Last Friday, as his brainchild company went public, Mark Zuckerberg’s face filled the multistory video screen adorning the Times Square Reuters building, his image a grinning, pasty vision of triumph—little brother as Big Brother.
In the 30 seconds after the bell rang at the NASDAQ exchange, more than 80 million shares were traded, and with the IPO (really the night before, when the underwriting banks bought the stock from Facebook), Mr. Zuckerberg made $25 B.
But he wasn’t making any money off me.
conflicts of interest
In July, Dunkin’ Donuts went public (or: started to have stock in the company sold on the Nasdaq Stock Market, Homer). And since that very famous, much-ballyhooed public debt, shares in the company soared 42% above where they were since they started selling them. Who lead the Dunkin’ IPO and helped get that thing selling?
Picture a vicious cycle of financial backscratching that results in ever-increasing systemic fragility, and you’ve got the basic premise for how a decent portion of the credit market works.
Cantankerous finance blog Zero Hedge today points to a letter Goldman Sachs has written to the Financial Accounting Standards Board, the private Read More