5/21…what a difference a day maker: the anatomy of a failed IPO and assorted gripes

Romney’s Gaffe: “This was not a loss to the taxpayers of America; this was a loss to shareholders and owners of JPMorgan and that’s the way America works,” he said. “The $2 billion JPMorgan lost, someone else gained.”…and you think he will help us? If you don’t think this is a buildup to an even bigger financial crisis. There is no help for us. TB

Quotes from Keep Calm and Carry On – a book of quotes TB found on the trip, it will be a staple of TB:  “Economic progress is not the same thing as human progress.” – John Clapham


“It’s a recession when your neighbor loses his job; it’s a depression when you lose yours.” – Harry S. Truman.

This week’s economic calendar is very light. The only indicators are April Existing Home Sales (Tuesday), April New Home Sales (Wednesday), April Durable Goods Orders (Thursday), and late May Consumer Sentiment (Friday).

Courtesy of Steve Wood, Insight Economics, Walnut Creek, CA

Bloomberg Top Stories:


*Barclays to Sell $6.1 Billion BlackRock Stake With Fund Manager Buying 16%

*Schaeuble Seeks Crisis Resolution With  Moscovici After G-8 Exposed Rifts

*Stocks Rise With Futures Before Meeting on Euro Crisis; Commodities Gain

*Spanish Audit to Test Extent of Deterioration in Bank Lending – not pretty

*Fed Proves More Bullish Than Wall Street Forecasting U.S. Economic Outlook

*TIPS Giving Bernanke Green Light for New Ease as Yields Fall to Record Low

*JPMorgan Said to Have Hired CIO Risk Monitor Ousted From Cantor for Losses!!!

*Hedge Funds Bearish Euro Bets for Greek Exit Banks Haven’t Figured – still time!

*Facebook Dips Below IPO Price in German Trading Before Rebound – $37.97

*Osborne’s Scope to Reshape Bank of England Widens as Posen Leaves for U.S.

*Speculators Boost Bets on Natural Gas as Surplus Shrinks – gap should not exist!

*Credit Swaps Anti-Trust Probe Into Markit Said to Widen to Other Companies

*Bonds Support Fed View on Inflation Even as Rents Increase – Rent means nothing!

Gupta’s Davos-Worthy Billionaire Friends Back Him on Website Before Trial – if you don’t think the wealth gap is sick…then think about this –Amoral for Money!

*Obama Pushes for Unity on Afghanistan as Commitments Fall Short in Chicago

*Blast Kills at Least 75 at Military Parade Near Yemeni Presidential Palace


The Dow had its SIXTH straight ‘lower low’ and it was another bad one. Close was lowest since January 13th. Folks this is no ordinary selloff…and while Facebook was an unmitigated disaster, it was more than that.Since peaking on 5/1 at the highest level since the crash, 13338.66, it has been DOWN for 12 of the past 13 sessions, the lone gain was 20 points, and the loss is now 9.3%! Furthermore, the 11 of the past 13 have resulted in LOWER LOWS. We have now almost entirely wiped out that Q1 boost! Reminiscent of last year…ancient history?…when the 3rd quarter wiped out the second quarter gains and even with a strong 4th  we just about got back to where we were at end of Q1!!! Even a money market fund earning 0.1% beats that! We are now at risk of returning to that Q1 2011 level…we closed just 11 points above it…and the low was 14 points below!

The Dow is now 6.4% below the 3/30/12 close! Dow Utilities are now the only index up ytd, just 1.1%! As for Financials, so far this quarter they are off 13% surpassed only by Gold and Silver -15.8% thanks to a 3.8% gain yesterday!, Telecom -19.1% and Semis -16.9%, and Oil Services -15.9%. All major indices were down with both Nasdaq indices and the Russell 2000 off 1%+!

Since gapping down on May 4th: Composite -8%!; 100 -8.3%! Russell 2000 (May 2) -8.7%!!! Oh heck here are a few more: Dow (May 1 – MAYDAY!) -6.6%; S&P 500 -7.7%. (Apple component: gapped up on 4/25 on earnings from $560 to $610…record high was on 4/10 at $644 then an immediate selloff which has been the case on just about any stock or commodity that hits a new high attesting to the fragility of the markets. Since 4/10 it is off 15.6%!!! When it peaked TB gave the following supports: $550, $500, $444-450 – providing it doesn’t close a gap to $427, then $400 the trendline from the 2009 lows…and the 200 day at $458 and rising about $1 a day…for Fibonacci fans the 1st retrace from the high is just below Friday at $510 AND the 2nd is ALSO at $427 which should be STRONG support…wish TB could tell you where it is for Facebook!):   NYSE Financials are a disaster…thanks mainly to Mr. Dimon! DOWN 11.4% since MAYDAY!!! The close of 4171 is less than TWO POINTS above the 12/30/11 close!!!

