Thursday, May 24, 2012

Facebook's Faceplant



Is anybody surprised that the much anticipated Facebook IPO is now mired in controversy?

Recents news about the biggest IPO in history reveals that it was overpriced and SOME investors received information about Facebook that wasn't available to the rest of us, the Great Unwashed.

BIG SURPRISE.

Well, all that counts in the end I guess is that the hoodie wearing Youngest Billionaire Ever, Mark Zuckerberg now has more money than God.

GREED, GREED, GREED.

Over and over again Wall Street and the Insiders sell us the same snake oil.

P. T. Barnum said it:

"There's a sucker born every minute."


There was a time when I worked in the Investment Services Department of a major Bank (Mellon) that I believed that Wall Street and those who worked there were honest.  Not so folks, they're all crooks.  Yes, I said it.  THEY'RE ALL CROOKS.  

So now it's Ground Hog Day all over again.  The Greedheads hype up a business that PRODUCES NOTHING and we fools fall for it.

You want to invest in a company that actually produces a great product?  Buy Apple.

In the meantime, I thought I would never dislike anybody more than Mr. Softee, aka Bill Gates.

Move over Mr. Softee, you have been replaced by an even more odious and despicable creature, Mark Zuckerberg.

12 comments:

  1. I think he's remarkable.
    I'm only jealous that I didn't think of Facebook first.
    m.

    ReplyDelete
    Replies
    1. Mark,

      I have nothing but contempt for Zuckerberg and his ilk. Facebook was good at one time and fulfilled a function but greed has overtaken it and now it is unrecognizable. I rarely used it anymore.

      Jealous? Right. Like I'm jealous of any crook who has a wad of money that he cheated others out of. Zuckerberg is beneath contempt.

      Ron

      Delete
    2. As you know, I deactivated my account with F.B. Then two weeks later, I went to see what would happen if I could log on. Well wouldn't you know it, my account was still there! That was weird.
      Still, like you, I hardly go there anymore. Still, they make no money off of me so I'm not bothered at all by them.
      m.

      Delete
  2. I like his intellect, but I don't like his go all out just for money lack of ethics.

    ReplyDelete
    Replies
    1. Bob,

      I too admire his intellect. Zuckerberg is a very smart guy. Steve Jobs was too. However, the difference is that Steve Jobs produced a product that was customer friendly. Jobs made my life easier and even though he has a reputation for being difficult to deal with on a personal basis, he worked for the common good. My feeling is that Zuckerberg, who was fortunate enough to be born with a natural talent, main focus is greed rather than the common good. He fits right in with Bill Gates. Just this morning I was struggling with my old Windows based computer (updating it to my new Wi-Fi network) which probably put me in a bad mood. I used to like Facebook but now I can't figure it out because the greed heads at Facebook are concentrating more on getting the most information from their customers than they are producing a product that makes my life easier. What I really can't forgive Zuckerberg and Company for is providing one set of information about his company to a select group of investors and another set of information for all of us suckers out here. In 2000 I lost almost a quarter million in the stock market (paper loss) through my IRA because of these crooks. Wall Street is nothing more than legalized robbery. Wall Street bought and owns Congress (both parties) and calls the shots. The best we can do is hang on to what little we have left and try not to succumb to their lies about investing again in the stock market.

      I knew when Facebook went IPO it would be legalized theft and I was right. No surprise.

      Delete
  3. No one is forcing anybody to use Facebook or to invest in the company. Blame can't be directed at just one person. In no way does he do all that by himself.

    ReplyDelete
    Replies
    1. Max,
      Zuckerberg is the CEO of Facebook. He is the leader. The buck stops with him. He has the ultimate responsibility for the Facebook IPO mess. Blame can be directed at one person. I disagree with you.

      Ron

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    2. Oh I think there are many to blame AS WELL, that's my point.

      Delete
  4. anne marie in philly1:43 PM

    never opened up an account on facebook and never will. I don't want the great unwashed public, high school "friends", college "friends", or anyone else contacting me. not only that, consider the privacy implications - OMG! I prefer to remain ignorant about FB.

    ReplyDelete
    Replies
    1. Anne Marie,

      At first I liked Facebook. But not now. I only use it to contact relatives for our annual family reunion. I am also concerned with the privacy implications.

      Ron

      Delete
  5. I feel sort of sorry for the man; it all seems like the folly of youth, lacking Wisdom.
    The greed of it all does not surprise me - ever since 'tulipmania' and the South Sea bubble there have always been greedy stupid economic scams. Alas we never learn.

    ReplyDelete
    Replies
    1. Dr. Spo,

      I'm ashamed to admit it but I got caught up in the greed (easy money) drink the Dot.com years. I had over $300,000 in my IRA account (paper profit) that I saw disappear almost overnight to $14,000 (when I stopped looking). I blame myself for my foolishness but I also blame Wall Street for luring me in then pulling the rug out from under my feet. I am convinced that the average investor cannot make money on Wall Street. The Facebook is just the latest version of this bait and switch shell game and Mark Zuckerberg is the face (ugly one too) of that scam. I invest nothing now. Of course I have nothing to invest so it's all a moot point now.

      Ron

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