Was Facebook systematically overvalued in order to force it into a government bailout?
That’s the hypothesis that Glenn Beck offered on GBTV tonight, and like many of Beck’s hypotheses, you might be surprised at the evidence that exists for it. In a nearly 20 minute segment, Beck meticulously and carefully picked his way through the past record of the company that handled the IPO for Facebook – Morgan Stanley – and pointed out that they don’t exactly have a record of success in helping companies go public.
“Morgan Stanley was the lead consultant on Fannie and Freddie bailouts,” Beck said in the segment. “They also set the IPO for General Motor. Whoa.”
The evidence from that point continued to mount, all to support Beck’s contention that the administration wanted Facebook to fail. Why? So that it could be brought into the orbit of the government as one of many formerly powerful companies that had to take money in exchange for loyalty. Beck suggested that the reason the government would want this is because control over Facebook via public money would enable them to have huge amounts of control over the internet, which they would then use to stifle dissent.