Is Weatherford Intl the “Bernie Madoff” of Oilfield Services Cos?

bernie-madoffLast week MDN brought you an article from the Seeking Alpha investors website, written by an analyst/investor pointing out the financial troubles at the world’s fourth largest oilfield services company, Weatherford (see Oilfield Srvs Co Weatherford in Financial Trouble). The investor writing the piece is “short” on Weatherford, meaning he’s invested money betting Weatherford’s stock price will go down–so there is a built-in conflict of interest in the article. But a few days after that article was published came the news that Weatherford’s CEO is suddenly gone (see Weatherford Fires CEO/Chairman, CFO Interim CEO), which seems to lend credibility to the Seeking Alpha writer’s thesis that the company is in trouble. That same writer is back with a new article–this one comparing Weatherford to fraudster and scam artist Bernie Madoff–seeking new money from investors to pay off previous investors. Strong words…

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