While the stock market was caving today - First Solar was surging. Which really made me laugh. First Solar has more class action lawsuits than any company I have ever seen. Which is saying a lot - because it isn't that uncommon for experimental technology companies to be slapped with these lawsuits because people invested early often losing money.
There is a class for people who lost over a million dollars. It is the first time I'd ever seen that. You know, the Al Gores of the world, I imagine. There is a class for people who lost only 50 grand. There is a lawsuit in regards to the CEO dumping all his stock shares, and thus creating an insider trading class action lawsuit. There is even a lawsuit because First Solar misled investors on how much it would cost to replace faulty panels. You can weed through them here. That is a shitload of problems.
Yet people were piling into First Solar today because Government Money Bags was handing out money. It is a sad, sad attempt to not let this shit hole go down on President Money Bags watch. 6 months is a long time in solar years. Crushingly long.
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Moneybags or no, executives at public companies will say anything to keep the cash flowing. Anyone who works that hard to get that far isn't going to let something like ethics get in the way of their payday. Whether they are being honest or not, you just can't trust anything they say. Better to sink all of your money into pennies and then pay neighborhood kids to mine them for the 3 cent copper ones. Even if commodities collapsed, you'd still be able to put back your investment to PMB at your cost minus 2% to the bank in Merchant charges. I wouldn't read too much into the stock's reaction, heavy shorts usually see green on bloodletting days.
ReplyDeleteYeah. The Valley culture is fake it till you make it, right? I love spec tech - but wow. A lot of things leave me speechless these days.
ReplyDeleteAs a side note - It makes me laugh that my readers are adopting the PMB thing. I never thought that would catch on!