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FWC: Venture capital is sucking (your money) story
One thing that economists don't understand at all is the role of financial fraud in the US economy since mid-1990s, especially, the transformation of the stock market into the Scam Market with the help of Barbara Boxer and Diane Feinstein, serving the VCs and corporate crooks of Silly.con Valley—the valley that fraud built (remember: what fraud giveth fraud taketh away!). If they did, they would it would be bad for their business and they would lose their influence! Under the current system, economists must serve the Crooks if they wish to be relevant and the VCs of Silly.con Valley have been the top Crooks. Let us look at the graph from the article that plots relative performance, ratio, of all VC firms w.r.t. the S&P500.
"So what happened was that before the dot-com bubble burst in 2000, VCs did amazingly well. In the decade since, they've done slightly worse than the S&P 500 - in other words, they've done so poorly that you'd have been better off buying Ye Olde Vanguard 500."
From 1995 to 2000, the Scam Market fraud, the Scam Options and acquisitions accounting, accounted for all that great relative performance of the VCs served by Crooks like John Chambers of Cisco, who also helped themselves in the process. This one Crook, deploying many methods of allowable unethical practices, and in effect defrauding the unsuspecting sharecroppers by improper accounting, is responsible of approx. $200B of fraudulent transfer from public shareholders to various groups with the top loot going to the VCs and employees of Cisco and various companies acquired by Cisco. Muhammad of Ghazni, who plundered the infidel Hindus in India several times, would be jealous. But, Jas, no one could have known this. Cisco's Market Cap today is 105.62B. Chambers must be a magician making hundreds of billions in shareholder "wealth" disappear.
"VC firm performance also appears to be highly skewed - a few firms are making most of the money."
Some VC firms in Silly.con Valley are the chosen ones. They are engaged in insidious business practices that are legal under the System of the Crooks. All those working in the Silly.con Valley tech sector, especially, the VC funded companies, are accomplices in the fraud. I know, all the beneficiaries of the fraud can justify their actions. Worry not, the day of reckoning is nearing (two to three years max) and the economic tsunami that would hit Silly.con Valley, unleashed by the Greater Depression that could not be stopped, would be far greater than an earthquake of 9.0. There are consequences to building an economy on fraud. Anyone with any sense would cash out and move out before the tsunami hits.
Jas
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