macs to new-to-Mac customers.

Three, we have the best product lineup in Apple’s history. The new MacBooks in particular should trigger a serious upgrade cycle in our installed base. We’ll see. I feel very good about our product lineup as we head into the holidays and beyond.

Four, we have the most talented and creative employees in the world — just look at their results — the new MacBooks, the iMac, the iPhone, the iPod Nano and Touch, Leopard, iLife, and on and on. None of our competitors can deliver products in this class.

And five, we have almost $25 billion safely in the bank and zero debt. This provides us tremendous stability and the ability to invest our way through this downturn. This is what we did during the last downturn — we increased R&D investments and created some of our best new products and businesses, like the Apple retail stores, for one. This downturn may also present some extraordinary opportunities for companies that have the cash to take advantage of them, like Apple does.

In summary, we have the strongest product lineup in Apple’s history, the most talented employees, and the best customers and $25 billion in the bank. We may get buffeted around by the waves a little bit but we will be fine and stronger than ever when the water is calm in the future.

With that, I’d like to open it up for questions for Peter, Tim, or myself.

Click to listen to full quarterly earnings call > HERE

Tim Cook - Apple COO

Peter Oppenheimer - Apple CFO

Peter Oppenheimer - Apple CFO


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The “no deal yet” Subterfuge


Via Reuters 9/2/2008 … quoting China Mobile CEO Wang Jianzhou: “Both (Apple Chief Executive) Mr Steve Jobs and myself hope the Apple iPhone can enter China as soon as possible. We are discussing this issue, but we haven’t got an agreement.”

iPhonAsia Comment: Whaaa the?  Wait… That message makes perfect sense. The Chinese need our help! Has he made any Crazy Ivans? 


Has he made any Crazy Ivans? 

Yes …

To what side? 


The next one’s to Starboard.

Just like in The Hunt for Red October, there’s a subterfuge here.  The Chinese need our help to get acceptance of their new TD-SCDMA 3G standard and iPhone will do just that.  But China also needs to quickly build a TD user-base. Telling the world (now) that Apple and China Mobile have “reached a deal” will only open the floodgates of speculation and ultimately end in a confession that the new “official” iPhone in China will support TD-SCDMA. But this new TD iPhone 3G most likely won’t be ready for distribution until the first quarter of 2009. The problem being that China needs to sell TD-SCDMA handsets today, tomorrow and next week. There are already 30 licensed TD handsets and most are made in China by Chinese manufacturers. The latest to join the party is ZTE, a China powerhouse. Nokia will also have a TD-SCDMA handset … yet Nokia’s distribution timeframe will be similar to Apple’s … early 2009.  But China does not want Apple or Nokia promoting the fact that they will have TD-SCDMA offerings until almost the very moment they are ready for sale. China must sell TD-SCDMA handsets now. So for now we will carry on with the charade … “we haven’t got an agreement.”  And then, suddenly, a deal will be done and out pops a new TD iPhone 3G with almost no gestation period at all.  

See also > Timing of iPhone deal and launch in China



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Steve Jobs Calls NYT Columnist a “Slime Bucket”

Joe Nocera

via alleyinsider.com Apple lied about Steve Jobs’ health when it tried to quash concerns about his appearance at the WWDC conference last month, Joe Nocera of the New York Times says. Steve himself also finally weighed in on the matter last week, calling Joe Nocera a “slime bucket.” Full alleyinsider post > HERE

Stanford Commencement Speech >link

EXCERPT from Joe Nocera’s NYT Article 07/26/08:

“On Thursday afternoon, several hours after I’d gotten my final “Steve’s health is a private matter” — and much to my amazement — Mr. Jobs called me. “This is Steve Jobs,” he began. “You think I’m an arrogant [expletive] who thinks he’s above the law, and I think you’re a slime bucket who gets most of his facts wrong.” After that rather arresting opening, he went on to say that he would give me some details about his recent health problems, but only if I would agree to keep them off the record. I tried to argue him out of it, but he said he wouldn’t talk if I insisted on an on-the-record conversation. So I agreed.”

iPhonAsia comment: So much for “off the record” Joe.  “Slime Bucket” may have been too kind.  You can either laugh or cry when dealing with the Joe Nocera’s of the world.  We prefer laughter. Geek Culture does too.  Didn’t take long to create a Jobsian opening line tool for those special Joe Nocera moments?  Behold! > HERE

iPhonAsia comment to the alleyinsider.com article >

 Dan B (URL) said:


Very well summed up. Thank you. 

