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Michael Moore Comes To Wall Street
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Patriot, provocateur, or pathetic -- whatever you think of Michael Moore, his controversial documentaries get people's attention. His new film "Sicko" is no different, and today Moore took his message to Wall Street encouraging investors to dump their heath insurance stocks. Will investors do it?
In an earlier interview with CNBC’s Maria Bartiromo, Moore said “We are asking people to divest from health insurance companies. We see no need for health insurance companies. People don’t need a middle man between the doctor and the patient….You should never have the idea of profit enter into a health decision.”
Jeff Macke says Michael Moore is asking pension funds and the like to make investment decisions based on societal concerns rather than profit motive. Jeff thinks Moore’s ideas are ridiculous.
Dylan Ratigan tells Jeff there is a legitimate conversation here.
The guys argue fiercely over Moore’s visit to Wall Street and how Wall Street is going to take to his idea.
If healthcare gains political momentum Jeff Macke recommends buying the heath insurers on the dip.
Note: I recommend watching the video clip, too. Written words can’t capture the passion that was clearly present in this conversation.
-- Lee Brodie
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Trader disclosure: On June 28 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Najarian Owns (IMMR); Bolling Owns (DIS), (T), (XOM), Sugar, Gold
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