Ravenwood - 08/20/04 04:30 PM
I have to take issue with this:
Google's Wednesday initial public offering, despite its failure to price as high or sell as many shares as the company had hoped, still made a host of existing stockholders instant millionaires and billionaires.The Washington Post doesn't say who these lucky people were that apparently were walking down the street and had a chest full of Google shares fall into their lap.About a dozen insiders as well as friends, family and some folks just lucky enough to be in the right place at the right time sold portions of their Google holdings for a total of more than $464 million.
I'm sure they aren't talking about the Google founders, who with some hard work and diligence, managed to build a multibillion dollar company the size of General Motors. Certainly they are talking about Andreas Bechtolsheim, a co-founder of Sun Microsystems, "who invested $100,000 in 1998 before the company was even formally organized." Sure, Bechtolsheim's stake is now worth $326 Million, but tying up your hard earned money for 6 years is hardly "luck". It takes a lot of fortitude to hand over $100,000 to two guys with little more than a vision and a dream.
No, I think this is just another example of liberal bias. Investors in Google weren't working hard and making smart decisions to earn their millions. No, they just happened to be lucky enough to be in the right place at the right time. Maybe someday you or I will be lucky enough to have the Brinks truck pull up to our house and just start tossing sacks of money onto our lawn.
I think I'll cut out of work a few hours early, and buy some lottery tickets and beer on my way home to wait for it.
Category: Blaming the Media
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