Did you see that Interpublic has sold half its stake in Facebook? And it’s making a fucking handsome profit… Which is more than can be said for the rest of this pusillanimous BDHC. Apparently, they will make a $132 million pre-tax gain on the transaction and will use the proceeds to help fund a repurchase of between 300 million and 450 million shares of Interpublic stock. Why? Couldn’t they have used it to save the jobs of some of the people they crucified yesterday? Obviously not, ‘cos that would have been the decent thing to do. Much better to use the money to drive up the stock price, then Chief Wanker, Michael “I know insurance” Roth can claim he’s turning this rusty tub around and award himself yet another “performance” bonus. Isn’t capitalism great?
*Homage to Helayne Spivak!
Well done Michael. Have Cohiba from Draft/FCB, Havana!