In the 1990s tech bubble, the game was simple: The insiders -- entrepreneurs (using the term loosely in some cases), venture capitalists and investment bankers -- colluded to move all risk to the public markets. They succeeded in huge ways, and scammed the public out of countless billions.

So I'm totally unsurprised to hear that the slimeballs who run Wall Street connived against the public last week in the Facebook IPO.

Just another reminder that buying and selling in today's financial markets is for insiders only. The rest of us are the designated sucker at the high-stakes poker game: losers, by design.
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