When you are doing anything through a "hedge fund connection," you should be a little skeptical. When one has an inner track on something, it is tough to be too upset that your inner track wasn't the innermost.
Chris LeBarton jumped at the chance to get in on Facebook’s initial public offering. The Potomac investor and a group of friends pooled $50,000 to purchase $35 pre-offering shares through a hedge fund connection.
He said he knew it was a gamble, but he never imagined he would get cheated. After Facebook’s stock closed almost break-even its first day of trading and then fell for a few days before recovering modestly, LeBarton and his friends are looking at a paper loss of 6 percent.
“I went into this not even thinking about that possibility,” he said. “The big guys made out, and it seems the little guys got burned.”
Tuesday, May 29, 2012
I would say I'm genuinely torn...
... but I don't think I am.
Labels:
Corruption,
Rant
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