False story of Jobs' heart attack started by teen

[AppleInsider]

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 The stock later rebounding somewhat after the piece was retracted.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.

[ View this article at AppleInsider.com ]

[kim kap sol]

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.

[justflybob]

Originally Posted by kim kap sol

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.

[AppleOutsider22]

Henry Blodget was charged with civil securities fraud by the SEC in 2003, it's no surprise he acts like this. Anybody who reads his blog should keep in mind this guy's values.

[SpamSandwich]

So... when is this kid scheduled for execution? I'll be sure to tune in with a nice big bucket of fried Buffalo wings.

[kim kap sol]

Originally Posted by justflybob

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!

[.mac]

kids!! these days

[JimDreamworx]

He had a "major heart attack" as opposed to a minor one?

And people believed this!

Thank you, CNN, for elevating journalism.

[Somebody OnThe Nets]

Whatever happened to fact checkers?

[solipsism]

I lost big that day on Apple, but I can't help but chuckle at this being an 18yo with no financial goals.

[k2director]

Originally Posted by kim kap sol

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.

[BuzDots]

Originally Posted by kim kap sol

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...

[Virgil-TB2]

Is the kid related to Jim Cramer?

[VinitaBoy]

Gawd, but I do love the internet . . . where people with no visible means of support, no measurable intelligence, no real-world experience, and no understanding of the most rudimentary elements of honesty or civility can hold forth and pretend to be someone worthy of respect and value.

Ah, Mephistopheles!

[MJ Web]

Wolf Blitzer died years ago! CNN built a set around him (The Situation Room) and hired a cranky sidekick (Jack Cafferty) to spice things up. Did you know Rick Sanchez enjoys having sex with himself?

Seriously, CNN is irresponsible, dangerous, outdated, unreliable, and irrelevant!

[kim kap sol]

Originally Posted by BuzDots

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.

[John.B]

Originally Posted by AppleInsider

... 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.

[roehlstation]

He doesn't have a girlfriend....

[McHuman]

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"

[Ireland]

If anything this kid only help to point out how useless a job reporters, news media and analysts do these days. Sure the prank shouldn't have happened, but this story should have been squashed sooner. MacRumors had the sense not to run the story, others should have had that too.

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.

[iPeon]

Originally Posted by kim kap sol

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."

[Foo2]

Let's consider an analogy. If an 18 y.o. (adult) killed someone while speeding, a motive would be necessary to charge them with murder but not with manslaughter. Assuming the original iReporter knows right from wrong--i.e., he isn't insane--then surely enough is already known to charge him with something significant.

[SpamSandwich]

I'd charge him with possessing illegally high levels of stupidity and throw him off a building.

[monkeyastronaut]

Originally Posted by AppleInsider

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.

wall street schmall street. yeah let's get rich (and poor) with speculation instead of boring, hard work.


superpoop.com

[bdkennedy1]

I thought that Bloomberg posting that story was ridiculous, but now it's just pathetic.

It shows that you shouldn't believe what you read, even from a major news organization. They've lost credibility.

[lukevaxhacker]

Originally Posted by iPeon

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."

I perceive these guys do not admire those who have money. Ergo, they likely don't have a lot themselves.

Truth be told, though, quite a few company employees are worth less to the company than what they are paid. To these people's surprise, though, that's not just at the top, but all the way down to the custodial staff.

[silent_surfer]

Well, as Mosche will have been despatched, clearly the guy will already have paid for his foolishness... :-)

[emulator]

Originally Posted by solipsism

I lost big that day on Apple, but I can't help but chuckle at this being an 18yo with no financial goals.

just how virtual money can be earned and lost.

[JeffDM]

Originally Posted by Somebody OnThe Nets

Whatever happened to fact checkers?

That's the thing tough - it is also the responsibility of investors to verify their information before making a trade.

Originally Posted by justflybob

Spoken like someone who doesn't have two nickels to rub together.

Originally Posted by BuzDots

komrade kim kap sol...

Guys, if you can't make a comment without making it into a personal attack, don't make the comment.

Originally Posted by McHuman

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 can't find any evidence of that.

Originally Posted by lukevaxhacker

I perceive these guys do not admire those who have money. Ergo, they likely don't have a lot themselves.

But money does not create or buy good character. I don't think the two are orthogonal and or correlate. I do think iPeon went overboard, taking a polar stance makes sense when it isn't a polar issue, nor is there polar solution. I don't think the fundamental idea of owning shares of companies and such is bad, just that it was allowed to get out of hand, which has strong roots in both poor business practices and improper oversight.

[ncee]

Well word on the street is, he had some folks / friends ask him to do this, for stock gains. They convinced him, because of his age, and the fact he had little to gain, he would only get a slap on the wrist, but that they would benefit A LOT!

If true … it sure in hell work.

