The Surf Report--part 2

Surf, Any idea of Mr Shine's stopout level on the ES short from 40 handles lower? Has he PM'd it to you? I don't see it on the thread.

 

Has Howard Stern Gone Too Far?


I'll admit it, I used to listen to Howard Stern. The guy was direct, funny and insightful. If you get past the juvenile potty jokes, he provided interesting commentary and fun banter with his sidekick, Robin. I even attended his New Years Eve bash at some theater in New Jersey in the early 1990s. I don't remember much from that night, just that characters like John Wayne Bobbitt was the star of the event (Google him for a laugh) and I chatted with rock star Jon Bon Jovi. There were more C-Listers in that room than perhaps on the entire east coast.
Howard was popular then but this was before his meteoric rise in wealth and fame triggered by a massive, dollar shattering contract with satellite radio provider, SiriusXM (Nasdaq:SIRI). This is when I gave up listening to him. I enjoyed his show, but not enough to subscribe to Sirius to listen. Plus, I imagined his worst side would emerge after being freed from the bounds of FCC decency rules.

Howard is now back in the news after he and his agent filed a suit against SiriusXM for additional share-based compensation for each 2 million or more subscribers added above internal targets. What!? Is this guy really that greedy? Are the $100's of millions not enough to feed his ego and megalomania? Well, business is business and sometimes it boils down to principle and not the need for capital. Regardless of the allegations in the suit, it clearly seems to me not to have merit. Stern even claims in the complaint to have been the cause of the XM merger thus the subsequent large increase in subscriber base. Totally Ridiculous...and so "Howard"!

However frivolous, the suit has resulted in analysts downgrading Sirius. Wunderlich Securities analyst, Matthew Harrigan cut his rating from buy to hold due to the uncertainty of the legal action. He states, “SIRI’s current stock market valuation likely cannot accommodate the uncertainty engendered by the suit – even if it ends up being merit-less.”

Shares are down more than 3% so far on the session. Will this suit just go away or is there more pain coming for Sirius XM? This may be setting up for an excellent buying opportunity. Keep an eye on this one. __

Good trading!

 

No trades going into the weekend. Staying flat

Enjoy!

Surf

 

This just in: IRS Hall of Shame inductee wraps self in flag; writes book. Look for flag on book cover.

http://thetaxforum.org/1503/this-weeks-irs-hall-of-shame-inductee-larry-williams.htm






(See the flag?)

 

As usual, Gabfly is repeating spurious information gleaned from dubious sources in a never ending crusade to discredit success.

Please see below LWs cogent and accurate response to that nonsense. It's posted ontheblog also, had you cared to look.


Let’s set the record straight;
I went to trial in February 2010 on the charges (not quite as reported here). On the 3rd day of trial all charges were dropped…every one of them. I did plead to one count of failure to file tax return on time; a misdemeanor. That’s it. It’s all over. Watch to see if my detractors are kind enough to set the record straight.
larry williams

 

These are the types of true American heroes who battle tyranny on the world's stage that folks like state sponsored GABFLY villify. Truly sad




Larry Williams has never backed away from authority, especially government authority - the U.S. or any other. Including two battles all the way to the Supreme Court._ Libertarian, trader, would be politician, and Indiana Jones-like adventurer, Larry has gone wherever his spirit moved him and bucked state constraints whenever he found them stifling. Throughout his life, his rebellious spirit served him well - huge successes in trading, to adventures right out of a Graham Greene novel in Saudi Arabia, two boisterous runs for the U.S. Senate, a famous actress daughter entangled with an even more famous actor, a new grandchild - the life well lived that would be the envy of most people. Along the way, Larry became a tax protester in the spirit of John Cheek and Irwin Schiff. However, Larry was far too free a spirit to give up his freedom for his beliefs, and figured that he was smarter than the zealot tax protesters now making license plates, particularly after meeting a man with an actual and real document from the IRS acknowledging the legitimacy of a certain kind of trust. But things are not always what they seem. Annoying letters from the IRS called for hiring an attorney to "work things out," which he thought (based on the bills he was paying) was in the works. Enjoying a pleasant flight in first class from South Africa to Australia, Larry, at the age of 64 with a new granddaughter and 5 children settled in successful lives of their own, reflected that life was pretty sweet. Then his plane landed in Australia and he was summarily arrested and jailed and taken to prison There began a nearly 4 year fight for his freedom at a huge financial cost; worse was the toll it took on his psyche. This is the story of Larry's war with the IRS and U.S. Dept. of Treasury and inside view of the world of tax protesters. Larry explains why the tax protest movement exists, where it is dead wrong and why it will most often lead followers to prison. He also weighs in on what can be done to correct the unfairness of the tax codes, and why tax rates are so astronomical, that the 'fair share' idea should be applied to what is the 'fair share' of your income the government is 'entitled'.

 

Surf, is Larry part of our Speculators List? (More like Nedierhoffers)

And where Can I read about Larry's fight?


Thanks brva and good trading.

 

Hey EMR

Yes, Larry is part of our spec list. I've had dinner with him a few times, quite the entertaining, smart and nice guy. He describes the fight in his book, I think ( haven't read it yet).

I recall VN and the Professor just ripping him to shreds at our first meeting --- it was classic!--- then they became good friends after he eloquently defended himself.

Surf

 

LW had to earn da respect of the crew-- and he did.

 

Surf, I think you missed a spot on his left cheek.