- Facebook Inc’s underwhelming debut on Wall Street increases the pressure on the social networking giant to deliver stellar growth – a novel situation for Chief Executive Mark Zuckerberg, who has been clear he is more interested in building products than making money.
If this were twenty years ago, facebook would have gone public at notorious bucket shop D.H. Blair and Co. and investors who got burnt on the offering would join millions of others who get scammed with Wall St. ‘pump and dump’ scams every year. Thanks to SecondMarket and other private equity exchanges online, the insiders sold out of facebook long ago (just like the insiders at D.H. Blair used to). The only thing left was to milk a few suckers with an over hyped (it even had its own Hollywood movie adding to the scam) IPO to squeeze the final few billion that will be left to rot in retail and pension accounts. D.H. Blair finally got done in for racketeering. Morgan Stanley, lying to Congress about it’s systemic importance, will never face any sanctions. And so it goes . . .