MF Global, while crashing and burning, lost $1.6 billion – at least that’s what appears to be missing. JP Morgan, for reasons they don’t quite understand, lost $3 billion – by the most recent estimate. And now Morgan Stanley has lost at least $18 billion – but this doesn’t count because it was Other People’s Money (OPM).
There has been no bigger joke on Wall Street than the Facebook initial public offering (IPO). From the beginning up through the sorry slide it’s on today, nothing has worked. There is even a likely Securities and Exchange Commission (SEC) investigation into revised earnings information that somehow wasn’t shared with the public – but a few insiders had a peak at.
If you ever needed proof that big investment banks are nothing but leeches sucking the life out of our economy, Facebook’s IPO is it.