While NYSE stock volume was slightly lower at  4.49B shares vs 4.6B, NYSE shares executed on the Big Board were a HUGE 1.16B shares vs 945M and remember this does NOT include Facebook which is Nasdaq despite the FB symbol! 17 of the last 31 sessions have been less than 800M shares!!! Since 2/29 there have now been just SEVEN ‘average’ days (mostly down!), including 3/16’s high for 2012 of 1.65B, but average has fallen to 820M and just eight have been above 900M – 963M is 12 month average. Since 11/1 there have been just nine 1B share days…only five in 2012! Since 2/6 there have been FIVE sessions less than 700M shares. 122 of the last 136 sessions have been less than the 12 month average! Advance/Declines were negative for a SIXTH straight session – getting ugly! -3x vs -6.3x!!! vs -2.1 vs -1.8x vs -5.4x!!! vs -1.5x on NYSE and -2.6x vs -4.2x!!! vs -2x vs -1.2x vs -3.1x vs -1.5x on Nasdaq. Breadth was similar: -2.2x vs -7.5x!!! vs -2.5x vs -4x! vs -7x!!! vs -2.3x on NYSE and -1.7x vs -7.9x!!! vs -2.6x vs -2.3x vs -2.9x vs -1.1x on Nasdaq. New 52 week highs barely budged from an incredibly low 34!!! To 39 (high was 420 on 3/26), while new lows surged yet again to 383 vs 345 – a VERY HIGH level!…if it looks like a bear…smells like a bear… Ratio is now negative by 9.6x!!!! The S&P VIX, which gapped up on the open Monday, had an ‘outside day’ (higher high and lower low) on Tuesday, had a slight INSIDE day (so close though it was actually parallel), rising on Wednesday, exploded to 24.51, a 10% gain Thursday closing just .02 off the high! On Friday it rose ot25.14, settleing at $25.10, highest since 12/19/11 Since 4/26 and has ranged from 15.75 (low on 4/26) to 25.14 making the double top of the week now MAJOR support – 22.70!). THIS is bearish, a sign of a market in distress!

Here are the results:  Dow -0.6% vs -1.2%! vs -0.3% vs -0.5% vs -1%! vs -0.3%; Transports -1.3%!!! (worst performer!) vs -3.2%!!! vs -0.1% vs +0.1%  vs -0.8% vs +0.1x; Dow Utilities FLAT vs -0.7% vs -0.1% vs -0.5% vs -0.4% vs +0.1%; S&P 500 -0.7% vs -1.5%!!! vs -0.7% vs -0.6% vs -1.1% vs -0.3%; Nasdaq Composite -1.2% vs -2.1!% vs -0.7% vs -0.3% vs -1.1% vs flat; Nasdaq 100 -1.2% vs -2.1%!!! vs -0.7% vs -0.4% vs -1% vs flat; Russell 2000 -0.9% vs -2.3%!!! vs -0.7% vs -0.2% vs -1.4%!!! vs -0.2%; NYSE Financials -1.1% vs -2.2%!!! vs -0.9% vs -1.9% vs -1%, biggest loser again! (KBW Banks -1.6% vs -1.7% vs -2.6%, Nasdaq -0.7% vs -1.2% vs -1.4%); NYSE Financial Leaders: BAC UP 0.6% vs -1.8%! vs -0.7% vs -2.7%! vs -2%!, JPM -1.3% vs -4.3%!!! vs +1.3% vs -3.2% vs -9.3%; C -1.5% vs -1.9%! vs -1.2% vs -4.1%! vs -4%!; GE +0.3% vs -0.6% vs -1.1%; WFC -1.6%! (ranked by volume!).Since 5/10 JPM -17.8%!!!

