Simmons (BP bankrupt in a month, another leak 5 miles away) Goes LONG (!) BP

[Ruby the Liberal]

Ah, gotta love capitalism. The guy spends weeks trashing BP with worse case scenarios on every "news" show he can find, only to buy a shitload of their stock last week because, get this one - news rumormongering has made it an attractive target.

Ever wonder who may have been buying up every share of BP stock earlier this week, especially when it plunged to 14 year lows on June 9 amid media frenzy based on a Fortune story in which Simmons & Co.'s CEO Matt Simmons was quoted as saying that BP "has about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses."

Why, Simmons & Co. itself, of course.

In a note released to clients on Friday, Simmons & Co, upgraded BP from Neutral to Overweight, in which Mr. Simmons amusingly notes, "the kitchen sink of headlines have been thrown at BP shares over the past 2 weeks, thereby partially desensitizing the shares to the news." With his dire warnings of an imminent bankruptcy just two days prior to the upgrade, Mr. Simmons surely did his fair share to contribute to kitchen sink. It is only fair that after creating a near-panic in the name, that the firm would now suddenly be stuck in a Schrodinger's Cat world, in which BP is seen as both bankrupt, and having a $52 price target at the same time.

More: http://www.zerohedge.com/article/bp-schrodingers-cat-simmons-upgrades-firm-buy-seeing-it-both-bankrupt-and-52-stock-price-sam

[WeDidIt]

1. Yet there was thread after thread posted on DU spoutiung his shit

I wonder if he paid a few people to push his shit in the left side of the internet?

[Ruby the Liberal]

3. MSNBC had him on air so often, I was starting to wonder if he was going to get his own show.

I wonder what Ratigan and Olbermann think of this 'expert' today?

[Catshrink]

2. I wonder if this falls under the category

"A fool and his money are soon parted?"

[Ruby the Liberal]

4. Wouldn't that be delicious? Discredited and broke.

:toast: