Jim:    

But even by the very low standards of the street what the analysts who covered General Growth Properties Inc. (GGP) the reality investment trust that is under seige by its bond holders… the analysts for Lehman and now who covers it at Barclays… what he did yesterday was outrageous… I think what he did was simply unconscionable… now look, GGP is irrelevant at this point, I have no opinion on the stock… the point is now analysts get things wrong , they don’t even mention it… they do not hold themselves accountable at all… this guy liked GGP all the way down from $32.39 when he initiated coverage on the stock back on July 23rd, 2008 with a buy… liked it all the way to under $1... he kept pushing it as it sunk lower, and lower… but that is par for the course for the analysts community.

Then yesterday, with the stock at .65 cents and the company in very precarious shape… what happened… the analyst at Barclay’s simply dropped coverage… that is it, he dropped coverage… no downgrade… just said we are not going to talk about this one any more… well that is just great… all I ask is that analysts hold themselves to the same standard of rigor and accountability that I hold myself to… that any person with common sense I think would demand… they can’t do it… reading the notes from this analyst at Barclay’s, it is like another universe… it is a bizzaro world that he lives in… me like em ugly… me put arms on Venus Demilo… we put head on winged victory of Phamos Grace.

Back when GGP was at $32.29 in July, he tells us that although general growth is more highly levered than its peers… 72% vs. 50% on its debt total market capitalization basis, and has a substantial amount of near term debt maturities, going forward we think GGP will be successful in refinancing its maturing debt… end quote… after GGP cratered he kept pushing it, on December 16th when it was $1.61, his argument for the stock was that the fall and potential bankruptcy are essentially off the table for two months… wow, smoking endorsement.. he kept liking it when it reported earning on February 24th, but offered no guidance and held no conference call… in fairness to the analysts, the stock was actually lower than at .49 cents than it is now… but you can tell people to buy a stock in good conscience when you can’t even do the homework on it… do Barclay’s analyst, I have got some advice… he needs to spend a lot more time with his family… get the drift.

And he is not alone, the analysts who cover General Growth Properties Inc. (GGP) for RBC and Wachovia both upgraded to buy on October 3rd when it was at $9.67... they both thought that it was possible to bring back its dividend from the dead… now it looks like GGP will be lucky if it manages to resusitate itself.

The bottom line…

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The Bottom Line!:     Clearly these analysts have taken permanent intellectual vacations… now it is time for them to take some real vacations… you need their advice like you need a hole in the head... I believe analysts should be held accountable for the calls they make...