European stocks up slightly for a second day, Asia mixed: FTSE  +0.6% vs -0.5% vs -1.3%! vs -0.9% vs +0.2% vs -2%!; CAC 40 +0.8% vs +0.6% vs -1% vs +0.3% vs +0.8% vs -2.1%!; DAX +1% vs +0.2% vs -0.8% vs -0.8% vs +0.4% vs -2%!; Nikkei +0.3% vs -3%!!! vs +0.9% vs -1.1%! vs -0.8% vs +0.2%; Hang Seng -002% vs -1.3% vs -0.3% vs -3.2%!!! vs +0.8% vs -1.2%; Korean KOSPI +0.9% vs -3.4%!!! vs +0.3% vs -3.1%!!! vs -0.8% vs -0.2%; Indian Sensex +0.2% vs +0.5% vs +0.3% vs -1.8%! vs +0.7% vs -0.5%. U.S. stock futures up – go figure! DOW +75, range 80 pts; SPX +9, 15 points; NDQ +18, 26 points – up almost identically Friday and you saw what happened! Going down?

Bonds slightly weaker. TIPS remain overbought – why buy inflation protection when we could easily double dip from here? l0’s and 30’s still well below 2% and 3% respectively – first time since 1/18’s 2.96%! 10 yr 1.75% -1/4, RECORD low 9/23 of 1.6855%; 30 yr 2.83% -7/16; Long TIP 0.60% -7/16. It was 0.57% at high. The 5 yr TIP yields MINUS 1.13%; 10 yr -0.42%. Bills 0.06% 1 month; 0.07% 3 months; 0.14% 6 mos. – starting to fall again!…1bp a day but still mostly unchanged since 4/26! Reverse Repo 0.27%. 3 mo. Libor 0.47%, and 0.74%; also steady. European problem sovereign 10 years, Germany-benchmark: 1.45% +3 bp’s; Italy 5.76% -2; Spain 6.24% +2; Greece 27.47%!!! -49!!!; Portugal 11.82% +14!!!; Ireland 7.12% -3.

Gold continued its search while Crude once again plummeted. Since peaking on 8/1, the GS Commodities Index is off 2.1%…flat yesterday thanks only to Gold, which has been below $1600 since 5/9. It closed at $1591.70 +$17.00!!!, reducing the hit from $217 to $200 since 2/28, a  loss of 11.2%! 2/28’s $1792.70 intraday high was not seen since 11/16! The record high is $1923.70, a buying climax on 9/6. Res is $1637, the 40 day and $1644, the 50 day, then $1701, the 200 day – 40/50 are dropping rapidly. It is now $1592.20 +.30. Wednesday’s o/n low of $1526.70 was lowest since 12/29! Crude closed $91.48 -$1.24!!! with a low of $90.93, lowest since 11/1!!! On 4/26 it closed at $104.55…that is a 12.5% LOSS!!! We took out 4/10’s low of $100.68, worst since 2/15/12 on May 4, a day crude fell by $4.55, or 4%! The range of $105-110 had held from 3/28!!! RES at $96.23 the 200 DAY!!!, the 40 day (101.56), the 50 day (102.53), and res at $92.52-54, the lows of 12/16-12/17, a prior double bottom, MINOR sup at $89.17, the 11/1/11 low!!!. It is now $91.96 +.48. Gold is amazing and baffling!

Minnesota StarTribune Headlines:

Friday: Facebook Scores Big on Wall Street

Saturday: No Pop for Facebook

– ‘nuf said! TB

Facebook (FB), arguably the most over-hyped IPO of all time…an utter failure! The only thing that prevented it from being like Groupon, below, was that the underwriters had to support the stock AT the offering price of $38. At least three times, the last being for the final hour or more of trading they defended the price yet it close at $38.23. During that final hour it never rose above $38.12 until the final minutes when they were able to work it up to $$38.43 – FIVE minutes prior to the close when everyone had gone home.

Here is how the IPO was flawed:

