Friday, May 25, 2012

Caveat Emptor

So, a week on, Facebook shares are dropping, and along with them, the writs.

What is it with money people  (I use that term in place of 'bankers', but I broadly mean rich people in the finance industry) and their sheer hypocrisy ?

Now everyone want to sue Facebook and their advisers over the pricing and floatation. But all their advisers did was get the best price for the shareholders of the company. So they did the right thing.

Why is it that 'the market' is happy when these people are making money, but they run to their lawyers as soon as they aren't (see the JP Morgan affair) ? All financiers do is to try and take out as much money from the economy as they can as it goes around - so they clearly make the rest of us poorer: and we haven't just legalised this, we actively support it in a capitalistic society.

So, don't bite the hand that feeds you, finance people. Frankly, you need more regulation than a class of schoolchildren since let to your own devices you'll just stomp cry and tell all us poor buggers how unfair life is when you make a mistake or back the wrong investment.

For the record, I still think Facebook is potentially the most valuable broadcaster (yes, broadcaster) on earth, but only until it becomes the next Yahoo!