[thenightwriterblog] The Night Writer: Who said you can't go broke betting on the bad taste of the American public?

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Posted by The Night Writer:
Who said you can't go broke betting on the bad taste of the American public?
http://thenightwriterblog.powerblogs.com/posts/1173145375.shtml


   Howard Stern talks but the (shareholders) [1]money walks...

     The announcement of a proposed merger between Sirius Satellite
     Radio (SIRI, news, msgs) and its archrival XM Satellite Radio
     (XMSR, news, msgs) was treated by most of the media this week as if
     were just another financial event to be studied through the prism
     of balance-sheet analysis and the federal regulatory approval
     process.
     But the merger plan actually amounts to the death of a dream for
     investors who came to believe that shares of Sirius -- propelled
     skyward for a short time by the hiring of snarky talk show host
     Howard Stern -- would make them rich beyond compare.
     For while the merger might ultimately save the company from total
     oblivion, it is unlikely to save investors from billions of dollars
     in losses incurred over the past several years or, perhaps more
     importantly, from a loss of faith in stock ownership.
     Millions of people bought Sirius shares at $6 to $8 for their
     retirement accounts, and rode them down to $3.50, never losing
     faith in Stern. At this point, they need to face up to the fact
     that they're screwed. Stern made half a billion. They will make
     nothing. They can file SIRI stock certificates away under "S" for
     stupid. They blew it.

References

   1. http://articles.moneycentral.msn.com/Investing/SuperModels/WhySiriusIsStillDoomed.aspx?GT1=9215&wa=wsignin1.0