Who was Mr. Karmazin referring to when he called SIRIUS investors unsophisticated? What did he mean by that and why did he say it? It is easy to find unsophisticated remarks on the Yahoo Message Board - particularly those of bashers/shorts. Mel could not have been referring to shorts because they are not really investors. It can be argued that shorts are more sophisticated than investors. They certainly exhibited more refined knowledge and awareness of the prevailing downward trend in share price and they rode it down for all it was worth (we hope). Say what you will, that was not unsophisticated.
Karmazin meant us - the small retail investor. We are the unsophisticated investors he was referring to. Mel is a multi-millionaire with friends and associates in the same league. Was Mel apologizing to his peers for having so many unsophisticated shareholders? Was Mel embarrassed to have so many of us holding stock in his company? One thing's for sure, he kicked thousands of us to the curb with his ugly financing deal and the ugliest merger in history.
But everyone's entitled to a faux pas. If Mel makes money for us remaining unsophisticates, I can forgive him.