Falling on the Face. Ouch!
The Facebook IPO is proving more disastrous by the minute for the underwriters, insiders and the Wall Street fraudsters. Since the days of the DOT COME bubble, a vast majority of the IPOs worked only the insiders, underwriters and the shills, hacks and crooks who make routine appearances on CNBS. The all – work in concert to create a hype that eventually fleeces the little guy who buys into the hype. Judging by the utter failure of some of the most recent ‘dot bombs’ like Zinga (rhymes with a Telugu curse word I know), Pandora, Groupon, there is evidence that the little guy is not taking the bait anymore.
Now that Facebook is teetering on the verge of breaking $30 mark, a full 20% decline from the inflated offering price, it is now the turn of the fleecers to feel the pain. Quoting a famous dialogue from the Telugu classic Mayabazar, “aarthanaadamulu sravanaananda karamugaanunnaviraa!”