For Pants. From Zero Hedge
Jeff Saut's Permabullishness Just Cost Raymond James Hundreds Of Thousands In Lost Revenue
Submitted by Tyler Durden on 03/23/2012 - 09:54
China Raymond James Whiting Petroleum
Yesterday, with all the grace of a permabull in a China propaganda store (aka CNBC), Rayond James' ever ebullient Jeff Saut tangoed in to tell anyone clueless enough to listen that stocks are cheap. Oh, and to buy some firm nobody had ever heard of before called Tangoe. In explaining what they do, here is what he said: "these people have the greatest and newest software on the planet right now. Who did they sell it to? To institutions like raymond james. We use their ordering and billing software and hopefully switch to their telecommunications software. It's nifty stuff." He also had some great things to say about Whiting Petroleum. So far so good. What Saut did not say is that his employer, Raymond James, for whom he works as chief strategist (which probably means to advise clients to dollar cost average all the way to $0.00) is an underwriter on not just one but both companies' secondary equity offerings in process, and that commenting on their growth prospects in a non-banana republic would be not only prohibited but punished (see quiet period). Well, the people with the "greatest and newest software on the planet" aren't waiting for the SEC to turn off the porncast. As can be seen from the following before and after cover pages of Tangoe's S1, Raymond James has just been fired as of this morning, following Saut's rank amateur commentary yesterday.
AI
