Lehman broke $10 just now, down 40% for the day.
For laugh, check out Charlie Gaspario’s CNBC video at the time —
simply inexcusable reporting by CNBC, cheerleading a CEO against credible critics of the firm: “Shorts are full of it, desperate . . . Maybe Dick Fuld is right and Einhorn and Ritholtz are wrong… Who do you believe: Dick Fuld, or Einhorn? Dick Fuld, or Ritholtz?
(Charlie, you can mention my name and Einhorn’s in the same sentence anytime!)
Dennis Kneale’s critique of Einhorn is similarly awful.
Some of the comments on our Sell call of Lehman at ~$30 now look a little silly.
Finally, this is directed not to everyone, but to a few hardcore Cramer Kool-Aid drinkers (you know who you are): Stop cheering the Financials. Fannie (FNM), Lehman (LEH), AIG — when are you going to stop arguing with these calls? Hasn’t this track record been enough for you yet?
Lehman Shares Fall After Talks With Korean Bank End Bloomberg
Financial Sector: Beware LEH, CIT June 03, 2008
Updating Lehman Sell Call June 12, 2008