Karmazin: Whoops! Sirius Liquidity Jokes Not Funny (SIRI)

Last week Mel Karmazin watched shares in Sirius XM Satellite Radio plummet $40 to sub $1-land. Why? The CEO gave a bearish view on 2009 subscriber growth. And he didn’t exactly reassure anyone when he joked about lending the company his own company money when $300 million in convertible debt comes due in February.

In retrospect, he tells

“I wish I didn’t say it,” he said. “I tend to be candid. I said something off-handed. I wish it was as simple as that.” Ultimately, he says there has been “a tremendous overselling of the stock” and that his company “is heading toward making a bunch of money in the future.”

He’d also love to take Sirius XM private. Also, he’d like a pony.  Read More

By Michael Learmonth