A few months back I blogged about how analysts are so wrong most of the time. Even when they are right they are tragically wrong.
These guys are nothing but snake oil salesmen, in fact calling them as such is an insult to snake oil salesmen.
S&P, Fitch, and Moody's all got credit wrong. Bottom line! After the fact they went out of their way stating that everyone else was doing it so we just got caught up in it. Not withstanding yesterdays gutsy call by S&P, they all should be shot point blank. No judge..No Jury..No Wake..No Funeral..No Proper Burial..Into a potters grave they deserve to rest in pieces.
Analysts on Wall Street are completely useless. Their worthless analysis has caused trillions in losses. All the way these guys were laughing to the bank.
These guys wait to find out which direction the wind is blowing then and only then do they change their opinions. Of course this is after the public has taken it squarely in the ass.
Today's edition of worthless analysis comes from BOFA Merrill Lynch. Yes the same corrupt outfit that infected the global economy with CDO's packed with trashy mortgages. The same corrupt outfit that was A#1 in fleecing institutional investors and pension funds out of their hard earned money when they knowingly sold toxic structured products. At least Goldman Sachs had the brains to hedge their toxic bets, these idiots didn't even do that. They then cried and limped to BOFA, another corrupt toxic banking institution.
Today Merrill Lynch has thrown in the towel on ClearWire Communications. Yes. The good fight is over. We were wrong all the long.
We loved it $9 when they needed to raise capital for a dying crappy business. We loved it 8 when they needed institutional support. We loved it at $5 and $6 when they needed again to raise cash. But....When the stock is clearly going out of business and is trading at $1.52, we no longer like it. Why? Very simply..A dying crappy business that is going bankrupt cant fleece investors anymore, thus there is no need to have a buy rating on a company that can't raise capital and garner fees for Mother Merrill.
What Elaine Bennis' father says is correct! ANALYSTS! THOSE BASTARDS!
Or another wise man missive..."Analysts! They are useless in bull markets and worthless in bear markets."
Or was it Confucius? "You don't need them in a bull market and don't want them in a bear market."
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