Matt Simmons Update - He resigned from Simmons & Co over their BP BUY recommendation

Ruby the Liberal

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-16-10 01:28 PM
Original message

Matt Simmons Update - He resigned from Simmons & Co over their BP BUY recommendation

He was slaughtered in the financial media when the BUY recommend came out.

Today, he resigned his Chairmanship.

Simmons & Co and Matthew Simmons are ending their feud with a divorce: Simmons is resigning from the company he founded.
It all started when Simmons & Co sent a letter to investors saying that the company didn't agree with what its founding father's negative views on BP about a month ago.

(The letter is printed after the jump.)

Then Simmons & Co upgraded BP to a buy on Friday.

And then Simmons announced that he's resigning, today, from his old company.

http://www.businessinsider.com/letter-matthew-simmons-is-resigning-from-simmons-and-co-2010-6

I was one of those who jumped on him. I was wrong and am glad he has emerged with his credibility in tact.

Original thread: http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=8548903

Printer Friendly | Permalink | | Top

aquart

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-16-10 01:43 PM
Response to Original message

1. Confused. Letter refers to him as "former chairman" on May 16?

So how could he resign the chairmanship today? Admitting I haven't a clue what's going on.

Printer Friendly | Permalink | | Top

Ruby the Liberal

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-16-10 01:48 PM
Response to Reply #1

2. I don't know unless they were negotiating?

This just hit all the business sites this afternoon.

Printer Friendly | Permalink | | Top

Ruby the Liberal

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-16-10 01:51 PM
Response to Reply #1

3. More: He resigned as "Chairman Emeritus".

Piecing them together, it looks like his opinion was challenged last month and this month he is completely severing all ties.

http://www.zerohedge.com/article/matt-simmons-retires-chairman-emeritus-simmons-co

Printer Friendly | Permalink | | Top

aquart

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-16-10 05:00 PM
Response to Reply #3

4. Thank you. I appreciate the clarification.

Although this I-resigned-but-I'm-not-really-gone-okay-NOW-I'm-gone does make me giggle just a little.

Printer Friendly | Permalink | | Top

Ruby the Liberal

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-16-10 05:29 PM
Response to Reply #4

5. Heh. Me too.

I am glad you asked as I missed that detail.

Just so felt bad for skewering the "worst case scenario" guy over perceived market manipulation. I am very glad he cleared this up (albeit rather unorthodoxically) - his voice may end up being the most accurate of all of them on telling us what is going on down there in the Gulf.

:(

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Thu May 02nd 2024, 05:53 AM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.