Why is this story ("look at all the poor suckers dumping their money down the toilet!!!") getting so much coverage from CNBC and their friends?
RealCommentary from TheStreet.com
WorldCom's Worthless Common Draws More Dupes
Friday November 22, 11:04 am ET
By James J. Cramer,
True story. This guy I know just took his life savings, which were in blue-chip common stocks, and cashed all those shares in to buy 300,000 shares of WorldCom (Other OTC:WCOEQ.PK - News) common.
He bought 200,000 shares at first. Then I told him it was a total sucker's play and he told me I didn't know what I was talking about -- and he bought another 100,000 shares. This fellow is a hard-working immigrant who works 19-hour days at two jobs, six days a week. He says I have no faith in Rudy Giuliani.
Yeah, it's a long-shot at best. But do they really expect us to believe that a bunch of blue collar investors are getting duped into buying $15-25 million worth of WCOM per day recently? Isn't it noble of Cramer to worry about all the dumb little investors getting duped? |
