It turns out, Rev. Ken Hutcherson never had a boycott organized to pressure Microsoft, Boeing and other corporations that support anti-discrimination legislation. But yesterday he told the AP that he did have a plan all along: to urge people to buy up the companies’ stock and then dump it all on May 1, to drive prices down.
[Rev. Hutcherson] says he wants to use the stock market to make a political point. But one market expert laughed at the idea.
“The chances of him being successful with that are slim to none, and slim just left town,” said Hans Olsen, chief investment officer at Bingham Legg Advisers.
Yeah, but the chances of him becoming the target of an SEC investigation are pretty darn good; such a conspiracy to manipulate the market is likely illegal. Whatever.
“For me to ask people not to buy their product would be stupid,” Hutcherson said. Instead, he wants his supporters to buy one or two shares over the next few months.
Yeah… sure… because that would be, um… “smart.” Forget for a moment that by Hutcherson’s own logic, if selling Microsoft stock en masse would drive the stock price down, then buying the stock en masse should drive the price up, resulting in a net impact of… nada.
But the most obvious problem with Hutcherson’s plan is that Microsoft has over 10.6 billion shares outstanding, with a total market valuation of about $280 billion. Over 63 million Microsoft shares are traded on a typical day. Large institutional traders would never “gamble their money on a political statement,” and even if Hutcherson’s fantasy stock boycott could manage to dump a few million shares (and it can’t,) the market wouldn’t even notice.
Apparently, Hutcherson is not only a bigoted, blustering liar, he’s also an idiot… and he’s being roundly skewered for his latest plan. John Aravosis at Americablog quips that the
Right Wrong Reverend is “not exactly a walking billboard for intelligent design,” while Eli Sanders of The Stranger wonders if Hutcherson’s followers “may come to constitute one of the dumbest classes of investors in the market place.”
Last year, at the height of his anti-gay celebrity, eastside Rev. Ken Hutcherson told the New York Times that his grand ambition was to become ” the most feared man in America.”
Would he settle for the most laughed at man in America?
I suppose there’s always the maxim that all press is good press, but when it comes to publicly making a horse’s ass out of himself, Hutcherson is beginning to make our old friend Tim Eyman look like a fucking statesman.