Facebook Faceplant

It couldn't happen to a more deserving company given that one of it's founders has become a tax refugee.

Faceplant!

The Facebook IPO has flopped. NASDAQ screwed the pooch electronically. Morgan Stanley, the investment bank that hoped to defraud the public with the IPO had, instead, to artificially pump up the stock price with their own money (money that will, almost certainly, be reimbursed by the Federal Reserve). This morning, as I type this, Facebook has crashed and is selling at $33.64, 20% below its IPO opening.

Like most dotcoms from the 1990's, Facebook only went public after they maxed out their growth and ran out of legitimate revenue streams. Sure, the big players who are sitting on worth less Facebook stock are promoting the hell out of the stock, predicting a price above $45 any second now - hoping to pump and dump the stock.

The fact is, Facebook will never be a legitimate, dividend paying, income producing stock. It's just another slot on the NASDAQ roulette wheel.