Re: My email to the SEC
Brad,
My point is that if you study scams like Enron, you always have three
factors: 1. Top officials dumping stock 2, Hype beyond what is
delivered and a media swept up in the frenzy andf this aiding the stock
ever higher.
We had all three factors in Enron and it is beginning to look like
there are signs of it with Google.
Factor 1: Enron officials were dumping tons of stock. Sergy and Larry
are dumping tons of stock. ($20 Million per week)
Factor2: Enron (interestingly in the video download biz also) climed to
have a cable on demand service that was in the very early stages.
Google HYPED the video "store" in Enron fashion and you can see it for
yourself it is sloppy and in a very early stage with errors all over
the place.
Factor 3: Media fell in love with Enron. I recall Enron being on the
cover of biz magazines as the "best management in America." I don't
want to brag but I smelled a ratin Enron early when the WSJ was hyping
someone that was in Enron management who built a billion dollar power
plant that was uttelry useless.
So you have to watch out for companies that are hyping more than they
can deliver. This is obviously the case with the video "store." You
have to wonder if they are so great why are they hyping this schlock
"store" at CES in Vegas.
The Emperor Google may not have any clothes. BEWARE.
And as for Sergy and Larry dumping $20 million per week. The problems I
see with the video "store" are obvious. If Sergy peeled off just a half
weeks worth of cash from stock sales ($10 million), I could fix all the
problems in no time.
Thick about it. Charlie Rose index has dates instead of guest names. I
would have some look at the shows and enter the guest names. NBA games
only go through three quarters I would hall the ass of the senior tech
guy and say "Fix this now."
Refunds for the guys who downloaded 3 quarter NBA games --pocket change
out of my 10 Mil. Clearly someone is not watching the store.
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