Intermarkets' Privacy Policy
Support
Moron Meet-Ups
MI/Midwest Meet-up:
10/5-10/6/2018

It has a website!

SoCal Meet-up: 8/25/2018 In Irvine CA
Contact Jim

NY/NJ MoMe: 8/23/2018, 6pm-9pm in Hoboken
Contact CBD

Central NJ MoMe: 10/13/2018: Hillsborough-Somerset County
Contact fenelonspoke

SW Ohio MoMe: 10/20/2018, 7-10pm in Dayton OH
Contact ibguy

Texas MoMe: 10/20/18
Contact Ben Had
Negative Spin? " As violence falls in Iraq, cemetery workers feel the pinch" | Main | Syria Confirms Israel Hit A Nuke Facility
October 17, 2007

Hard Times: Morgan Stanley Sells Off Entire NYT Stake, Other Institutional Holders Likely To Follow Suit

Meh. I don't think the douchey Sulzberger family cares that much. They're rich enough to not care about money, and to imagine the family will always have it.

There's a bit of an asterisk on this story as it seems to come from one source, though neither Morgan Stanley or the NYT is commenting, which suggests it's for realies.

Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.

The person declined to be identified because Morgan Stanley hasn't made the sale public yet. Traders with knowledge of the transaction said Merrill Lynch & Co. sold New York Times stock worth $183 million in a block trade.


...

New York Times shares slid 48 cents, or 2.5 percent, to $18.43 at 12:44 p.m. in New York Stock Exchange composite trading and fell as low as $18.28, a level not seen since January 1997.

If Elmasry has sold the stock, ``it's almost a dead certainty there would be a bailout of other institutional holders,'' Bibb said in an interview. ``If that happens and there is a sharp drop in the share price, the Sulzbergers have to sit down and decide whether now is not a good time to take the company private.'

But the Sulzbergers would presumably come out ahead -- outside investors bought high, and now the family would be buying them back out at, I imagine, a sharply lowered price. The difference went into their pockets and would stay there.

Kind of like Enron. Perhaps former Enron advisor Paul Krugman will take this opportunity to expound on callous plutocrats preying on middle class investors.


digg this
posted by Ace at 03:24 PM

| Access Comments




Recent Comments
sniffybigtoe: "Pizzagate: There's no way there could be the wides ..."

JEM1: "347 Um, the rates of molestation are actually f ..."

mikethemoose: ">but the important thing is that the Pope has not ..."

Brother Cavil, Rogue 2 / Shitposter 7: "[i]Order the trucks. Unless they are self driving, ..."

Axeman: "King Otto of the HRE was so impressed by men of fa ..."

fixerupper: "More refugees looking like Candice Swanepoel will ..."

your neighbor with a telescope: "Off Its Always Sunny sock. ..."

Dirks Strewn: "68 She sure is wearing a lot of makeup for a han ..."

wrg500 Manatee bounty hunter: " Only upside: More refugees looking like Candice ..."

rickb223 [/s][/b][/i][/u]: "A couple of weeks ago I had to sit through corpora ..."

steevy: "Zombie is either not a femal3 or is a lesbian...:) ..."

Mac: "Posted by: zombie at August 20, 2018 12:31 PM (c+2 ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64