I am newby to this stock having picked it up @18.5 just 1 week ago on the recommendation of Change Wave. I like what I got so far. But please tell me about Mr. Joseph.
Your " quilt by association" implication is a stretch, but understandable, after getting burned in your past by Drexel. No doubt you have your defenses up, but to put your fears to rest, management here is an honest group.
Does this ruling affect MTRX?
EPA Exempts Plants From Clean-Air Rule
1 hour, 25 minutes ago
By JOHN HEILPRIN, Associated Press Writer
WASHINGTON - The Bush administration on Wednesday exempted thousands of older power plants, refineries and factories from having to install costly clean air controls when they modernize with new equipment that improves efficiency but increases pollution.
In a major new revision to its air pollution rules, the Environmental Protection Agency (news - web sites) will allow up to 20 percent of the costs of replacing each plant's production system to be considered "routine maintenance" that doesn't require costly antipollution controls, according to agency documents obtained by The Associated Press.
A typical power plant has more than one "process unit" containing a boiler, generator, turbine and other equipment. In the case of a 1,500-megawatt plant with two 750-megawatt units that cost $1 billion to replace, each could be upgraded $200 million at a time, agency officials and outside experts say.
The new rule signed Wednesday by EPA's acting administrator, Marianne L. Horinko, represents a fundamental shift away from a long-problematic 1971 maintenance standard.
LOL!! I've got to remember that one: "reductio ad absurdum". Much better than trying to tell someone they're mixing apples and oranges.
The one thing none of us should ever forget is that we're invested in a small cap stock in a world where big boys make most of the big bucks. Certain things hold true, without the slightest bit of chicanery. One big boy in accumulation mode can *really* move this stock, get the mo players interested and get things sizzling. Conversely, one big boy who has decided to take profits can cause a very quick collapse.
Human nature: Big boys have a tendancy to talk up their finds *after* their main accumulating is done. Most often, it's done with an eye to selling their shares to the people listening to them...best for US if it's another big boy!
Know thyself: I'm in it for the long term, but my pain threshhold is set at 7% below $17.04.
Good luck to all!
This from something called the Wall St. Reporter; it doesn't look like a hatchet job ... or the more common "puff piece...." I would like to put it (in your mind) next to a recent "editorial" from James Cramer that wondered out loud why neither the top man at Enron or the one at Worldcom (Ebbers) have been indicted -- my point is that not having been incarcerated is *NOT* an indication of non-criminality given our bipartisan! system that feeds on money like pigs do on slop!!!
"Joseph, of course, is the former chief executive officer of Drexel Burnham Lambert who was banned for life from running a securities firm because he failed to supervise former junk bond king Michael Milken, who himself was banned for life from the securities industry.
The only difference between the two lifetime exiles is that Joseph has been permitted to return to Wall Street in a significant role while Milken, who had hoped outgoing President Bill Clinton would pardon him, is still trying to get his sentence commuted.
Joseph was the CEO of Drexel when the firm staged its phenomenal rise and precipitous fall thanks mostly to the high-yield market and its architect, Milken.
In 1989, the Securities and Exchange Commission brought criminal charges against Milken, and in 1990 he pleaded guilty to five counts of securities fraud. Milken served 22 months in prison and paid a fine of $200 million. He was also banned for life from the securities industry. [Note form LY -- "Mike" has done some incredibly righteous things since then, although he's been accused of violating the spirit of his settlement -- the courts basically said he couldn't be trusted within miles of other people's money; alas, he just can't help himself; he refuses to keep a respectable distance ...]
Joseph pleaded guilty to six felony counts and the firm paid a fine of $650 million. In 1993, the SEC barred Joseph from becoming a top officer of a securities firm for failure to supervise Milken�s activities.
While he still can�t be CEO or chairman, in May 2002 the agency and the National Association of Securities Dealers granted Joseph permission to serve in a supervisory capacity in the industry. So, today Joseph is the co-head of investment banking at Morgan Joseph & Co., a New York City investment-banking boutique.
Meanwhile, Morgan Joseph�s president and CEO just happens to be John F. Sorte, who served as CEO and President of Drexel from 1990 to 1992 and Executive Vice President and co-head of Corporate Finance for Drexel from 1989 to 1990.
Joseph won�t speak about his infamous, sordid past, preferring to dwell on the current details of Morgan Joseph�s strategy: Secure financing for its middle market clients through high-yield and convertible bond deals, reminiscent of Drexel�s early days. Morgan Joseph is staking its claim on middle market companies, particularly in the general industrial sector. As financing and underwriting activity has dried up for small- and large-cap companies, boutique investment firms and some full-service shops now have the middle market in their sights,
[full text at w3-dot-wallstreetreporter-dot-com/features/Drexel.html
[careful about above -- YHOO FLAW!! at work!]
This is not "guilt by association," just wondering (REALLY) what it says about MTRX.