False story of Jobs' heart attack started by teen
The fraudulent report of Steve Jobs' heart attack that never actually happened was originated by an 18 year old with unclear motives.
A Bloomberg brief noted that the teen's fraudulent report was published by CNN's iReport website and then immediately syndicated to industry watchers by SiliconAlleyInsider blogger Henry Blodget, a former Merrill Lynch analyst who was charged with civil securities fraud by the SEC in 2003.
The false report and subsequent syndication caused Apple's stock to plummet, erasing $4.8 billion in market capitalization in an hour. The stock later rebounding somewhat after the piece was retracted. The SEC has opened an investigation into the motives behind the report, the results of which are still inconclusive.
The article, posted under the name 'Johntw,'' said Jobs was rushed to the emergency room after suffering a "major heart attack.'"
"I have an insider who tells me that paramedics were called after Steve claimed to be suffering from severe chest pains and shortness of breath,'' the invented report added. "My source has opted to remain anonymous, but he is quite reliable."
CNN said it would cooperate with the SEC probe. It describes iReport as a place for "unedited, unfiltered news" and the site says it "makes no guarantee about the content or coverage.'' The iReport site was began in August 2006 as part of CNN.com and became an independent web site in February.
Bloomberg cited Michael Missal, a former enforcement lawyer at the agency now in private practice, as saying that an SEC manipulation case would probably hinge on the writer's intentions.
Last week at the MacBook announcements, Jobs made his first public appearance since the false report, presenting a slide citing his healthy blood pressure but declining to take further questions about his health.
A Bloomberg brief noted that the teen's fraudulent report was published by CNN's iReport website and then immediately syndicated to industry watchers by SiliconAlleyInsider blogger Henry Blodget, a former Merrill Lynch analyst who was charged with civil securities fraud by the SEC in 2003.
The false report and subsequent syndication caused Apple's stock to plummet, erasing $4.8 billion in market capitalization in an hour. The stock later rebounding somewhat after the piece was retracted. The SEC has opened an investigation into the motives behind the report, the results of which are still inconclusive.
The article, posted under the name 'Johntw,'' said Jobs was rushed to the emergency room after suffering a "major heart attack.'"
"I have an insider who tells me that paramedics were called after Steve claimed to be suffering from severe chest pains and shortness of breath,'' the invented report added. "My source has opted to remain anonymous, but he is quite reliable."
CNN said it would cooperate with the SEC probe. It describes iReport as a place for "unedited, unfiltered news" and the site says it "makes no guarantee about the content or coverage.'' The iReport site was began in August 2006 as part of CNN.com and became an independent web site in February.
Bloomberg cited Michael Missal, a former enforcement lawyer at the agency now in private practice, as saying that an SEC manipulation case would probably hinge on the writer's intentions.
Last week at the MacBook announcements, Jobs made his first public appearance since the false report, presenting a slide citing his healthy blood pressure but declining to take further questions about his health.
Comments
Some might argue that this was done to make AAPL drop but I think it was supposed to be a harmless prank. But since most investor is dumb as a fuck, they were taken in by a prank that was not intended one bit to affect the market.
The stock market, banks, the 'financial system' are all irrelevant and shouldn't exist. The world would be a better place without all these false institutions that supposedly make our lives better.
If people lost a lot of money on this prank, it's music to my ears.
Pranks don't necessarily have a motive.
Some might argue that this was done to make AAPL drop but I think it was supposed to be a harmless prank. But since most investor is dumb as a fuck, they were taken in by a prank that was not intended one bit to affect the market.
The stock market, banks, the 'financial system' are all irrelevant and shouldn't exist. The world would be a better place without all these false institutions that supposedly make our lives better.
If people lost a lot of money on this prank, it's music to my ears.
Spoken like someone who doesn't have two nickels to rub together.
Spoken like someone who doesn't have two nickels to rub together.
Interestingly, today I bought a 25k dollar car, zero financing. So you're somewhat right...right now I'm rubbing my two last PENNIES together!
And people believed this!
Thank you, CNN, for elevating journalism.
Pranks don't necessarily have a motive.
Some might argue that this was done to make AAPL drop but I think it was supposed to be a harmless prank. But since most investor is dumb as a fuck, they were taken in by a prank that was not intended one bit to affect the market.
The stock market, banks, the 'financial system' are all irrelevant and shouldn't exist. The world would be a better place without all these false institutions that supposedly make our lives better.
If people lost a lot of money on this prank, it's music to my ears.
Fool.
Pranks don't necessarily have a motive.
Some might argue that this was done to make AAPL drop but I think it was supposed to be a harmless prank. But since most investor is dumb as a fuck, they were taken in by a prank that was not intended one bit to affect the market.
The stock market, banks, the 'financial system' are all irrelevant and shouldn't exist. The world would be a better place without all these false institutions that supposedly make our lives better.
If people lost a lot of money on this prank, it's music to my ears.
komrade kim kap sol...
Ah, Mephistopheles!
Seriously, CNN is irresponsible, dangerous, outdated, unreliable, and irrelevant!
komrade kim kap sol...
Yes...that's what the US is right now...a communist/socialist state...the markets are being controlled by the American government (this is not at all restricted to USA, Europe is doing it also) by money injections.
But don't call me comrade, friend. I'm not American (or Europeean). And the disappearance of a financial market does not in any way entail communism.
edit: I'd be doing everyone a great disfavor if I didn't take back what I said about the markets being controlled by the government and didn't explain what is really happening. In reality, it's being controlled by the Fed, a private bank. Still, the Fed is on American soil and pretty much destroyed what should be free market...we could call it a free fall market now despite their 'best efforts' to keep it afloat.
... The iReport site was began in August 2006 as part of CNN.com and became an independent web site in February...
This sentence should read:
The iReport site began in August 2006 as part of CNN.com and became an independent web site in February.
It describes iReport as a place for "unedited, unfiltered news"
But they know damn well that iReport feeds are labeled "CNN", so google news and other sites reported :
"CNN: Steve Jobs rushed to the hospital"
I don't care what he's motives are, it forced Apple to send out a statement saying Steve is healthy, which over time will prove to actually be a good thing. And it may force Apple to prepare for all these circumstances "publicly"; like they are doing lately by showing more and more faces on stage and at these events.
If you ask me I think Ive should get the CEO position, if he wants it, when Steve gets too old to keep up with things.
Pranks don't necessarily have a motive.
Some might argue that this was done to make AAPL drop but I think it was supposed to be a harmless prank. But since most investor is dumb as a fuck, they were taken in by a prank that was not intended one bit to affect the market.
The stock market, banks, the 'financial system' are all irrelevant and shouldn't exist. The world would be a better place without all these false institutions that supposedly make our lives better.
If people lost a lot of money on this prank, it's music to my ears.
Someone with brains. I see that you have been getting slack for having stated a truth.
The stock market and the 'financial system' is indeed full of criminals. What is a criminal? Someone who wants to get rich off of other people's hard work. That's what the stock market is today. "Let's get rich and contribute nothing."