August 19, 2012
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 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.
This article was posted: Sunday, August 19, 2012 at 4:45 am