Management at hundreds of SPY stocks are stealing in plain site. They’re taken shareholder rights, bought politicians and rigged the system in their favor. Shareholders get screwed in the process.
The SpaceX IPO will go down as not just the biggest IPO in history, but ultimately the biggest busted IPO in history. It will be the biggest “exit liquidity” event in history.
Less noticed is the stealing that has gone on at Caesar’s for years. Management paid well. Customers treated less well. Properties with hundreds of millions in deferred maintenance. Things got so abused that now, Tilman Fertitta can come in and buy it on the cheap. No fault of his, it’s a great move to buy Caesar’s out at depressed prices. Hopefully he fires most of management and makes it a lot more like Wynn and Golden Nugget.
The takeaway is that shareholders, through their own neglect and emotional stupidity have ceded their rights and money to corporate executives who treat American companies like their own piggy banks.
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