Henry Blodgett writes: Boy it doesn't suck to be a banker. Every
time I forget how much it doesn't suck, I'm reminded of some other magical
cash-printing tool I had forgotten about that allows Wall Street to coin money
no matter what. And this latest one is a real beauty.
Remember the Facebook IPO? Yes, it was one of the biggest
IPOs ever. It has also now become a colossal disaster that has vaporized half
of investors' capital in three months.
Wall Street bankers were paid extremely handsomely to sell
the $16 billion of stock they sold on the Facebook IPO. Specifically, they were
paid $176 million in fees. (Investors who bought Facebook's stock on the IPO,
meanwhile, have since lost $8 billion). But
that was only the beginning….
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