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Goldman swims downstream for PetroAlgae IPO
By Steve Eder
(Reuters) - No client is too small for Goldman Sachs Group Inc (GS.N) these days, even a company with no revenue that's owned by a hedge fund specializing in penny stocks.
In a move that surprised some observers, Goldman earlier this month emerged as the co-lead manager on an initial public offering for PetroAlgae (PALG.OB), a development-stage company that is trying to create oil from algae.
Florida-based PetroAlgae, which plans to raise up to $200 million in the offering, has lost $58 million over the past three years.
The renewable energy technology it is trying to develop is innovative, and other start-ups are trying to capitalize on it as well. But PetroAlgae is by no means a leader in the field. And unlike one of its rivals, it doesn't have dollars flowing its way from Exxon Mobil Corp (XOM.N), which is expecting to pump $600 million into the emerging industry.
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Truth will out. Good read..might not agree with everything but you won't go to bed wondering why criminals roam(rule?) wall street!
William Black: Theoclassical Law and Economics Makes the Law an Ass
By William K. Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City and author of The Best Way to Rob a Bank is to Own One
The fact that, empirically, accounting control fraud is a severe problem is no barrier to theoclassical law and economics ignoring control fraud. I invite readers who have taken law and economics and corporate law classes to inform me whether their textbooks discussed Akerlof and Romer’s article: Looting: The Economic Underworld of Bankruptcy for Profit. Akerlof was awarded the economics version of the Nobel Prize in 2001 and Romer is also a brilliant economist. Neither Easterbrook nor Fischel is an economist. Akerlof and Romer’s article explains how the managers that control a firm use accounting fraud to create a “sure thing” of fictional profits. The managers get rich, the firm dies. Akerlof & Romer provide theory, data, and real world examples. The lawyers that seek jobs at the financial regulatory agencies are the lawyers most likely to have taken law and economics and corporate law courses in which Easterbrook & Fischel’s claims were treated as objective science. In my experience, it is vanishingly rare for them to even be aware of Akerlof & Romer’s work or the work of white-collar criminologists documenting and explaining accounting control fraud.
http://tinyurl.com/26xqwc8
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