Saturday, May 19, 2012

Facebook faceplant

According to what I read today the only thing that saved Facebook from closing below the issue price on day one was massive buy-ups by the issuing brokers.

So I was right and I was wrong.

Wrong in that I thought it would take weeks or months for the market to sniff out the hooey in the Facebook IPO.

Right in that it's been ID'd as a bogus come-on designed to suck the money out of your investment account and put it in the pockets of the insiders.

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