  1. Despite pricing it at a p/e of 108x earnings (Apple is 13x, Google 18x), it was hyped as cheap by at least two of the three underwriters, Morgan Stanley and Goldman Sachs, who had large positions which they planned to sell on opening day. This was a result of a private placement in which Goldman bought $1 million shares while selling the remainder to witless institutions (let’s review who held the most stock besides Zuckerberg (some are replacing the ‘Z’ with an ‘F’ for performance and something else). Accel Partners was the orginal funder, a VC with sagging performance until it invested in FB (21.42%), Goldman Sachs 6.57%, Zuckerberg (27 just last Monday, and married on Saturday – wonder if he had a pre-nup?), of course was the largest shareholder with 26.9% (caution: what is the lockup period before he and other insiders can sell?). Then there were the employees not covered with lockups who sold to become millionaires and billionaires! TB met a young man a few months ago who did about four hours of work for Zuckerberg and was paid in stock…that was supposed to make even him rich!
  2. The size of the IPO was increased by 25% and the price set at the top of the range ($34-38) on the eve of the IPO. This is unmitigated greed by the underwriters. Where JPM fits in to this band of thieves, TB doesn’t know but their track record for bad judgment of late is unsurpassed in an industry that is full of it (literally!). Also, who was the genius who brought the IPO on a FRIDAY – in May???
  3. They could not possibly have sold all of their positions and in fact had to buy more but at least they earned their greedy $173 million fee. Makes one sick…even lawyers don’t rip you off that badly! Make them pay!
  4. Zuckerberg just couldn’t stop himself…he returned to what he does best the day before the IPO, hacking his members accounts and making their information public and sent out emails to their friends…TB received three of them and IF he had been a buyer he would have not done so after that which TB believes the SEC should go after…but then they did nothing when Google founders Sergei Brin, and Larry Page proclaimed their greatness in an interview (Playboy?) just days before the IPO, a huge violation of SEC rules. To this they had the wisdom to hire and adult, Erick Schmidt, a veteran of Xerox, Sun Micro, and Novell, to run the company…a major reason the SEC backed away…or was it the Chris Cox chaired SEC had no teeth?
  5. Ah, Eduardo Saverin…any true American would be shocked and stay away for this alone…except for the Capitalist Pig and a woman on FOX who blamed our tax structure for his renouncing his citizenship…a naturalized citizen who has gives no thanks for the country that made him rich beyond his dreams…go back to Brazil and hire bodyguards…which you will now have to do wherever you go you thankless twit! That young people agree with him is appalling!
  6. GM, after release of a poll that 57% of members did not click on adds. Of course one of the true believers said that 43% of all those members would be enough for him. The GM ad manager was criticized for not having a Facebook account (TB gives him points for that!). The poll should also have had a follow-up question: IF you clicked on an ad, did you buy anything? Always? Sometimes? Seldom? Never? Remember that these are kids…their only money is their parents money and they aren’t as willing to spend now. GM was right to pull $10M in ads! You?
  7. They were absolutely stupid to bring the IPO on a Friday…now they have to battle all those, like TB, who are laughing at them and irate buyers from Friday!

Takeaway: even if the shares fall to $25 – which is where it should have been priced – malpractice in TB’s humble opinion – it would still have had a p/e of 71x! Value? Not!

But at some point there will be a pop…averaging down, blind faith, whatever…but remember Zuckerberg will eventually want to sell his shares.

(Note: the state of California stands to reap $14 BILLION from the IPO in individual taxes – there are no capital gains in California. Hopefully, but not likely, they will see this as a way of cutting the deficit, not incurring more spending. TB says ‘hopefully’ as when Google went public they instead projected that as continuing revenue…yes, that was the Schwarzenegger administration whose motto was: issue debt and spend.)

Here are some MORE prominent IPO’s…this time all social media:

Google (GOOG), 8/31/04, priced at $85, high $113.48, closed $102.37. Unbroken rise to $747.24 on 11/30/07 (ranging from $247.30 on 11/7/07 to $668.15 on 1/3/12). Closed Friday at $600.40Note that Eric Schmidt was brought in the day of the IPO as Chairman/CEO and has since vacillated between the two positions and is now simply Chairman while, Paige is now CEO – at least the titles are split!

Groupon (GRPN), 11/4/11, priced at $28, high on first day of trading $31.14 – not coincidentally the record high – closed at $26.11 with a low of $25.91! From there it fell to $14.85 on 11/28/11, with just one two-day rally to $26.90 – it’s second highest high! A third high was set on 2/8/12 at $25.84 then it was down until hitting its record low on 5/11 at $9.63. The Facebook hype drove it to $15 on an opening gap higher on 5/15, only to close at $12.17 just 7 cents above the session low! It closed Friday at $11.58 -.83. If you bought it in the IPO and didn’t sell it the opening day you were the second biggest fool! The biggest is reserved for anyone who bought it on the first day of trading and didn’t see their error and sell it immediately or at least after the close below the offering price! This was the second most flawed IPO TB has ever seen: first during the road show leading up to the IPO they had to disclose that the revenues (not earnings as there were none), were overstated, they struggled with the pricing and unlike FB, there was no guarantee by the underwriters to support the stock price following the IPO. A fool’s folly. Note that the three co-founders are Chairman and CEO…the Vice Chairman is the ‘adult’ Ted Leonsis (55).

