hvactec
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Wall Street Underwriters Sued For Looting
While the hysteria was almost obscene on Wall Street and in the mainstream media about the most hyped IPO in the last decade, it was just days before the Facebook IPO we discussed on here that Facebook executives and investment bankers were using this IPO to loot society. A far different reality. That is exactly what they did. The financial system is completely rotten. Too many people want to pretend the issues of corruption our nation faces arent as deep and systemic as they really are. Predation is and always has been the Wall Street game. The art of the con is more systemic than ever. Leading up to the IPO I had to snicker while watching a Bloomberg contributing editor who used a lot of large sounding words, you know, like delicatessen, to conclude that Facebook would have a strong day on the IPO open. We truly do have an economic system where cronyism and incompetence rises to the top. That is very much a common factor in societys run by Soviet-style bureaucracy rather than freedom and democracy. Incompetence becomes the norm as paper-pushing bureaucrats squelch freedom of ideas and superior solutions vetted by civil discourse in favor of control.
These lawsuits or a falling Facebook stock should really be no surprise. Taking firms public in modern America is most often a guaranteed form of looting. The entire business model of modern-day investment banking is a criminal racket. Investment? By the way, I could list a dozen hyped IPOs in the last two years that were high profile looting fests. Groupon and LinkedIn being two that immediately come to mind. Groupon? Are you kidding me? Talk about vaporware. Its already down 55% in five months. LinkedIn will soon follow. As we have noted ad nauseam, 2008 was not a housing crisis as was so widely reported. This is the collapse of capitalism as it has been practiced since its inception. And, it was a collapse of a fraudulent financial system that has been looting society blind for thirty years. While I have remarked about pointed issues regarding capitalism in the past, Ill put up a detailed post on the technicalities behind my concerns at some point. In other words, my perspective is not based on opinion. There is substantial fact of concern with systemic, possibly unrecoverable crises that literally no one is talking about. Obviously, none of this means we are doomed. Wall Street may be doomed. But all it means is the future will most certainly look nothing like today. And, people who are hawking simple-minded solutions like gold money are likely to be very, very wrong.
Investors of means are suing Facebook and its underwriters: Morgan Stanley, Goldman Sachs, JP Morgan, etc because they were left holding the bag. All I can say after the Dotcom bubble is shame on you for trusting anyone in the Wall Street racket. It is a racket as defined by the organized crime RICO statute.
READ MORE Wall Street
While the hysteria was almost obscene on Wall Street and in the mainstream media about the most hyped IPO in the last decade, it was just days before the Facebook IPO we discussed on here that Facebook executives and investment bankers were using this IPO to loot society. A far different reality. That is exactly what they did. The financial system is completely rotten. Too many people want to pretend the issues of corruption our nation faces arent as deep and systemic as they really are. Predation is and always has been the Wall Street game. The art of the con is more systemic than ever. Leading up to the IPO I had to snicker while watching a Bloomberg contributing editor who used a lot of large sounding words, you know, like delicatessen, to conclude that Facebook would have a strong day on the IPO open. We truly do have an economic system where cronyism and incompetence rises to the top. That is very much a common factor in societys run by Soviet-style bureaucracy rather than freedom and democracy. Incompetence becomes the norm as paper-pushing bureaucrats squelch freedom of ideas and superior solutions vetted by civil discourse in favor of control.
These lawsuits or a falling Facebook stock should really be no surprise. Taking firms public in modern America is most often a guaranteed form of looting. The entire business model of modern-day investment banking is a criminal racket. Investment? By the way, I could list a dozen hyped IPOs in the last two years that were high profile looting fests. Groupon and LinkedIn being two that immediately come to mind. Groupon? Are you kidding me? Talk about vaporware. Its already down 55% in five months. LinkedIn will soon follow. As we have noted ad nauseam, 2008 was not a housing crisis as was so widely reported. This is the collapse of capitalism as it has been practiced since its inception. And, it was a collapse of a fraudulent financial system that has been looting society blind for thirty years. While I have remarked about pointed issues regarding capitalism in the past, Ill put up a detailed post on the technicalities behind my concerns at some point. In other words, my perspective is not based on opinion. There is substantial fact of concern with systemic, possibly unrecoverable crises that literally no one is talking about. Obviously, none of this means we are doomed. Wall Street may be doomed. But all it means is the future will most certainly look nothing like today. And, people who are hawking simple-minded solutions like gold money are likely to be very, very wrong.
Investors of means are suing Facebook and its underwriters: Morgan Stanley, Goldman Sachs, JP Morgan, etc because they were left holding the bag. All I can say after the Dotcom bubble is shame on you for trusting anyone in the Wall Street racket. It is a racket as defined by the organized crime RICO statute.
READ MORE Wall Street
