A Stern Warning

As Infinity's offering shows, you should look beyond the prospectus before buying stock

I tuned in to the Howard Stern show two weeks ago. Don't ask, please. Anyway, the bad boy of radio was engaged in some sort of bimbo quiz show in which one judge was mentally ill and, prompted by Stern, trying in vain to elaborate on his scoring. Such "humor" is old hat for Stern. What caught my ear was that this ratings king and cash cow for Infinity Broadcasting was speaking of plans to retire. It was just days before Infinity sold 140 million shares to the public for $3 billion, and raises interesting questions for stockholders--not least: How much...

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