Dot Com Era Boinktard Crawls From Under Rock Shrieking "Google $2000 a share"

[mandy]

Henry Blodget made his name by predicting outlandish price increases for Internet stocks in the late nineties. A lot of people lost a lot of money (or, all their money) by listening to his recommendations. The government charged him with securities fraud in 2003 and he was subsequently banned from the securities industry for life.

But Blodget is a bit of a one trick pony, and he likes to stay in the headlines. So he continues build cases for big valuations of Internet companies. The only difference is he publishes these thoughts on his blogs. And people still listen to what he has to say...

When he’s talking about Facebook being worth $6-$20 billion that’s ok, because it isn’t a public stock and no one is going to go out and throw away their life savings. But when he builds a case for Google’s stock to go to $2,000/share, he’s crossing a line...

full article: http://www.techcrunch.com/2007/10/02/goo...e-blodget/

[bargainbloodhound]

Henry Blodget made his name by predicting outlandish price increases for Internet stocks in the late nineties. A lot of people lost a lot of money (or, all their money) by listening to his recommendations. The government charged him with securities fraud in 2003 and he was subsequently banned from the securities industry for life.

It's too bad people's greed got the better of them and that they didn't listen to the warnings about Blodget's predictions. We came under extremely heavy criticism from several  media outlets in 1998 (see below) when we warned people that Internet stock valuations were a bubble and that they were being scammed by the major Wall Street investment firms (and by Blodget who at the time was predicting Amazon would hit $400)...turns out we were right (every few years I feel the need to rub in the fact that we were right  ).

the cynics at Tulips and Bears have been advising their victims to short Amazon since last May when the stock was at $40

http://www.suck.com/daily/98/11/30/daily.html

Tech Crunch's Arrington accurately stating why Blodget is evil.    The small investors who invest based on Blodget's predictions are in for the same fate as the first wave who listened to his bullshit. 

When he’s talking about Facebook being worth $6-$20 billion that’s ok, because it isn’t a public stock and no one is going to go out and throw away their life savings. But when he builds a case for Google’s stock to go to $2,000/share, he’s crossing a line...

[bargainbloodhound]

Google Declines Below $300 for First Time Since 2005

I rest my case about Blodget not knowing his ass from a hole in the ground  ;D