CNBC Blinded By Lavish Lifestyle Of Another Alleged Ponzi Schemer

Discussion in 'Wall St. News' started by Free Thinker, Dec 1, 2009.

  1. http://tpmmuckraker.talkingpointsme...avish_lifestyle_of_another_allege.php?ref=fpb

    Jon Stewart has already cornered the market on lampooning CNBC for the chronic lack of skepticism that characterized its coverage of the financial world during the boom years.

    But the network's failure wasn't just a case of cheer-leading for Wall Street banks that made bad bets on the housing market. Both before and after last fall's financial crisis, CNBC has lavished fawning coverage on several high-flying financiers who later, say prosecutors, turned out to be little more than frauds. And this past week offered the latest example.

    Tim Durham, a politically-connected Indiana businessman, was accused by the Feds of using money from new purchasers of his company's investment certificates to pay off earlier investors -- in other words, running a Ponzi scheme. Prosecutors acted a month after an investigative report in the Indiana Business Journal had raised questions about the ability of Durham's company to pay back investors.

    CNBC had taken its own look at Durham in 2008. But unlike IBJ, it didn't bother itself with the pesky details of his company's financial profile. Instead, it profiled Durham in a segment entitled: "Untold Wealth: The Rise Of The Super-Rich." The network reported that Durham's 30,000 square-foot home has 20 TVs, and that he owns almost 70 cars, "but sometimes loses count." On its website, it posted a slideshow celebrating Durham's conspicuous consumption.
  2. Jealous?
  3. jealous of someone who is going to jail for fraud? you are brilliant.
  4. lol, lets all go run a ponzi scheme and sit in prison. If reading stupid posts or interacting with stupid people were money, I'd be super rich these past few months. I still can't believe the responses on that FOXNews pie chart.

    What's the over/under on Gartman getting a permanent boot from CNBC when he finally shuts down? 5 months?
  5. People are idiots. Why would you hand someone like him money.

    A guy who spends like it is going out of style is probably not the person you want entrusted with your money.
  6. lol :)
  7. Well bernie still did it best because he lived it up and now doesnt have to worry about retirement planning or long term care. The same people he screwed pay for his retirement! got to love capitalism!!! by the way gartman should be called the tennis pro on fast money! he goes back and forth everyday on whether he is long or short he cant be making money or he is a daytrader and if that is the case he shouldnt predict what the market is going to do for the long term.
  8. Gartman's record since he actually had to start being accountable for his pablum :p

    The ETF seems to be underperforming the major indices and precious metals, and mostly everything except for Obama's approval ratings. It did perform a little better than the TLT 20 Year bond index. At least their performance is consistent.

    As the blogger points out, Gartman may have nothing to do w/the fund other than selling his name to it. Still ...

    Is there anybody anywhere on the planet that has actually made any money with this guy? Anybody? Buelerr? ...

    Criminal - probably not. Complete and utter fraud - definitely.
  9. I think they should lock up scum like that (70 cars) even is they are not crooks.
  10. lol. Another clueless soul
    #10     May 24, 2010