This may well be the most blinkered financial seppuku in history. Really, how dumb are these people? Don't they realise that their actions risk their whole lucrative 'casino' game being shut down in a torrent of regulation, anti-capitalist sentiment, and retail investor boycotts? These investment bankers are the most effective enemies of capitalism since Marx and Engels.
Just great... We have the market volatility driving all the retail investors to the sidelines and then we have events like this. Pretty soon all that will be left is wall street trading against itself... Without sheeple there is no easy money for wall street! Traders use to rejoice in the old days when the oil millionaires would head to wall street from texas and the south. That meant there was easy money to be had in the markets ripping those people's emotions around until they lost most of it. Er... The big funds won't have anybody to distribute to at market tops anymore, and nobody to accumulate from at market bottoms... But each other! Gahh... Wall street stalemate! LoL!!!
Ho Hum....another day on wall street. there's even a term for what happened with FB - "Rip your face off". Will there be litigation, always is. Will there be consequences? Maybe. Will it happen again? Yuppers.. I'm still trying to find out how much FB Calpers bought, they're ususally good at losing a bundle, oh yea, and Orange county, wonder how much they lost. California already spent the tax revenue they were planning to collect on the IPO.
This type of stuff has always been going on! Every so many years there is a new inflow of investors, stock broker trainees and traders that are shocked at what big banks are allowed to do. Guess what? The big banks get paid in free trading shares to promote a stock. It is their duty to get the stock to trade as high as possible in order to collect their fees. This is what capitalism is all about! Getting the companies, business or the privileges access to almost free cash to keep technology moving forward. Think about this. If it were a legitimate business they would just get a business loan and not share ownership with anyone! Who will stop it? No One! It is an Elite Club unlike Elite Trader where everyone knows everyone! It is Fraternity brothers who have bonds and loyalty between each other making deals among themselves. You will get over it, forget it and fall for it again in a few years. The only difference these days is the internet has made this information more available. It has never changed... If you want to be a player then make money on learning the system! Banks spend tons of cash on PR work to make deals, announcements and just about anything they want seem too good or bad to be true so that they can milk the public. Don't hate the playa, hate the game...
nope..you wrong..they are not going to be alone against each other. they will be together against your pension\retirement money.where have you been? they do just fine for years without retail traders(read their latest statements-all report record quarter for trading desks). retail trading is gone long time ago. along with prop. less competition for them,less money need to manipulate markets. more rip off's for mutual and any other type of funds,who have to invest your retirement money