Morgan Stanley cut Facebook estimates just before IPO.

Overvalued, overhyped, and apparently somewhat corrupt. Its a new bubble.

Thomson Reuters Starmine, meanwhile, more conservatively estimates a 10.8 percent annual growth rate — almost exactly the mean for the technology sector — which would value the stock at $9.59 a share, a 72 percent discount to its IPO price.

via Reuters

In the run-up to Facebook’s $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank’s consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company.

via Insight: Morgan Stanley cut Facebook estimates just before IPO | Reuters.

I refuse to tolerate assholes

As I realize that open source is going to define my professional life (and likely my personal one as well), my tolerance for assholes gets smaller and smaller. Unlike Rusty, I won’t simply stand by and allow these people to run amok. I will call out antisocial behavior, enforce professionalism in the communities where I have the power to do, and leave the communities that cannot at least offer civility.

via I refuse to tolerate assholes.

Yahoo’s Thompson Out

Surely they should be spending more time on getting the Yahoo! back on track, rather than besmirching it some more. And also probably should hire a decent background checking company.

Yahoo’s embattled CEO Scott Thompson is set to step down from his job at the Silicon Valley Internet giant, in what will be dramatic end to a controversy over a fake computer science degree that he had on his bio, according to multiple sources close to the situation.

via Yahoo's Thompson Out; Levinsohn In; Board Settlement With Loeb – Kara Swisher – News – AllThingsD.

Tsipras clinches deal with Democratic Left, lays out bold anti-Troika plan

The SYRIZAS five point plan laid out by Tsipras isn’t going to go down well in Berlin-sur-Brussels:

* The immediate cancellation of all impending measures that will impoverish Greeks further, such as cuts to pensions and salaries.

* The immediate cancellation of all impending measures that undermine fundamental workers’ rights, such as the abolition of collective labour agreements.

* The immediate abolition of a law granting MPs immunity from prosecution, reform of the electoral law and a general overhaul of the political system.

* An investigation into Greek banks, and the immediate publication of the audit performed on the Greek banking sector by BlackRock.

* The setting up of an international auditing committee to investigate the causes of Greece’s public deficit, with a moratorium on all debt servicing until the findings of the audit are published.

via GREEK COALITION TALKS: Tsipras clinches deal with Democratic Left, lays out bold anti-Troika plan | A diary of deception and distortion.

Chomsky: “Jobs aren’t coming back”

I’m just old enough to remember the Great Depression. After the first few years, by the mid-1930s — although the situation was objectively much harsher than it is today — nevertheless, the spirit was quite different. There was a sense that “we’re gonna get out of it,” even among unemployed people, including a lot of my relatives, a sense that “it will get better.”

via Chomsky: “Jobs aren’t coming back” –