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May 21, 2011

One More Wall Street Scam!

-- by Dave Johnson

LinkedIn went public this week and the price per share immediately doubled and more. This means LinkedIn was scammed by the Wall Street firms they hired to take them public. These firms scammed them by intentionally underpricing the stock, so instead of all the money going to the company, a ton of money went to the people that Wall Street firms had let in on the early lower-priced shares.

The stock more than doubled, which means that these firms got more for themselves and insiders they set up than for the company.

The fact that the stock immediately doubled in price means the Wall Street firms were either grossly incompetent (and they aren't), costing the company something like $350 million, or they are corrupt thieves.

This is corruption, plain and simple. It's what our country is becoming known for.

Posted by Dave Johnson at May 21, 2011 8:21 AM


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