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Our fiends at Sinclair tried to reinvest, but fell to 6.32 at the close of trading last night. I foresee a dip below 6.10, a spot where most investors will start bailing out. It bounce back, to about 6.12-6.18. But as 11/4 nears, and with ever more reports of ad revenue jumping off the stinking, sinking ship, it will continue to crash and burn.
MarshMac lost 5.6% of its entire value yesterday, as it fired 4 top level execs in the ever growing insurance scam. Unfortunately for thousands of midlevel employees, they changed their retirement system and most employees now hold MM stock as 41-60% of their individual portfolio. So not only did MM screw its clients to make illegal profits, it screwed its entire work force.
Enron revisited.
AIG, a coconspirator lost 4%. The largest multi-national has always used some strange accounting numbers, showing profits of 6-10% even when the rest of the industry was failing. Not this time. Hank Greenburg found himself with his hand in the till once too often.
Everyone expects both their stock price to fall even more today. And the health/WC insurers are just now getting socked.
This will be a wild day on the market.
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