Zynga Inc. (ZNGA), 12/16/11, priced at $11, high on first day of trading $11.50 – a bust!!! Closed at $9.50, fell to $7.97 on 1/9/12 THEN rallied to $15.91 on March 2 and was immediately slammed until it closed back at $8.75 on May 1st (MAYDAY!!!). It is off 17.3% since IPO! This company provides nothing but entertainment for 20 somethings and younger. Get real! Mark Pincus (46) is Chairman/CEO/ Chief Product Officer, taking it to an even more absurd level…he is NOT Steve Jobs! Look at his carrier includes CEO of two dotcoms: Freeloader Inc. (taken private) and Support.com (-43.4% over last 12 months and closed Friday at $2.65). Went public at $14 on 7/31/02, high $39.19 – record, closed $34.13 – also high close. Has traded as low as $1.55 since and no higher than $7.15 on 12/10/10. CEO who replaced him is Joshua Pickus…hmmm also born in Chicago…not a typo but suspiciously close to Pincus no?  Just asking…

Look, the point is that you won’t get stock in an IPO as an individual unless it is a dog. NEVER buy an IPO on a ‘pop’ or especially after underwriters have to support it OR on a close BELOW the offering price (also don’t you feel stupid when you lose your money investing in a company with a moronic name like Freeloader Inc? There were hundreds of them in the late 90’s that you wouldn’t want your name associated with. Zynga!

– – – – – – – – – – –

JPMorganChase is in DEEP trouble…as is its Chairman/CEO Jamie Dimon. He has been ‘requested’ to testify before a joint committee on what happened. Timothy Geithner said with conviction (sic) that IF ASKED by the NY Fed to resign he should do so…and you wonder why TB calls him ‘Tiny Tim.” How politically correct can he be.

We also learned over the weakened that scapegoat, Ina Drew suffers from Lyme Disease which caused her to be away from the bank much of the time during the fiasco. She is a brilliant person who took risks but had restraint according to current and former employees. With her gone there was a constant battle for supremecy between the New York and London traders. The London group ‘Achilles’ (can you believe that??? Add it to their ‘Seal Team Six’ rescue unit!), was reportedly unstoppable…totally out of control.

Banco Santander (STD – you have to love that one!), gapped up from Thursday’s $5.56 close to $5.82, then closed at $5.76, just 5 cents above the low. Santander was one of the best banks in the world…today, thanks to the capitulation to mediocrity of the central bank and risk-taking by management, it trades just above its 3/9/09 low (also the day our markets bottomed), yet they still have not cut the dividend so consider where it will go when they do – they have no choice: indicted dividend yield is 20.8%!!!…(TB mistakenly said ex-date is 4/1…duh! Next dividend announcement is around 6/30…BB projecting a cut to $0.165 from $0.2889, which was up from January’s $0.156. Watch what happens then! Their Brazilian bank (BSBR) was the largest non-U.S. IPO on 10/7/09. It did nothing on Friday closing at $7.69 unchanged…AVOID!

. . .   – – –  . . .  (SOS)   . . .   – – –  . . .  (SOS)   . . .   – – –  . . .  (SOS)   . . .   – – –  . . .  (SOS)

Caveat: TB is mad as hell and cannot figure out why so many are willing to let the GOP (which USED to be TB’s party of choice since he started voting), make promises based on flawed data or worse. TB is NOT trying to convince you but hope you will consideer them with an open mind. Obama is not TB’s first choice…as in 2008, TB feels he is the ‘only’ choice. Where are the leaders? Right Mr. Iacocca? Perhaps it is he?

*Romney – first, he does NOT have business experience…he has only cut costs and then flipped the company to someone else…that is what private equity (sic) does. It also bills the company for management consulting which cuts into the profits of the firm and investors and then carves out a piece of equity for themselves to profit from, again at the expense of investors. As Simon Johnson has said: a good businessman doing what he knows does not fit with running a company where you have to have safety nets, etc. to protect all people. If you doubt this consider what will happen if the MAJORITY of 90-95% finds a uniting leader…better pray that it is someone who wants to repair the status quo, not destroy it! This is important: TB does not envy or wish to bring down the wealthy, merely make the understand that in a democracy their status is fragile as is the very democracy that allowed them…yes allowed them…to earn their wealth. THINK!

