Sunday, November 4, 2007

Death Threats For CIBC Analyst - Hey Folks, It Is Only Money

I do not know what to make of this article from If it is true, somebody needs their head examined (not the analyst), after all it is only money. Text in bold is my emphasis.

The analyst whose downgrade of Citigroup Inc sparked a broad stock market sell-off on Thursday said she has received several death threats stemming from her research, the Times of London said.

Meredith Whitney of CIBC (Canadian Imperial Bank of Commerce) World Markets Inc late Wednesday downgraded Citigroup to "sector underperformer," saying the largest U.S. bank by assets might need to raise more than $30 billion of capital and cut its dividend.

Her downgrade triggered a 6.9 percent drop in Citigroup's shares on Thursday, leading to declines of 362 points in the Dow Jones industrial average and 2.6 percent in the Standard & Poor's 500, the biggest drop since August.

"People are scared to be negative, especially when a company has such a wide holding," Whitney told the Times of London in an article published Saturday.

"Clients are not pleased with my call and I have had several death threats," she continued. "But it was the most straightforward call I've made in my career and I am surprised my peer analysts have been resistant. It's so straightforward, it's indisputable."

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