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Pastimes : CNBC -- critique.
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To: Gary M. Reed who wrote (7947)5/27/2001 2:46:18 AM
From: Toby Zidle  Read Replies (1) of 17683
 
Great story, Gary. My own experience with BW's "Inside Wall Street" is that of being burnt on one of the rumors you mention. Some years back, 'IWS' had a rumor about the impending buyout of Bank Plus (BPLS) at a hefty premium. I rushed into the stock without doing my own diligence and ultimately lost over 50% on that stock. Even then, the buyout rumor was being perpetuated on Yahoo's BPLS board.

To this day, BPLS has not been bought out, but has had to sell major portions of its business just to survive the bad debt accumulations in its credit card portfolio.

Quite recently, BPLS has more than doubled from its earlier low. Is something up? Frankly, I don't know and couldn't care less.

The problem with "Inside Wall Street" and every other print or internet rumor mill is that they never have to follow up on the rumors they spread and they NEVER post any kind of scorecard.

If Joe Kernan wants to take on BW for the poor timing of its articles, so be it. No argument from me.
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