Thank you FacebookMay 23, 2012 @ 8:44 am (Updated: 10:49 am - 5/23/12 )
Dave Ross was THIS close to picking up Facebook stock. (AP Photo/Mark Lennihan)
I don't follow the stock market that closely. But I do look at my monthly statement, and I will admit I've always been a little disappointed that after all this time it shows that I'm still solidly middle class.
I would have thought that by now I'd be able to endow a modest professorship, or do a little dressage -- and I always blamed the fact that my broker never got me in on an IPO.
I missed Microsoft, I missed Apple, I missed Amazon, I missed Google, and so I figured my last chance to win an IPO payday was Facebook.
I was this close to picking up the phone and telling my adviser,'I don't care what you say, buy Facebook! Zuckerberg's a genius, demand is high, it's all anyone talks about here at work, they made a movie about it, it can't lose -- plus since the big crash I'm sure there are rules to protect investors.' Then today, I hear Rebecca Jarvis report on allegations that:
"The lead banks on the deal cut Facebook's revenue forecast just days before it went public, but only shared the information with a select few."
And then what did these banks allegedly do?
"Morgan Stanley increased Facebook's offering price and the size of the deal signalling greater demand at a higher price," said Jarvis.
So they took a product they allegedly knew was losing value, and made it look like it was worth more.
Where have we heard that before?
Anyway, as I say, I came very close to saying 'Buy Facebook,' but at the last moment I got distracted by some free pizza in the newsroom.
And thank goodness, because the Facebook stock chart looks like one of those compostable eco-spoons that melt in your soup. So thank you Facebook, for reminding us that the the only secure place to put your money is under a big rock.
By the way, I'll be happy to sell you shares in my rock. $38 a share.
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