I foolishly hoped the Facebook IPO might actually bring some confidence back to Wall Street.
What was I thinking?
Turns out it’s just another example of how the soulless Wall Street culture is destroying American style capitalism.
We have barely gotten past JP Morgan Chase’s $3 billion catastrophe, and the outrage over their foolish decisions, but here we are again. The attention span on Wall Street seems equivalent to that of a small child.
Scott Udine, a broker friend of mine, said it best, “The brokerage firm community is made up of salesmen and people that mainly care about THEIR bottom-line….not yours!!! They will sell anything, say anything and do anything.”
Morgan Stanley over sold and over hyped too many shares of Facebook to an unsuspecting public, while quietly telling large institutional investors another story. And to add insult to injury NASDAQ had such huge headaches processing all the buy, sell and cancellation orders that they now admit the whole IPO was an unmitigated disaster.
So once again its heads, the banks win, and tails, you lose.
Morgan Stanley changed the game as the lineup was being announced. It reeks of impropriety. Anybody in the stock business will tell you it is practically unheard of.
I can only add this to the mounting list of evidence against the too-big-to-fail and too-big-to-jail banksters and sigh in disgust.
If you’re wondering why a foreclosure defense attorney is up-in-arms about a stock offering, it is because the same shady tactics that have led homeowners to my office are the same ones on display here.