On Monday, IBM stock shares fell $13.06 per share after posting weak earnings results. Because Warren Buffett’s Berkshire Hathaway owned 70.2 million shares, that meant a paper loss of almost a billion dollars. All that before even making it to lunch.
That is definitely the world of the 1%. Where such a loss would evoke the kind of response that he probably uttered, “it’s not a loss until you sell”. Of course, there’s also the saying, “bulls and bears make money while greedy pigs get slaughtered”. All of it stands for the premise of different standards. He is on the rich side of the tracks.
I was also reminded of that when I read that Facebook is now suing four law firms. The lawsuit stems from the four law firms having represented claimant Paul Ceglia in 2010.
Ceglia had founded previous internet companies and was now claiming an ownership of 84% of Facebook. According to Ceglia, (Wiki) he and Mark Zuckerberg had made an agreement relating to the formation of the website that gave him gradual ownership of the company. He even presented evidence of such an agreement.
Later, it was determined that Ceglia had fabricated the information. That was only the beginning of his legal troubles which also included being arrested for possession of Psilocybin. Basically, “he was doing mushrooms”.
Now, Zuckerberg has filed suit against those four law firms who brought the original lawsuit on behalf of Ceglia’s fabricated interest.
Here’s the rub for me. No one is saying that there should be a damage cap for Zuckerberg’s lawsuit. No one is claiming that he is filing a frivolous lawsuit. No one is complaining that he is clogging up the court system and that he should be perfectly satisfied with the money that he has.
That’s the double standard. If this had involved a fact pattern of being rear-ended by another car while sitting still at a red light, Somehow it should have limits or would be considered frivolous by some. The different legal standard… it can get me riled up!
And for pic o’ day, speaking of being riled up: