Morgan Stanley cut Facebook estimates just before IPO.

1 minute read.

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

1 minute read.

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

1 minute read.

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

1 minute read.

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”

1 minute read.

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” – Salon.com.