Capital Insights with Jack Kern: Call Dr. Kervorkian
- Dec 30, 2008
As we near the end of 2008, it probably comes as no surprise, that the Dr. Kervorkian of automobile investing, Tracinda Corporation's billionaire investor Kirk Kerkorian, has sold off all of his remaining shares of Ford Motor Co. Having successfully purchased almost $1 billion in shares at an average price of $7.10, Kerkorian sold approximately 134 million shares at around $2.45 a share, a loss in excess of 65%. Apparently his offer to help resuscitate Ford fell on a dumb board of directors, who were fearful of Tracinda's influence.
Ford has withdrawn from the Fed bailout, leaving Chrysler and GM to become Congressional Sycophants. That ought to please Petulent Pelosi, (D-Hell) who only seeks to criticize and not offer any valued advice.
Kirk K. had made major stock purchases, at one time holding about 10% of GM stock, and then trying to buy Chrysler. All in all, it looks like Dr. Kervorkian gave investment advice to Kirk Kerkorian, but in all likelihood, I think their mail somehow got mixed up and buying into Ford looked like a good idea. I guess we'll never know.
Have you driven a Ford lately, now probably means taxi rides collecting Bill Ford and his family members and driving them back to Grosse Point. Wouldn't that be something?