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Pastimes : CNBC -- critique.
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To: Guy E. Fleming who wrote (2523)4/25/1999 11:37:00 AM
From: Ian@SI  Read Replies (3) of 17683
 
Guy,

Throughout the Friday, Marie gave the impression (to me at least) that she was overjoyed to have been first to tell the public that Morgan Stanley was advising its clients to sell IBM as it was going to miss its earnings.

At no time did she even remotely consider that just perhaps, Morgan Stanley and / or its clients might have had some major option positions which were going strongly against them.

At no time did she appear to have any awareness that she was just being used again to influence millions of CNBC viewers.

Did I sell as a result of Maria's "scoop"? No.

Did I take advantage of the buying opportunity she helped create. Yes.

I took some money immediately by selling some PUTs. And I bought some unfairly reduced stocks that I still hold.

I should be grateful to Maria. I'm not.

CNBC's viewers generally would not be described as sophisticated investors. Those that sold after listening to her were unfairly disadvantaged for having heard her report(s).

If this is the standard that CNBC lives up to, it will wither and die.
People will not continue to watch a station that misinforms them to the extent that they lose money.

I've taken Ted's advice and forwarded my original question to Maria for her response. If she responds, and if SHE gives me permission to post it, I will do so here.

But I suspect that Ted's ducking of the query is all that we can expect from CNBC.

Ian.
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