His comments on JPMorgan are very unsettling…not a crisis? $3-4 billion loss? What if it was a 10, 20, 50 billion loss? It could just as easily happened.  Jamie Dimon is regarded (wrongly) as the best banker in the world…he is not! He is a liar, deceitful, has now tried twice to hide losses from shareholders to insure HIS bonus…and now want clawbacks from just TWO officers…in a division which provided half of the banks profits? Also, what about his hiding the American Century loss, promoting the perpetrator, J.E. Staley, and giving both of them fat bonuses? He should immediately: give up chairman title to an OUTSIDE director, resign from the board of the NY Fed where he sits on the Management and Budget Committee – which includes reviewing and endorsing the framework for the Bank’s senior executives – Sr. V.P. and above. If he refuses, the Board should ask for his resignation and also his status should be put to a NEW vote of JPM shareholders…note to that he announced stock buybacks rather than increase the dividend! This is money that only helps hedge fund managers and other short-term holders of stock at the expense of long-term holders.

(TB wishes to make a point about Mormons: he has known many…some very good and upstanding…a few bad apples…just like any other religion or for that matter, people in general. One of the worst (legal) thieves TB has known was a Morman and went on to have a key position in a Mormon owned bank…’nuf said because he loves to sue!)

*BOTH John Boehner and Nancy Pelosi (as well as Harry Reid), showed their incompetence yesterday. Both should be voted out…at the very least Boehner should lose his title as Speaker. His analogy to trying to keep 218 frogs in a wheelbarrow shows a total lack of leadership. This along with trying once again to bring up the ‘debt ceiling’ issue which cost us our AAA rating…not because of our financial condition but a failure to conduct business.

*Paul Ryan is a demagogue. He is making a crisis where only a major problem exists, the crisis is 20 years away…IF instead of haranguing he would work on compromise, WE could solve the problem. His solution guarantees a deep recession – at best! We are NOT Greece (where the wealthy have cheated on taxes for decades, the church has taken funds from the government, etc.), or any other European country. Our problem is manageable but not by refusing to raise taxes…closing loopholes? Did you listen to them? The ones that hit all Americans…no mention of the 15% carried interest provision which enriched Mr. Romney. No, regressive changes!

*As if the GOP didn’t have enough problems melding the interests of the tea party, religious right, and more liberal republicans, Ron Paul is rapidly becoming a major factor (he swept the GOP in Minnesota replacing the original candidates with Paul (isolationist) supporters. This will throw the convention into a free-for-all. Want to bet?

*The GOP has repeatedly ignored…when they know better…that the deficit was NOT caused by Obama but two Bush tax cuts, two unfunded wars, and Medicare Part D, also unfunded. Then when revenues imploded in the crisis of 2008. Obamacare, for the most part was a GOP idea but now they hate it. States rights they say…well the insurance offices in most states are understaffed and ‘some’ of the commissioners have taken bribes. Most notably California some years ago and there is now an investigation into Medicaid in Minnesota. Also, with mobility, it is imperative that people be able to move without risking their health insurance coverage. We are the only major industrialized nation that doesn’t offer some form of it. Meanwhile, we have no idea of what it costs us to not have it since they wind up in emergency rooms, don’t have preventive care, and risk infecting others with their diseases. Yet, we refuse to attempt to control medical costs which are the fastest growing segment of the U.S. economy!

There…that is most of TB’s complaint…up to you to decide…but not FOX News which is a plague on our society. One solution that should be employed: demand that your representatives withdraw their Grover Norquist pledge AND repeal their pension benefits as well as pay the true cost of their health care!  Then vote them out! That should get rid of the ‘lifers’ who feel they are the only ones capable of leading this great nation. They are not! They are opportunists and the worst ones on the federal dole! How can the GOP complain about ‘killing grandma’ yet they pledge allegiance to a man who has no accountability and has never been elected? This is truly disgusting and un-American!

TB is truly sorry if he has offended you…his only goal is to see alternatives and make up your own mind…you are capable of that but you won’t be if you do it by listening to self-serving commentators. There is NOTHING in this for TB, except perhaps a better America. What better time then in the week as we approach Memorial Day? Don’t those men and women who died for our prosperity deserve at least that much? Yes…they do!




  1. Yarnman said

    TB–According to the NYT’s article, cited below (sorry, you’ll have to do your own search), Saverin has been a Singapore resident since 2010, primarily for tax reasons, both his taxes and his heirs. “cit: A Facebook Co-Founder Reflects on the Path Forward
    Published: May 16, 2012” The article appeared in the Technology secton of the paper. Your travelog is excellent!–Yarnman

    • traderbill said

      Thanks, Yarnman…interesting though if it is seen as merely tax avoidance…nail him!

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