Saturday, May 12, 2012

BloggeRhythms 5/12/2012

I had to smile this morning while scanning Bloomberg on-line because of an article that says Eduardo Saverin, billionaire co-founder of  Facebook, Inc. "renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill."

They say as much as $11.8 billion might be raised through the IPO, biggest in history for an Internet company and Saverin’s stake is about 4 percent, which at the high end of the proposed IPO market capitalization. That would be worth about $3.84 billion, although his holdings aren’t listed in Facebook’s regulatory filings.

I thought it amusing because, to me, it's another glaring example of  how successful and productive people are always targets for the current administration. However, these purely socialist believers never seem able to really catch them. And that's because parasites simply seek out likely sources of sustenance but aren't generally very smart. Because if they were, they'd be able to figure out how to support themselves instead of seeking the blood of others.

Now I grant you that disavowing citizenship is certainly a bit extreme, but it also highlights the fact that the "system" is continually beaten by clever, entrepreneurial types because of their very nature. Therefore, even thousands of government bureaucrats with their basically dim minds, can't devise ways to catch them.

What's more, in another example, which unfortunately is a tragic tale, JP Morgan managed to lose $2 billion at a London trading unit yesterday from derivative trades. And I sense that the reaction to that one will be governmental cries for more laws, more oversight, and more encroachment of every type they can think of.

However, whatever remedies the bureaucrats dream up won't really matter much, if at all. Because while these governmental slugs are organizing committees, and beating this latest event to death in hearings and investigations, other entrepreneurs are out there devising other plans and ideas to hopefully make some money and keep as much as they can before the DC leeches can figure out ways to steal it.

That's it for today folks.

Adios

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