IPO of the Century?
No, this blog entry is not going to debate or articulate the value of Facebook in today's society. I am not a sociology major, and other people cover that more adequately. I am referring to the Initial Public Offering referred to in the headline of today's Wall St. Journal.
If you follow or buy stocks, you know that this is all anyone has been talking about for months. If you can get "in" on the deal, you are almost guaranteed to make a handsome profit, simply by sitting back and acting like you are part of the 1%. Taking candy from a baby -- is what I call it.
So yesterday I contacted my stock brokerage company TDAmeritrade to find out if I could buy some Facebook in the IPO. They emailed me back this am -- I had to download a form, fax or scan and email it back, call them 2 hours later, allow them to check my stock cred, and then be transferred to the IPO department and determine my potential purchase. Deadline for all of this, 2 pm Denver time today, no 2 ways about it.
The download and fax was the easiest part. But there was no time for error and re-fax, it had to be right the first time. Any slip up, and someone else will be LIKE-ing my shares. I waited 2 hours to make the call and then was on hold for 20 minutes before they could check my cred -- lucky for me I had a gap in my appointments at the right time today. But then, they said the wait time to the IPO department was at least 1 hour. It was already 10:40 am, and I couldn't transfer the call to my assistant to stay on the line for me, so I had to do it myself. At 11:15am I had an appointment, and so unusual for me, we met, while Vivaldi's Four Seasons, Spring, repeated every 3 minutes. Not the most conducive for psychotherapy, but what was I to do? It took over 1 hour for me to reach a live voice. They told me I would be lucky to get anything in the lottery they would hold for potential purchasers on Friday morning. There were 800+ people on hold behind me still @ TDAmeritrade, they said, with only 2 hours and 18 minutes to go until the drop dead time. LIKE? We'll see Friday. I'll know, if shares just suddenly appear in my account. It's not easy being in the 1%. Who can work with these sorts of demands?