Wednesday, January 03, 2007
The Wall Street Journal Reports: Fred Fillmore Wants to Make YOU Rich!
Is it my imagination, or does the new, thinner, Wall Street Journal look less like the Wall Street Journal and more like Parade Magazine?
Sure, there’s some great content in today’s new, thinner paper—first and foremost a behind-the-scenes look at how Abbott jacked up the price of an AIDS drug by 400% for no other reason than to get people infected with AIDS to switch to a new Abbott AIDS drug, and also to hurt Bristol-Myers.
Not for science, not for their customers, not for people’s lives, but because it helped their P&L.
Plus there’s a timeless quote from Henry Kravis about the perils of doing private equity deals simply for the sake of doing private equity deals in an era of almost-endless private equity deal-making:
“Any fool can buy a company,” says Mr. Kravis. “You should be congratulated when you sell.”
But for some reason my eyes have a hard time focusing on the real stuff, like Abbott’s shenanigans and the wisdom of Kravis, because everything is so scrunched together—like Parade Magazine, which people only notice because it comes in the thick stack of color inserts that makes your Sunday newspaper heavier than a car.
Even the legit stories in today's B Section have that cheap, desperate appearance of one of those “Fred Fillmore Made a Fortune in Mortgage Backed Securities…and Now He Wants to Make YOU Rich!” fake testimonials in Parade.
So now I have even less reason to read the physical copy and more reason to do what I’ve been doing for the last year or two. Which is to say, read the online version.
Progress marches on.
I Am Not Making This Up
© 2007 Jeff Matthews
The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 8:02 AM