[quote=markmax33]
You’re really off topic with your comments anyway. You just try to start a fight to start a fight. I hope the readers don’t fall for you games again.[/quote]
Markmax: Except he wasn’t. He’s making an excellent point, but you’re just unable to see it. Google “Frank Quattrone” and “Credit Suisse First Boston” and you’ll see an incredibly glaring example of crony capitalism (as well as insider trading and influence peddling).
I grew up in Silicon Valley before it was Silicon Valley and I knew Sand Hill Road as a place to ride our bikes before Kleiner Perkins and the rest of the VC outfits moved in. My uncle worked at Merrill Lynch in San Francisco, a good friend’s mom worked as a partner at Sonsini in Palo Alto doing diligence on tech deals and another friend of mine worked at Montgomery Street Securities in SF back in the day. I know the seamy, money-grubbing side of the tech world, because I heard about it every day.
The first internet bubble, the one that burst in 2000, was fueled by a combination of greed, ignorance and stupidity. The “smart money” (greed) was in first and made a killing due to guys like Frank Quattrone handling the IPOs and directing traffic. The “dumb money” (ignorance and stupidity) was the rest of us poor schmoes who didn’t really have a clue, but were told that the sky was the limit on tech IPOs and you had better invest fast or you were gonna get left behind (sound familiar?). We all know how that ended. It was a group of select, well-placed individuals and banks that made a killing and got out before the whole house of cards collapsed. If that ain’t crony capitalism, I don’t know what is.
And, if you think Facebook really merits a $100B market cap, well, have I got some stock for you!
I’ll give you a little leeway because you’re young and clearly don’t know how the tech world operates, but get your facts straight before you pop off, alright?
