What a shame! This sad, sad story from WND nearly brought me to tears...
Carbonite, the Internet backup-security company, may be a good place
to securely store irreplaceable computer data, but it’s not proving to
be a good place to invest irreplaceable dollars.
The company, which went public last August, has seen its stock dive
20 percent since Carbonite CEO David Friend criticized Rush Limbaugh in
the wake of the Sandra Fluke flap. Limbaugh’s dismissal of Fluke as a
“slut,” after she demanded the federal government pay for her
contraceptives, prompted Carbonite to withdraw its advertising from
Limbaugh’s highly successful show.
The plunge caused MarketWatch’s Chuck Jaffe to call Carbonite “the Stupid Investment of the Week.”
Whether due to a backlash or boycott by Limbaugh’s supporters or loss
of access to Limbaugh’s large national audience, Carbonite has paid a
price in the marketplace.
The company’s initial IPO price of $10 per share soared to $21.10
before beginning its steady decline. Before the Fluke flap, it had
pulled back to less than it’s initial IPO price, but post-Fluke, it took
a rapid 20-percent drop, settling this week at nearly 60 percent off
its 2011 peak.
Friend’s venture into the political arena cost his shareholders dearly.
The Washington Times noted Friend has a long history of contributing
to left-leaning candidates and causes. Citing Accuracy in Media, the
Times reports Friend donated generously to the Howard Dean, John Kerry
and Barack Obama presidential campaigns, as well as several 527 groups
such as America Coming Together, Moveon.org,and Texans for Truth.
The latter organization, funded by George Soros through Moveon.org,
released an ad accusing former President George W. Bush of evading his
National Guard Service. A day later, “Dan Rather and CBS’ 60 Minutes did
their program based on the bogus National Guard documents.”
