Once again Wall Street has proven it is quite alright to rip off the common investor. The old “hot dog on a string” routine has succeeded in ripping off thousands of small time investors while the big underwriters of the IPO for Facebook have walked off scot-free, for now! Morgan Stanley brilliantly decided to set the price for Facebook’s initial public offering at a lofty $38.00 per share. Now this decision is under question as Facebook shares closed at $32.00 per share on closing Wednesday. Well it seems like business as usual except for the fact that this was such a highly publicized IPO there may be a slight chance that an investigation may yield some form of stilted justice. What a field day for lawyers and regulators alike!
We anxiously await the legal morass and numerous loopholes that will most likely avail the public of little or no justice as usual. The lawyers are certain to make piles of money! Brace yourself for the ridiculous arguments that will proceed from such a clear cut case of the great American rip off. Imagine that! Bankers who are underwriters ripping off the public! As Yogi Berra would say: “It’s deja vu all over again!” How long can this obvious failure of our system of regulation continue? Will the Security and Exchange Commission show their compliance? What will the fines, if any, be? A few million? What the heck another slap on the wrist to an industry that is rife with corruption. We like to think that China is corrupt and we are clean but please reserve that judgement. Let us see how this plays out. Nice to see it on such a grand scale! Bravo Facebook! Touche!
Thank goodness for the Occupy Wall Street movement. It is high time the American Public payed much closer attention to what goes on in the great world of finance. What will it take for true justice for the American Public? Will we ever really know how much insider trading and tip offs actually go on every single day? Alas, time will tell. Thankfully this has happened on such a grand scale maybe, just maybe the American Public will pay attention, particularly after our collective appetite has been whetted by the mortgage derivative disaster that threatened the banking system of the entire world. Beware of any politician who calls for less regulation! Their Superpacs are most likely being funded by faceless suspect entities with a vested interest in the great American rip off. The time has come for more people like Elizabeth Warren to enter politics. It’s time for honesty and integrity to become the new morality. This nation needs a healing.
“Be a terror to the butchers, that they may be fair in their weight; and keep hucksters and fraudulent dealers in awe, for the same reason.” — Cervantes
Get off the cell phone and Drive! — Jake Shween