mannerisms

Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.

Poor Old Goldman Sachs

Poor old Goldman Sachs – there they were sitting around Wall Street innocently minding their own business – in this case pumping up an asset bubble around social networking sites to make a speculative killing on Facebook – and along comes some absolute rotter who pours merde all over their cunning plan.

 

 

The rotter was Justin Siegel, CEO of MocoSpace, who is talking to News Corp about a possible purchase of social networking site MySpace.

 

Siegel said the likely price for a purchase of MySpace was somewhere between $50 million and $200 million.

 

Sounds hefty – but the snag is News Corp paid $580 million for MySpace in 2005.

 

So if history repeats itself, whoever puts a dollar into Facebook now, will see it worth ten cents in 2017.

 

Not quite the impression which Goldman Sachs wanted to give its potential customers about the value of Facebook shares.

Tags: facebook, myspace, rotter, social networking site, wall street

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3 Comments

  1. David Manners
    February 14, 2011 14:13

    The more they cry the better I like it, Sceppers.

  2. Sceptic
    February 14, 2011 12:04

    Boo hoo ! It’s truly heart-rending to think of think of the poor souls crying into their Bellinis..
    Sceppers

  3. George
    February 10, 2011 15:27

    Nothing ruins a good plot so well as a hefty dose of truth!