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Richard Bailey
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Richard D Bailey is the founder of, a website devoted to examining global and national political and economic events. He is also the publisher/manager of The Phantom Fund, a hypothetical investment fund which benchmarks Politinomics' investment thesis against recognized market... More
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  • FB Would Be Down Even If NASDAQ Didn't Mess Up! 0 comments
    May 23, 2012 11:20 AM | about stocks: FB

    It's really quite simple who the villains are here. FB would be trading down regardless of NASDAQ's admitted bungle of first day trading.

    Insiders were 57% of the selling shareholders. That right there reeks of pigs at the trough. If insiders were say... 20% of selling shareholders this would probably never have happened.

    There used to be a saying, "you run a public company just as much for the benefit of the widow on Main St with one share as you do the money manager on Wall Street with a million shares."

    That's called the Fiduciary Standard and it is not some quaint old relic.

    But that didn't happen here. As of the close yesterday, public market investors had lost nearly $1.7 billion to Facebook insiders. That's not the way its supposed to work, folks.

    If you like you can read more at:

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: IPO Stocks: FB
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