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Mel's Accounting

E

Element9

From Inside Radio, Fridao, 9-15-06
Nearly 500,000 Sirius subscribers are actually empty cars on the dealer lots.Sirius CFO David Frear defends the practice of counting cars on dealer lots as subscribers and tells the Merrill Lynch confab in Pasadena that "it's not a very big number"1 and it's "dropping as a percentage of subscribers" over the past year from 10% to about 8%.
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1Interpretation: We're playing with the numbers, but everybody does it, and it's just a little white lie, not a big lie. Sure... whatever you say. So when Mel was doing his usual Wall Street Dance undermining XM, Sirius was just as guilty. Oh that Mel, what a hoot!
 
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