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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: NickSE who wrote (82881)1/9/2000 12:17:00 PM
From: NickSE  Read Replies (1) of 86076
 
Devalue America - or how an underwriter has done it to us again
msnbc.com

It's amazing, just amazing, what Wall Street's IPO
sleaze machine has been getting away with in the current
bull market. This week's example, An imploding Internet
e-commerce stock called Value America Inc....

...FIASCO NOT UNIQUE

But before getting into what was really going on in the
marketing of Value America, let us first step back from the
particulars for a minute to say that the Value America
fiasco is by no means unique. Rather, this is what more and
more of the IPO market has become: a way for fee-crazed
underwriters - among them many of the best known and most
highly respected names in the business, to loot the vault
of American capitalism.

The scandal is not simply that the looting is
occurring, though that is bad enough. More than that, the
scandal in the situation is that this wholesale ransacking
of the capital market is taking place in broad daylight for
the whole world to see, yet the cops aren't even looking in
the right direction.

Instead, the regulators remain preoccupied with catching
the Wall Street equivalent of petty thieves and hooligans,
while men and women with seven- and eight-digit annual
incomes have been rushing into and out of Wall Street's
money vaults day and night, bags of booty dangling from
their hand...
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