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JIM GORDON'S VIDEO SUPPORTER BANNED FROM SECURITIES INDUSTRY

Updated on August 26, 2010

Why Would Anyone Trust Henry Blodget?

Cape Wind's CEO, Jim Gordon, has a college degree in such things as publicity and he has shown himself to be a master of spin as he has pushed his Cape Wind project through barrier after barrier. Recently, however, he has employed the services of a man whose known past renders him suspect at best. His name is Henry Blodget. Don't take my word for this; GOOGLE Henry Blodget and sit back for an interesting read.

Rambling around on the web recently I stumbled across a video puff-piece featuring Gordon at his most sincere. He was shown in his office with a pile of Wendy Williams' dreadful book about her slanted view of Cape Wind prominently propped up in the clear back ground. Gordon speaks in his usual deliberate cadence about the virtues of his project and the promise of his renewable energy scheme, or is it scam? Butter would not melt in his mouth.

The producer and presenter of this video masterpiece is a different story. He is Henry Blodget, CEO and founder of Business Insider. Business insider and Blodget himself have become well known in media circles for the insightful and often dramatically written opinions Blodget expresses about the nation's and the world's financial markets. And he should know. Blodget used to write his opinions as an analyst for Merrill Lynch where he built an impressive reputaion for two things: uncanny market predictions and fraud. Blodget is a very intelligent man. He is a Yale graduate and a consummate liar according to various public officials and the Securities Exchange Commission. Sometimes the most dangerous people are the smartest.

Touting various stocks as a way to entice investors to throw money at Merrill Lynch Blodget caused the loss of untold sums and hurt large numbers of investors who accepted his stock recommendations as advice from an ethical and skillful market analyst. So great were Blodget's offenses that he has been barred for life from the securities industry by the Securities Exchange Commission. This happened in 2003. He also paid $2 million in fines plus a $2 million disgorgement (return of profits he gained through unethical trading in his own accounts). Blodget nevertheless remained a rich man due to the gains he had realized that went untouched by the SEC and, presumably, the generous buy-out package given him by Merrill Lynch when theuy showed him the door.

He founded Business Insider and established himself on the web as a significant presence in the world of market commentary. In spite of his rebirth and new packaging, Blodget still has his history: a long line of people who trusted his advice and lost large sums of money. He still has his own wealth, although its legitmacy is cloudy. And, he thinks Jim Gordon's scheme for wind power in Nantucket Sound deserves nothing but favorable press. If you have the stomach for pure propaganda look up this bizarrre new comedy team on the web.

Ladies and gentlemen! Right here on our stage tonight for your entertainment that new hit comedy team from Boston and New York, please give a big Horseshoe Shoal welcome to Gordon and Blodget...the Spin Doctors. After all, if there is no wind there is no spin!

COPYRIGHT 2010 By Peter A. Kenney

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