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Pastimes : MELT-UP or MELT-DOWN: Cast your Vote
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To: sea_biscuit who wrote (337)5/1/2002 1:34:11 PM
From: shadowman   of 361
 
I'll second that Dipy.

Let's see...since the mid 90's we as investors (traders) have been faced with.

1. Pump and dump brokerage firms, who's motives apparently (choke) did not have the retail investor's best interest as "job one".

2. Stock distribution programs...whether IPO's or existing corporate diluting, where insider's (corporate execs) and venture capitalists along with investment banking houses and those wily brokerages again, walked away with mucho dinero after selling large portions of their issued shares to...you guessed it...the retail trade, either directly or to their stand ins.. mutual funds...pension funds.

3. Extremely creative bookkeeping where financial reports became the most lucrative literary genre in the fiction category. Enron and Global Crossing may have been the Stephan King and John Grisham of the group but there are many yet to be discovered on the best selling list. Maybe they should give a Pulitzer for creative accounting?

4. All those theoretical "self regulated" entities seemed to forget the regulated part of the term.

5. The official regulating agencies... didn't.

6. The media fell asleep at the wheel at best...or became cheerleaders helping to feed the myopic frenzy. Investigative reporting became as common as brokerage sell ratings.

7. Lots of people lost lots of money and a few people got very rich.

8. All of us SI'ers should have realized that the road to riches was very apparent in the mid to late 90's. It wasn't posting on SI. It was coming up with a dotcom concept and going to a VC.. IPO'ing.. issuing ourselves, our friends and family stock...buying lots of goodies with the borrowed money...jumping on the future profit/creative growth bandwagon......finding a Time Warner to buy with our new found riches...selling lots of our stock...sailing away on our floating mansions.

What a country! :)
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