Retired Banker Admits Rigging Google IPO to Protect Profits

You hear "the system is rigged" so much it stops meaning anything. Then you meet someone who actually rigged it, and he's not even hiding it.

What a retired banker told @ericries when he started a company to reform the public markets:

"He said, this is a cool idea, it definitely would work, but they'll never let you do it."

"Remember the Google IPO? All the bankers who worked on it got together and said, if this is perceived as a success it's going to cut into our profits. So we made sure it wasn't perceived that way. And we made it so."

"He wasn't ashamed. He didn't think what he did was wrong. He just said, yeah, we closed ranks to defend our profits. What did you expect?"