As the NCAA basketball tournament winds down to the final four at the end of March, Wall Street’s putting up its own version of “March Madness.”
If you watched any college basketball games recently, you’ll know the tournament has been loaded with upsets. Many of the favorites were knocked out early in the tournament.
But this is nothing new for the perennial NCAA showcase event.
However, while sports fans focus on this multi-billion-dollar gambling pageant, Wall Street is also showcasing its multi-billion dollar beating of some of its favorite tournament players.
Let’s start with Facebook (FB).
CEO Mark Zuckerberg appeared to be missing in action last week while his company lost over $60 Billion (so far) in market value in two days.
Hey, Mark! Do you think this has anything to do with the time you labeled the early Facebook users as “dumbf***s for sharing their data with you?”
“Oh, and how about that friend of yours, Alexander Nix, the CEO of Cambridge Analytica?
Remember him? He was suspended recently after being caught on video discussing entrapping politicians with bribes and prostitutes and spreading disinformation.
This “disinformation” came from his company “improperly harvesting” stealing data from an estimated 50 million Facebook Inc. users that he somehow had easy access to.
Adding insult to injury he then failed to destroy the information when confronted to do so.
“Gee, Mark, whose toes did you step on amongst the Wall Street “Club” members?”
March may be over soon…but the madness (and the back stabbing) is just starting.
Behind the scenes the sharks smell blood.
Be sure to see the April issue of Simplifying Wall Street in Plain English to see how this plays out. (HERE)