Saturday, May 19, 2012
Submitted by Tyler Durden:
While much has already been written on the topic of peak valuation, social bubbles popping, and the ethical social utility of yesterday's historically overhyped IPO, nobody has done an analysis of the actual stock trading dynamics as in-depth as the following complete forensic post-mortem by Nanex. Because more than anything, those tense 30 minutes between the scheduled open and the actual one (which just happened to coincide with the European close), showed just how reliant any form of public capital raising is on technology and electronic trading. And to think there was a time when an IPO simply allowed a company to raise cash: sadly it has devolved to the point where a public offering is a policy statement in support of a broken capital market, which however is fully in the hands of SkyNet, as yesterday's chain of events, so very humiliating for the Nasdaq, showed. From a delayed opening, to 2 hour trade confirmation delays, virtually everyone was in the dark about what was really happening behind the scenes! As the analysis below shows, what happened was at times sheer chaos, where everything was hanging by a thread, because if FB had gotten the BATS treatment, it was lights out for the stock market. Well, the D-Day was avoided for now, but at what cost? And how much over the greenshoe FaceBook stock overallotment did MS have to buy to prevent it from tumbling below $30 because as Reuters reminds us, "had Morgan Stanley bought all of the shares traded around $38 in the final 20 minutes of the day, it would have spent nearly $2 billion." What about the first defense of $38? In other words: in order to make some $67 million for its Investment Banking unit, was MS forced to eat a several hundred million loss in its sales and trading division just to avoid looking like the world's worst underwriter ever? We won't know for a while, but in the meantime, here is a visual summary of the key events during yesterday's far less than historic IPO.
By Curt Williams:
Mary Sean Young of Blade Runner, Dune etc. Awakening to the Wrong Conspiracy? She's convinced that aliens rule us.
Actress Mary Sean Young is internationally acclaimed - active from 1980 up till today - both on the silver screen and on television. Young has starred in over three dozen feature films, including such box office hits as Blade Runner, Dune, No Way Out, Ace Ventura Pet Detective, Cousins, Wall Street and many more. She has worked with directors such as Robert Altman, Harold Becker, David lynch, Carl Reiner, Ridley Scott, Joel Schumacher, Oliver Stone and Gus Van Sant. In this interview, she'll discuss her films, the film industry and her own awakening into alternative topics and conspiracy. We'll discuss secret agendas, mind control and the ruling elite.
I am not exaggerating.
I am not exaggerating.
This is Finnish writer Pentti Linkola — a man who demands that the human population reduce its size to around 500 million and abandon modern technology and the pursuit of economic growth — in his own words. He likens Earth today to an overflowing lifeboat:
What to do, when a ship carrying a hundred passengers suddenly capsizes and there is only one lifeboat? When the lifeboat is full, those who hate life will try to load it with more people and sink the lot. Those who love and respect life will take the ship’s axe and sever the extra hands that cling to the sides.
He sees America as the root of the problem:
The United States symbolises the worst ideologies in the world: growth and freedom.
He unapologetically advocates bloodthirsty dictatorship:
Any dictatorship would be better than modern democracy. There cannot be so incompetent a dictator that he would show more stupidity than a majority of the people. The best dictatorship would be one where lots of heads would roll and where government would prevent any economical growth.