The real story that has been overlooked here is role of hedge funds and other market players in resurfacing this “Steve’s dying” story … timed precisely with Apple’s Q3 earnings. This was clearly no accident. And it’s not okay. It seems that far too many journalist are ignoring the motives of tipsters. Call the NY Post … get Reuters India to run it … now other news-services pick it up and fall in line. Hey we can’t ignore this! We’re journalists afterall. The media got played … again. 

In case anyone missed it. AAPL went round trip 40 points (20 pts down and 20 pts up) in 3 days following the Q3 earnings call. Wanna bet that a few hedge funds had this pre-scripted. It’s too easy when lazy or ignorant journalists play along. 

Who said the following? (excerpts from PR) 
…”Who profits from intentionally false information in the marketplace? Those who are in on the scam and positioned to benefitfrom the predictable response of people who believe the fraudulent information to be true.”…. 
” In the context of a potential “distort and short” campaign aimed at an otherwise sound financial institution, this kind of manipulative activity can have drastic consequences.” 

Answer: Christopher Cox, Chariman SEC on July 24, 2008 > HERE

iPhonAsia comment: As an Apple (AAPL) shareholder and admitted fanboy, I’d like to disclose my pro Apple bias … While I don’t like to disparage, I cannot help but agree with SJ’s “slime-bucket” comment in reference to Joe Nocera (there is no verification that Steve Jobs actually called Nocera, but we’ll grant that “it happened” and the comment/quote is accurate).

The subject of short-selling is somewhat “off topic” for this blog; nonetheless, I’d invite curious iPhonAsia readers to learn more about Joe Nocera and a cabal of journalists who have been good friends to predatory hedge funds and other Street players.  Read more via Mark Mitchell’s article published on deepcapture.com … See > The SEC Declares Emergency, and Joe Nocera Yammers On

Mitchell’s article does a tar and feather job on Joe Noreca and a group of journalists referred to as “the media mob.”  I would like to state that while this article is a stinging indictment of Nocera and other players, I am not convinced (I just don’t know enough) to say that Nocera, Herb Greenberg, et. al. (the “media mob”) are “dirty” in the sense that they are on the take from hedge funds. What I do believe is that many (sadly) in the media make their careers by finding and reporting negative stories … any tidbit, true or not, that can be spun in a negative way is the heroin that feeds their addiction.

Another key player in the article, Jim Chanos, fed “the dirt/scoop” on ENRON to Fortune, and this proved to be a huge win for reporters who were on top of this legitimate scandal early.  Jim Chanos was thereafter a knight of their realm. Black knight or no, from the “media mob’s” perspective, he could do no wrong. I believe Herb Greenbeg, Joe Nocera, and their ilk, are the type that delight in knocking people and companies off a pedestal. They want and need to associate with Street players who can share the inside dirt that lifts their dubious tabloid careers.  What the “media mob” are in denial about IMHO, is their direct contribution to crimes much greater than any “expose” they’ve authored.  They have (my opinion) aided and abetted timed bear raids and malicious naked shorting of stocks by organized criminals.  That is an important expose that is only now beginning to be reported.   

Jim Camer is a special case … perhaps someday (on his deathbed I imagine), he will write a tell-all book.  It will be labeled as “fiction” by those in its crosshairs… It should be a good read. FWIW, I am no fan of Cramer, but he is finally telling it like it is in reference to naked-shorts and FTDs. 

Full article > HERE

This is a subject that I care deeply about … See my open letter to SEC Chairman Christopher Cox > HERE

MacDailyNews take on Joe Nocera > HERE

 Steve Jobs 2005 Stanford Commencement Speech >link











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