Facebook, Zuckerberg Sued Over IPO

mrquagmire writes with this snippet from CNET: "Facebook shareholders have sued the social network, CEO Mark Zuckerberg, and a number of banks, alleging that crucial information was concealed ahead of Facebook's IPO. The lawsuit, filed in the U.S. District Court in Manhattan this morning, charges the defendants with failing to disclose in the critical days leading up to Friday's initial public offering 'a severe and pronounced reduction' in forecasts for Facebook's revenue growth, as users more and more access Facebook through mobile devices, according to Reuters, which cited a law firm for the plaintiffs."

Comments

What would Buffett do?

[cpu6502]

$profit.

He'll probably buy the Facebook shares when they hit bottom. And the law Buffett wants passed would Not fix the "I paid less taxes than my secretary" problem. It raises the rates on rich person's income tax to around 90%...... but Buffett has almost no income. It's almost all capital gains which has a rate of around 25% and will not change under the Buffett Rule.

So basically he's trying to hurt people who work for a living (get paid wages & taxed at 80-90%) while he himself remains untouched. He's trying to secure his oligarchy as one of the richest men. IF the man was genuinely concerned, he'd ask the capital gains tax to be raised higher but of course he'll never do that, because the man is a shrewd investor..... he knows exactly how to look good but not pay any more tax.