If not, sucks being him, but folks are right, this should cause Apple / Steve to wake up to the fact - he IS Apple, and that they need a plan in place to have a replacement for him NOW, and they need to start showing off the "Wonder Kid" NOW, so the world can relax a bit.

Because (IMO) - if this happens again, folks will know that it ISN'T a hoax, and Apple stock will be worthless, albeit for a little while (hopefully).

Apple takes a lot of hits in the media, and Apple should be MUCH better at dealing with it by now. This hoax, and other hoaxes like it, really should be dealt with in a more professional manner. Yes that means when stories like this are published - Apple / Steve needs to get a "World News Tonight" and say it was a hoax, and that he and Apple are doing fine. After all, it is "Free" advertising.

No, I don't think Apple / Steve will have to be on the news every night (not that it's a bad thing) - because people won't spread false rumors if they go to jail for starting the rumor, and people will take less stock (no pun intended) in the rumors as they know that they will find out if it's true or not, on the evening news.

Skip

Skip

[roehlstation]

Originally Posted by iPeon

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."

Looks like you need to read a bit on what the stock market does and why it is there, without the stock market there is no capital, with no capital, the business does not exist. They are not contributing nothing, they provide the capital. You can't play for free.

[hotmarkb]

Charge him with Attempted Murder!

[monkeyastronaut]

Originally Posted by ncee

If not, sucks being him, but folks are right, this should cause Apple / Steve to wake up to the fact - he IS Apple, and that they need a plan in place to have a replacement for him NOW, and they need to start showing off the "Wonder Kid" NOW, so the world can relax a bit.

Well, I wouldn't know and I don't have any insider info. But I guess Apple's COO Tim Cook would just take over if Steve couldn't go anymore. I think he'd do a fine job. He looks capable. http://www.apple.com/pr/bios/cook.html

[anantksundaram]

Originally Posted by 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.

Thanks for your equanimity.

[anantksundaram]

Originally Posted by ncee

.... but folks are right, this should cause Apple / Steve to wake up to the fact - he IS Apple, and that they need a plan in place to have a replacement for him NOW, and they need to start showing off the "Wonder Kid" NOW, so the world can relax a bit.

Excellent point. Apple really needs to get in front of this, and start to make their CEO succession agenda public.

[aduzik]

Originally Posted by kim kap sol

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.

Maybe not, but about three years ago, two idiots set fire to some paper in my university's administration building, the smoke got sucked into the duct work and caused millions of dollars worth of damage, which required gutting the entire building. (Even more tragically, had just finished renovation about six months earlier) It was a stupid prank, but read the link and you'll see that two of the culprits are doing hard time right now, as they should.

The motive is not the only relevant matter. Posting a false report, knowing full well it will negatively impact the stock price of the company, ought to be punishable.

[digitalclips]

Originally Posted by SpamSandwich

So... when is this kid scheduled for execution? I'll be sure to tune in with a nice big bucket of fried Buffalo wings.

I'll bring the beer.

[open0source]

The opening line and first two paragraphs are almost exactly the same as Daniel's from RoughlyDrafted.com, GIVE CREDIT.

http://www.roughlydrafted.com/2008/1...-heart-attack/

[monkeyastronaut]

Originally Posted by open0source

The opening line and first two paragraphs are almost exactly the same as Daniel's from RoughlyDrafted.com, GIVE CREDIT.

http://www.roughlydrafted.com/2008/1...-heart-attack/

"Prince McLean" = RoughlyDrafted dude with a fake name on AppleInsider

[justflybob]

Originally Posted by JeffDM

Guys, if you can't make a comment without making it into a personal attack, don't make the comment.

[rant]
Let me get this straight. kim kap sol in your view as a Global Moderator has the right to post here that it's funny that owners of AAPL lost money due to this prank, but I and others are taken to task when we call them on it?

Laughing in the face of someone else's misfortune is about as "personal" as it gets, Jeff.

I took offense to those comments because I believed that such a uncaring response often comes from someone who has no skin in the game, ie invested in the product or equity they are laughing about. His other comment regarding the intelligence of investors was also offense to me and others. The real truth here is that many people lost money on this "prank" because they bought AAPL on margin and were forced to cover margin calls when the price dropped due to the false report. Same goes for Puts, depending upon which side of the contract someone was on. And let's not even touch mutual fund managers who were obligated by prospectus to sell positions for the same reason. Regardless of who those investors are, they lost money when they HAD to sell. That's very different than someone who lost unrealized gain, but still own the same number of AAPL shares.

I'm certainly not a fan of the rampant abuses on Wall Street, hence the need for stronger regulation from the SEC, FINRA, etc. But I will always take umbrage at someone who laughs at anyone else's misfortune.

Finally, please explain why there were no Moderator comments to kim kap sol?

[/rant]